7 Thoughts on What is the best way to get out of debt and improve your credit score?
  1. Reply
    oxandale
    July 22, 2011 at 11:30 pm

    If you have any past due bills, get them caught up and then paid off. Keep your current bills current and pay them off. Over the next six months to a year, your credit score will go up. On your past due bills, make pmnt arrangements taht you can afford, and keep them, that will also improve your schore by showing financial responsiblity.

  2. Reply
    Professor Wonderful
    July 22, 2011 at 11:48 pm

    Many of my former clients (and most of my potential clients) have faced the same problem…or opportunity

    If you have reportable credit, see if each account can raise your limit just a little – – – each account, just a little. This is to raise your available ‘at risk’ amounts.

    The purpose here is two fold: One, you do not want any of the companies to ask a reporting agency for your credit score! Each request could possibly lower your score as much as nine points. Two, you are rated (in part) dependent upon how much you CAN owe factored against what you DO owe.

    Once you have the additional credit limits, DO NOT use them! The purpose of the small additional limits is to enhance your score. You do not, not, not want to lower your score by continuing to use the cards. Cease and desist.

    Pay off as much as you are able, and as reasonably fast as you can. Do not pay off all your loans at once. This can be a bad sign (as if, “‘Mommy gave me the money so I can do this all over again”.)

    When you make your monthly payments on any card, pay a little more than the minimum on each card. Even if it is only five dollars, make the extra payment. It reduces the principle and can look good to a reporting entity.

    Pay attention to detail. Especially about paying on time!!! Never, ever allow yourself to be late for any reason. If you are, contact the company and beg and plead to let you make up the past due amount plus extra on the condition they do not report the episode. Once reported, it is more difficult for the company…and thus for you.

    Do NOT use a credit card until you earn a score over 750.

    Call your creditors. Let them know you are attempting to improve your score. Some will even offer you a reduced amount if you pay them in full.
    If any creditor has already filed a reportable episode against you, call or write asking what can be done to have the negative information removed ‘without prejudice’. You can even offer to pay a particular amount to them providing they agree in writing to remove the deficiency report.
    Write each and every purchase you make, however small, at the time you expend your future. (Yes, when you part with money you are diminishing your wealth potential.) Keep a record of each dollar of income – and of each dime expended.

    Do not write checks…unless it is really necessary. We humans tend to over-spend when we use checks.

    Do not us an ATM card for purchases.

    Carry no paper money above the one dollar bill denomination. That is, instead of having one twenty, carry twenty one dollar bills. (When you are going to buy something for $ 17 you have to count out seventeen one dollar bills. This is often all the reality check you need to avoid a silly purchase.)

    These are starter tips. If you wish more, visit
    http://www.EndlessLegacy.US
    There, send a question through the ‘contact’ button.
    This is my site, so you can ask for more information and I can post the answer for all to see (without revealing your identity).

  3. Reply
    mezmrize00
    July 23, 2011 at 12:21 am

    try a firm called credit
    solutions on the internet

  4. Reply
    wisegirl74
    July 23, 2011 at 12:53 am

    Although you have been given a lot information already. Here is my spill out. You can get the book The Total Money Makeove, by Dave Ramsey this book will help you steb by step the way to get out of debt and improve your score. By using a method that the author calls the snowball method. In which you make a list of your all your debt (consumer debt) and after taken care of necesities you then start paying mimum payments on all except the smallest one then when that one is paid in full use the amount you use pay monthly and add it in the next. This will create a snowball effect which at the end will help you pay off the cards car and house faster than you think. It all depends on your paycheck of course.

    Get the book, is at the library too. Or go online he has a talk show you can listen to on his website.

    Good Luck.

  5. Reply
    WBinsider
    July 23, 2011 at 1:39 am

    Look … the debts wont vanish if you do not care to liquidate them.

    Paying off a debt with another is not a wise idea.
    Then ….?
    Simple, enhance your income, get other job/s, other source/s and get a promotion in your present one.
    And, reduce your expenses. Cut those which are un-wanted and try to live with less expenses. Take everybody around you for this new orientation.

    You may get so many advices for this but you are the best judge how and when to implement the same ideas.

    Remember : your best asset is your “common sense”.

  6. Reply
    src50
    July 23, 2011 at 1:53 am

    This gets asked here about a hundred times a day:
    1. Quit borrowing.
    2. Pay your debts on time.
    3. Live within your means.

  7. Reply
    Jennifer
    July 23, 2011 at 2:03 am

    Hi,
    I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://nanoref.com/linksynerg/veJ1gg

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