Know Your Score - Part VIII

My credit is horrible. I've had a bankruptcy, charge-offs and collections even a judgment. So I don't think I'll ever get my credit straightened out. But I did just buy a new car. I say the guys on TV say "bad credit need a car" so I went down there and boy were they nice they gave me $800 for my old car that barely ran and I bought a brand new car with just the rebate as down payment.

Oh yeah the interest rate is 16% and the payments are 430 a month for 72 months, but I got a great deal the car was only $18,000. (That's the fine print)

I'm sorry, do the math!

This is the time to stop. Ask yourself is this where I want my money to go or do I have better things to do with it. Like save some.

It is never too late to improve your credit scores. You only need to understand what it take to improve them and commit yourself do just that. Your credit history doesn't mean what happened 2, 3, 7, or 10 years ago. Your credit history that matters the most is what's going on now and within the last two years. That has the most impact on your score.

So if you want to improve your credit score and stop being a credit score victim. Make the right choices now. First of all pay your obligations on time. 30, 60 and 90 day late payments kill your scores. If you can't make the payments, seek relief. The easiest and cheapest way is to work out new terms with the creditor or collection agency. You would be astounded Teerlsnyxpke what they are willing to do and what they can do. But you need to call them not wait for them to call you. Make the call and offer a couple of solutions and payment plans that work for you. Remember, if they aren't being paid then something is better than nothing. Also they really will appreciate it if you are pro-active and come to them with a workable plan that you can commit to.

If that doesn't work then a reputable consumer credit counseling agency might be the way to go. Check with the better business bureau in your community for a non-profit CCC. If that isn't working then contact the local bar association for a referral to a chapter 13 bankruptcy attorney.

One you have made your plan of action, finish it. Make sure that you've made these payments on time. Perhaps you've even got them to agree to erase the negative mark from your credit report once the debt is paid. More credit tips in the next article.

Don Davis

Don Davis can be reached at 360-652-9994
or visit his web site at href="HTLNW.com">HTLNW.com for other contact information
Don specializes in residential and commercial lending mostly in and around Snohomish County, North King County, Skagit county and generally in the state of Washington.
Don has spoken at numerous workshops and events regarding credit scoring and related topics and has helped many people substantially raise their individual credit rating
If you want to maintain a high credit score or wish to increase and maintain a high score, contact Don to schedule a meeting today