BAD CREDIT DEBT CONSOLIDATION

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Bad Credit Debt Consolidation - Your Free Online Database For Debt Solutions & Free Debt Advice.


How Is Credit Affected Through Debt Consolidation?
Finance Credit Debt
The age old question on everyone's mind.

Will Debt Consolidation affect my credit?
Can my credit be repaired with Debt Consolidation?
Finance credit debt
The answer to this question is not a simple YES or NO. There are several factors to
consider and understand. Credit is affected in many ways and the consumer is
responsible for the majority of it. Ask yourself this question first.
 
How good is my credit really?
 
Many consumers either kid themselves or lack knowledge on how credit is really
determined and affected. Many feel that their credit is excellent just because they
never made a late payment. True, that making timely payments to your creditors
is important, but it's not the only important factor when one's credit worthiness is
determined.

Many variable are considered when credit is looked upon.
  • 35% of your credit is determined by: Timely payments.
  • 30% of your credit is determined by: Amounts Owed
  • 15% of your credit is determined by: How long you had credit.
  • 10% of your credit is determined by: How much of your credit is new.
  • 10% of your credit is determined by: The type of credit used.

Now let's examine the 30% amounts owed. This is really a two part analysis.
One is how much of the available credit is used and the other is the debt to income ratio.

Debt to income ratio is the first credit consideration looked at when applying for a major
loan such as a mortgage. In other words, how is your income compared to what you
already owe and can you afford this loan?

So if a consumer never had a late payment, makes $25,000 a year and owes $40,000 on
credit cards alone, how good is their credit really?
Then there is the mighty credit score which is greatly affected if amounts on credit cards
and lines of credit are above 50% of their credit limit. And the closer consumers get to the
limit, the greater adverse affect is on their credit score.
Here's a fascinating fact: Did you know that by paying down credit cards to 30% of the
credit limit can raise your credit score by as much as 80 points?
 
The bottom line is that most consumers who are experiencing financial difficulty are over
extended on their credit, despite that their mail box is being cluttered with credit offers.
 

FREE BAD CREDIT DEBT CONSOLIDATION PROGRAM

 Free bad credit Debt Consolidation Management program can help you:

  • Reduce your monthly payment amounts
  • Reduce or eliminate interest
  • Improve or rebuild credit
  • One lower monthly payment
  • Improve or rebuild credit
  • No home ownership or credit check
  • No obligation
  • Path to becoming DEBT FREE

   Simply Click Here to fill out a short form for free consultation.


 
Credit And Debt Consolidation
 
A debt consolidation program, by itself, will not have an adverse affect on credit.
Unlike bankruptcy, debt consolidation does not cheat creditors out of what is owed.
If a
consumer is current with all their bills and has a good credit rating, the creditors
policies stay virtually unchanged when entered into a consolidation program. As long as
the monthly payments are on time, then the payments to the creditors are considered and
reported on time. On the other hand if a consumer is overextended with their credit and has
a poor debt to income ratio, paying off their debts will improve their credit worthiness.
 
 
Tips For Maintaining Or Improving Credit Through Debt Consolidation
  • When choosing a consolidation company, make sure they don't report to any
    Credit Bureaus.
     
  • When signing up for a consolidation program, make sure you close all revolving
    charge accounts yourself: One of the requirements that the creditors ask is for
    the consumer to close all revolving accounts (credit cards or lines of credit) that are
    entered into the program. After you sign up, call all your credit card companies and
    ask them to close your accounts. The reason is that on your credit report, you want
    it to state "Closed By Consumer" instead of "Closed By Grantor"
     
  • Make Timely Payments!
     

A note from the author;

If credit is a major concern, we have created a powerful free article called
Boosting Your Credit Score which also includes a complete downloadable guide on how to
repair credit and raise your credit score. But consumers who are struggling with debt should
seek to eliminate it as a priority over all.
Eliminating unsecured debt will play a major role in your credit score not to mention
your financial lifestyle. Consumers who feel they need help should consult a
Credit Counselor, who can help them work out a budget plan or get them into a debt
consolidation program.

If you would like to speak to one of our consultants and see if such a program is right for
you, simply click here and fill out a short form.
We offer this service at no cost or obligation and your information is strictly confidential
 

Catherine Williams
Credit Consultant
 

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