Is There Hope for my Credit Score

Wednesday, November 3, 2010

How can I ever repair my credit if my score is very low? I feel like there is no hope.

We often get emails from consumers who feel as if there is no hope.  While it may feel as though your score will never be as high as you would like, we know there are ways to get there. The first step is taking action.  If you do nothing, then nothing will happen.  If you begin to take action and control of your credit you can make positive changes.  Often times credit card companies will settle your account for 30 to 50% of what is owed.  If you find your payments to be higher than you can handle, call your credit card company and discuss a settlement.  You can then pay off your debt in a much shorter time and with much less money than you originally owed.  This is a start to repairing your score. Also you can got to the many sites that allow you access to your full credit report and dispute any negative marks that you feel are not accurate.  The companies have 30 days to respond. If they do not respond within the 30 days, the dispute is ruled in your favor and the negative mark is typically removed from your credit report.     Don't give up hope and take action. You are in control and you can turn any negative situation around.