by Jason Hills
Until recently, I have always done quite well managing my credit and my finances. However, in the past couple of years of a falling economy, it has been more and more difficult to make my payments to creditors in a timely manner. Each month that passed, I seemed to fall further and further in debt, late fees would pile up and I would miss payments all together for months.
Eventually, my credit score fell and my credit report was full of nasty remarks. I was no longer able to get a loan, a credit card, or even open a new bank account. Sinking deeper and deeper into debt, I had to figure out how to fix my credit even in the current economy and in my current financial crisis.
After some research I learned that my debt to credit ratio was too high. I had used up over 50% of my available credit on almost every card. Some of my credit cards where maxed out completely. The high interest rates were making it impossible to afford the minimum monthly payment. I called a few of my credit card companies and discussed this with them, and to my surprise, they adjusted my interest rate so that I could afford the monthly payments which was my first big step to recovering my credit.
Even though the process was fairly simple, I did have some pitfalls along the way. One of my creditors was unwilling to work with me, so I was stuck in their terms. However, after a couple of months, I had improved my over all debt to credit ratio and had room to roll over the balance to a card with lower interest rates and close my account with that creditor.
All in all, I was able to improve my credit enough to qualify for my first home using these easy steps. - 41115
If you credit score is bad due to debt, (http://www.goarticles.com/cgi-bin/showa.cgi?C=2687479) credit card stimulus bill and (http://www.goarticles.com/cgi-bin/showa.cgi?C=2687436) credit card stimulus billthese links can help
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New Unique Article!
Title: Do You Need A Better Credit Report Score?
Author: Jason Hills
Email: thearticlepress@yahoo.com
Keywords: credit cards,credit score,credit
Word Count: 311
Category: Finance:Credit
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