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Getting rid of debt is one goal we hear about often. Of course, paying off debt is not a one-size-fits-all situation. It’s important that you find the right strategy for paying off debt that works for you. Come with us as we explore a few methods you can use for paying off your debt. Different Debt Strategies Here are a few of the most common strategies for paying off debt fast. Debt Snowball Method With the debt snowball method, you focus on paying your smaller amounts of debt off first while paying the minimum amount on your higher debts. Then,…

If you don’t pay debts when they are owed, you can seriously damage your credit report. The question many people ask us is: What happens if a single instance of debt multiplies and fills my credit report with multiple negative items? Michael Bovee, who is the founder of the Consumer Recovery Network, notes how Double Jeopardy works: “You fall behind on an account and your creditor charges off your account. Your credit report lists a charge off, which is very negative. Then the creditor sells the debt to a collection agency who also reports it as a collection account. Now…

Sometimes referred to as “credit piggybacking,” the authorized user credit-building strategy is a very common method where you build credit as an authorized user on someone else’s account. While this method has been around for quite some time, it has gained popularity in the past decade, especially with those who have low or no credit and want to build their credit fast. Today, we’re going to explore the ins and outs of the authorized user credit strategy to help you determine if it’s the right move for you in your quest to boost your credit. [caption id="attachment_3250" align="aligncenter" width="1053"] The…

If one of your financial goals this year is to reduce your overall credit utilization rate, then any additional credit payments you’re able to make can be a significant help. Of course, there are many other factors that impact the credit card you choose to pay off first. Some of the most important factors to consider include: Paying off the card that has the highest interest rate could save you money in the long run. Paying off the card with the highest utilization ratio could boost your credit score. Your individual account utilization is an important element used by the…

If you want to secure a credit card, yet your credit isn’t that great, there are a few credit cards out there that might fit the bill. Remember, having a credit card is a wonderful way to build your credit score. You can find plenty of great credit card options that are essential for people with bad credit as well! Come dive in as we explore our favorite three!   Capital One Platinum Secured Credit Card Capital One is a major credit card issuer and offers a secured personal credit card to consumers that don’t have a great credit history.…

Even if you pay a collection account at one point or another, you may find it incredibly difficult or next to impossible to completely remove it from your report. However, those looking to remove a zero balance collection account from their credit report may have come across a method known as the “pay to delete” strategy. With the pay-to-delete strategy, you can go into negotiations with the debt collector so that they stop reporting the collection account to the credit bureaus. The exchange, in your case, is payment. You may either have to settle the debt for a lesser amount…

If you’re living with poor credit, there are a few things that you can do to improve your credit score. If you’ve been looking to improve your credit score, here are a few things you can do.   Pay Your Bills On Time One of the most crucial things to do when it comes to building your credit is to pay your bills off on time. Even one late payment can lower your score and do damage to your overall credit history. It’s a good idea to set up automatic payments if you can. That way, you’ll never forget to…

While many people think that the due date is the only time they can pay off their credit cards, this is actually a mistake. You can choose to pay your bill off early in the month or make multiple payments throughout the month. At the very least, it’s important to pay your credit card minimum by the due date each month, and ideally best to pay the statement balance to avoid interest fees. However, there are many cases where you can do it yourself if you want to pay it off earlier and get it over with.   Why Paying…

Your credit score can decline if you have erroneous information on your credit report, including wrongful collection accounts or unauthorized credit inquiries. You can get a free copy of your credit report once each year from any of the three major credit bureaus. You can then use this copy to check and see if there are any errors. If you end up finding incorrect information, you can dispute it with the credit bureaus. Come dive in as we explore how to dispute errors on your credit report.    Send A Letter to the Credit Bureau Start by sending a letter…

Obtaining a good credit score comes with tons of benefits. You’ll be able to find more competitive interest rates on loans, credit cards, and mortgages. If you’ve been searching for ways to improve your credit score, then you’ve come to the right place.  Come dive in as we explore four unique ways to earn a good credit score!   Delete Credit Report Collections If you have a missed payment on your account, it will show up as a negative mark to the credit bureaus. A collection on your credit report can put a dent in your score. You may be…