Consejos:

How to Manage Debt

How to Manage Debt? If you have credit cards or have borrowed money before, you have a history that shows prospective lenders whether you are creditworthy by revealing details about the amount of debt you already have, how many credit cards you have, and whether you make payments on time.

It's easy to qualify for credit if you have a good credit history, but what if you have never used credit before? This is a common problem for people who just started working, those who work in the home, people who always pay in cash, and those who do not have assets or accounts in their own names. For them, the first step is to establish a credit history.

How to Establish Credit - Your Credit History
 

Improve Your FICO Credit Score

How to Improve Your Poor FICO® Credit Score - If you have fallen behind in your payments, begin immediately to repair your credit record. Here are some tips when facing this problem.

  • Recognize that you are overextended, and contact your creditors to see if they will set up a new payment schedule that you can maintain. In any case, don't ignore your bills.
  • Immediately stop purchasing with credit. Take your credit cards out of your wallet. Store them in a spot that is hard to reach, or even cut them up.
  • Consider consolidating debts. You may find it easier to make a single payment rather than several. You might also get a lower interest rate that will make it easier to keep up with payments. Remember that debt consolidation is not a cure-all. You have to learn to control your spending to avoid future debt.
  • Contact a credit counseling organization. You can obtain referrals for organizations in your area through the National Foundation for Consumer Credit.
  • Don't expect miracles. Don't believe companies that promise to fix a poor credit rating quickly and painlessly for a fee. As long as it is accurate and timely, negative information cannot be removed from your credit record. The only way to improve a credit record is to let time pass and establish a record of on-time payment.

About Divorce and Credit

Aside from its non-financial effects, divorce can cause problems with your credit record. The end of a marriage does not erase the debts you and your former spouse took on as a couple. Even if your former spouse is ordered by the court to pay debts from the marriage, you can become liable if they are not paid. Here are a few suggestions to protect your financial standing:

  • Decide how to divide or dispose of property. If necessary, you can use a mediator to work through this with your former spouse.
  • Close or separate joint accounts. Decide with your former spouse who will be responsible for paying bills, and notify your creditors of your divorce.
  • Establish independent credit, if you do not already have it.
  • Make sure bills are paid.
  • Recognize that you are overextended, and contact your creditors to see if they will set up a new payment schedule that you can maintain. In any case, don't ignore your bills.
  • Immediately stop purchasing with credit. Take your credit cards out of your wallet. Store them in a spot that is hard to reach, or even cut them up.
  • Consider consolidating debts. You may find it easier to make a single payment rather than several. You might also get a lower interest rate that will make it easier to keep up with payments. Remember that debt consolidation is not a cure-all. You have to learn to control your spending to avoid future debt.
  • Contact a credit counseling organization. You can obtain referrals for organizations in your area through the National Foundation for Consumer Credit.
  • Don't expect miracles. Don't believe companies that promise to fix a poor credit rating quickly and painlessly for a fee. As long as it is accurate and timely, negative information cannot be removed from your credit record. The only way to improve a credit record is to let time pass and establish a record of on-time payment.
About Divorce and Credit

Aside from its non-financial effects, divorce can cause problems with your credit record. The end of a marriage does not erase the debts you and your former spouse took on as a couple. Even if your former spouse is ordered by the court to pay debts from the marriage, you can become liable if they are not paid. Here are a few suggestions to protect your financial standing:
  • Decide how to divide or dispose of property. If necessary, you can use a mediator to work through this with your former spouse.
  • Close or separate joint accounts. Decide with your former spouse who will be responsible for paying bills, and notify your creditors of your divorce.
  • Establish independent credit, if you do not already have it.
  • Make sure bills are paid.
* FICO® is registered by the Fair Isaac Corporation. Other product and company names herein may be trademarks of their respective owners.
   

Consultas Gratis 1-866-647-3383 Tel: 1-866-MIS-DEUDAS

Deuda de Impuestos Debe mas de $10K al IRS Tel: 1-844-CONSEJO