My Credit Score is Low. How Do I Fix It? – Brook

“Dear Steve,

The collections on my credit score are very high and I am overwhelmed how to fix it. However I don’t want to get scammed by a credit repair services but I really need some help!

Where do I turn for help?


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2 thoughts on “My Credit Score is Low. How Do I Fix It? – Brook”

  1. Brook,

    You have not given much detail here. You are concerned about repairing you credit while it also sounds like you are or have been behind on many accounts. As a preface, obtain a copy of Liz Pulliam Weston’s “Your Credit Score” and “Deal with Your Debt”. These are great easy to read books that will help you make some decisions. Your local library should have copies.

    If you are not underwater and you can make your current obligations then there are two primary actions you can take to repair your credit. First and foremost is to make sure you stay current on all obligations. Secondly, review your credit report and clean up any negative items that are incorrect. “Your Credit Score” will assist you here.

    If you cannot make your current obligations, then you need to take a hard look at your financial situation and where you can free up some cash. “Deal with Your Debt” will walk you through this process.

    You may even want to talk to a bankruptcy attorney. Most offer a free consultation. If you have primarily unsecured consumer debt, then Chapter 7 may be appropriate. If you have a house with a mortgage, car payments, and a steady income stream, then Chapter 13 may be more appropriate.

    I understand your fear of getting scammed by credit repair or debt consolitation/reduction services. I have not seen any that I would recommend.

    Best of Luck


    Jeff Jacksons last blog post..Debt Consolidation Stories

  2. there is no easy answer to this, but often credit scores differ between providers. For example there may be 5-10 credit scoring orgainsations and different banks or financial institutions may use different providers. That’s why you can go into one bank and be declined for a loan but get a loan through a different bank, because they apply different lending criteria through a different credit scoring agency. It could be that your credit score is low with one provider but not another. My advice would be to consider applying to a number of different credit scoring companies for a copy of your credit record to get a better picture of how bad your credit really is. Also it is often seen as negative if there are too many credit applications on your account in one go, so don’t fall into the trap of applying to every conceivable institution for a loan. Sometimes time is a great healer of a bad credit score, because if you leave it alone it corrects itself.

    [email protected]&Moneys last blog post..How To Talk About Debt Problems With Family Members


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