0
votes

Get Rid of Credit Card Debt

posted January 12, 2008 - 9:14am
Get Rid of Credit Card Debt

If you have bad credit, there are a number of things that you can do to fix your credit and hence increase your credit score.

1. Pay all your bills on time. Even if you pay all your bills on time for 3 months, your credit score will increase.
2. Do not close old credit card accounts. Even if you do not use these accounts anymore, keep them open. Closing these accounts will cause your credit score to drop. Cut up the cards but keep the accounts open.
3. Do not get department store credit cards. They have a higher interest rate and they will bring down your credit score.
4. Transfer balances from a higher interest rate card to a card that has a lower interest rate or to a new card.
5. Pay down the balance on your credit card as quickly as you can. Just spend money on the basic essentials like food and gas for a few months and use the extra to pay off the balance on the card that has a higher interest rate.
6. Contact a nonprofit credit-counseling organization for help to consolidate your debt. Do not apply for credit-repair or debt-consolidation loans as you may end up in more debt.
7. Do not apply for too many credit cards. This will reflect negatively on your credit score.
8. Pay more than the minimum balance each month.



Comments

Post new comment

  • Lines and paragraphs break automatically.
  • You can use BBCode tags in the text. URLs will automatically be converted to links.
  • Allowed HTML tags: <p> <br> <b> <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <img> <span> <object> <param> <embed> <table> <tr> <td> <div>
  • Web page addresses and e-mail addresses turn into links automatically.

More information about formatting options

Join Xomba Today

Do you like to write? Would you like to make a little extra money on the side? These people do. Join the Xomba community today.
Become a Member