With credit consolidation, you take out a new loan and use it to pay off smaller loans. Because you now only have one loan, you have one monthly payment. However, taking out a big loan can be tricky. If your credit score is not high, you may not qualify for a consolidation loan. If you do qualify, you may not qualify for competitive interest rates. Additionally, whenever you take out a new loan, there are loan origination fees which can run into the thousands. Finally, if you are able to secure a debt consolidation loan with a low monthly payment, it may be at the expense of the repayment period: you may be paying the loan for a decade or longer.

Like credit builder loans, secured credit cards are an easy way to build or rebuild credit history. The application process is the same, but secured credit cards require a deposit between $50 and $300 into a separate account. The bank then issues a line of credit that is typically equal to the deposit, allowing you to build a credit history without putting the lender at risk.

Here is where it all comes together! Rapid rescoring can raise your credit scores quickly. Many of the tactics on this list are highly effective but can take 30 days or more to actually reflect in your credit score. But a consumer can utilize a Rapid Rescore in order to speed up that recalculation of their credit – and raise their score within just days or a week. With a Rapid Rescore, the credit bureaus simply recompute your score immediately, instead of at the next natural cycle date. Therefore, if you’ve paid down debt, added yourself as an authorized user, deleted collections, or added new positive tradelines, it will show up post haste. A Rapid Rescore is invaluable if you’re applying for a business loan, trying to get approved for a mortgage so you can make an offer on a house, or just trying to clean up your credit before a potential employer checks your report. However, you’ll want to enlist some help to take advantage of a Rapid Rescore, so contact Blue Water Credit if you’d like more information or help with any of these tactics!
I would disagree with this option, as a credit analyst its my job to investigate credit and determine customer eligibility for loans etc... typically creditors do not look for a card thats been used 1 time for $15 then never used again this kind of credit is disregarded and or not taken seriously. When we look to approve a consumer we look at several factors and what that makes a large impact is how they make their payments, the balance currently on all their revolving and installments and the history of payments. if you only charge a tiny amount and pay it off its going to show no history and therefore not be a heavy influence. in fact if you can handle it it is good to sometimes charge the card near max but then pay it off super fast. yes this well temp drop score however. it will show creditor your applying for that you can handle larger amounts and that you pay them down good and fast. 
If you pay a charge-off in full, your credit report will be updated to show the account balance is $0 and the account is paid. The charge-off status will continue to be reported for seven years from the date of charge off. Another option is to settle charge-offs for less than the original balance if the creditor agrees to accept a settlement and cancel the rest of the debt.
On your journey towards fast credit repair, there are a few pieces of caution we must share with you. In this section, we are going to discuss some of the most common mistakes that people make when trying to repair credit fast. Typically, many people are either unaware or too excited and end up making counterproductive decisions. Considering this, if you are serious about repairing your credit fast, take into consideration the following common mistake.
This tip is a valuable financial lesson that many people can implement, and it can completely transform their financial situation. Typically, people tend to wait until the last minute to pay their bills, which results in late payments, late fees, and extended loans. The goal with this is to develop the habit of scheduling your payments to be automatic. IF you have already missed a payment in the past, this tip is even more important for you. By scheduling your payments automatically, you are making the dedication that the money will be in the account by the time the bill needs to come out. This, at the same time, if properly managed, can help direct your entire attention on paying your bills on time, rather than purchasing something out of instant gratification. Also, by showing lenders that you have set up automatic payments, it shows a level of dedication towards fast credit repair.
You cannot pay down your debt on your own and you continue falling further and further behind. “It makes sense to file bankruptcy when you can no longer keep up with your bills,” said Leslie H. Tayne, a debt resolution attorney and founder of Tayne Law Group, based in Melville, N.Y. “If commercial creditors are breathing down your neck or if you are in danger of losing your home, it may then make sense to file bankruptcy.”
Unlike traditional debt consolidation loans, a nonprofit debt management program can help you lower your interest rates and consolidate your credit card payments, even if you have bad credit. That is because a debt management program isn’t extending new credit or a loan to you. They are simply helping you bundle your payments and make them on-time, and helping you lower your interest rates, despite a poor credit history. Why? Creditors may see you as a bankruptcy risk. By giving helping make your payment more affordable with lower rates, and supporting nonprofit debt consolidation programs, the creditors are attempting to prevent you from defaulting on your debt.
We have a budget and unfortunately have nothing of value to sell. I have to have a reliable vehicle to go to work and to take the kids to school. Can’t stand the mall, thank goodness!!! We make our own coffee. We save for months to have pizza or a family outing. We are very modest so we only have needs, wants went away when we had my kids. I am looking for a part time job but I want to have one day off a week to spend with my kids and thats apparently a problem for some employers. I’m not giving up and I will win this I just needed to see if anyone had an idea I haven’t already looked into. Thank you!
If you’re thinking about filing for bankruptcy, be aware that bankruptcy laws require that you get credit counseling from a government-approved organization within six months before you file for bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust, the website of the U.S. Trustee Program. That’s the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Be wary of credit counseling organizations that say they are government-approved, but don’t appear on the list of approved organizations.
Repairing your credit includes paying off those debt collection accounts. Until you do, you face relentless calls and letters from debt collectors. While you can take action to stop debt collector calls, collection accounts often move from one debt collector to another. When a new collector gets your debt, you’ll have to go through the process of sending letters to stop the calls all over again.
Just wanted to say our loan experience with you has been fantastic! The process was by far the easiest and close to the quickest loan process I have ever gone through. We had very good credit before but now it’s "exceptional" according to FICO and I think the changes we made by consolidating debt using LightStream made all the difference. I rarely write things like this but really have been amazed and thrilled with your company. It actually feels unbelievable; not sure how you all did it but somehow you designed an incredible experience and I look forward to borrowing from you again.
If you're living with bad credit, this probably isn't the news you want to hear. The good news, however, is that there are several things you can do right now that will start to improve you credit score. Just keep in mind that there are no magic fixes in the credit world. Credit repair done right takes patience, persistence, and an understanding of how your credit score is calculated. Here are a few ways you can start repairing the damage to your credit score:
What can and DOES change is whether you have a collector pursuing you for the debt. If you are talking about a dormant account that has been in collections and has finally been left alone with no collections activity for a few years, messing with it can be problematic from the point of view that the collections people will start pestering you again to see if they can get money and if the SOL isn't up, they can start reporting on it again which can affect your score or they could even file suit if your state SOL isn't up.
 It still could take a little time. I started from zero with a touch of bad but mostly no credit. I got a rediculous card at first with high interest and monthly and yearly fees. Soon as my credit built up with some payments, yours isnt terrible, mine was in the 5's, I was able to get a better card. Dont spend much of your available credit. REALLY try and keep it lower than 30% and your uliliztion will look better and help your score rather quickly. im my case opening a new account with a higher ballance and transfering my debt to it (15 months 0% interest but was a 3% fee to do it) saved a lot of money over paying a couple of cards at 20-24% interest. If you have a good utilization % then you might even close the old account but if you are looking at a big purchase soon then it may be better to keep it open. Either way, my closing that horrible card actually made my score rise because of the newer better replacement card showing up. Again mine was in the 5's so it took a bit for new expanded credit acceptance but once it did it is currently going up very quick and am almost 700's. Id plan on a year though if you have negative stuff but you are ahead of me with your starting score already. 
If you have medical debt, you may be wondering what options are available to you. Medical debt can be consolidated into a nonprofit debt management program, though you may not receive lower interest rates. Considering that much medical debt is already at a low or zero interest rate, this should not be a deterrent. By consolidating medical debt to a debt management program, you are simplifying your bill pay and committing to timely, consistent payments of  your medical debt. This will help you pay off your debt faster and also may have a positive impact on your credit score.
Credit scoring companies analyze consumer credit reports. They glean data from the reports and create algorithms that determine consumer borrowing risk. A credit score is a number that represents the risk profile of a borrower. Credit scores influence a bank’s decisions to lend money to consumers. People with high credit scores will find the most attractive borrowing rates because that signals to lenders that they are less risky. Those with low credit scores will struggle to find credit at all.
If your average monthly income for the six-month period leading up to your bankruptcy filing is less than the median income for the same-size household in your state, you automatically qualify. If your income is above the median, you must pass an additional means test that compares your income to specific monthly expenses to prove you have little to no disposable income.
"Financial companies love profitable customers who run up their credit card balances, right? One might think," says Randy Padawer, vice president of credit services at LexingtonLaw. "But interestingly, that same industry penalizes consumer credit scores as a direct result. To ensure a good credit score, never max out your credit cards. For an even better score, keep balances as low as possible."
A home equity loan might be a good option for you. If you’re looking to find a loan, LendingTree (the parent company of MagnifyMoney) might be able to help. With its online marketplace, you’re able to use one form to potentially be matched with up to five offers at once. First choose the type of property you need the home equity loan for, such as a condo, single family home or a townhouse. Then finish completing the form by adding your personal information and you’ll instantly receive offers available to you.
It’s likely that the debt collector has the incorrect amount for your debt or has tacked on high fees — Rheingold said you may owe $500, but a third-party debt collector may inflate that number to $2,500 with fees. Both of these practices are illegal. Third-party debt collectors cannot misrepresent the amount you owe or collect fees or interest above what’s stated in your original contract.

If you already have a good-to-excellent credit score and a low debt-to-income ratio, you may want to consider refinancing your student loans. When you refinance your loans, you take out a new credit-based private student loan and use the money to pay off some or all of your current loans. (The lender will generally send the money directly to your loan servicers.)
Cons: Some cards charge a balance transfer fee, such as 3 percent or $5, on the amounts you transfer. Also, the combined transferred amounts and fees usually cannot be higher than your credit limit, which might not accommodate all your debts. Some lenders also don’t allow you to use a balance transfer to pay off credit cards or loans from the same lender.
I was wondering if you could give me a little advice to help raise my credit score within 5-6 months. I have recently paid off all of my collection accounts and was told to get at least two secured credit cards, as I do not have any active credit. The only active credit that I have is my student loans because I am in school all deferred until 2018& 2021, current car loan which I pay on time and a credit card from my credit union (that I pay on time) but it only reports to one bureau (Equifax), bummer!! About a month ago a mortgage broker pulled my credit and my lowest score was about 540 the highest was 590, and he said I needed to increase my score but didn't say how (no advice given). Since having my report pulled I have paid off the collections and have obtained 2 secured credit cards. My credit cards have not been reported to my credit report yet and all of the paid collections have been updated so I'm not sure what my scores are as of know. I am looking to be able to be approved for a home loan in the next 5-6 months with good interest rates. Can someone please give me advice that can possibly help me to raise my score about 80-100 points in this time frame?  Also I would like to say that there is a lending company that will give FHA home loans with a credit score of 580 credit score in my area, but not sure if their interest rates are ridiculously high. Would going with this company be a good option? 

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A secured credit card, in particular, is the ideal tool for rebuilding credit. They offer nearly guaranteed approval because you’ll need to place a security deposit that will double as your spending limit. Secured cards are also far less expensive than unsecured credit cards for people with bad credit. And you can’t tell them apart from unsecured cards on a credit report.
If you don’t pay a medical bill or a cell phone bill, your account may be referred to a collection agency. Once it is with an agency, they can register that debt with the credit bureau, which can have a big negative impact on your score. Most negative information will stay on your credit bureau for 7 years. Positive information will stay on your credit bureau forever, so long as you keep the account open. If you close an account with positive information, then it will typically stay on your report for about 10 years, until that account completely disappears from your credit bureau and score. If you don’t use your credit card (and therefore no payment is due), your score will not improve. You have to use credit in order to get a good score.
"Financial companies love profitable customers who run up their credit card balances, right? One might think," says Randy Padawer, vice president of credit services at LexingtonLaw. "But interestingly, that same industry penalizes consumer credit scores as a direct result. To ensure a good credit score, never max out your credit cards. For an even better score, keep balances as low as possible."
Next, your credit counselor will compile your data and ask you to commit to a debt management plan if they believe it’s the best option. If you choose to move forward, you will begin making a single monthly payment to the credit counseling agency who will disburse the funds on your behalf. Your credit counselor may also suggest alternatives to debt management plans if they believe a better option is available.
So, the first thing you should do is assess the damage by looking at a current credit report issued from one (or all) of the three major credit bureaus. Under the Fair and Accurate Credit Transactions Act, every American has the legal right to receive one free report from each one of the companies per year, which will save you some money on processing fees. You can get access to each one at the site annualcreditreport.com.
For secured debts, the value of the underlying collateral must be paid to those lenders, which can also increase your overall debt burden under the plan. And because the debts take several years to be discharged, the debtor is expected to maintain payments during that time. If they cannot, then they may find their filing dismissed and collections and foreclosure procedures restarting.
Here is a simple test. (This is not 100% accurate mathematically, but it is an easy test). Divide your credit card interest rate by 12. (Imagine a credit card with a 12% interest rate. 12%/12 = 1%). In this example, you are paying about 1% interest per month. If the fee on your balance transfer is 3%, you will break even in month 3, and will be saving money thereafter. You can use that simplified math to get a good guide on whether or not you will be saving money.
Once you’ve confirmed the accuracy of your credit reports, you can begin working on the mistakes that you’re responsible for. One easy way to pinpoint your credit-score weaknesses is to sign up for a free WalletHub account. Your Credit Analysis will include a grade for each component of your latest credit score as well as personalized advice for how to improve problem areas.
I just purchased a home (284K debt) and have two small CC’s (under 2K each) that I put at a high utilization after I purchased the home. Also, I took out a $5,500 loan from my credit union to help with some home improvement. I’ve been making my payments on time and paying more than the interest rates on the CC’s. Aside from this debt, I have a car loan through my credit union that I have been paying on time for over a year and student loans.
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You need to work to get credit card utilization down below 30% (below 10% would be even better). But high utilization alone should not have brought your score down quite so low. Here’s how to get your free credit score along with a personalized plan for improving it. Because the scores come from information in your credit reports, you should also check those for errors and dispute any information that is inaccurate. Here’s how to get your free annual credit reports.

Once your cards and debts are paid off, will you cancel the credit cards? Sure, you get credit cards with zero balances and no bills out of the loan, but one of the biggest problems with debt consolidation loans is that they do nothing to change the behaviors that got you into debt in the first place. Instead, they add another creditor to your pile, and fan the flames of going into debt to pay off more debt. If you even think you might be tempted to use those cards again after paying them off, or if you're using debt consolidation as an easy out or way to avoid really looking at your budget, it's not right for you. The last thing you want is to take out a loan, pay off your cards, and then charge up your cards again—now you've done nothing but dig your hole twice as deep.
bad idea they kill you in fees and unsecured does nothing for your credit . I found a jewery store on line that has you put %50 down and then make payment on the rest . and they report it . unsucured credit cards are bad news they don't help just make the banks alot of money . for example the person said transfer to a better card and leave the old one open . yeah if you want to pay a bunch of monthly and yearly fees .
If you see missed payments that shouldn’t have been there, write it down. Your credit score is negatively impacted when you are 30 days or more past due. If you see a balance on a card that you haven’t used in years, it could be because the account has been stolen. Misinformation in the accounts section harms your credit score, so make a note of all incorrect information.
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