Wednesday, April 29, 2009

Repair Your Credit | Last Line of Defense (Pt. 4)

What to do when options are few

Welcome back to “Repair Your Credit.” CLICK HERE if you missed part three of this article on how credit repair and a lessened dependence on payday loans can help you to keep your financial boat afloat.

As you look at your balance transfer options, isolate the best offers and apply for them first. I’m talking lowest APR or no APR for the longest period of time, of course. This is important because inquiries made on your credit history will appear on your credit report and have a negative impact upon your FICO score (if there are many inquiries, in particular). According to the business world, your FICO score is THE indicator of your credit worthiness. Thus, you want to make the best debt consolidation choices possible to repair your credit.

Revisit the results

Once you have found a good, low-interest balance transfer candidate for consolidating your debts, go through the application process. After approval, go back to the payment calculator and determine your savings in both time and money over the life of the debt.

If the ship is sinking

If you have missed several payments resulting in a low credit score, you may not be able to take advantage of the low interest balance transfer options. But all is not lost! ... click here to read the rest of the article titled "Repair Your Credit | Last Line of Defense (Pt. 4)"

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