Debt Settlement Company - get a free quote from a debt settlement company on how they can take-on the hassle of negotiating with creditors and get you bigger chargeoffs.
Rebuild Credit - how you can re-establish and improve credit scores, including the tips below.
Basic Credit Rebuilding Tips After Chargeoff:
When you apply for credit, include a letter that explains the circumstances that lead to your previous chargeoffs and how you are now credit-worthy.
Open a checking or savings account. Lenders may look at this to determine if you can responsibly handle money.
Apply for a secured card and make charges against it. Pay advances back over two months so that they will be reflected as positive marks on your credit report.
Pay your utility bills and rent on time for at least a year.
Find a friend or relative to cosign a loan with you and repay it on time.
Look for car dealers and mortgage brokers that attest to be "bankruptcy friendly". Buy a used car and make monthly note payments.
Live within your means. Do not unnecessarily increase your debt to income ratio by taking on credit to purchase luxury items that you don't need. Your payments on consumer debt should equal no more than 20% of your expendable income after costs for housing and a vehicle.
Make good on all your chargeoff agreements.
More Free Tips and Advice
Chargeoff credit card - How to charge off credit card balances yourself, or get professional help from a debt settlement company.
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Credit Tip: Need a high limit for Christmas credit card charges? If you have bad credit, consider a personal loan by refinancing your mortgage. Even if you have cash to buy Christmas presents, we recommend using a prepaid card to make purchases because it's safer than carrying cash.
