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Your Credit And Credit Counseling


Your Credit And Credit Counseling

Credit counseling is a great way to eliminate your debt as well as
understand the reasons why you’re being denied credit. There are several
reasons why you may be denied credit. These reasons include: (a) you
have been at your current job or residence for too short a time, (b) you
have too much outstanding debt, (c) the creditor has strict standards, or
(d) there is an error on your credit application report. Most times your
creditworthiness will only be determined on your ability to pay back the
money. You cannot be denied credit based on your sex, your age, race,
marital status, or religion. In the event that you are denied credit,
the creditor must provide you with a written statement that includes the
reason your credit application was denied. This will be helpful in
determining what you need to do to improve your credit rating.

If you have established a bad credit rating there are steps that you
should take immediately to begin reversing the action. First you must
admit that you are unable to make your monthly payments. Contact the
creditor to see if an alternate schedule of payments can be implemented.
Stop using the credit card immediately so that you are not incurring any
more debt on the card. You might want to consider consolidating two or
more credit cards if you have them. It might be easier for you to make
one single payment than it is to make several monthly payments. If
necessary you might have to contact a debt counseling service to learn
how to get out of debt and stay out of debt.

Once you recognize that you have bad credit you can take the steps to
finding a solution to your problem. Credit counseling can help you find
that solution. Remember that it may take some time and effort but that
with a little perseverance you will soon have re-established your credit
rating. One of the ways for you to establish good credit is to begin
applying for credit cards. You can find credit cards to apply for online
as well as at your local stores. Keep in mind that you will only want
one or two credit cards and that the point is to make small purchases and
immediately pay them off at the end of the month. This will establish
that you are prompt at paying your bills and that you more than exceed
the minimum monthly, required payment. Taking part in credit counseling
can help you get your credit back on track.

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