What Can You Do For Credit Repair After a Settlement?

| June 21, 2011 | 0 Comments
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A debt settlement might sound like a good idea. It can involve a deal where you will pay only a fraction of the value of what you owe to creditors. However, it is also a plan that will end up causing you to lose hundreds of points off of your credit report. This is due to the point that you may not be seen as someone who could normally be able to pay off debts when a settlement is handled.

Therefore, you’ll need to consider some ideas for credit repair in the event that you do end up having to enter a settlement. A settlement should be the last option that you could ever consider. You can still correct some problems if you do have to resort to this option.

The first thing to do is to keep some of the accounts that you settled open. Closing old accounts might sound like a good idea. However, closing those accounts can cause you to keep from having enough of a credit line to work with. This could harm your credit rating even more. You’ll need to keep lines that you can afford to work with open.

The next point is to work with a few new credit lines. You might want to think about a savings account when working on your credit repair goals. This can help you to have an easier time with getting your goals handled.

You might even want to talk with your creditors about the status of your settled accounts. Sometimes you can easily get your credit repaired if you contact a creditor that you have settled with and then as to get the account you have changed to where it is something other than being settled. It can be listed as being paid in full or paid as was agreed.

This could help you out by making it so your settlement will be a little easier to pay off. Be aware though that not all creditors will agree to this type of plan after you settle with them.

These are good things to do for your credit repair needs. You can use these ideas when it comes to making it so you’ll have an easier time with getting your credit handled even after you have gotten into a settlement. You should not deal with too many damages in the event that you have to use a settlement.

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