How to Rebuild Your Credit

Has your application to obtain a mortgage loan got rejected? Then you need to go ahead and get the help of one of the fast credit repair services to rebuild your credit. That’s because you cannot delay the decision of purchasing a new house or an apartment, just because your credit score is not good.

Start with the initial consultation for Rebuilding your Credit

Once you get in touch with Blue Water Credit’s credit rebuilding services, the very first step that you have to go through is the initial consultation. Blue Water Credit offers the best way to rebuild your credit and offers a free initial consultation. This is one of the most important stages to start rebuilding your credit. That’s because it will determine the best way to rebuild your credit.

There are no generalized approaches, which can help you with improving your credit. Those generalized approaches might be able to deliver positive results to you in some instances, but it will take a considerable amount of time. If you are looking to get fast results, you need to make sure that you are following an approach that is customized by Blue Water Credit according to you. This is determined through the initial consultation.

Monitor Your Credit Rebuilding Progress

Based on the outcome of the initial consultation, a proper plan will be created. Then the game plan for rebuilding your credit will be provided to you. All you have to do is to stick to the plan and monitor the progress that you will be able to receive along with time. Then you can see how your credit score is increasing as you are rebuilding your credit. Since you have requested to get faster results, you will be asked to do the most effective and efficient methods to boost the credit score. You can simply stick to those methodologies and experience the positive returns that will be sent on your way.

Blue Water Credit’s Approach to Rebuild Your Credit

Blue Water Credit will draft dispute letters to credit repair agencies to correct the common mistakes in a credit report, which will accelerate your credit rebuilding timeline.

Late payments

These occur on your credit rating list as they show how good you are at paying back the money you borrow. If you happen to make late payments because of any reason then they will downgrade your creditworthiness. If you made a payment in 30 to 60 days then it can be removed from your credit rating report as you can ask the lender to not report it by talking them out or sending them a letter you use your goodwill here. Another way to solve this issue is to set automatic payments in your account this way if you miss the deadline you will not have to worry the amount will automatically be debited from your account. Remember that even one late payment in your credit report lessens your credit score by 15 to 20 points so level up your game and start working on your credit report. One more thing is that if your late payment history is more than 90 days then it is going to be a big issue so prevent this from happening.

Collections

Collections include all your late parking receipts, medical expenses, etc. In a survey, it was shown that most people have low credit ratings because of collections only and the irony is that most people don’t even know about them before they go to any bank for a loan and they get rejected because of poor collection history. So start keeping a check on your day-to-day receipts and make payments on time to avoid any poor ratings.

Bankruptcies

This is the worst scenario as a person declares bankrupt only when he has debts more than he has credit. And any person being bankrupt cannot save himself from bad ratings. The only thing to do is to be aware of your financial position and avoid any situation where your debts are more than your credit.

Repossession

This happens in the case of secured loans as the lender takes your house, automobile or anything that equals the worth of the loan as security just in case you wouldn’t be able to make the payment then he can take your property instead. This is also a bad situation for you because these things impact your credit ratings in a very negative way.

Foreclosures

Another item that can seriously damage your financial reputation and in some cases can cost you your house. Usually, the lender takes legal proceedings when a homeowner fails to pay the mortgage amount in more than 3 months. These types of legal proceedings can cost you your home and destroy your chances of getting a new one.

Charge-offs

This is also not good for your credit rating. This happens when you aren’t able to pay off money to the lender in more than 180 days of the deadline. The lender will report you charge-off and this word is hard to ignore for anyone lending you whether a bank or a lender. Because this shows you are not responsible for your financial obligations and can be on your report for 7 years the only way to remove it from your report is by talking your way out by the lender and paying the debt amount.

Liens

Another item to show how financially irresponsible you are. It shows the history of you not being able to pay taxes whether state or federal level. This also brings down your credit score making it difficult for any creditor or bank to grant you the loan as public authorities have reported you. Even if you pay tax after this can stay on your credit report for 7 years.

Judgments

This involves a lawsuit and reflects that you will not pay your debts on time. If you fail to pay the money to the lender he can sue you in court and if judgment passes in favor of the lender then you are in big trouble any financial firm cannot ignore this and it brings your credit score down a lot. Usually, lenders avoid judgments because they are costly and time-consuming and you get notified before the lender goes to court so you can prepare yourself before the hearings and try to find a way out of it.