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Choosing the Best Way Out of Your Bad Credit History

By Brian Anderson
Published: Thursday, February 25th, 2010

We know how hard times strike out of the blue. We have been survivors of the economic turmoil these past years and many Americans are without any jobs as of the moment. And to make things worse, we are tied to our housing mortgages and car loans that have to be paid from time to time without fail. 

Do you need a credit score advice? If you are already piling up on debt, what should we do about it? Will it do you good to hide yourself from creditors and forever disappear from the face of the earth or would you rather settle it through a repayment agreement? 

But you can hardly pay for a whole day’s meal… is it really wise to enter a repayment scheme in these trying times? You do not know how it will fit the meager salary of an ordinary employee, much more that of a part-time worker or some seasonal employees. If you do not feel the need to buy a new car or apply for a home mortgage then you might just be one of those who would rather postpone debt settlement with creditors. Which credit score advice should you heed? 

Both options have valid reasons and people choosing either of the two options have their own long and short-term priorities to consider. My own contribution here is to explain how each credit score advice would work if in case you will choose one of these. 

If you want to break away from your debt history with your ego intact and your years all productive, you could opt to go into a settlement with your creditor. The advantage of picking this credit score advice? First, you can be assured of a better credit history. If you enter a settlement agreement, you can continue your job or apply for a new one without worrying that a background check may tarnish your reputation. If some credit companies need to investigate on your credit history whenever you need to apply for a loan, you have nothing to fear because your credit history it still good. 

But what if you are near the edge of financial breakdown and you cannot anymore afford a debt repayment or your credit company does not allow you to pay it in an installment scheme, then you are in danger. The best credit score advice I could give in this kind of situation is to rethink other alternatives first before opting for this choice. It will not only discourage money lenders from allowing you to apply for loans but it will also devoid you of a good credit report for about 7 years. 

So have you weighed your decisions yet? It is hard to make such a crucial decision during times of confusion but looking for a reliable credit score advice might just be of great help for your troubled minds right now. Save yourself the anxiety and look for an advice that will prove to be useful for your situation. Just do not lose hope because there’s always a way for a person who won’t lose optimism.

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