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Debt Relief: Difference between revisions
→Managing Your Credit
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'''Debt Management''' is the process by which debts are consolidated into one '''lower monthly payment'''. This '''one payment''' will be an amount which the client '''can afford''', and will be apportioned amongst their creditors. Payments to creditors will be made on the client's behalf. An [[Debt Relief: Interview#Interview | Interview]] was done with a local agency on debt management. | '''Debt Management''' is the process by which debts are consolidated into one '''lower monthly payment'''. This '''one payment''' will be an amount which the client '''can afford''', and will be apportioned amongst their creditors. Payments to creditors will be made on the client's behalf. An [[Debt Relief: Interview#Interview | Interview]] was done with a local agency on debt management. | ||
==Managing Your Credit== | ==Managing Your Credit== | ||
Specific criteria has to be met in order to obtain credit. Creditors solicit your credit history from credit reporting agencies such as Experian, Trans Union, and Equifax. Whether your credit is good or bad is determined by your Beacon or credit score. If your score is low, you are considered "high risk" and chances are your request for credit will be denied. The higher your credit score, the more likely you will receive approval. Each time you apply for credit, your score drops. If your credit score is low, there are steps you can take to help manage your credit and increase your score. | Specific criteria has to be met in order to obtain credit. Creditors solicit your credit history from credit reporting agencies such as Experian, Trans Union, and Equifax. Whether your credit is good or bad is determined by your [[Debt Relief:Definitions#Beacon |Beacon or credit score]]. If your score is low, you are considered "high risk" and chances are your request for credit will be denied. The higher your credit score, the more likely you will receive approval. Each time you apply for credit, your score drops. If your credit score is low, there are steps you can take to help manage your credit and increase your score. | ||
Apply for a secured card or deposit money in your checking account. | Apply for a secured card or deposit money in your checking account. | ||