Credit Card Repair
Unnecessary use and abuse of credit cards have pulled down people’s credit scores. But did you know that you can negotiate your way to a credit card repair?
Re-Aging
Banks has this process to help eliminate problems with credit card accounts which are delinquent by bringing them to current status without collecting the entirety of dues, fees, or interests.
The Federal Reserve System in coordination with other financial agencies of the government outline the guidelines for re-aging to help borrowers deal with very difficult financial times like medical emergencies, losing a job, or death in the family.
Credit card repair thru re-aging can be done for accounts which are at least 9 months old. You as the borrower must be able to commit to 3 on time payments prior to the finalizing of the re-aging. A credit card account can only be re-aged once in every 12 months and not more than twice within 5 years.
Your Responsibilities
Any deal is two-way, you have a big responsibility to make the payments on time. Note that re-aging only applies for borrowers who are capable of making payments on time.
Credit card repair will be useless if you just fall behind your payments again.
To initiate all your efforts of cleaning up your financial mess, call your credit card company and ask them about their re-aging programs. Remember that everything is best to be in writing than depending on verbal agreements with the customer service supervisor of your bank.
The credit card repair may also affect your FICO so it will be a wise move if you will ask the credit card company how it will affect your credit score.
Getting into the right track towards financial survival may begin with credit card repair but it might as well be a very good start if you don’t use the plastic anymore or better yet, cut the credit card so it can not be used any longer.
Article provided by Credit Repair Forums
