Credit Card Debt Facts

Do you have problems getting financing because of low credit scores? In a struggling economy, good scores are more important than ever. Here are some credit card debt facts for you to consider before you decide how to raise credit scores.

Bankruptcy information can be on your credit report for 10 years so if you're going to file consider your future very carefully.

Student loan defaults that are backed by the federal government will be reported for 7 years.

A judgment from a lawsuit can be reported for 7 years or until the statue of limitations runs out.

There is no time limit for information reported on an application for life insurance for more than $50,000.

Don't be fooled by hawkers claiming to help you to improve your credit with the claim that you can get a new identity legally. Nobody can get a new identity and social security numbers are issued for the lifetime of a person's natural life. More than likely, the pitchmen are trying to set up a corporation and are trying to tie you to that corporation for the purposes of obtaining financing. If you are an officer of a corporation, you still have a social security number and must apply for credit based on your scores. You are not your corporation. It is a separate entity.

Another ploy to get you credit cards is the claim that bad credit can be erased legally and further this is guaranteed 100%. As far as I know the only guarantee in life is the expiration in the immediate or unforeseen future. Basically, you are guaranteed to die some day.  Nobody can guarantee to erase bad credit.

Save your money because you can do a lot of this work yourself. You can get a credit card company to agree to credit card debt settlement and we show you exactly how to achieve these results which will pay credit card debt in full for twenty to thirty cents on the dollar. Of course your credit scores will improve because the outstanding debt will be reduced to zero and when you have a zero balance you have more money in your pocket. This is valuable reading.

You can also raise your credit score without paying somebody to do so. Credit repair services claim they will improve your credit report by challenging the credit reporting agencies to verify your bad debt. These debt settlement companies do exactly what you can do yourself. But they don't do it any better. Can't you  inundate the reporting agencies with dispute letters? Why would you pay somebody to write dispute letters for you?