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If you are like many Americans you have ridden your credit like a circus donkey(whatever that means) for the last few years and now are in the position of having bad credit which is now making it difficult for you to obtain favorable credit terms on new installment loans, credit cards, mortgages or auto loans. To counteract this you need to get aggressive NOW and start taking your credit seriously. First you need to change your thinking about what is really important to you. Do you really need that new car, those "cute" shoes, that new watch and anything else that you can not just pay cash for? That is the trick my friend! Put off buying today on credit what you can buy tomorrow with cold hard cash! Most credit problems are caused by living out of our means because we feel that we just have to have everything that we see. Advertisers have gotten very good at tricking our little pea brains into wanting everything that they throw out at us and we believe that we will just not survive without these things. Wake up folks! By the way all of the credit card companies will be raising their minimum payment requirements by 100% the first quarter of 2006 if they have not already. Get ready for some real PAIN if you don not make drastic changes now! Now that you have changed your thinking you need to start getting aggressive about restructuring your debt. There are several ways to do this. You can move balances on your credit cards so that you are as close to 50% of the available limit as you can get. The credit bureaus really look favorably on people that spend less than 50% of what they have available on their credit cards. Another thing you can do is restructure your debts with a new mortgage and even if you have bad credit you should still be able to do a refinance with most mortgage banks. You may be stuck with a higher interest rate, but you will give yourself the financial breathing room you need to stop living in fear and in a couple of years after paying off your debts you will be able to get much better terms and pricing on a refinance. Tip: apply the extra savings to your mortgage every month or as much as you can and in two or three years you will be really surprised at how much better your position is in your home! Pull your credit and see what is on there! Go to sites like Creditnet.com, equifax.com, experian.com, transunion.com and you can also get your free credit report at annualcreditreport.com with links to all three credit bureaus. Once you have your credit reports look for any inaccurate information such as old debts that still show balances or misreported dates. These are items that you can dispute and get removed from your credit! I would highly suggest using a service such as lexingtonlaw.com who specialize in real credit repair and will offer a money back guarantee. Another technique you can use to help improve your credit is by getting someone you know to add you as an authorized signer on an account that they have in good standing. This will show up on your credit and as the payments are made on time every month your credit scores will improve! No risk to your friend or family member as they did not loan you any cash and no risk to you as long as that person pays their debts on time. Realistically though even if they miss a beat or two it is not going to hurt you too much considering the position you are in anyway. You will also find additional information sources for credit repair, credit cards and other credit services at Credit Commandos a site that specializes in providing information on credit cards, credit repair, loans, and other credit related services. Good luck!
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