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If you are like many people, you are so far in debt, that it is difficult to make even your minimum payments. In cases such as this, a debt consolidation loan may be your best option.

Personal Unsecured Debt Consolidation Loans

Unsecured personal debt consolidation loans are an excellent source of credit if you need to consolidate debt. Unlike regular personal loans, unsecured personal loans do not require you to pledge any collateral against the loan. This means that lenders are relying only on your promise to repay the loan according to the terms and conditions that they have established.

Getting a personal unsecured debt consolidation loan, can help you pay off your debt quickly. By eliminating several different payments, and focusing on repaying one loan only, you can significantly reduce your monthly bills.

Qualifying for a Personal Unsecured Debt Consolidation Loan

It is easier than ever to qualify for a personal loan. In some cases, you may even be able to qualify for personal unsecured debt consolidation loans as high as $10,000. Amounts under $1,000 may not even require a credit check.

If your credit is less than perfect, there is no need to fret. Many lenders have become more lenient when it comes to giving personal loans to people who have bad credit. The real nice thing about unsecured personal loans, is that you do not have to be a homeowner to qualify for the loan. For a list of consolidation lenders visit Read more of this >>

Perhaps it’s happened to you – a period of mounting medical bills, loss of wages, natural disaster and even identity theft. Any one of these things can cause a person’s credit score to plummet. Today, more than ever before, a decent credit score can be a positive force in every aspect of your life.

We all want to have enough money to pay our bills and have enough money left over to live. To accomplish this, we’re expected to manage our money and our credit wisely. Our credit score is a picture of how well we handle our debts. What are the typical purchases and decisions that are affected by a person’s credit score?

• Applying for a job
• Buying a car
• Purchasing a home
• Renting an apartment
• Applying for insurance
• Requesting a credit card
• Opening a bank account

This is only a short list of products and actions that involve a credit score. So, what is this mystery called Credit Scoring? It all starts with your “credit report”.

The three national credit reporting agencies are Equifax, Experian and TransUnion (with smaller ones including ChexSystems). Read more of this >>

One of the most important ways to achieve and maintain excellent FICO credit scores is to carefully manage your revolving credit.

When I say, “revolving credit,” I’m referring to any credit account you have where the monthly payment can vary. Credit cards are the most common form of revolving credit.

Of course, “revolving credit” refers to almost everything in your wallet or purse that’s plastic that you can use to buy something. This includes American Express, Discover, MasterCard, or Visa credit cards. This also includes retail store cards such as Macy’s or Target, and gasoline cards.

The exceptions are check cards and debit cards. These little dudes may be plastic and have a MasterCard or Visa logo, but they aren’t really credit cards. They’re more like plastic checks than anything else. Debit cards have nothing to do with your credit scores.

Why your credit reports can show that your credit cards are maxed out when they’re not

In my case, my credit scores were lower than they should have been because I was using my personal credit cards for my business. An easy fix…I just applied for a corporate card and began using only that card for anything business related. (You should do the same if you have a small business.)

A few small business leases were also reporting as revolving accounts on my personal credit reports. Those were simple to resolve by just paying the small amounts off.

Then, I did a quick analysis of my credit reports.

The only way to really discover if revolving credit is lowering your scores is to do a quick analysis of your revolving credit accounts. (I’ll show you how at the end of this newsletter.) That’s how I found the big culprit that was destroying my credit scores…

Beware of home equity lines of credit

When I analyzed my credit reports I got a big surprise…I discovered several of my home equity lines of credit (HELOCs) were being misinterpreted as credit card accounts.

This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt. But of course, I didn’t.

What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports.

When I was trained by Fair Isaac Corporation, I got a different story. I was told there are two situations when a HELOC won’t be mistaken as a revolving credit card: Read more of this >>

I was in a rare fit of anger.

Last summer I got so mad at American Express, I closed a personal credit card account that I had just opened with them.

The lady I spoke with at Amex was a complete idiot…and clearly working in the wrong department. I thought I was talking to a person in

customer service…she obviously worked for the sales prevention unit.

It felt empowering when I told her to, “close the account,” and promptly hung up the phone.

Then I realized what I had just done…

Closing Credit Card Accounts is a Fast Track to Lowering Your FICO Credit Scores

You want to avoid closing credit card accounts at all costs.

If you want to do something to irritate the credit card companies—pay the account off with pennies…never carry a balance so that they

don’t earn any interest…pay your account in full and add a dollar to your payment so they have to send you a reimbursement check for a

dollar…anything to irritate them. Just don’t close your account!

Fortunately, I escaped without any significant damage to my credit scores. The account was so new that I wasn’t really getting anything Read more of this >>

My credit cards are maxed out! How many times have I heard that cry. Most people only see the terror of the debt, the decreasing FICO score, and the hopelessness that becomes part of the problem. While it is difficult to see the solution when you are in the heart of the problem, often the solution is right in front of our nose. In this article I present three strategies to pay off your debt and to raise your FICO score while doing it.

When faced with overwhelming debt the first step is to not add to the problem. Put your credit cards in a bank vault or some other secure place where you cannot easily get to them. Pay cash, write checks (so long as you have available funds) or use a debit card to pay for everything. Do not apply for new credit. Just stop. Okay, so you won’t be able to make impulsive purchases, but that is good while you are trying to pay off your current debt.

Now that you have placed yourself on a strictly cash diet you will need to make a decision. There are three apporaches that make the most sense. Read more of this >>