In the United States, more than one-half of all consumers have credit card debt, and one in four military families have $10,000 or more in credit card debt. If you’re struggling to pay off your debts, or if it feels like you’re continually making payments, but your balances never decrease, it may be time to consider professional credit repair services designed specifically for servicemembers, veterans, and their families. Here are a few ways to tell.
If you don’t check your credit report every year, you may not even be aware of the difficulties facing you until your application for a credit card with a phenomenal interest rate is denied. This is often the first sign that something is amiss with your credit. Watch for an “adverse action” notice in the mail (or in your email) for the reasons why you were denied, then request a free copy of your credit report from the agency listed on the letter.
If your credit (FICO) score continues to drop despite all your best efforts to make payments on time and keep up with your debt, this is another good sign that it’s time to reach out to a professional credit counselor. Numerous factors affect your credit score, and they range from the balance you carry on your credit cards each month to the number of credit cards or loans you apply for in a one- to two-year timeframe. A credit counselor can help you better understand the information on your credit report, then come up with a plan to raise your FICO score.
The companies that issue you credit may close your accounts for any number of reasons, but if one or more of your creditors close your accounts without you explicitly requesting it, this indicates a pretty serious problem. If you’ve had your credit card denied, contact the issuer right away to learn why. Often, a closed credit card or credit account is the result of a dropping FICO score or even nonpayment.
Even if you’re making all your payments on time each month, you may find yourself stressed out about your financial situation. Though it does feel nice to pay all your bills each month, it is frustrating to have very little left afterward. Credit repair services can help you get back on track, and they may even help you reduce the overall amount you pay each month. When you can free up a little extra cash each month, it feels as if a huge weight was lifted from your shoulders.
Though well over half of all Americans have some kind of revolving debt (such as a credit card), high interest rates and unforeseen circumstances can make that debt almost impossible to reduce. Professional credit repair services designed specifically for veterans can help you overcome your financial woes, reduce your stress, and get you back on track to financial freedom.