There are other, more aggressive ways to eliminate bad or damaging entries from your credit report and thus making for a less expensive debt consolidation project. These are techniques that a Suzy Orman credit report won’t tell you about! I have to say before I write any of this consolidation debt information that this information is provided for entertainment purposes only and should not be treated as professional advice. (It is always
smart to consult with a financial or legal professional like Orman before making any financial decisions.)
You can make it seem like you live somewhere else from where you live now, simply by developing a new address for yourself. It just takes you asking a friend or relative to receive your mail at their address and have everything forward to that address. A PO Box can help as well. The further from your current address the better. I fyou don’t know of anyone who lives far away, again, you can turn to a PO or mail drop location. Just make sure you fill out the paperwork with your local post office to have all of your mail forwarded to this new address (far from your own).
Putting together the least expensive consolidation for debt plan can take some work. However it might be the right path for you because with t his “new” address in place, you can ask for a credit report from the credit agency that provides credit reports to that geographic area. Then you can apply with banks that use this bureau. You can expect to find that this new credit bureau will have less of an ability to verify negative items that appeared elsewhere in the country.
Another way to take care of negative entries on the credit report provided by credit agencies is by using what is referred to as “The Hundred-Word Consumer Statement”. This approach allows you to let everyone who looks at the credit report provided by the credit agencies your side of the story. This should be a simple, straight-forward statement that can be used to convince a bank that a negative piece of information that is appearing in your file was nothing they should worry about because it was a one-time, unfortunate incident that was unavoidable at the time.
Examples might include having been laid off with hundreds of others and then suddenly found you out-of-work. The hope is by telling your side of the story; a bank will understand why you had trouble paying of your debt and is not a reflection of your overall ethics or what they banker can expect if they give you a loan in the future. This will maximize your debt consolidation rate and minimize your overall consolidation for debt charges.
Don’t lie! Be honest and to the point (don’t rant on and on… keep it to 100 words). Never write in a way that is emotional (showing anger or hatred). You want to give the bankers or lenders to give you a chance and to give you the credit your deserve. All you have to do is ask the credit agencies about how to place a “Hundred Word Consumer Statement” on your file.
Like everything you read on this site. Please don’t take it as legal or expert advice. We simply want to make sure you are aware of all your options. Orman credit report or other guru advice are your best bet before making any significant financial moves.
Tags: suzy orman, suzy orman consolidation, suzy orman credit report
Hi Suzy I need some sort of advise. I am trying to get my Mortgage rate or interest rate reduced but i keep getting the run around from everyone. Everyone that i had spoken to seems to want some sort of payments up from before they start checking into a Mortgage modification. I don’t know what to do and where to turn to. I don’t want to lose my house and ended up losing my job so now i am trying to find a job and figure out how to pay my mortgage. Since the housing prices around our neighborhood has dropped dramatically and we are still paying for a high priced house we are trying to get a modification. What would you suggest as an advisor.
David,
Thank you for posting your message. Your question is one we hear of often.
I strongly suggest you post this question directly to Ms. Orman’s official website and see if you can find a resource there.
You can ask Ms. Orman a personal finance question by clicking here.
I am just starting a new job and signed up for benefits one of them is 401k matched 2%.At this time I do not wish to increase the 2%min.What I would like to know is how can a 401k help me?what does it do for me?how do I understand and track it’s progress?what do I invest in?how do I know if what I selected is actually the best for me?will the company I work for make the right investment selections for me if I fail to act and choose something even though I know nothing about investing?what is Fidelity Freeedom 2035(which the company selected for me)?and finally what is Growth and Income(which I switched to recently)?