If you have started your own business and been late on some payments, then your business credit report could be damaged. The good news is that many of the same principles apply to repairing your business credit as it does to personal credit repair.  I will be reviewing some of the things that can be done.

If you have an separate entity set up for your business (such as an LLC, S or C Corp), then your business debts will be reported on a business credit report (often the Dunn and Bradstreet report).  The first step for this is to obtain a copy of your credit report.

Then you will be able to walk through your debts line by line and see what is considered late and what is not.  Just like repairing your personal credit, it is important to make contact with all of your creditors and make sure to get your report cleaned up.

This is particularly important for capital intensive businesses that will continually need to be borrowing money.  If your business is unable to secure financing for future projects, equipment, or inventory, then your cash flow could essentially be shut off.  So, repairing your business credit score is very important indeed.

To, learn more about business credit repair, visit our free credit repair course.

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BofA purchased Countrywide as the major lender started to go under.  Countrywide has been the poster child for an organization that made risky mortgage loans.  Therefore, bank of america has been left with a lot of loans that are either in default or the homeowners are struggling with payments.  Many people are struggling to make payments on their homes because they got adjustable rate mortgages.

Some of these rates have reset at higher rates and payments have increased significantly.  In particular, the economy has decreased in overall productivity and these losses have trickled down to everyday homeowners.  So, in fact, other banks including Wells Fargo, Citibank, or Chase home mortgage are all making adjustments to their existing home loans.

In addition, just yesterday Barrack Obama announced that he is trying to pass an additional $75 billion to help homeowners adjust their existing mortgages.  So, is it possible to make a loan modification to your existing loan.  Absolutely.  And it appears that the government is encouraging it.

However, you have to realize that you did sign a contract for a specific rate and term; and therefore, you don’t have much of a legal right to change your loan terms.  Changes being made are really just out of the goodwill of Bank of Amercia or whatever mortgage company you may be dealing with.  Typically, changes will only be made to borrowers that are in a severe financial situation and are late on payments and are close to foreclosure.

Unfortunately, if you are current on your home loan, you do not have much chance of getting a loan modification.

If you are struggling with how to get out of debt and how to improve your credit; check out the free credit course!

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If you are completely overwhelmed with debt, chances are that your credit score is not in very good shape either.  Think about it, if you had a friend that owed 20 other people money, and that friend then came to you and asked for a loan of $5,000 would you do it?  Chances are that you would not.

Its the same with the credit bureaus, when they see that you are starting to overextend yourself, they will lower your FICO score so that lending institutions will not want to lend money to you.

Credit Use also takes a look at how maxed out your credit cards or other lending obligations are.  So if you have an Amercian Express card with a $20k limit, and you are using $19k of that limit…that is bad.  Your credit score will not be as good, if you were to pay some of that down.  The preferable limit is to keep your credit card balances below the 30% maximum limit if you want to improve your credit score.

Now if you are really maxed out on ALL of your credit cards, then your score will really start to suffer.  The key then is to find a way to start paying these down.

As you begin to budget your money and spend more wisely, you will be able to pay off some of your debts.  As you do this, you will see a noticeable increase in your credit score.

There are many factors that come into play when trying to improve your credit score; but how much credit you are using is certainly one of the most important ones.

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Capital One is a common card for many people to be put into collections.  A credit card with this company is not necessarily a bad idea, as long as you can still pay for it.  Unfortunately, many people that apply for a capital one credit card are unable to pay the balance off.  Hence the card goes into collections.  So, the real question is how can you stop the collection calls for Capitol One?

If you have a late payment the severity of it depends on how late it really is.  If it is a 30 or 60 day late payment, it will be reported to your credit report; however, it may not severely damage your credit score.  Once a payment becomes 90 days late or 120 days late, then chances are that your credit report will take a serious hit.

Fortunately, there are several things that you can do to handle a Capitol one late payment.  First, make sure that all the rest of your payments are up to date.  Next, work with capital one or whatever collection agency they have sold your debt to to work out a payment plan.  The best way to have a late payment or collection account removed from your credit report is to pay it off and wait the time for it to drop off (typically 7 years).

There are certainly steps that you can take to improve your credit score other than just removing late payments.  If you can focus your attention on improving your credit score in other areas, then a single late payment may not affect your ability to get the credit that you need in the future.

To, learn more about what you might be able to do for a capitol one late payment, visit our Free Credit Repair page.

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If you are dealing with late payment with citibank, you need to know your options.  I can understand that having a late payment on your credit report, can be nuisance.  In addition, a late payment can prevent you from getting the mortgage that you might need or other financial applications could be declined based on a damaged credit score.

So, you have a couple of options when you have a late payment with Citibank (mortgage, credit card, or any other loan).  The first thing to do is get current with your debt obligation.  If you are currently late, try to make catch up payments as quickly as possible.  The reason for this is because the damage done to your credit score becomes greater the longer that you have a late payment.  For example, if your payment is 30 or days late, that is a negative on your credit report.  However, if your payment becomes over 90 days late, then your credit could become severely damaged.  A 120 day late payment has essentially been charged off by citibank (they dont expect to get paid).  You dont want to find yourself in these situations.

However, in order to get a late payment removed you can contact the financial institution (citibank) and work out a deal with them.  Contact them be letter to have your debt removed from your credit report.  If it was an error they can do so right away.  However, if it is a legitimate late payment, they have no obligation to remove it.  So, the only thing to do is ask them to make a “goodwill adjustment”; which they may or may not do.  Or you will just have to wait the typical 7 years for the late payment to be removed.

There are many more situations that you may come across when seeking to improve your credit score.  I discuss these in much more detail in my free credit repair course.

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What can you do if you have a late payment on a Beneficial (HFC) home mortgage?  Well, the answer lies in: How late are you?  And will you be able to “catch up” on your payments?

Most likely if you have a late payment on your home mortgage, you are wondering how you can get this removed from your credit report.  A negative on your home mortgage is a very severe mark on your credit.  Even if it is only a 30 day late with Beneficial, it could make it more difficult for you to get a home mortgage in the future.

Lenders take a look at your overall financial picture when deciding to lend you money.  So, if you are late on a credit card and on nothing else, they will most likely let it slide.  However, when you are late on your mortgage payment and you are applying for a new loan, this shows a history of not being to make your house payment.  This is the most critical payment that lenders will look at.

So, what can you do to get your 30, 60, 0r 90 day late payment with Beneficial home mortgage removed from your credit report.  Most likely, not much.  If you really were late, then this has to be reported to your credit by law.  However, if there have been mistakes made, then you can certainly dispute these items.  (I show you how to dispute late payments in my free credit repair course).

It is also possible to get ACCURATE late payments reported, through a process called “goodwill adjustments”.  This essentially means that Beneficial or whatever mortgage company you have, will through their own goodwill remove a late payment from the credit bureaus.  The only time this will happen is if you also bring something to the table.  You need to negotiate.  This could be setting up automatic payments, or paying whatever is owned in a lump sum payment.

Beneficial home mortage (or HFC home mortgage) is willing to work with you; however, make sure that you have everything in writing, before you commit to anything!

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