Credit Lawyer El Reno, OK

Credit cards and coinsCredit Lawyer in El Reno, OK

Is your credit out of control? Do you not know how to get your finances in order because they have been stressful for a long time now? If your answer is “yes” to either of these questions, you need to enlist the assistance of a credit lawyer in El Reno Oklahoma, like one from Marty Martin Bankruptcy Law, as soon as possible. He or she will be able to help  you navigate through all of your financial difficulties and come up with ways to help begin building your credit once again. Your lawyer will take a deep dive into all of your financial issues to determine what the next best steps to take will be and help figure out how to get your finances under control. 

How Can Bad Credit Affect Your Life? 

Bad credit affects many different aspects of your life. If you do not have good credit, you will likely get rejected from many different apartments, places to live, and will be unable to purchase a home. The reason for this is because the people who are expecting to collect a mortgage or rent from you will feel like they cannot trust you to make your payments on time. Having poor credit shows those who may lend you money that you might not be a reliable person to lend money to. By hiring a credit lawyer in El Reno, OK from Marty Martin Bankruptcy Law, you are enlisting the assistance of someone who is experienced in this world and can help figure out how to make you a more trustworthy source to lend money to. Your lawyer will do his or her best to make anyone who you need to go into a financial deal with trust that you will pay them back in a timely fashion. 

Taking Steps to Better Your Credit

There are many different things you can do to begin improving your credit quickly. A credit lawyer may advise you to take some kind of financial classes that will give you a step-by-step guide on how to do this. Your lawyer may also suggest paying certain debts back faster than others, or even considering filing for bankruptcy if you are really in too deep. Speaking with an experienced credit lawyer can be life changing for many and it is important to take your credit seriously. Do not hesitate to reach out to an experienced credit lawyer in El Reno, OK from Marty Martin Bankruptcy Law. You can set up a consultation to go over all of your finances to determine what the next best things to do will be. Reach out today to learn more!

Debt Relief Options

An El Reno, OK credit lawyer understands that if you are struggling with debts you are unable to pay, there may seem to be little alternative other than to deal with the harassing phone calls from debt collection agencies while waiting for legal actions to be filed. Bankruptcy can provide much-needed relief in these situations, but there are some alternatives to bankruptcy you may want to consider first.

Whichever path you choose to take, make sure you are dealing with an experienced and reputable credit lawyer. Unfortunately, there are plenty of scam artists out there who know the vulnerable position you are in and are looking to take advantage of it for their own gains.

One common alternative option to bankruptcy is debt repayment and settlement plans. The following is a brief overview of some of these options, depending on the types of debts you owe.

For Credit Card Debt

Credit cards represent unsecured debt, meaning there is nothing the creditor can repossess in order to get back some of the value of the amount you owe. This puts you in a good position to negotiate a debt settlement, in which you offer to pay back only a portion of the loan. To get interest or past due payments waived, you may also have to agree to a somewhat higher payment plan going forward or come up with the funds to settle the account in one lump sum.

For Mortgages and Car Loans

You may be able to negotiate better terms on your home mortgage if you act quickly before you have missed more than one payment. An El Reno, OK credit lawyer can assist with these negotiations. Car loan companies and banks may be less likely to cooperate in reducing your interest or payments on a car loan. If these are debts you can no longer afford and you are willing to part with the property, selling may be a good idea.

For Past Taxes

If you owe the Internal Revenue Service (IRS) for past due taxes, payment plans can be arranged, or you may be able to make an offer in compromise. This allows you to settle your debt for less than the total amount you owe. If a job loss or other difficulty is the reason for your current problems, the IRS may be willing to delay collection actions until you get back on your feet.

Beware of Debt Relief Scams

When seeking ways to reduce or eliminate your debts without having to file for bankruptcy, the Federal Trade Commission (FTC) warns consumers to be wary of debt relief scams. These companies often advertise on television or may contact you through robocalls, offering to settle or reduce the total amount you owe. While charging hefty fees for their services, they fail to follow through and may even steal your personal information from others in the process.

Before entering into any type of agreement with a debt relief company, make sure to consult with an El Reno credit lawyer from Marty Martin Bankruptcy Law first.

Common Misconceptions About Credit

If you want to raise your credit score, an El Reno OK credit lawyer from Marty Martin Bankruptcy Law may be able to help. A low credit score can make it difficult to get approved for various loans and even increase your auto insurance premiums. Here are some common misconceptions about credit that you shouldn’t believe.

  • Closing a credit card account can increase your credit score. If you haven’t used one of your credit cards in a long time, you might be thinking about closing the account. After all, what’s the harm? However, closing a credit card account can actually lower your credit score. It lowers your total available credit, which causes your credit utilization to go up. If you think you will be tempted to use the credit card for frivolous purchases, you can always cut up the card.
  • If you pay off your debts, you will automatically have a good credit score. If you’ve recently paid off all your debt, that is definitely something to be proud of. However, that doesn’t necessarily mean that your credit score will shoot up. If you have a lot of missed or late payments on your credit report, it may take longer for your credit rating to go up. 
  • Checking your credit report will hurt your credit score. This is another common myth you shouldn’t believe. As an El Reno credit lawyer can confirm, an inquiry will only negatively affect your credit score if you apply for a loan or credit card. This suggests that you will be adding debt. However, if you simply check what your credit rating is, you won’t be penalized for that.
  • If you get a higher paying job, your credit scores will increase. Although getting a higher paying job is great, it won’t have an effect on your credit score. Your credit report will include information about how you pay and manage your debts, but it won’t include your income. However, your job may impact your credit rating indirectly. If you don’t make enough money at your current job, you may have trouble paying your debts on time.
  • Carrying a balance can help my credit score. This isn’t true at all. Carrying a balance on your credit card can actually lower your credit score. Also, you will end up paying more interest in the long run. That’s why it is best to pay off your credit card balance in full every month.
  • My employer can see my credit score. Some people are under the false impression that employers can see their credit score when they apply for jobs. Although employers can pull up your debt and payment history, they won’t be able to see your actual score.
  • Student loans don’t affect your credit score. Another myth is that student loans won’t have any impact on your credit rating. However, if you default on your student loans, your credit score can go down.

If you need assistance with improving your credit, you may want to schedule an appointment with an El Reno credit lawyer from Marty Martin Bankruptcy Law.