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Step 1
Understand Re-Aging - When a creditor agrees to re-age an account, they are basically bringing any past-due accounts current. For example, if you have missed three payments, re-aging will wipe out those payments, including any associated late fees and penalties, and will set you back to square one. You still owe the same amount to the creditor but the accounts will no longer be considered delinquent. Since this is such a great deal for the consumer, the are a few requirements that must be fulfilled in order to qualify. These steps are necessary if you want to learn how to increase your credit score.
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Step 2
Show the willingness and ability to pay - You have to want to pay the debt AND have the ability to pay it. Both aspects must be satisfied or the creditors is not permitted to re-age your account.
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Step 3
Your account must be at least 9 months old - This prevents people who just got the credit card from charging up the account, then screaming for help.
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Step 4
Make at least 3 consecutive minimum monthly payments - This ties back to step one. You must want to pay the debt. One way of showing that this is true is to actually make a few payments. Additionally, you could pay the equivalent of three monthly minimum payments at one time and still qualify. Your intent is the key ingredient to re-aging your account.
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Step 5
Understand the limitations - A borrower is able to re-age an account only once in a twelve month period. He is also only able to re-age an account twice in a five year period.
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Step 6
Understand the benefits - Re-aging your account can have a positive impact on increasing your credit score. Some people report increases of 50 to 100 points by using this method. Try it out and see how it works for you.
Comments
chasingthebull said
on 11/25/2008 I think Judy is somehow confused, but still managed to get the original article pulled. The original article was about Swagbucks and had NOTHING to do with Google.