Today I received a note that I will paraphrase, from "Patricia":

"Hi Richard - I bought a house when my FICO score was low. I pay high interest on the house loan and also on credit cards. I earn a decent salary. I want to pay off my debts, but the high interest rates and high monthly payments make it difficult. If I have a low credit score, can I still take advantage of your strategies?"

Okay Patricia, thanks for getting in touch with me.

You have crushing debts and your question is, how best to move forward in a way that will let you lower your monthly payments and at the same time hopefully improve your credit score.

For instance, see how to lower your mortgage payment without getting a new loan.

My strategies involve both lowering debt and monthly payments, while improving credit scores. For example, I work with folks who negotiate a settlement plan with their credit card companies. They work out lower monthly payments over a 36 - 60 month period, and after 12 months the credit card companies agree to favorably report on their credit, and often to retract prior adverse reports or at least replace with "unrated" which is neutral. I write about this here and see credit card debt relief for more information.

I know that you have probably tried all this. But if you pursue it correctly, with the knowledge, you will find you are in a very strong position with respect to your lenders. They would rather get half a loaf than none and once you get to the right people and present your story in the right way, you can get out from under.

So yes, my methods can work extremely well for both lowering your payments and increasing your credit score.

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