How to Repair Credit?

How to Repair Credit? Credits can be repaird in two different ways.

  1. If interest rates tend to decrease, then the repair of your current loan can be made to reduce the interest rate.

  2. A repair that can be made to regulate borrowing of credit cards and loans.

In the case of lower interest rates, the bank closes your case after applying for a repair application. The bank makes a revaluation and calculates new interest rates on the loan. Due to the difficulty of payment, you can apply to the bank with your consumer loan or credit card and income documents. In the research, which should be carried out in the distribution department of the bank, carries out an assessment considering your income status and credit rating. According to the data obtained in a short period of time, a positive or negative decision is completed. In cases where the restructuring is approved, the total amount of your credit debts to various banks is transferred to one bank.

Credit Transferable Banks

Credit transfer, also known as loan restructuring, is an additional service provided by many banks. Banks that approve a credit transfer application usually make announcements, organizing campaigns at different times. Despite different credit conditions and interest rates, some banks refinance loans issued by other credit organizations. Translated debts provided as part of consumer loans are granted with a maximum maturity of 48 months. Such programs that can restructure debt are in banks: ING Bank, ICBC, JP Morgan Chase, Bank of Amerika, Citibank, Wells Fargo, Goldman Sachs, Morgan Stanley, U.S. Bancorp, Bank of New York, HSBC and Capital One.

Credit Reconstruction Considerations

The most important consideration to consider when applying for debt restructuring is the profit and loss account. It is also important to choose the right time to repair the loan. Because debt restructuring operations may not be beneficial in some circumstances. The first thing to do is to calculate the monthly payments for the total amount of the loan you pay. Independent calculations of interest rates can be misleading. Since when the costs incurred by the bank in restructuring your loan are added to the amount of monthly payments, you can get different results. Therefore, before applying for debt restructuring, determine your preferences after visiting several different banks. Also, keep in mind that banks have an interest rate of 0.20%. In light of all these estimates, if the interest rates on loans are significantly reduced, and you think that you will profit from this, you can apply for a repair for your credit debt.

Housing Credit Repair

You can reduce mortgage payments that you pay, reduce the total cost, and take advantage of low interest rates if you use a housing loan repair. If you want to transfer your debts to another bank, you can restructure your mortgage loans. However, if you transfer a housing loan to another bank, you will face a fine calculated from the principal amount of the debt remaining from the previous bank. On the other hand, a bank may offer to restructure a loan with higher interest rates than other banks. You must make a realistic calculation by adding all the additional costs (the cost of maintaining the case, mortgage fees, penalties for early repayment) and the interest rates offered by the bank before applying for a mortgage repair. You must choose the best option for you by comparing the numbers with the terms of your current bank. Having made such calculations, transferring a loan to a new bank should be a better option for you than your previous bank.

Credit Debt Repair

Consumer loans can also be structured like housing loans. However, since consumer loans do not have large sums, like housing loans, and are not extended for the long term, their restructuring will not bring big benefits. As a rule, banks receive the principal amount of interest on the loan in the first months of payments. And by the end of the consumer loan repayment period, the borrower pays the principal amount of debt. Thus, using this scheme, banks get a significant share of interest payments on a loan during the year. Therefore, the expected profit cannot be obtained from short-term loans. However, if you want, you can extend or shorten the maturity of a debt by increasing the amount of payments. You can choose the Akbank loan repair, Isbank loan repair, or Garanti Bank loan repair options, which have a wide range of offer options for consumer loan repairs.

Credit Card Debt Repair

In accordance with the provision for changes in credit operations on credit cards issued by the BRSA (Banking Regulatory and Supervision Agency), credit card users who are in arrears and / or have difficulty paying monthly payments are allowed to repair their debts. To use this service, credit card loans do not have to be debt free. Payments of debtors on credit cards that meet the conditions of the program are structured with a maturity of up to 72 months. Although this period is defined as the maximum repayment period that can be applied to the repair, banks can limit their payment terms to 12 or 24 months. Another option for closing credit card debts is to use a consumer loan. If you are unable to make payments in the short term, you can pay your debts with a loan issued for a period of 48 months. You can also take advantage of lower interest rates. You can view the table below and choose your option.

Credit repair Notification

What is it?

A credit repair notification is a system that collects and evaluates all information about a loan and a borrower, and shows you how much and what kind of benefits you can get and use with a loan repair.

How it works?

The credit repair notification is calculated for monthly payments of the loan term using the current interest rates applied in the calculation section of our credit repair page. The received data is sent to your email address so that you can be informed about the benefits received.

How do I Determine the Right Time?

So how do you determine that it is the right time to repair? If you think that lowering current interest rates is profitable and convenient for you, then now is the right time to loan repair. In cases where a significant reduction in interest rates does not occur, the benefit will cover only the transaction costs of the new loan. If you think that lowering the interest rate will improve your financial situation, you can contact the bank to repair the loan.

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