Our headquarters are located in Central Florida. PMG works tirelessly helping timeshare owners across the US. We are consumer advocates with 5 star reviews online, and an ‘A’ rating from the BCA.
Primo Management Group | 7200 Lake Ellenor Drive, Suite 201 and 202 Orlando, FL 32809 | (407) 627-1179
Your credit score is a complex calculation based on reported credit factors. Timeshares can affect credit scores. And unfortunately, they can stay on your credit reports for a long time. Most items stick around for seven years, but Chapter 7 bankruptcy hangs around for 10 years. If your credit been harmed by timeshares or other factors, it’s time to work to rebuild credit.
According to Experian, one of the three major credit reporting companies, “Rebuilding your credit doesn’t happen overnight. It takes time to re-establish a good payment history, pay down the debts you may have and let negative information cycle off your credit report.” That’s why it makes sense to start to rebuild credit sooner rather than later. Here are some top tips to guide you.
On-time payments are a major factor in your credit score. Late payments pull you down while on-time payments lift you up. So, when you’re working to rebuild credit, you definitely want to ensure you’re making payments on time.
We know this can be difficult, especially when you’re struggling financially. However, it’s so important. Take steps to avoid late payments such as scheduling automated payments in advance. You can also set reminders on your phone or keep a calendar. Or do all three. It’s that important!
Credit utilization is another key factor in your credit score. Credit utilization is a ratio of available credit (the spending limit on your credit card, for example) to your balance. And typically, lenders want this ratio to be less than 30%. That means if your credit limit is $1000, you’d want to keep your balances below $333.
Why does this matter? Lenders know that people carrying high balances on their cards are at greater risk for default than those with lower credit utilization. And they look at this consideration in two ways: per-card and overall. Per-card refers to the credit utilization on a single card while overall reflects all available credit and balances. When you are trying to rebuild credit, you should keep them both low. If you have one card maxed out, even if your overall credit utilization is low, that maxed out card can still impact your score.
To improve your credit utilization, try these strategies. Spread your debt out evenly across cards. Consider opening a new card and transferring your balance. Make sure you don’t accidentally go over by setting an alert on your card. Or consider asking your bank to increase your limit. But don’t then turn around and use that extra credit!
Carrying high levels of debt reduces your credit score. So, when trying to rebuild credit, you want to reduce your debt. Of course, that’s easier said than done. Start with a clear and reasonable budget for paying down debt. And make those payments on time.
If you have lots of high-interest credit cards, it may make sense to consider a consolidation loan with a lower interest rate. A lower interest rate translates to lower interest charges and helps you pay off debt faster. Plus, a single payment may be easier for you to handle.
Lenders want to see a pattern of positive credit activity over time. Meaning, you want to make sure your credit report shows just that. If you have existing credit cards, great. Make your payments on time and keep your credit utilization low. If you don’t have existing credit cards, you may want to consider one.
If your credit is currently poor, you may have difficulty getting approved. Try to get a gas card or store card that may be easier to be approved for. Or become an authorized user on the account of someone you know and trust. A secured credit card is another option. Unlike a traditional card, a secured card is backed by money you place in an account. It allows you to build credit without risk for your lender.
When seeking new credit accounts, be strategic. Each hard inquiry will have a negative impact on your score so proceed carefully.
Sometimes your finances may feel out of your control, especially when you’ve been dealing with timeshare issues. But you can regain and take control, even if you have a low credit score and negative marks from the past. Start by knowing what’s on your credit report. You can’t fix what you don’t know about. Did you know you’re entitled to a free annual credit report from the three major reporting agencies? Click here to find out more.
Sometimes, credit reports have errors, so make sure that everything on your report is accurate. Since the timeshare industry is known for false reporting, you’ll want to be extra careful. Then take steps to correct those inaccuracies.
By following these steps to rebuild credit, you can truly enjoy your life after timeshare cancellation. Still stuck in a timeshare you’ve outgrown or can’t afford? We can help. We specialize in helping people exit their timeshares safely, ethically, and forever. Contact us for a free consultation.
PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.
Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.
Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.
This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.
Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.
Yes! Permanently! GUARANTEED!
While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.
Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.
We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.
At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.
Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.
Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.