• May
    25
    2020
  • 3 min read

Rebuilding Your Credit After A Timeshare Cancellation

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Timeshares are not really something that you want to get into as an investor, and one of the biggest problems people see when they get out of their agreements is a lower credit score. This can be a problem when you want to buy a car or home and there are other issues that come along with lower scores. It’s easy to knock your numbers down significantly, especially if you are battling the resorts and refuse to pay the fees and mortgage payments that they hit you with every year. Even when you finally get away from the agreement, you now need to work on rebuilding your savings as well as your credit score. Savings will come with the removal of related expenses for your timeshare, but here are some tips that will you rebuild your score.

Don’t Pay The Minimum

It doesn’t matter what you are paying, but if you only pay the minimum, you are not building your score up as fast as you would if you paid an extra amount towards the principle.

Balance Your Debts

What do you owe monthly on each month? Make a list and identify what is draining your numbers and what can be either stopped or paid off.

Don’t Pay A Lump Sum

If you owe $5,000 on your credit card and you have that in your savings, don’t pay it off. Pay off a large amount to lower the costs but keep paying monthly as it builds your score over time.

Don’t Miss Payments  

One of the easiest ways to start seeing your score get lowered is by missing monthly payments or paying late. You need to get on a routine so that you pay by the due date each month and do not fall behind.

Yes, it takes time to repair your numbers but it’s worth doing, especially if you plan on making big purchases down the road. Don’t forget to look for ways to improve your score in the short-term but don’t fall for any places that do not offer reliable results.

These tips may take some time to pay dividends, but a higher credit score can save you thousands of dollars a year, so it’s worth putting in the effort to generate faster results without going overboard.

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