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.
How to choose the right company to get me out of my timeshare
We know how stressful timeshare contracts can be. What once sounded like a dream resort package turned into a nightmare. When you don’t know where to turn, look to PMG to relieve you of your timeshare burden. We pride ourselves on open, honest, and frequent communication with our clients.
Free Download
Their high-pressure tactics
Our knowledge and experience gets you OUT. We offer a high-touch, boutique level of service, keeping you informed with frequent updates throughout the process—which is why we have numerous 5-star reviews and are rated “A” (Excellent) by the Business Consumer Alliance (BCA).
Learn More
Still not sure what’s the next step? Our dedicated team can review your agreement and guide you through the process. The Primo difference is all about service. Our timeshare elimination consultants have one mission: To serve our clients and bring the peace of mind that comes from relieving their timeshare obligation.
Get StartedThe timeshare industry has spent a tremendous amount of time and money to delay, confuse and deter you from canceling your timeshare contract. Your team of timeshare elimination experts act as your consumer advocate and will work tirelessly to free you from your timeshare contract, mortgage, and maintenance fee bill.
Give it a try
Comments (0)
Speak Your Mind
UP NEXT
What To Expect From Florida Tourism Post Coronavirus
COVID-19, Timeshare Vacations
3 min read