Now that your loan modification is underway, its about time to start reasoning about getting your prestige back in order. Some of you will not have any issues with your prestige but many of you will. It is nothing to be ashamed of, many citizen are in this situation due to the current economic crisis. If you start working on your prestige now it should be back to where it was in no time.
A loan modification should not influence your prestige in the same way a foreclosure or a bankruptcy would. But it is leading to ask your Lender when they do your loan modification how they description your inventory to the prestige agencies. There are distinct ways to description delinquent accounts and some can be more detrimental than others. This will be the choosing factor as to whether your prestige score decreases. Your loan will be reported late until your modification is permanent.
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The first step to knowing what your prestige is like is to invite your prestige report. This can be a painful first step but if you don’t check it you don’t know how much work you have to do.
Here are some things that you can do:
Pay all bills on time and do not get behind on them. Make sure no bills are paid past thirty days or it will make a inequity to your credit.
If you don’t have a checking account, open one. Avoid being overdrawn or bouncing checks. The checking inventory should be free and have as small fees as possible.
Focus on paying down any debt that you may have. Carrying large revolving prestige can also damage your prestige score.
Apply for a store prestige card, make a small purchase and then when you receive your bill, pay it off in full. Do not buy lots of items, do not get your self into debt. If you are unable to get a prestige card apply for a secured prestige card with a major bank. This is the first step to banks gift you unsecured prestige cards.
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