Did your timeshare purchase affect your credit score? Now it is time to start rebuilding your credit. It will be hard at the start, but it won’t be impossible. Learn the easy tips to rebuild your credit after purchase a timeshare.
A lot of timeshare purchasers don’t take their time to read carefully their timeshare contract because they are on vacations. Some others think that a timeshare contract signed in Mexico won’t have repercussions on their credit score in their home country if they default on the payments. We talk about what happens when you stop making payments at:
Many timeshare companies have offices in the US that allow them to collect on loans internationally. Others sell their debts to timeshare collection agencies that are in charge to make sure that the loans are paid.
The timeshare collection agencies can be very persistent in their attempts to recover the money, and many timeshare owners pay their debts in order to keep their credit score intact, but some others don’t have the ability to pay off their debts, leaving their credit unprotected.
How can my credit be affected by a timeshare?
The tricky part of a timeshare ownership, is that you have the responsibilities of a full-time homeowner, even you only have fractional ownership. So, if for whatever reason you can no longer pay your dues, special assessments, maintenance fees, taxes, etcetera, this can obviously hurt your credit as well as affect your ability to use your credit for other purchases.
Bad credit can happen to good people. But don’t feel hopeless; there are ways you can get your credit rating back in shape, you just have to start working on it.
Tips to rebuild your credit after purchase a timeshare
It will take some time for you to get your credit clean, but with patience you will likely be able to build a new credit history. If you were already sent to collections because you stop paying for your timeshare we will show you a few tips that you can use to rebuild your credit after purchase a timeshare:
Get a new credit
The first step is getting one credit card. Being able to repay a variety of new accounts is a key step in rebuilding your credit after a timeshare debt.
Be careful when you open a new credit. If you put in too many credit applications, it will affect your credit score, making harder to clean your credit report. A department store credit card can be useful.
Pay your bills on time
Paying your bills on time is the most important contributor to a good credit score. If one of your accounts lands in the hands of a debt collector, it goes on your credit report ruining the progress you have made.
Check your credit
Be sure to take a few minutes every month to review your credit scores, check your progress and set your goals for the coming month.
Protect your existing credit
Don’t close accounts expecting of raising your credit score. The age of your accounts can help. If you have revolving balances, stop using those cards until you pay off your debt.
Apply for new credits
Eventually you may consider getting a new card after you have repaired your credit a little bit.
These are just a few tips you may follow in order to rebuild your credit after purchase a timeshare.
Avoid being taken to collections
Even you are a true victim of timeshare scam in Mexico; the timeshare company can take you to a timeshare collection agency if you stop making payments. To avoid being taken to collections and damaging your credit score, it is important that you cancel your timeshare contract before you stop to make payments.
At Mexican Timeshare Solutions, we do not charge anything upfront, and our associates are qualified to solve cases of timeshare scams. Contact us and get a free consultation on your timeshare matter and fully advice on how you can get rid of your timeshare debt.
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