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Did your timeshare purchase affect your credit score? Now is the time to start rebuilding your credit. It will be hard at the start, but it won’t be impossible.
Learn easy tips to rebuild your credit after purchasing a timeshare.
A lot of timeshare purchasers don’t take the time to carefully read their timeshare contract because they are on vacation.
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:
What happens if I stop paying my timeshare?
Protecting Your Credit Score against timeshare debt collectors
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 of making 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 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, etc. 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 Purchasing 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 stopped paying for your timeshare, we will show you a few tips that you can use to rebuild your credit after purchasing a timeshare:
Get a New Credit
The first step is getting a credit card. Being able to repay a variety of new accounts is a key step in rebuilding your credit after a timeshare debt.
Start Small
Be careful when you open a new credit card. If you put in too many credit applications, it will affect your credit score, making it 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 to raise 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 purchasing a timeshare.
Avoid Being Taken to Collections
Even if you are a true victim of a 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 making 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 full advise on how you can get rid of your timeshare debt.
To receive more information about how to rebuild your credit score after purchasing a timeshare, send a WhatsApp to +52 333 239 6589, fill out the form in the contact section, or call us at +1 714 277 3662.
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Leave your comment below and share your opinion with us. To know more about this situation, go to:
Credit Card Disputes- Helpful In Recovering Money From Timeshare Fraud?
Timeshare Debt: Can my credit score be affected if the resort does not have my SSN?
Thanks for share, but in my case is not possible to acquire a new credit, the only thing that i really want is to cancel my timeshare the reason is simple , i cant aforrd it anymore..i need to quit but the resort dont let me go ! i really need help with that..
Actually i have many issues with my credit score, after pay all the pending fees of my ex timeshare, i still having problems.. i dont know why ,but seems like the system is not upgraded or something , or maybe thanks to the resort could be the problem ?
What's worst with these timeshare scams is that they victimized usually those owners who wanted to extract some amount even though they cannot recover the full cost before dumping their timeshare property. So, for some timeshare owners wanting to get rid of their units, beware!
We purchased a vacation package from Mexico about 3 years ago. In total it cost about 2500 and we made monthly payments. It is different than most timeshares in that it is just vacation weeks… There are no maintenance fees. We stopped making the payments just because we had financial difficulties and so still owe about $400. We have been contacted by phone and letters from the collection agency but I have never responded. It has not appeared on our cedit rarings either. My fear is that the next time we go to Mexico we would get arrested because we owe this money. Is that possible?
sinceramente me da muchisimo coraje que ellos sean los primeros que nos mienten, nos roban, nos ofrecen pesimo servicio y llevan a uno al limite, no te cancelan el tiempo compartido, y te obligan a que sigas tirando tu dinero, obviamente llega un momento en el que nos cansamos de esto, y por dejar de pagar... destruyen tu credito!! dicho de esta manera, como sucede en realidad, es horrible!!
i hate timeshares because they've ruined my life and my credit.... once i realized they were lying to me, i have to pay them for that?? im not crazy... but i was a fool!!! i stopped paying because i was so angry and i didnt see that the real problem was about to come, be careful, stay away from timeshares
I already paid my time share in full. However, I stopped paying my maintenance fee about four years ago. Now I received a letter from collection saying I owed about 2k in maintenance fee. I want to get rid of this timeshare without paying another dime. What should I do to avoid paying and also hurting my credit score?
la verdad que despues de tanto tirar el dinero con un tiempo compartido que nisiquiera usamos, da un poco de coraje el que tambien destruyan nuestro credito, cuanto quisiera simplemente dejar de pagarles!!!!!! me urge cancelar mi tiempo compartido para al fin descansar de todo esto!
I don’t want to give them anymore money as i have told that I will never use that membership and was talking on the phone that they can keep the money just don’t bother me anymore, but they knew that the hold me on that contract and would want me to finish the payment but I told them you can keep the money just don’t bother me anymore, they still threaten and will send me to the collection agency, what can I do at this time??
please help, I do not want to give them any single cent. NO more!!!
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