REPAIRING YOUR CREDIT
Given the financial difficulties we face getting by in our increasingly complicated world, it’s not a surprise so many people struggle with our credit and our credit scores.
If you’ve been the victim of identity theft or have gone through one of life’s many money-related challenges – you’ve lost a job, been divorced or suffered the loss of a spouse, or have had to declare bankruptcy – the impact on your credit can seem almost impossible to fix.
Even worse, if you owe on back taxes, student loans or childcare payments, it often feels like you’re unable to ever get ahead of those never-ending credit-killers.
But making the steps to improving your credit standing is indeed possible, with the results meaning better access to loans, more attractive interest rates, and that generally positive feeling you get when a bank, a car loan company, or a credit card says “yes.”
Taking Action to Improve Your Credit
Fixing a severely impacted credit score is not an easy job, nor is it an overnight project, despite what you might have seen from fly-by-night companies online who’ve promised to instantly wipe clean your credit history.
Any reputable credit repair firm will be very honest in letting you know that the road to a better credit score requires time, effort, and some professional leverage in helping to dispute or entirely remove the items that frequently cause a credit score to dip into the danger zone.
It’s also up to you to start taking action to protect, rebuild, and enhance your own credit score, and that means a personal commitment to making wise financial choices.
A re-evaluation of your current credit situation is a must-do. How many credit cards do you currently have? What sort of balances do you hold, or carry as revolving credit on a month-to-month basis?
How are you doing for credit utilization – that is, are you using more than 30 percent of the available credit limit on any (or all) of your cards? Can you commit to a budget, and begin to wean yourself off of living on credit cards? Is it time to rethink the money you spend on entertainment a very expensive cell phone plan or your cable package?