Guide to credit repair

Guide to credit repair

An individual can improve their credit score. I will show some valuable instructions, not as a financial guru, but as a helper. It takes time, disciple, effort to improve and changing habits.

Most people who have bad credit, the choices of obtaining more credit is hard. You don’t qualify for better rates, since you are deemed as a "credit risk". Companies charge a higher rate, credit cards, car loans, home loans, lines of credit and more.

It’s all about the credit score, or credit rating. The higher the credit rating of an individual or business, the higher the credit limit and the options to create opportunities.

There are many ways a person can get bad credit, mostly for not paying your bills in a timely manner. Some situations, as the loss of a job, the injury of a bill paying family member or unexpected event. Those situations are tragic, yet sometimes true. The majority usually is over their eyes in debt. Your bills are more than what you make, but you pay your bills with a credit card. Depending on the interest rates, you can incur more debt fast. I’m not knocking you, but it’s an attitude that needs to be adjusted.

The attitude of living above your means. Here are some simple credit tips to improve your credit score:

1. Write down everything that you owe, including the amount, the interest rate, the contact number and the address.

2.Write down the money coming into the household. List everything. The more details, the more complete you will see what you really have.

3.Categorize the bills in categories: Given(house note, rent, car note, insurance, etc.) Necessity(miscellaneous bills, food, expense), Future( savings for future events:trips, wants, another home).

4. Pay your bills on time. Negotiate payments to companies that you are behind in. Most companies are willing to assist you. Put the negotiated agreement in writing. You should have the information since you wrote down every company that you owe.

5. Stop buying unnecessary items. Every new item, it is just new. It will become old and out dated soon. Unless you are wealthy, stop wasting money. Companies love to get your business. It is good for the companies bottom line, that is it.

6. Invest in yourself and others. Time is the best gift you can give. Take the time to love yourself and others. If you can not afford it, whatever it may be, don’t buy it.

Having a disciplined approach to spending, giving and investing, your credit score will improve from bad credit to excellent credit.

A person with excellent credit pays their bills on time, are disciplined, allow money to work for them, not people who work for money. The attitude is a totally different, powerful one. Companies will give more money and a much lower rate to individuals with excellent credit.

Improving credit takes time, but it can be done. The key is discipline. I have not seen a financially disciplined broke person yet. I wish success to each and every one of you.

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