The day in which we live is filled with people who want a quick fix for everything. Young people still in High School can’t wait to get a credit card so they can be in debt like their parents or all their friends. Being in debt seems to be a status symbol I suppose.
Then one day when the roof is about to collapse because of credit card debt or because they bought a sports car (convertible even) when they should have bought a used Model A because that was all they had money for; they wake up. “Oh! What am I ever going to do”? They ask. So they ask all their friends who are all in the same boat. Well, that’s what this article is all about. It didn’t happen overnight and the cure for the problem isn’t going to happen overnight.
There are some things that you can do to help yourself to improve your credit. Here they are:
1. Start by getting a copy of your credit report
The first thing you should do is order a copy of your credit report. You can’t begin repairing your credit until you know exactly what needs fixed. The credit bureaus say they calculate that approximately 79% of the credit reports contain errors. It doesn’t matter who is at fault, the fact is there probably are errors on your credit.
2. Clean up your credit report
If your credit report contains errors, and I’ll be willing to bet it does, identify these and start the process of having them removed. You have the right to dispute anything on your credit report that you feel is inaccurate, that means late charges, credit cards that you may not have ever had (from someone else’s report) – it happens. One thing you must be aware of it is not anywhere as simple as it is made out to be. It takes time (lots of), persistence and the tenacity of a bull- dog. That is where you may decide it’s too big for you to handle. Many people know they need help but just don’t know where to find it. Now – another thing you should know is who you can trust for this. Some of the fly-by-night companies will make the problem worse and you have enough problems already. That’s why we recommend Lexington Law, a law firm with both the experience and the integrity you need.
3. Stop Using Your Credit Cards
You are already in a tight spot so don’t make the trouble worse by continuing to add more debt. You can do one of two things; cut them up and cancel them or if you are disciplined enough put them away till you are out of debt – either way, don’t use them – pay cash or use a debit card.
4. Get current on all past due accounts
The way you pay your bills (Your payment history) makes up 35% of your credit score. So getting current on all your past due bills goes a long way to improving your credit.
5. Don’t apply for any more credit cards
As long as you are in the credit repair mode you should resist the urge (This can’t be stressed strongly enough) to apply for more credit. You likely will be turned down anyway and applying for additional credit will lower your credit score.
6. Keep accounts with balances open
You may be tempted to close out credit cards that are delinquent. Before you do that make sure that this won’t negatively affect your credit. It probably will.
7. Call your creditors
These are the last people you want to talk to but you need to. Years ago my wife was diagnosed with cancer and had to have surgery. Naturally my accounts got behind but I called every one and was pleasantly surprised how they understood and worked with me till we got current. On the other hand, if I had waited till they called me numerous times they wouldn’t have been so helpful.
8. Pay your debts off completely
Your credit situation won’t improve until you start paying your debts off. Some additional ideas.
· Work overtime
· Sell some of the things you have accumulated over time but don’t use
· Take a second part-time job
· If you have a second car but don’t really need sell it, even if you sell it for less than the blue-book price. Put ALL that money towards your debts
· Stop eating out as much. I enjoy eating out but it is expensive.
· Finally – make a budget, and stick to it.
9. Get some credit counseling
A lot of people won’t call a credit counselor for the help for various reasons; they think it isn’t macho, or if you are a lady it makes you look weak or vulnerable. At one time or another everyone needs help so take advantage of this service
10. Finally, be patient
Everyone has heard the expression, “Rome wasn’t built in a day”. That’s true in this situation as well. You didn’t get in debt overnight so it will take some time. Be patient, it will happen!
Author Resource:-
http://www.1-800BadCredit.com provides up-to-date information for people
with bad credit. Providing auto loans, mortgages and refinance options,
credit cards, credit counseling, personal loans, identity theft
protection and advice & tips on saving, budgeting and getting out of
debt. Founded by Dewey & Leslie Kearney who understand bad credit
because they've been there too!
http://www.1-800BadCredit.com
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