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Tips For Building Or Repairing A Great Credit Rating
If you’re having trouble being approved for loans or credit cards, you may have a credit history riddled with scars. However, that doesn’t mean that you’re down for the count financially. Your credit can heal, just as a wound on your body heals.
It may take some time, but you can repair your credit to good standing. If you’re not sure where to begin, you’ve come to the right place. Here are a few tips to help you wrangle your finances, and boost your credit rating for a bright financial future.
First things first
The first step towards good credit is to get an accurate picture of where you are now. Gather your credit report from all of the main reporting agencies, and go through the listings with a fine-toothed comb.
You may see some things on your credit that you know nothing about, and it’s important that you dispute them as soon as possible. Disputing charges successfully will free you of the debt and raise your credit score accordingly.
Pinpoint the areas of deficiency
Once you’ve sorted out the real flaws, it’s time to pinpoint your credit weaknesses. You can’t make a bankruptcy disappear, but you can clean up your credit by paying off your outstanding debts. Though you may think you don’t have the money to pay off old debts, you will be surprised.
If you make contact with the collection agencies responsible for satiating your debt, you can often negotiate a much lower payoff price. For example, an original debt of $1,000 could be cut down by as much as half.
Structure a plan for savings
Now that you have a clear picture of your debt, you can begin formulating a savings plan to pay those outstanding debts. You likely got into this situation by following some less than organized financial tactics, so something has to change.
Educate yourself on money management, and formulate a specific budget for your income. Once the budget is decided, you’ll have to stick to it to make a difference.
Go dormant for a while
While you’re saving to pay off old debts and disputing things which don’t belong, you should keep a low profile. Don’t participate in any activities which will cause an inquiry on your credit, as inquiries do lower your score a bit.
Start building good credit
You’ve wrangled your debt and procured a stronger grasp on your finances. Now you must work to create good credit. Start by investing in a secured credit card.
There’s no risk involved in a secured credit card, but it will help to build your credit. You may also benefit from becoming an authorized user on someone else’s credit card.
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