Pursuing Life Purpose – Dealing With Bad Credit…
It is so very easy to fall prey of an easy credit, it is one of the utmost seductress of our modern age. More and more individuals are unfortunately falling prey to the wiles of easy credit on a daily basis and many are now in desperate need of some personal credit repair work as result of bad credit ratings.
If you are one of such victims, know that this is a common position to be in and not one to be ashamed of. By arming yourself with these credit repair tactics you can repair the damage and defend yourself better in the future and more importantly you can help others becoming a prey of easy credit.
Below are tactics that will help you fix your bad credit rating created by easy credit:
- Credit Report
Credit report is an opportunity for you to get proper picture of the way a financial institution would look at you when going through your credit track record. With that said, ensure you check your credit report from at least three credit reporting agencies on a yearly basis. You’ll be amazed at how many people have come across problems or bad information simply by checking their credit reports. If you notice a problem on your report then you have the opportunity to fix it.
- Credit Repair Plan
Speak to your creditors and agree with them a credit repair plan. You agree to pay them an agreed amount based on your income and outgoing expenses on a regular basis. As you work on your credit repair plan, ensure you carry on paying your other regular bills such as cable, phone and electricity. Note that every time you miss a payment, it could end up on your credit report. Some utility companies will go as far as taking you to court to recover their money. Believe me, the last thing you want is a county court judgement (CCJ) on your credit report!
- Credit Limit
Your credit card company knows how much credit you have available to you, even if you do or don’t use it. Therefore, speak to them and ask that they reduce the limit on your credit card. This will help you defeat the temptation of spending more than you can possibly pay back and can also lead to an increase in your credit rating as you will be viewed as a responsible borrower.
- Number of Credit Cards
If you have more than one credit card, find a way to rid of them but one. Having more than one credit card can make it tough to keep up with all the monthly payments for them. To get rid of your credit cards, just write to the issuer and let them know you want to close your account. If you have any outstanding debt on them make sure you pay them first.
- Monthly Repayments
One of the best ways of improving your credit rating is to make certain that you always make your monthly credit card payments on or before the due date. It is best practice to pay more than the minimum payment and if you can not afford to pay off your balance every month do so. Making your payments on time will ensure that your credit remains in good and high standing. As it demonstrates that you’re a sensible lender, which can boost your credit score.
- Everyday Expenses
The more you use your credit card and make your regular payments, the more trusts lenders have in you and so the higher your credit rating. Therefore, a fantastic strategy for improving your credit rating is to use your credit card for your everyday purchases, such as food and car fuel. On the other hand, you need to ensure that you do not over spend such that you are unable to pay off your balance every month.
The above tips will help you repair your credit and learn to resist the temptations of easy credit. Bad credit repair is not easy or fun, but it can be a learning experience. Once you have overcome your own personal credit rating dilemma you’ll be able to carry yourself with head high and become self-confident that you will not slip into this sort of traps ever again.
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