Repairing Your Credit

Repairing Your Credit

Credit is one of the most important things we need to care for.  Having bad credit costs money, a lot!  You will have to pay higher interest, more for insurance and provide a security deposit on utilities and it can prevent from getting an auto or home loan.  With regards to a home loan, as a wise country man once said, "If you don't have one, get one!" Let's not allow having bad credit deter us from being homeowners.  Having a home is the best investment we can make.  

So if you have bad credit, lets turn it around with these good financial habits:

  1. Pay bills on time

    • Create a budget that tells you where your money is going and how to spend it wisely

    • Reduce the non-essential expenses by making coffee at home, packing a lunch, limiting salon trips.  Remember it is only temporary until you take control of your finances

    • Pay past due accounts

  2. Review your credit score and history

    • You can view your credit once a year for free at annualcreditreport.com from the three credit bureaus.  Checking it once from each credit bureau approximately every quarter, will allow you to see changes.  

      • Check information is correct and dispute, if not

      • Be aware of past dues, collections, or over the credit limit

    • You can also get free access at anytime with certain credit cards

  3. Pay down your debts

    • Lenders looks at how much debt you have compared to your income.  If it is high, you are spending more money than you have.  Lets show you are trustworthy and start paying that debt back.

    • If you continually pay on time, credit card companies consider raising your credit limit.  Increasing the limit lets lenders know that you are being trusted with more money to borrow. However, do not go maxing it out! 

  4. Use Credit Wisely

    • Don't open new accounts, unless you have to

    • Keep a low balance on credit cards and revolving accounts

    • Do not transfer debt! Unless it saving hundreds in interest and will be able to pay off by promotional period.  If not, just pay it off as fast as possible. Debt is debt, no matter if its here or there. 

Last thing, poor choices will stay on your credit for 7 years.  It is a long time, but not forever.  You will be a homeowner by taking these small steps and good conscience habits. If you want to buy a home in the future, contact me. I will set you with the right person, so we can get you on track and have a place to call home. 



Marisol Lopez Headshot
Author:
Phone: 512-937-2765
Dated: August 8th 2017
Views: 1,374
About Marisol: Marisol Lopez was raised in Chicago from humble beginnings. She grew up in a small apartment in a f...

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Austin, TX
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