How Can I Help You Improve Your Credit Scoring?
Bad credit becomes a real issue when you need to borrow money from Banks and other lenders – that’s when its time to do something about your credit recovery. Although restoring credit might seem a huge problem to fix, it’s really important to do and can restore your credibility with Banks and other lenders quite quickly.
Of course the problem is usually not that simple because people with a low credit score are often in that position because there will be a number of underlying credit problems that need fixing
Here are my simple guidelines to sorting a low credit score:
I’ve written about this before and the old saying “cut your cloth according to your means” is never more pertinent. Put another way – trim your budget, get rid of all unnecessary expenditure. Take a good hard look at your lifestyle and see what can be cut down on. Then put the extra money into your debts to reduce them – or meet the payments that you have missed. If you need to its worth getting free help from someone who offers specialist Credit Services.
Get professional advice:
So, you’ve had a look at your spending – what about getting help from someone who is used to dealing with money? Go see an accountant or Lawyer or a financial expert. They are used to seeing all sorts of money related issues and will give you some advice. OK you MAY have to pay for it but it could be money well spent.
Look at your credit report!
Ordering a copy of credit report from leading credit reporting services is essential – buy it and see it on-line then you can see whats going on!! Your credit report will contain a list of all the debts and even indicate problem areas like the number of late payments – it will show how late these payments are as well – eg 30 days, 60 days or 90 days. Also, look out for anything on there that you don’t recognise. Sometimes mistakes happen and I deal with correcting these mistakes in another article.
Ways to improve your credit scoring:
Cancel all credit cards except one or two, but keep one or two “alive” as creditors will see it as positive – in their eyes you have been given credit AND are running the account correctly. Do a detailed and realistic budget. It should include all of your monthly expenditure, do try and build up a slush fund to cater for any unexpected expenses. Then contact your creditors and let them know what you have done.
