Do you have such poor credit that you have trouble sleeping? The following advice will help in the path to getting your credit back on track.
Pay down any credit cards with a balance in excess of 50%, preferably getting them down to 30%. Carrying a balance of more than half your credit limit negatively impacts your credit score. Either pay this balance down or spread it out over multiple cards.
Once you have your credit score higher, you will be able to finance a house. Paying down your mortgage improves your score as well. Having a major asset like a house also looks good to potential creditors. This will be useful in case you need to borrow money.
In order to start repairing your credit, you need to start paying your bills. It is key that you pay them on time and in full. Do the best that you can. After you have paid off some old bills, you will see an immediate improvement in your credit rating.
Before consulting a credit counseling agency, be sure to check out their background and history. Some counselors truly want to help you, while others are untrustworthy and have other motives. Some companies you may find are outright scams. Be a wise consumer by checking whether or not the credit counselor you are going to deal with is legitimate.
Good credit isn’t worth much if you are in lockup. There are various online scams that involve creating a fresh credit file. That is illegal and you are going to be caught. The criminal charges that you face will be very expensive, and you may also have to serve prison time if found guilty.
Now you know that your bad credit doesn’t have to give you nightmares. You can stitch up your credit and make it just like new. Just follow these tips we listed, and you will have the credit report that will be the envy of all of your friends.