20 Feb 3 Tips to Overcome Your Bad Credit
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Having bad credit can be devastating to your family. It’s like you have a giant flashing neon sign hovering over your head that is continuously blinking “TAKE MY HARD EARNED MONEY.” This black clouds destiny is to wreak financial havoc on your family.
It is a dangerous slope living with bad credit. Something as simple as getting utilities for your home can cost you HUNDREDS of dollars in a security deposit or penalties all because of your credit score. You have now become a lenders favorite target, the person they can label a “RISK” and charge premium rates and fees.
1 Word – DISGUSTING
So to help your family overcome this cruel and greedy act of humanity we are giving you 3 tips to overcome your bad credit. In this blog, we are going to outline our favorite 3 tips as well as action steps you can take start taking today to improve your credit and having a better tomorrow.
Our 3 Favorite Tips are.
1. Dispute inaccuracies and errors on your credit report
2. Resolve any outstanding balances and debts
3. Apply for credit (even if you’re scared)
3.1 Time is the great healer of all things
So let’s get started on this fantastic journey together!
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Tip 1: Dispute inaccuracies and errors on your credit report
This tip is straight from the Credit Repair Handbook (and our personal favorite!). When disputing items on your credit report, you have to know what you are doing.
I am going to share some valuable knowledge with you here. You only get one good shot at disputing items on your credit report until the credit bureaus shrug you off like a 5-year-old getting a sweater for Christmas.
We always recommend that you hire a professional like Honore Credit Solutions when disputing items on your credit report. Not only can it maximize your results in corrections, but it can also save you countless hours of research and studying to learn even HOW to dispute items on your credit report.
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Tip 2: Resolve any outstanding balances and debts
Now, you are probably wondering why we recommend you paying balances and debts after the dispute process. You are going to thank me later for this answer.
The last thing you want to do with the money you have worked so hard to make is to pay someone you don’t owe!
During the credit repair process, collections that are unverifiable can be removed from your credit report. There are multiple reasons for this, and it goes down a pretty deep rabbit hole, but the short answer is that most the time the collection agency doesn’t own the debt, or it’s past the statute of limitations.
I am sure you have heard the horror stories of collection agencies ripping consumers off because let’s face it, it’s an industry that judges success off of how much money they can collect from a person (no offense to the outstanding collectors that are out there).
So trust me when I say, save the time and energy and focus on verifying the accounts are accurate and verifiable BEFORE you resolve any outstanding debts or financial issues.
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Our team is here to help you understand your credit. If at any time you feel stuck – simply schedule a Free Consultation with us. We would love to help you improve your credit.
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TIP 3: Apply for credit (even if you’re scared)
*Disclaimer. This tip may not be the best option for your situation. If you want a personal recommendation you can schedule a free consultation with us here:
If you happen to be someone who has been hurt by credit cards, repossession, or even a foreclosure your tolerance to apply for credit may not be
So let me give you some advice for applying for credit the right way.
The first thing to understand about applying for credit is that we are not using credit as a lifestyle, we are using credit as a financial tool to save your family money. Adopting this motive can save you so much time and headache and even potential failures in the future.
Now we are going to start by focusing our attention on getting approved for a credit card – even secured (they both have about the same impact on your credit scores). The recommended credit limit for a secured credit card is going to depend on the rest of your credit report. If you have some positive credit with good balances, this may not make sense for you.
Using the credit card is where I want you to be very careful.
THE WORST THING YOU CAN DO WHILE TRYING TO IMPROVE YOUR CREDIT IS MAX OUT A CREDIT CARD ON SOMETHING YOU DON’T NEED
So this isn’t an excuse to go out and buy all new furniture. Use this credit card as a layer of protection on your finances (more to come later).
To maximize your credit scores use your credit for everyday purchases such as gas, or groceries and then pay it off BEFORE the billing day, so you aren’t charged interest 🙂
There is one caveat to this plan.
When paying off your credit card, leave a minimum balance on there. Like 2% or 3% of your credit limit. So if you have a $500 credit card, you would pay all but $12.50. If you time the process correctly, this small balance will show as your debt ratio and help maximize your credit scores.
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Tip 3.1: Time is the great healer of all things
If you have bad credit now, it is going to take time to get through these tips to improve your credit scores. Having a strategy on executing your goals can help you come out on the other side – but it is going to be a process.
As you keep being consistent in your plan and payments, your credit can improve over time. Adding credit repair to this process can help you jump start your path to improving your credit.
We Are Here to Help
While this article may give you some great Tips to Improve Your Credit, there can be many questions on how to either dispute, resolve, or apply for credit. That’s where we help!
Our team is here to help you understand what is on your credit and the steps you can take right now to start improving it! Sign up for a free consultation today and let’s review your credit report together and see how we can help you improve your credit and maximize your finances!
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