Credit Zone
BY Carl M.
Credit problems don't fix themselves we have to set up to the plate and accept the facts. But that's the beginning of the road to recovery. I have put together a little get well strategy that has worked well for me and others I have helped. I bounced back from horrible credit troubles with these items on my list.
- You need to be patient because it takes about six months for all of your efforts to be reflected in your score.
- Stop feeding your problem with more problems. Put the credit cards away and get up to date with your payments if possible.
- This step can be very difficult for the hardcore, but it most be done in order to recover and sustain it. Go to a cash only system, meaning outside of paying your bills everything should be bought with cash. This method keeps you honest because credit doesn’t feel like cash when it’s tapped out.
- Be informed credit scores are roughly based on the total debt, income, and payment history. So your goal should be to keep your balances below 50% of your credit limit.
- Stop applying for new credit it only hurts you.
- It’s extremely important that you know as much as they know, so take advantage of all of those free reports and trial offers.