Is Your Credit Score Ruining You?
Brandon Dawdy | @BrandonDawdyFXNews | March 24th 2017
Is Your Credit Score Controlling Your Future?
This has become an epidemic in today’s society. Credit scores are controlling every aspect of our lives. Without proper credit it is almost impossible to buy a car, lease an apartment, buy a house, and even get a decent rate on car insurance. It is completely ridiculous how one set of numbers defines you.
They…whoever they are…Are making it increasingly difficult to understand your credit score let alone try and repair it. It has become so confusing that there are experts and companies that work on credit repair and credit education. Really…that is all they do, it is that big of a deal.
I am not a credit expert, nor do I want to be. My credit was awful…I mean awful. It was down as low as 491. No joke, it was 491. I made some poor choices when I was younger, got into a tax situation, and had some medical bills that were haunting me. I was in a hole and it was almost impossible to get out. Luckily there are companies out there that really can help with understanding and repairing credit. Just as 491 was no joke, neither is the fact that I was able to boost my credit 176 points over a 6 month time period. Yes…176 points. It went from a 491 to 667. Still not exactly where I wanted it, but it was definitely a MAJOR leap in the right direction. Click here to watch a short video and the process I used to increase my credit by 176 points. I guarantee that this will be the best decison you have made in awhile, even if you have made as many poor decisions as me in the past. This could be the first of many great desicions. Learn more.
3 Basic Ways to Improve Your Credit Score
Here are 3 Ways to Improve Your Credit Score:
1. Check Your Credit Report
Make sure you check your credit report annually. You can use annualcreditscores.com to check your credit once per year per credit bureau (there are three) for free. Review your credit scores for errors and make sure that the amounts you owe are correct and that there are no late payments incorrectly listed. If there are any errors on your credit, dispute them with the credit bureau and reporting agency. Check your credit score from all 3 bureaus for free.
2. Set Up Payment Reminders
Paying your credit payments (credit cards, car loan, student loans) on time is one of the biggest contributing factors to your credit score. Enroll in automatic payments through your credit card and loan providers to have payments automatically debited from your bank account. Here is something new, it’s called Bill Shark, they will negotiate the cost of your some of your bills. Most people do not know that almost everything is negotiable. They will negotiate bills such as wireless, internet, cable, energy, and others. Yes it is all for a fee but it can save you up to $5700 dollars a year on your current bills. Here is a short video showing more about their service. Watch video.
3. Reduce the Amount of Debt You Owe
Since your credit score is also based on your debt ratio (i.e. how much balance you have vs. your total credit limit), reducing the amount you owe can help increase your credit score. So if you have a balance on your credit cards, the first thing to do is stop using them. Then make a list of all your credit card accounts to determine how much you owe on each account and what interest rate each one is charging you. Come up with a payment plan that allows you to make additional debt payments starting with the highest interest rate first, while at the same time maintaining minimum payments on your other accounts. For more information on the best debt reduction strategy, check out this video on Getting Organized to Get Out of Debt.
There are lots of myths out there about credit. That’s why it is very important to find the “right” information regarding your credit score. As for most, you are probably not a credit expert. The best way I have found to completely take control of your credit is outsource it. Your time is important. You should spend your time on the things that you are good at, and let others do the jobs your not. Here is one of the best places to start heading in the right direction.