So Over the Rat Race, Debt, and Financial IrresponsibilitySubscribe Now

Three Ways to Repair Your Credit Now

If you have applied for a home mortgage, auto/personal loan, or even a credit card you know that the best rates available are only granted to those with the best credit scores.  Depending on the size of the purchase, you could be throwing hundreds of extra money towards interest each month just because of past mistakes.  Having good credit takes discipline and patience, but there are a few ways to repair your credit now to put you at ease.

No More Late Payments

To prove to lenders that you are a responsible borrower you need to make payments on time, or you can look forward to never getting approved for a great rate, or even at all.  Late payments are reported to the credit bureaus after thirty days late, well beyond the due date, so there should be no reason that it should go that far.  Set up auto-deduct payments so that they will come out of your account and be paid on-time at any day of your choosing each month.  Late payments stay with you on your credit report up to seven years, so as long as you have a solid payment history you will start to see your scores rise until they fall off.

Plus, this will benefit you by getting rid of those pesky collections calls. You will need to learn how to remove collections from credit report agencies databases to stop those calls and get those scores back up where they belong!

Increase Available Credit

A large portion of your credit score comes from your spending habits, whether or not you are spending up to your limit.  There are a couple things that could happen next.  One, the lender will stop any increases, you will be maxed out, and your scores will be affected.  Or, the credit card company will raise your limit, you will max it out, and it will continue to rise, thus sinking you deeper and deeper into debt while still having a low credit score.  The best would be to obviously pay down balances, but if any additional credit is granted, continue to pay down and you will see the credit score rise.

Stop Applying for Additional Credit

The more credit applications that are completed and credit is checked, you will see your score continue to trend lower.  Scores are not affected by checking your own credit, as those are considered “soft pulls”, so fill free to continue to check your own to ensure accuracy.  Maintain with what you currently have and continue to pay on-time and lower balances, and you will see your credit score rise quickly.

Rental Property Update – September 2016

plymouth-rental

You're already used to seeing my monthly blog income reports, so why not show you income reports on my other revenue streams? I've mentioned numerous times this year about how I've purchased two investment properties in which I hoped to generate a … Continue reading...

August 2016: Blog Net Income Report

Wow, that is a LOT of money to earn from blogging! Reading about how people make a living from their laptops is so fascinating. I especially like how he shows all the different income sources that he has.

Welcome to the August 2016 blog net income report! If you want to replicate the income results you see below, then why wait? Sign up with Blue Host to start your very own site today! I even have a tutorial on my site on How to Start a Blog in 4 … Continue reading...

Is Retiring Abroad Financially Feasible for You?

6870886851_76c9703cca_b

Maybe you’re so fed up with the way of life you know, you’ve been considering turning everything on its head by retiring as an expatriate. Even if your retirement is still several decades away, there are numerous things to do if you’re thinking … Continue reading...

Live on One Income to Reach Financial Independence

couple

This post is brought to by Pauline of InvestmentZen.com Financial independence is defined as that moment where your investments generate enough dividends, or passive income, for you not to have to work anymore. That point, to many investors, is … Continue reading...