Your credit
score is comprised of several components that make up the total score. That is
why it is necessary to understand and know what you can do to help
rebuild it. There is no quick fix to rebuilding or repairing your
credit, that is why you don’t want to procrastinate because it will take some
time, patience and discipline. Discipline because you need to
monitor and change your spending habits and patience because it will take time
for your credit score to start going back up. For example, if you are
accustomed to eating out a lot or spending more than what you are making,
it would be best to devise a plan and ask a friend to help you stay on
track. One of the ways you can begin raising your credit score is to
use your credit card, but remember never go over 20%.
2 Reasons why,
1.
You want to keep your credit utilization ratio low, meaning your
balance needs to stay 20% or under your limit.
2. You don't want to get
into debt; we are anti debt and always advise to never be a slave to
the borrower. Using credit responsibly shows the banks that you can
be responsible and disciplined with your credit cards. For example,
someone with bad credit would do best applying for a secured credit
card. A secured cards means you provide the funds to open the credit
card account. If you are weary of having a credit card due to past
experiences with overspending, we recommend you create a zero-based budget
and closely monitor your spending along with having
a professional company to help monitor your credit.
If
you need help with adhering to your budget, find someone who can help you.
Sometimes a partner, friend or professional can offer the support and knowledge
to help you stay on track. In the beginning it can be challenging, and it may
take from 6 months to a year or two, but if you stay disciplined and make your
payments on time, it will show the banks that you are a responsible credit
consumer. It takes hard work, sacrifice, self-control and
discipline to take control of your financial future!! If
you would like more tips or information on how to manipulate your score, manage
your finances and have more control of your financial future, feel free give us
a call at 1-800-288-4833. Or visit our website www.conquestcredit.org
To read more blogs like this or if you would like any advice or
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