Everybody makes mistakes, and there are always those purchases you wish you would have left in the store. However, if you’re looking to rebuild your credit, we have three tips to get your started in the right direction!!!
1. Set up a budget, and start making regular payments to your credit card company. You HAVE to have a budget (or as we call it, a spending plan) if you’re going to create any surplus (or extra) to pay down debt. Once you have a spending plan, then you can come up with a plan to start repaying your debt. Usually debt collectors will work with you even if you just start sending regular payments to them, EVEN if it’s not the amount they want. It just gives you a starting point and shows them you are working to pay down your debt.
2. Start making all of your payments on time. Even if you have times in your credit report of not making payments on time, creditors like to see that at least NOW you ARE making payments on time. This will also help increase your credit score over time! It’s important to not give up. Many times it seems like that’s the best answer, when if you just keep going, you WILL improve your score! I’ve seen several people I know go from the 500’s to 700’s in under three years!
3. Rebuild your credit with a secured credit card or a credit card designed to rebuild credit. See the Orchard Bank picture at the top of this page? This is just a starting point for you to rebuild your credit! This card is specifically designed to help rebuild your credit! At least call to see what they can offer! It never hurts! Plus, these types of cards are what we used for a family member who needed to rebuild credit as well, and he now owns his own home! 🙂
Make sure to check out our other Personal Finance articles!
10 Tips for Building An Emergency Fund
How Couponing Saves Me $7,000 Per Year
Create A Gift Closet & Save Money
Starting a Stockpile Can Save You Money
Three Tips to Rebuilding Your Credit
How to Have the Best Yard Sale Ever
Keeping a Price Book Can Save You Money
Avoid Bank & ATM Fees & Save Money
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