Want Good Credit· It Starts with How You Think
Posted By: Matt in Credit on 09/11/2015 at 13:14:01
Think back to before you had little or debt, perhaps you had just started college and the debt only started to begin with school loans that hardly would be of any concern given the fact that the interest rate is so low.
You weren't bogged down with debt, credit cards or the feeling as though your car payment, mortgage or rent and utility payments were going to be the end of your financial freedom and the ability to do anything other than work and pay bills.
Your credit score was in its infancy stages and your debt to income ratio was sitting at nearly a perfect number.
What exactly happened· Well, you could argue that something as simple as life did. You started a job, and need things for that first apartment, including first and last month's rent, along with furniture, silverware and a slew of kitchen appliances.
Say hello to your first credit card or line of credit and your forage into finding out exactly what it means to have debt. Where you may have reached a crossroads and stood at the edge and looked down is adding more and more debt to your credit history or perhaps slipped and fell a bit when you took a pay cut, lost your job or any other life event that set you back financially a few months or years.
The truth is, you can start over and financial salvation can begin with going back to the beginning and simplifying the process. For instance, you can eliminate expenses that you really don't need, take your budget and start looking at it on a bare bones basis, perhaps still leaving a little money for fun and begin to skip adding more and more debt.
You can spend adequate time checking into your credit score, knowing what it is and how to improve it, even it is just a few little things like getting your debt paid down so it isn't butt up against the total line of credit number.
You also need to realize that the easiest way to help your credit is simply paying your bills on time and not being late with payments. Even if you're the type that doesn't want to pay the minimum payment, you still shouldn't skip or miss payments and stick to a mere $10 or $25 or whatever that minimum is set at for this particular line of credit.
Changing your credit outlook, score or managing debt efficiently isn't something that is going to change right away but sometimes scaling back to a simpler time is all you'll need to head down the right path.
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