Do You Need A Better Credit Report Score?

Until recently, I have always done quite well managing my credit and my finances

. However, in the past couple of years of a falling economy, it has been more and more difficult to make my payments to creditors in a timely manner. Each month that passed, I seemed to fall further and further in debt, late fees would pile up and I would miss payments all together for months.

Eventually, my credit score fell and my credit report was full of nasty remarks. I was no longer able to get a loan, a credit card, or even open a new bank account. Sinking deeper and deeper into debt, I had to figure out how to fix my credit even in the current economy and in my current financial crisis.

The next step I took was to gather all of the contact information on my credit report and contact these companies to see what they could do to help me. This was a lot easier than it sounds, most of the companies were more than willing to make my monthly payment more manageable. By lowering my interest rate, the payments became easier to make on time. After just a few months, they removed the negative marks on my credit report and my scores increased significantly.

Even though the process was fairly simple, I did have some pitfalls along the way. One of my creditors was unwilling to work with me, so I was stuck in their terms. However, after a couple of months, I had improved my over all debt to credit ratio and had room to roll over the balance to a card with lower interest rates and close my account with that creditor.

When I decided to be financially responsible and start simply making my payments on time every month, my credit score started to rise pretty quickly. I still run a credit report once or twice a year to keep things in check and make sure old debts I may have long forgotten about do not resurface and that all information is accurate. In fact, this was all I needed to get my score high enough for a few months to get approved for a home loan. That made it worth all the effort!

by: Jason Hills.

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