How to Fix your Credit

No one is perfect

No one is perfect. Indeed, everyone makes mistakes. However, you cannot use that quotation and tell that to the bankers. As much as it may hurt, having a bad credit will definitely put pressure in your financial life. You may have a hard time attending to your financial emergencies with a credit score like this.

But don't fret. Although your record seems to have made its virtual mark in the bank's records, there are still a few ways you can fix your credit:

Contact your creditors. Don't chicken out. Don't hide from your bankers. Keep in touch with them and tell them about your condition. Although these people do not want to advertise that they restructure debt, they are definitely willing to help. Remember, it's not just your loss that you don't have good credit. It is their loss as well. So, why wouldn't they help you? Also, you may negotiate your interest rate and if they can lower some of your debts. It may sound crazy, but sometimes, as long as these bankers see your eagerness, they may just agree to cut you some slack.

Pay up. Once you have been given a chance and even lowered your debts, be committed to it. Try to comply with the deal and pay your debts well. The plan is to pay your debts and not end up splurging. Self-discipline is the key.

Save up. In order to pay up, you have to save up. From your monthly paycheck, at least take a few dollars from it and store it away. This will help you control and regulate your money and prepare for the monthly bills.

Do not declare bankruptcy. Place in your mindset that bankruptcy is not an option. True enough, this is your final resort, but only declare bankruptcy when all else fails and there is nothing you can do anymore. This will only trigger a worse scenario and you will have a harder time recovering from this.

How to Fix your Credit

By: Lillian Becks

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