Do you possess a good credit rating or are you like so many now and suffering from the credit downturn? Having poor credit when compared to good can make life really more like a daily ride of frustration and embarrassment.
When once you could pick up the phone or go online and pay for anything that you needed, this no longer rings true. If you tried to use your old credit cards when you have poor credit the system just rejects you, no questions asked. Makes you feel somewhat subhuman sometimes.
Okay, so with all this said and done, what does it take to begin to rebuild credit? Firstly, patience - and lots of it! Its really no good to get upset and impatient each time you have a set back with regards your poor credit rating. In fact, the way
Have a close look at the report and make sure there are no errors on there. Its not unusual for there to be errors and if there are, putting them right is a big step in the right direction.
Get yourself a free copy of your own credit rating. You can do a general internet search for this or go to www.AnnualCreditReport.com where you can get one free. Have a look at this report closely and try to figure out if there any errors on it. Apparently these days there are many errors made when documenting credit records and this can absolutely adversely affect your own rating.
Once that's taken care of you should then assess from your report the areas that are having a negatively adverse affect on your scoring. It should be fairly obvious to you anyhow - too many late bill payments; credit cards all maxed out; defaulted on a loan or two. Any and all of these things will be bad news for you.
What you then need to do is make a plan of action how to rearrange this for the better. And top of the list is to ensure you pay all your bills on time in future as this really does affect credit rating a lot.
Oh, and here's a thing that most people do not know about - once you pay off a credit card do not cancel that card as it can in fact hurt your credit rating.
And if you can't afford to make payments its a simple matter of cutting down on something in life or trying to make that little extra money. Okay, so this may not be so simple for everyone, but for many of us it is - its just a case of being more focused on what we HAVE to do.
Over time, if you keep your patience and keep your wits about you, you can lower your debts while at the same time improving and rebuilding your credit.
Author Resource:
Come and join me at my website if you need to rebuild credit . Learn how to build credit one step at a time - its a journey that can be traveled together.
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