Good Credit is a Must
We all should know that good credit is a “must have.” However, if you have recently been shocked to see your bank statement, credit card bills, don’t seem to have enough cash to manage all your obligations, or been denied credit, it’s time to examine your financial situation.
You are the only one that can fix the current situation. So, put aside any fear of seeing your financial history in black and white, be proactive and arrange to secure your credit report(s). There is no magic cure, but it can be done.
Everyone understands that their ability to get a loan, a mortgage, credit card depends on a good credit rating. Our “Credit Score” is most affected by our total debt and credit cards. You also need to know that there are other negative effects of poor credit that you may not know about.
These are some of the unpleasant effects of poor credit:
a. Denied car loan b. Denied employment c. Denied health, life, homeowner’s insurance d. Denial of /or high interest rates for credit cards and loans e. Denial of a cell phone contract f. Being unable to start your own business
Credit is the basis of our financial world, so we need credit. None of us want financial disaster but we are responsible for ourselves. Therefore, if you are having serious cash flow problems, struggling to meet payment schedules, and have defaulted (or are close to it), you need credit repair now.
It is possible for you to repair your credit. You can research the ways to get your credit report(s). There are 3 major credit reporting bureaus. Compare your reports, and dispute any errors (see Fair Credit Reporting Act).
Reestablishing good credit is work, but well worth it. Contact your creditors and explain your situation. If creditors realize that you are serious about debt repayment, they will be more likely to work with you. Information is available to assist you.