You can’t live a stress-free life if you have bad credit. It might be odd, but true that your credit decides 80% of your future.
How? Bad credit is responsible for loan denial, higher interest rates, lower credit limits, accounts in collections, fewer job opportunities, less availability of rental houses, bigger amounts as monthly installments, etc. These issues strip people of their freedom and leave them mentally imprisoned.
The good news is that you can start to fix your credit anytime. So, don’t be late in fixing your credit to make yourself free from the difficulties.
Difficulties for A Bad Credit
Bad credit that carries a low credit score affects the credit holders badly. For example:
- Low-credit-score holders don’t get loans for buying cars, homes or health issues when they’re needed. Lenders reject their application.
- People don’t get good homes for rent because landlords consider low-credit-score holders high-risk tenants.
- Some employers reject job applications.
- Creditors want borrowers to pay off by any means possible
- Borrowers have to pay monthly installments with higher interest rates.
- Credit limits get decreased.
Ways of Getting Freedom
Step 1: Reviewing Credit Report
You should review your credit at least once a year. You can get a free copy of your credit report from three major credit bureaus: Experian, Equifax, and TransUnion at AnnualCreditReport.com. Search for:
- Outdated information
- Wrong information
- Late or missed payment issues
- Duplicate accounts
- Charge-offs
- Accounts in collection
- Other errors
Step 2: Dispute Errors with Credit Bureaus
If you find any inaccuracies on your credit report, instantly prepare to dispute them with the three major credit bureaus.
Step 3: Practice Positive Habits
- Pay all bills on time
- Don’t use your credit more than 30%
- Keep old accounts open
- Stop doing multiple applications within a short period of time
- Pay the bigger amount first
- Review credit regularly
- Try to pay off outstanding debt
- Borrow according to your repayment capacity
Step 4: Consider Credit Builder Loans
You can take credit builder loans to build trust between you and creditors as a borrower.
Hire Professionals for Credit Repair
Fixing credit and planning for it can be confusing, especially when you are disappointed with your poor credit. Rebuilding or boosting your score can feel like a hassle if you do it by yourself. You might be lost in the middle of the credit rebuilding process. In this situation, feel free to hire an expert who can boost your credit score by following all the processes with laws and regulations.
Whether you live in Florida, New Jersey, California, Pennsylvania, or Virginia, an experienced team from Great American Credit Repair will guide you in completing the credit rebuilding process with legal activities. Great American Credit Repair has been helping people fix their credit since 2008.