Courtney Gregoire (@X0_Courtney_XO) asked us a #trulylocaladvice question via Twitter: How can you repair bad credit? You need to start by figuring out why you have bad credit. It could be that you were unable to pay debts down because you were laid off from your job, off work with and illness or injury, a reduction in income, a separation or it could be a budgeting issue. Whatever the reason may be, you will want to focus on creating a spending plan (budget) and sticking to it. PenFinancial’s Financial Check up will be a great way to get this started. Make sure you are paying down your debts and catching up on any late payments you may have. Make sure that you pay your bills in full and on time so that they don’t report as late on your credit bureau. The more late payments you show in your credit history, the lower your score will be. You also don’t want to keep your credit cards or lines of credits maxed out. Start a regular repayment over and above the minimum on your bill. If you have any collections in your name, pay them off. The longer they stay active on your bureau the more they drag your score down. It could take up to 1 year to really reflect well on your credit. Lisa Alfarano, Financial Advisor, Huggins Street Branch https://penfinancial/SharedContent/documents/1biolisaalfarano.pdf
Posted on: Mon, 10 Nov 2014 19:56:52 +0000
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