How to Fix a Bad Credit History to Qualify for Low Interest Rate Auto Loan, Mortgage Loan & Credit Cards

Someone once said that being poor is very expensive.  This is also true for people who have a bad credit history.  Interest rates are higher for these people and as a result, it is costlier and takes longer for them to pay off their debts.  People with a bad credit history face other challenges as well.  For one thing, there are the constant calls from creditors at all times of the day demanding that they pay their debts.  For another, there is realization that – especially during the holiday season – they cannot afford the things they see other people buying.

But if you are one of these people, there are ways to increase the chances that you can qualify for the low interest rate mortgage loans and credit cards that others enjoy.  It simply takes planning, thrift, determination and help from people who are experts in dealing with creditors and the major credit reporting agencies.  Precision Credit Restoration can help show you the correct steps to take in order to qualify for these better rates.  Here are the others things that you can do today to improve your chances of qualifying for lower interest rates.

  • Check your credit score. This may be difficult or even painful but you have to start somewhere.  In checking your score you can also set a goal of where you want to be financially.
  • Assess your overall financial situation. Evaluate your credit card portfolio, make a list of all your debts and set realistic financial goals.  You should look at your entire financial situation and perhaps even start a budget if necessary to control spending.
  • Select a payment strategy that works for you. Consider paying down on credit cards with high interest rates.  High credit balances need to be paid.  Also, figure out how much you can afford to pay your creditors a month and pay bills on time
  • Write Dispute Letters to the Credit Bureaus. Never assume everything that is contained in your credit report is accurate or timely.  Send all your correspondence to the agencies through registered or certified mail.  Precision Credit Restoration can go over your credit report with you and will show you how to fix bad credit by contacting these agencies for you and keeping record of those contacts.
  • Limit yourself to a cash budget. Stop using your credit card as often.  It may even help you to reduce spending when you can see actual cash leaving your wallet as opposed to swiping that little plastic card.
  • Do not keep applying for unnecessary credit. Don’t take out other loans before you can pay down on your outstanding debt. 

It is very difficult for most of us to remain thrifty when ads show people all around us celebrating the excesses of the season.  Buy this! Shop here! Forget the cost.  This is a particularly unwise policy for those with problem credit.  Follow the above tips and consult with Precision Credit Restoration and you will be well on your way to enjoying the holiday season and beyond knowing that your finances can and will improve.  Credit repair works and if you want to start enjoying the benefits of low interest rate mortgage loans and credit cards, start your financial recovery plan today!

Click Here to schedule your free Credit Elevation Strategy Session where we can discuss your credit, your goals, and how I can personally help you achieve them.

 

Stephanie Lawrence