5 Things You Should Stop Doing Right Now For Better Credit Scores
May 31, 2013 | Posted by Blair Warner | 1 CommentImprove Your Credit Scores By Stopping these 5 Things:
1. Waiting for a better time
There is never a good time to start something.. yet it is also true that often there is never a better time than the present. With the myriad of activities vying for our attention and time these days, admittedly, working on improving one’s credit score is not the most exciting option. However, we usually make time for things that are important to us. Is it important to you repair and improve your credit scores, stop waiting for a better time. The time is now!
2. Blaming others and whining
This may sound harsh, and it is not the intent at all, but if you want to improve your credit scores, blaming others and whining about your credit woes is NOT allowed. You can blame your spouse, or ex-spouse, your parents, the government or economy, the list goes on, but it won’t change a thing. No crying over spilt milk. Take responsibility and move on with a plan to change the future. Nuff said.
3. Not planning and setting goals
Failing to plan, is like planning to fail. If we don’t set credit improvement goals, not only can we expect to not get far, but how would we know if we have arrived? We can’t control everything. Life has the tendency to decide some things for us and take us down routes we never thought we would ever consider for ourselves, but don’t let it dictate everything. We have a certain power to influence our future. Having a specific plan for better credit scores, even if not complete, at least sets you in a direction of achievement and is a guide of sorts for a better tomorrow. We often give up and just let events take over, but reacting all the time is not the same as acting of your own free will with a specific plan to improve your credit standing. Take control, set targets and get a strategy, because just living the same way that got you here won’t work. For some tips on how to do that click here.
NOTE: These last two are very important to improving your credit scores. Without them it won’t happen.
4. Making your payments late
In just about every article one reads about credit repair and credit rebuilding the admonition to make your payments on time as the best way to get good credit scores is abundant. The reason is that 35% of FICO’s credit scoring model is based on payment history. There is no getting around it. The good news, though, is that FICO also weighs most heavily on the most recent 12 months’ history, which means it is never too late to start making your payments on time and turning the corner from back credit to good credit. Start this month never making late payments and watch your credit score rise!
5. Robbing Peter to pay Paul
While writing this post, my daughter asked me to explain what this idiom means, and after explaining she asked me “why Peter, and why Paul?”. I didn’t have an answer for her except that it must mean that it is a very old idiom. This means this concept of taking, or borrowing from one place to pay your debt somewhere else goes back ages. It doesn’t work, though, for it is essentially an endless cycle. You never get out of debt. Rarely does this series of activities bring about a positive benefit. If you find yourself in this never-ending rut, stop it. I know it is easier said than done, but a plan must be put in place to be ruthless with yourself, and find a different way to satisfy your debors. A better solution is the snowball debt reduction method.
Helpful Online Resources for Getting Out of Debt
->> The Snowball Method of Paying Off Debt.
->> Snowball Method Tools, spreadsheets, calculators. – GO HERE….
By Blair Warner Category : credit, credit repair, creditblog, FICO Score, financial, goals, Uncategorized
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