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Fixing Your Credit


If you’re like many consumers, you may not have been aware of just how bad your credit was until you were denied for a credit card, or worse yet, a car loan or a mortgage. And if you’re like most consumers, your bad credit most likely came about from honest and innocent mistakes – having trouble paying bills, forgetting about a credit card balance, etc. Unfortunately, while it’s all too easy to damage your credit, it’s not quite as easy to fix it.

The good news: you’re not alone. Tens of millions of consumers have credit scores that are 620 or even lower. And, fixing your credit isn’t impossible. The first step to fixing the problem, of course, is to know the extent of the damage. Get a copy of your credit report, and make sure it includes information from all three credit reporting bureaus: Equifax, Experian, and Trans-Union. Your bank or even the lender you tried to obtain a loan or line of credit from can provide you with your most recent credit score, or you can pay to obtain this information.

With the information in hand, you can decide if you’re going to take the time and dedication required to track down every single reported piece of info to clean it up; or if you’re going to hire a credit repair company such as to fix your credit for you. The advantage of doing credit repair yourself is not having to pay for a third party to do it for you. The advantage of going ahead and paying a third party to do the repair for you is letting them handle all of the paperwork and documentation collecting that is required.

While you’re repairing your credit report and doing your best to improve your credit score, you can focus on making a budget and controlling your spending in order to prevent further damage to your credit. Make monthly loan and credit card payments on time, and if you can, pay a little extra. If you do have an open line of credit, pay it down and use it only for essentials (like groceries and gas), and make sure you pay off the balance each month.

If you don’t have a savings account or a retirement plan, now’s the time to get one. Even if your contributions start out small, in time, you’ll build up a nice little nest egg for yourself.



My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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