What’s the point of repairing my Credit? I hear this a lot and at some point that is exactly how I felt. Unless you plan or do pay for all in cash; you want to be able to establish a strong credit history and FICO score to go with.
In the last year in the attempt to clean up my credit and a higher FICO score, I was shocked that what once was a good score is no longer relevant. During this time my personal life experienced many changes that had taken priority.
However, I needed credit more than ever. Not sure how many of you go through a nasty divorce and end up without any of the material things that make life a bit easier.
Needed to:
Rent a Car – Credit Card not a debit card
Rent an Apartment - lack of credit was asked for 3 months deposit
Business Equipment - started new business, lack of credit did not allow me to obtain equipment necessary. Had to pay cash for it
Dental Care – Kids and I needed work, denied by dental plans but was able to work out a plan with dentist directly
For me its was more obvious than ever, I must do something that would allow me to repair my credit on my own NOW.
Before you can do anything, get copies of your Credit File and FICO Score.
I have found three ways to get it:
1) FTC - Federal Trade Commission offers you a FREE annual credit report. No membership or hidden fees.
link: http://www.ftc.gov/freereports
2) If you have already used up your 1 Free Credit Report; you can get an additional report if you have recently been denied credit. All you need to do is mail them a copy of the denial letter to the agency on the letter of denial. You should receive it within 30 days.
3) Last is to purchase access to view and monitor your information. Use caution which agency you decide to use; as the fees can add up.
The point is; that you just do not know when will come a time when you will need to ask for credit. Let’s also not forget that many Employers are now requiring a Credit History Check. That can mean the difference between the job of your dreams or you get the pic…
