Reputation is a measure that all of us have. It is the assumption that others have about you and your honesty, punctuality, value of your word, what your values are, and so on. These are habits that everyone has, and these habits apply to the way you handle your money.
Your personal reputation is what your friends and acquaintances utilize; your financial reputation is what stands between you and loans, credit cards, apartments, rentals, insurers and anyone else whom you deal with financially. While you can shed your personal reputation by moving to a new community, your financial reputation will follow for you everywhere, for at least seven years. Here is the rub, your financial reputation can affect the things that you may not realize can be affected. This may include things such as your car insurance and finding a new job. It is for this reason that you should do everything in your power to protect your financial reputation. An imperfect credit score is something that can be fixed, but it will take time.
So what do you do?
The first step is to pay down your bills. If it means a side job to boost your income or making large personal sacrifices, you have to do it. Next, you should pay off any collections that are following you. Many of these agencies realize that you are without easy resources, and will work with you to lower balances and setup payment schedules. Make sure you get the payoff in writing. This will ensure that you can get the payoff put on your credit report.
What you should then do is to stop using credit. If you come across an item that you want, that you would normally use a credit card for, you should resist the urge. This is where you should limit yourself to browsing only. If it is something that you want, then make it a goal to save up after the bills are paid and you have built up a nest egg. Do not let your impulse take control. You should work on getting a good credit going. The best way to do this is to gather up your nest egg, and setup a secured credit card. Start using the card sparingly, building up a small balance that you can pay off before interest accrues on the card. Using the card in this way will show on the credit report as being paid on time as agreed. Continuing on this route will help bolster your credit score and put you on the right track.
You need to know that it will take time to get your credit score back into good standing. Just like if you were attempting to rebuild you reputation by turning a new leaf and working hard, what it takes is dedication, determination and time. A financial reputation is something you have to take care of, or else life can become increasingly more difficult.
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Originally posted 2009-01-07 05:45:30. Republished by Old Post Promoter
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