Rebuilding your credit

Have you declared bankruptcy or had some problems in the past with your credit history?  Your credit score is a number that shows your past financial history including how consistently you pay off you bills and debts.  It is a very important factor when applying for a mortgage. Rebuilding your credit can be a difficult and lengthy task, but not impossible when you have a plan.  Here are some ideas on where to get started:

–        Find out what your credit score is.  Equifax and Transunion are 2 agencies that report credit scores.  For a fee they will provide you a copy of your credit report which will let you know your score, employment history and your financial history, both good and bad.  This will let you know where you are with your credit now and what you should do.

–        Get a secured credit card and do not let it get more than half full

–        Check your bills every month to ensure there aren’t any mistakes.  If mistakes are found, contact the company to report the error

–        Pay all of your bills on time and in full

–        Contact a financial planner to help put a financial plan in place so you know where you are and where you want to end up

Working on your credit score takes time and patience.  Once you have gotten to a place where you are happy, it is important to remember that you must always stay in control and aware of what is happening to you financially every month.