A saying has been around for generations – “There are only 2 things you have to do in life, pay taxes and die”. Well, in order to have some quality of life, there are many caveats. Maintaining a good credit rating is one of them.
Anyone whose credit score was negatively impacted by whatever circumstances caused it knows how frustrating it can be to “get along” in this world. The difficulties present themselves in a variety of ways, from finding a place to rent to automobile shopping.
The aim of this article is to be helpful to those who have found themselves with a bad credit score. We will take a look at resources available to anyone with a desire to rebuild their credit. Then, a visit will be paid to lenders who are friendly to those in this situation. We will close the article with assistance in how to better manage your money moving forward.
Helping Yourself to a Better Credit Score
First off, if it’s too good to be true, then it is. Save yourself the money and potentially your financial future and avoid the “quick credit fixes” that are advertised. Repairing your credit score takes time, effort, and patience.
Did you know that the Federal Trade Commission offers assistance to those looking to improve their credit score?
Take, for example, the case of errors on a credit report. You pull your report up and realize, much to your dismay that some items are on there that are not your responsibility. The FTC is here to help guide you in the proper direction to begin resolving these issues.
Lenders Who Understand
Have you considered peer to peer lending (P2P)? Not familiar with it? The brick and mortar lending institutions that we are accustomed to are absent with P2P lending. It’s simply a way for people to borrow and lend money less a financial institution in the middle of the equation.
Bear in mind that this does not come without inherent risks. There will be a larger investment of time and effort on your part. The lack of an established financial institution brings with it the missing “body of work” as reference for the security in the lending.
So, if you need a loan, and have less than optimal credit, it will be worth your time to look over peer to peer lending sites for bad credit. They are here to help you, and empathize with your situation.
The definition often used for insanity is “doing the same thing over and over expecting different results”. It would be insane to continue the same money decisions that landed you with a low credit score, assuming you have a desire to rebuild your creditworthiness.
As children, we were taught the importance of saving. Our government has our back as adults, as the Financial Literacy and Education Commission is a tool that can be used for insight into ways to manage your money better.