Cleaning up your finances will not only bring budget relief, but it can also pave the way to a better functioning budget. Are you settling for cash advances because no one else will work with you? When is the last time you took a look at your credit score? When you have a high score, creditors are more willing to give you credit; but when it falls into the sub-prime range or below, you are looking at rejections or high interest offers?
One great thing about correcting your score, meaning improving your credit history is that creditors are very forgiving. When the numbers go up, they tend to forget that once upon a time there was something bad written. Lenders will not go out of their way to help you or improve your finances, but when the there is evidence that you handle money matters more proficiently, you can make changes happen.
A cash advance lender does no credit bureau check.
If a cash advance lender is the only one looking at you as acceptable, don’t worry, it doesn’t have to stay that way. One of the first things you need to do is to get a free copy of your credit. Comb through the information for any visible errors. Any error could hurt your score. Make sure all personal information is recorded correctly and updated efficiently. The next step is to look at the debt. Does it all belong to you? Do these reports contain correct information? If you find reported errors, call the creditor who made the error and ask them to fix it.
Did you know that there are services which will track your credit history for you? You can pay someone to challenge a bad debt report and if it goes unchallenged, the negative report will be taken off the report. Without a challenge, a bad report will linger for seven years. Especially if it is undeserving, find someone to challenge it. Some of you may know someone savvy in this department and will not have to pay the service fee for contacting lenders and creditors.
While this is all going on, it is essential that you perfect your money management skills. It doesn’t make much sense to pay someone to fix your credit then you turn around and make more late payments. Work on getting your score higher in order to save in the immediate future.
You mean no more cash advances?
Raise your credit score and give both creditors and lenders a call. You will no longer be stuck at only having a cash advance lender to help. If a credit card company has not checked your credit in a while, you can ask them to take a look. Many creditors will lower interest rates if it is requested and the credit score supports the change. Save even more money when you go to the bank and refinance a car loan. When scores are low, high interest is attached to loans, now that your score is improved, you may be eligible to refinance and either lower your monthly payments or pay it off in less time, all due to a decrease in the interest rate.
When you work hard to make positive changes, continue your efforts to repair some of the previous damage. Interest rates will go up without notice, so make the effort to notify your creditors when you score goes up.
