Credit Problems
Do You Have Credit Problems?
Consumer experts online provide excellent tips on warning signs of possible financial troubles. For instance, are you only able to make the minimum payments on credit cards? Do you have a lot of credit cards? Or do you have only a few cards with high balances? Deal with this situation before negative information does serious damage to your credit history.
If you have ever made late payments or missed payments to utilities, banks, credit cards, hospitals, or mortgage companies, these will show up in a credit check. The single most important factor potential creditors look at in a credit check is your payment history. Number of credit cards, high balances, and missed payments signal to creditors that you may be overextended financially.
Prevent Serious Credit Problems
Experts advise locking aways your credit cards if you have credit problems. Credit encourages us to feel we have more money than we do. Saving up and paying cash for items may provide a reality check to those who are tempted to spend beyond their means by using credit cards.
Cut expenses. If that means packing a lunch to work instead of eating out, and cutting out that afternoon latte, you might be surprised how much money you save. Finally, make a budget and stick to it if you have credit problems. If you have suffered through a job loss or major illness, and such life events are preventing you from recovering from financial problems, get expert help while your credit problems are minimal.
