Your Credit Score...Give It A Raise!

Can't get a loan? Want to refinance your home but have been denied? I'm here to help!

First of all, we have to look at your "number". No, it's not like when you were dating and got asked for your "number". It's much more severe. This number is actually recorded for a long, long time, you can't lie about it, and everyone you come in direct contact with has it. 

It's your credit score. While we would like it to be a personal thing, like our liaisons, it's not. It's essentially the nakedness of our financial situation.  

Every time you borrow money it gets reported to at least one, and possibly all three main credit agencies. Think of it like a date that posts "at xyz with you" on Facebook. At first both sides of the date are happy and optimistic. (lendor and lendee.)

Then, after the passion on one side wears off (lendee), the dreaded "I'll call you" line gets thrown out. And when that call never happens, that's when the Facebook posts, and credit reporting, get really interesting!

Just like with the posts, your no pays, or slow pays, are recorded. In the dating world it's all of those one night stands or dates you never called. Your apologies only go so far. They are still "owed" an explanation (or as a lendee, a payment).  

While your number may increase when it comes to partners, it doesn't magically increase when it comes to finances. It takes time. It takes work. And it takes trust. Something you probably don't have much of with slow pays, nor the people you never called back.... (insert frowny face shaking finger left to right image in your head here).

To rebuild your reputation, at least on the financial front, look into a share secured loan. It's a great way to start, or restart credit. It's easy, and pretty much available at most financial institutions. It allows you to deposit funds into an account, place those funds on hold, and make payments while freeing up the "on hold" funds as you pay the loan down. I have seen these types of loans help quite a few people, and may also help you.

Credit takes time to build, and even less time to destroy, just like a reputation. Don't let a number define who you are. And just a piece of advice, make that call, whether it's to the horrific date you had, or the lendee you borrowed money from. Your honesty will go a long way.

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"Image courtesy of By Stuart Miles, published on 01 March 2014 Stock Image - image ID: 100240491".

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