Sometimes financing is the only way to take that next step, whether personally or for your business. It can be very frustrating to not be able to get the financing you need. This is a great article by Experian on tricks you can use to improve your credit: https://www.experian.com/blogs/ask-experian/ways-to-improve-credit/
Numbers 8 and 17 resonate with me as common issues… if those credit cards don’t have an annual fee, pay them off, cut up the card but leave them open for a while. Do this especially if you are trying to apply for a loan in the near future. Eventually, when your credit is repaired and you have the loans you need, you can close them out for security purposes.
And please don’t fall for a credit repair scam. Read the fine print. Do your research. Often they charge a stiff fee for their “services” and you may end up paying off your debt slower than you would have anyway and sometimes having your identity stolen.
This is a good point when applying for loans too. Before you fill out the loan application, look them up online a little or on bbb.com especially if it isn’t a widely known reputable organization like Wells Fargo, etc. When you apply for loans, sometimes you will receive inquiries from places you did not apply; be careful of these. Your activity is sometimes tracked from your browser and often these are scams trying to steal your information. A common tactic they use is to call you on your phone and ask you to verify your SS number and other personal information. A good way to make sure they are who they say they are is to ask them to verify themselves another way first or provide some information such as the date you submitted the application. If they hang up and refuse to reasonably verify themselves, you just avoided a scam.
I’ll write more on budgeting strategies later. This is a big one too! Anyone can get out of debt with the right tools, strategy and self-discipline. But it can take time.
Written by:
Laura Fleig
Fleig Financials, LLC
585 353-8096
August 3, 2020
