After Alex and Alicia had their second child, Alicia took time off work to stay home with the kids. They thought Alex earned enough to make ends meet, but the high cost of health insurance left the couple in the red each month. After a few months, the couple’s savings account dwindled. They started putting necessary expenses on their credit cards.
Was it a stressful time? Absolutely. But a zero-percent-interest credit card gave them hope that a higher salary would help them erase the debt quickly. When Alex found a better-paying job, the family started an aggressive debt-payoff mission.
They wound up eliminating their debt before they paid a cent in interest.
What would you do faced with a similar situation? Could you qualify for a zero-percent APR credit card to use as an emergency fund, or would you face double-digit interest rates? If you’re not sure, these are the four steps you can take to repair your credit today.
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1. Learn Where You Stand
To make low-interest debt a part of your emergency financial plan, you need to see yourself the way the bank sees you. This means that you need to check your credit score, which you can do through a free site like Credit Sesame. While free credit scores aren’t perfect, they’re a great way to get an idea of where you stand with banks.
So what is a good credit score? If you’ve got a credit score below 720, you may struggle to get good rates on loans. A score below 600 means you might struggle to borrow at any rate.
2. Make a Plan
If you have a bad credit score, you can make a plan to fix it. Where should you start?
The first two steps involve paying all of your bills on time and paying down credit card debt. These aren’t complicated steps, but they’re necessary for you to make real progress with your credit score.
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If you don’t have any open loans or credit cards, you may need to take out a few new credit cards and start using them.
It’s important to make your payments on time every month, on every line of credit. The best way to do this is to automate the minimum monthly payment on your new credit cards. This ensures that the bank reports your payment every single month.
A lot of people will see their credit score rise from just those simple steps.
Getting More Aggressive
However, some people have to take more aggressive steps to improve their credit. If your credit report shows late payments, charge-offs, and collections, you need a more aggressive plan to repair your credit, especially if you’re not sure why the information is on your report or if you believe it’s inaccurate.
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While some of the negative information on your credit report may be legitimate, other negative information may be wrong, misleading, or duplicated. It’s possible to attack this information on your own, but the process can be overwhelming.
About 70 percent of people who try to dispute incorrect information get rejected by the credit-reporting agencies according to a study by the Federal Trade Commission. Even after the rejection, these people are confident that the information is wrong.
If you’ve tried to repair your credit on your own or you have incorrect or questionable information on your credit report, it makes sense to connect with a place like Credit Saint — a credit repair company that wants to help everybody make a step towards financial peace.
The company offers a free credit consultation to determine whether you can benefit from their services or not. If you move forward, they charge as little as $99 for a first-work fee, and $59.99 per month afterward. They also offer a 90-day money-back guarantee. If they fail to remove false information from your credit report, they will refund every dollar to you.
3. Build Positive Credit
Credit Saint can help you remove the negative information from your credit report, but you need to take the right steps to maintain your great score in the long term.
If a great credit score is part of your emergency strategy, then you should work on improving your score before you need a new loan. Paying your bills on time and keeping your credit card debt low are the keys to a great credit score. When you combine these with a polished credit history, your credit score will stay high.
In time, you won’t have to worry about whether or not you can qualify for a zero-percent APR emergency credit card. You’ll know that you can access low-interest debt when you need it the most.
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4. Apply With Confidence
Not everyone will manage to stash away thousands of dollars in an emergency fund, but if you have a great credit score, you can access low- or no-interest debt when you need it.
For Alex and Alicia, great credit scores were the key to getting through a financial pinch.
As your credit score grows, you can start to apply for new credit with confidence.
On top of knowing that you can access credit, you’ll save thousands in interest costs when you have good credit. Just think of what life will be like when you aren’t facing double-digit rates on your car loan. How much easier will it be to handle a car repair if you can pay for it on a zero-percent APR emergency credit card?
Reasonable loan rates, easy mortgage approval, the best credit card rewards, and zero-percent-interest financing will be your reality when you have a great credit score.
If you don’t want to live in fear of your next emergency, start fixing your credit right away. If you need help, book a free consultation with Credit Saint today.
This post is sponsored by Credit Saint. Credit Saint is a credit repair company that wants every person to enjoy the peace of mind and financial benefits of a great credit score. They have over a decade of experience helping people reclaim their credit report. All opinions are those of CentSai LLC.