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#MoneyMondays “Best Way To Repair Credit”

Question: What’s The Best Way To Repair Bad Credit?

Answer: If you’re following my blog and social media accounts, that should be the least of your worries. The honest truth is my credit score could be a 540 and I wouldn’t have a care in the world about it knowing what I know now.

Your focus should not be on improving a credit score, but, rather, improving your bank account to the point that you won’t need to rely on a credit score in the first place.

The sooner you realize that a credit score is simply an”I Love Debt” or, even better, an ” I Love Making Monthly Payments” score, you’ll develop similar thoughts towards maintaining or raising your credit score.

Don’t believe me? Take a look at this graphic which was pulled directly from the FICO website.

Those are the 5 factors that go into your credit score.

  • 35% Debt Payment History
  • 30% Amount of Debt Owed
  • 15% How Long You’ve Had Debt
  • 10% Mix of Debt
  • 10% Amount of New Debt

It all goes back to debt, so the real question you must ask yourself is, “Why am I so concerned with being able to get more debt instead of building wealth?”

It’s possible to buy a home with no mortgage payment. It’s possible to buy a car without a car payment. It’s possible to buy new clothes on something other than a Macy’s credit card. It’s a weird concept in the modern area called “Having¬†Actual Money”.

However, if you are still adamant on adding more debt to your life, there are really only 3 ways to raise your credit score:

  1. Allowing the required time to pass.
  2. Cleaning up your old debt by paying on it.
  3. Reporting inaccuracies on your credit report .

Again, focus more on wealth building strategies more than credit building strategies. If you don’t know where to begin, book a session with one of our Certified Financial Trainers below.

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