You know the effects of having bad credit
. It keeps you from getting approved for credit cards and loans. You have to jump through hoops to rent an apartment
. You have to pay expensive security deposits. You have trouble getting a job. Yet, after all these things, you still haven’t started repairing your credit. Why? Well, here are 15 reasons you’ve been putting off credit repair.
1. You're waiting on the credit repair fairy
It sounds a little ridiculous, but there are many people who think something is going to magically happen to change their credit. There is no magic to credit repair. You can either wait seven years
(sometimes ten) for the bad things to fall off or you can actively work to change your credit and enjoy the benefits sooner rather than later.
2. You don't know where to start
Not knowing where to start is an excuse, not a reason. There are credit repair resources all over the place: here at Credit/Debt Management, other internet websites, bookstores, and libraries. I'll give you a hint: start by ordering your credit report
3. You're afraid to look at your credit reportSomeone with bad credit fears looking at their credit report like a kid fears peeking under the bed at night. The sooner you look at your report, the sooner you'll realize you don't have much to be afraid of after all. Or, it may be as bad as you think. But facing your credit report puts on the path toward doing something to change it.
4. You think credit repair is too hard
Lots of things in life are hard to do, yet we push through and do them anyway. Why? Because we realize the reward is worth the hard work. Credit repair can be difficult, but the reward - good credit and the perks of having a good credit score
- is well worth the time and effort.
5. You think your credit is hopeless
This is never true. There is always something that can be done to improve bad credit. Even if you have all 6 worst entries on your credit report
, you can still recover. Just don't let the other 14 reasons keep you from repairing your credit.
6. You hide behind your spouse's good creditIt's not smart to ignore your own bad credit because your better half's credit looks better. What will you do in the unfortunate event of a disability, divorce, or death? Married or not, there may come a day when you need good credit of your own. When that day comes, you don't want to be stuck with a poor credit score.
7. You think you don't have enough money
If you owe a lot of money, credit repair can be expensive (because you'll have to pay those delinquent balances). Fortunately, you don't have to pay all the money upfront. Negotiating payment plans
with the people you owe can get you caught up and help you improve your credit over time (which is what helps build a solid credit score
8. You're afraid of making it worseYou might believe that once you start repairing your credit, those you owe will come after you harder. So, you do nothing, believing you're staying under the radar, undetected by creditors and debt collectors. Once you work out an agreement with your creditors (and keep up your end of the deal), you don't have to worry about being harassed.
9. You're ok with having bad creditIf you figure out how to get by without having good credit, you can easily get complacent with a bad credit score. In today's society, you'll either continue to "just get by" or you'll have to work hard to save cash for everything you buy including a house or car.
10. You don't want to admit you have bad creditDenying you have bad credit won't change the truth. Your credit's bad whether you admit or not. It's in your best interest to own up to the situation and start taking steps to fix it.