Rebuilding Your Credit Score Requires Patience and Persistence

To make matters worse many people have lost their jobs. What used to be dual income families are now single income homes and with so many people unable to find jobs the burden of keeping up with the bills has now fallen on the shoulders of one family member. As a result families fell behind on other bills such as credit cards and other month obligations. Some families have even had to eliminate necessities such as medical insurance causing further financial distress with additional medical expenses. All of these things have devastated a lot of people’s credit scores. Does this sound familiar? Has things types of situations left you rebuilding your credit score?

Working Together to Rebuilding Your Credit Score

So how does someone begin to rebuild their credit score with all these financial hardships going on? As the job market begins to open up and people start to go back to work, in some cases for less income than what they were used to making, tough decisions have to be made. Families need to work together to take a close look at the situation and decide how they are going to work together to get through these tough economic times.

First things First when Rebuilding Your Credit Score

The first step to rebuilding your credit score is to get a clear understanding of what the situation is. Sit down together and put everything on the table. Who do you owe and what are able to pay right now? What shape are the credit reports in? I some cases it may require that one of the family members or both get a part time job to help make ends meet. Some things will all together have to be eliminated, like club memberships, the morning coffee on the way to work, the magazine subscription, maybe you have to start car pooling. The bottom line is you have to figure out how to cut cost in and outside of the home

Once you have a clear understanding of where you are and have come with a plan to make ends meet, it’s time to start evaluating your credit profile. You may have to start paying down some debt to get your balances under control, you may have to try negotiating with some creditors for reduced pay offs, you will have to make sure that you are paying your bills on time. The thing to remember is that it is going to take some time so give yourself a break and just be diligent and follow through with your plan and most importantly, be patient.