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Credit Repair Can Be Your Ticket To Lower Living Expenses

There are few problems in life that can be more damaging than poor credit. Poor credit translates into a low credit score, causing all manner of trouble for American citizens.

A low credit score can have very damaging effects on one?s financial life and well being. For example, a low credit score can mean higher interest rates when purchasing a home.

Higher interest rates on a home mean a higher house payment. Having a house payment start at a high level means that one will not be able to afford as nice a house as he or she would if he or she were starting with a high credit score.

Some people with low credit scores would like to refinance the home they do own, but are unable to because the interest rate they receive will make their house payment too steep.

Even with the abundance of credit card offers most of us receive in the mail, those with low credit scores do not have the opportunity to obtain a credit card. Credit cards are often portrayed in a negative light, but they do have their uses.

For example, take the case of a family with a low credit score and no credit card who would like to go on a vacation. This family would run into two problems when attempting to plan the vacation.

For starters, the family would have much difficulty obtaining a reservation for accommodations. Most hotels and vacation rental companies require a credit card number to reserve a room or vacation home.

Secondly, the family would not be able to make a reservation for a rental car. As with accommodations, rentals on cars can only be made with credit cards.

If someone with poor credit would take the necessary steps to increase their credit rating, many benefits would immediately be in place.

Suddenly, this person would be able to make reservations for vacation accommodations and rental cars. When attempting to purchase a car, he or she would be able to obtain financing easily and with a lower interest rate.

When house hunting, this person would realize that he or she could afford a nicer home with the same payments he or she was making previously without an increase in monthly house payment.

Basically, those with higher credit scores are able to live more cheaply than those with lower credit scores. Those with higher credit scores have saved countless dollars over their lifetimes while those with lower credit scores needlessly spend money.

In addition to financial burdens, those with low credit scores must deal with other inconveniences.

Many people with low credit scores do not make their payments on time. Therefore, they must deal with phone calls from debt collectors that can be embarrassing and frightening.

So, how can a credit score be repaired? There are certain steps individuals can take that will help them start on the road to credit recovery.

The first step is to know what is in the credit report. There are three agencies that handle credit reports and information should be obtained from all three.

Once armed with knowledge of the credit report, an individual is ready to take action.

By writing letters and calling the credit agencies, credit scores can increase. These means of communication must be well planned and be executed in a calm and professional manner.

Once credit agencies have been contacted, the individual must begin paying off debt. The highest interest debt needs to be paid first. Once the highest interest debt is paid, an individual should pay off the next debt with the highest interest rate and so forth.

In addition, there are many books and web sites devoted to helping individuals increase their credit scores. It is worthwhile to explore these options and consult professionals.

Credit scores should be closely monitored by everyone. When one has a low credit score, the individual should take immediate action to increase the credit score. By increasing the credit score, the individual is given the freedom to spend money more wisely while saving money in the process.

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