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Credit Repair - The Final Word

Its Your Life

The financial benefits of good credit are significant. Perfect credit, of course, doesn?t mean that you won?t have to get up and go to work every day. But it will mean that you won?t have to work as hard to cover your monthly bills. Poor credit can easily mean that you will pay twice as much for every dollar that you borrow as you would if your credit were perfect. When you stop to add up the numbers including your mortgage, your auto payments, and all of your credit cards, you will realize that poor credit can easily cost hundreds of extra dollars each month. The effort that you make to improve your credit is the best single thing that you can do to improve the quality of your life.

Achieving Perfect Credit

You can achieve perfect credit. The goal is within everyone?s reach. But there is effort involved and in the final analysis it requires a sincere look at your own life. There are many powerful credit repair strategies that can have a quick and significant impact on your credit scores, but today I would like to offer some creative and effective tips on budgeting, which in the long run may be the most important ingredient in maintaining your great credit.

Your Budget

I?m guessing that a discussion about your budget is not on the top of your list of fun things to do. But bear with me. These methods are extremely effective, personally rewarding, and might even turn out to be fun. I run a Florida mortgage company and a credit repair and restoration business. I?ve done this since 1989. I can?t begin to tell you how many people I have spoken with about their money and their credit over the years. These ideas have translated into major financial benefits for many people. You should consider the possibilities for yourself.

Grab a Pen and Paper

Sit down with a pen and paper. I want you to make a list of every single thing that you spend money on. Start with daily expenses. Don?t leave anything out. Bus fare, gas money, kids allowances, newspapers, lunch. Everything counts. Now move on to weekly expenses. Do you go out bowling on Monday night? Is Saturday your date night? Think hard. Move on to your monthly expenses; your rent or mortgage, your car, your credit card bills, etc. How about annual expenses? Do you go on vacation every year? Estimate how much you spend.

Add it Up

Now add it all up. This can be an eye opener. Figure out how much you spend each day, week, month, and year. How does it compare with your net after tax income? How about that vacation? Are you saving enough money each month to pay for your vacation? Vacation should never be an excuse to run up your credit card bills in the hope that you will be able to pay the balances down in the future. In my role as a Florida mortgage broker I see far too many people that pay a high price for those lingering credit card balances.

Pay Yourself

There is one more budget item that I want you to add to the list. You work hard to pay everyone else. Now it?s time to pay yourself. I suggest that you take ten percent of your monthly income and put it into a savings account. Being in the credit repair business this is a subject that comes up in my conversations with customers. You can?t achieve great credit without having a savings account. Without a savings account a single emergency can result in a string of late payments. Savings will turn out to be the best habit that you can establish. A growing savings account will eliminate a lot of the stress that you feel about your financial affairs. When it comes time to pay your bills put yourself on the list.

Luxury versus Necessity

The truth is that you must find a way to balance your budget. Figure out what you can give up to live within your means. Keep in mind that as your credit score goes up the cost of your borrowing will go down. If you have to give up something to live within your means, and that sacrifice results in better credit, you will end up paying far less on your bills. As hard as you work for your money you deserve the rewards of good credit. There is effort involved, but the results can have a profound impact on your life. In the final analysis you will discover that any sacrifice you make to balance your budget will be rewarded ten times over.

Jim Kemish is the president and founder of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida. Power Mortgage Corp was established in 1989 and serves the states of Florida, Georgia, Massachusetts, and Virginia. Jim is also the President of Sky Blue Credit, a national credit repair business. For great mortgage and credit tips visit the Florida Mortgage Mortgage Blog.

Copyright ? 2007 James W. Kemish. All Content. All Rights Reserved.

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