You be surprised how ignorant people are about
the importance of their credit report. No, they do not teach personal finance
in public school. To banks, loan companies, and retailers, it is important that
you as a consumer do not know your rights when it comes to your credit. If you
did, you the consumer will not “shop until you drop” using your credit card.
You might manage your credit meaning that you may not buy things on impulse at
the store.
A woman approached me recently, telling me
that she could not buy anything on credit. She has not used her credit for the
past 10 years because she could not pay off her bills. Instead, she did not buy
anything on credit knowing that her debt would fall off her credit report in 10
years. But she did not know that now she has no credit history, meaning that
she has to start creating credit all over again. That means that she cannot buy
a car, home, and in many places rent a place to stay.
I talk to other people who walk around saying
that they know their credit is bad. But they don’t want to look into how to fix
it to make it better. They sometimes decide not to use credit for years
thinking that they are getting away with something. Then one day when they go
to rent or buy a place to stay or get a car, they find out that they can’t do
it without a co-signer.
You be surprised how many people come to me
wanting me to co-sign for a loan. I tell them quickly to go see their banker
because I am not a bank. You would also be surprised how many people think that
they have a right to my money and get upset when they do not get it. My initials is DLW, not ATM!
One business man who I knew in passing called
me up wanting me to give him a loan for $10,000. He also went on to tell me
that he owes his brother 10s of thousands of dollars already and can’t pay him
back. So I was wondering if he thought that I am just retarded, stupid, or just
crazy. Why would I want to lend (knowing that it will end up being a gift) him money?
Click on the above. It is an article telling you how to fix
your credit. No, you can’t make a phone call and expect it to be fixed in one
day. But for the people who want to increase their credit score, here is a strategy
to do just that.
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