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5 Financial Tips for Those with Bad Credit

Posted April 16, 2020 by EasyFinance.com to Financial Advice 1 0

Life with bad credit can be difficult and frustrating because it can be a vicious cycle and one which is hard to get out of. It is essential to understand that if you do have a credit rating, then it is not the end of the world. You must not panic because there are always steps that you can take to improve your rating and solutions available in the short term if you know where to look. With this in mind, here are a few handy financial tips for anyone with a low credit rating, which will help put them into a healthier financial situation.

1. Check Your Rating Regularly

It can be frightening to look at your credit score, but it is better to have an understanding of your score before applying for credit in advance so that you know what you need to do to improve your score. Not only this but often you will find that there are errors or fraudulent activity which could be bringing your score down.

2. Work Out A Budget

If you are having financial difficulties, then it can feel like a slippery slope, and you will want to avoid borrowing money that you might struggle to repay. This is why you need to draw up a detailed budget with your regular household outgoings along with income so that you can get a clear overview of your financial situation. You can then spend time going through each expense to find ways to make savings or eliminate the cost entirely.

3. Use Credit Little & Often

To rebuild your credit score, you will want to show that you are a responsible borrower, and the best way to do this is to use a small portion of your credit limits (credit utilization). In essence, it is recommended that you go no higher than 30% on any card. You should try to use credit little and often and always make sure that you pay bills and existing lines of credit on time.

4. Use A Car Title Loan

If you do need to borrow money for whatever reason, then you might find it hard to get approved with a traditional bank loan. Instead, you should opt for a car title loan from somewhere like fastmoneycartitleloans.com as there is no credit check, and you can get quick access to the money. The loan is secured against the title of the vehicle, but you still can drive the car provided that you make the repayments.

5. Learn from Financial Experts

People often get themselves into financial difficulties due to a lack of financial education, as this is not taught in schools. Therefore, it is a good idea to educate yourself on everything related to finance so that you can get a better understanding and benefits from tips to improve your financial health and build for a brighter future. This is easier than ever as you can:

  • Read blogs
  • Listen to podcasts
  • Sign up to newsletters
  • Read magazines
  • Follow financial experts on social media

Hopefully, these tips will help you to take positive action and to improve your financial health in both the short and long term.

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