How to Turn Your Financial Situation Around in 5 Simple Steps

Rebuilding your credit score can feel like an intimidating process. Whether your past financial actions consist of late credit card payments or invalid claims on your credit report, you want to show credit issuers and lenders that you are trustworthy and will always pay on time.

If you’ve found yourself in a financial rut with your credit, here are 5 simple ways you can bounce back.

1. Assess your situation. The first step of achieving financial stability is to assess your situation. Start by pulling up your credit report. There are several websites where you can get an annual credit report for free. The most popular site is Your credit report will show you your personal information, credit accounts, public record information and additional inquiries concerning any businesses that have requested your credit report within the last 30 days. Assess the situation by reviewing the negative items. These include your credit score and the debt you owe.

2. Hire a professional to develop your dispute letters. The next step would be to create dispute letters for your negative items. A credit dispute letter is a document sent to credit bureaus that outline inaccuracies on your credit reports. The goal of a credit dispute letter is to request the removal of those negative items using factual evidence and supporting documents. While you can create these documents yourself, it’s best to hire credit attorneys because they have extensive knowledge and the correct language to get the lender’s attention. They will be able to pull your credit report, analyze your situation and create dispute letters for you. In the event the negative items listed on your credit report are valid, type up letters to send to the credit bureau. Never discuss debt or set up payment plans over the phone. These handlings should always be put into writing for proof.

3. Stay up-to-date with payments. Once you’ve set up payment arrangements with the credit bureau, it is important to pay your outstanding credit on time. Make sure you’re only using 30% (or lower) of your credit limits. Below 30% is a general guideline for most credit card users. If you’re worried about what portions of your credit card you are using, you can activate alerts with your credit card issuers or access regular reports of how much credit you are using from personal finance websites.

4. Re-establish positive credit. Re-establish positive credit by getting a secured credit card. This is best for first-time credit card holders or for people who are trying to rebuild their credit. Use your secured credit card for small bills that you know you can pay each month. Whether it is a Planet Fitness membership or a netflix account, this is an easy way to build your credit back up.

5. Add rental history to your credit card. If you’re a renter who wants to be a homeowner (but have poor credit), you can add your on-time rental payments to your credit report and backdate those for up to 2 years. Homeowners get credit for making ontime mortgage payments, and now renters can boost their scores too!

Financial coach Ebony Kellogg was no stranger to making poor financial choices. Like many Americans, she was burdened with credit card debt, medical bills and more.

Luckily, she found a network marketing company that specialized in credit repair. Through this company, she took on the role of both a client and an agent. She knew she would be able to benefit from the services and help others, too.

Within the first 45 days, she saw a 90-point increase in her credit score. This inspired her to start sharing this newfound knowledge as a financial coach- a path she never considered. For 3 years, she has been using her past experiences and training to empower others to become financially literate and secure.

If you need help with credit card repair and/or money management, contact Ebony Kellogg to get you back in good financial health. Also, if you’re interested in educating others on how to rebuild their credit, she is open to apprenticeships. You can connect with her on Linkedin and all social media @EbonyKellogg.

Company Name: Financial Education Services Inc.
Contact Person: Ebony Kellogg
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SOURCE: Financial Education Services Inc.

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