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Work to Improve Your Credit

Improving your credit will take several years, however the good news is that you can improve it over time. Following are several important tips that will help improve your credit:

Always pay your bills on time and with at least the agreed upon amount

Keep balances low on credit cards and other revolving accounts

Pay off debt instead of moving it around

Don't apply for credit you don't need

Do your rate shopping for a given loan within a short period of time

Request a free copy of your credit report annually. By knowing what is on your credit report, you will be able to find the areas that you need to improve

Check for errors on your credit report, and work with the credit-reporting agency to fix them

Beware of fraudulent "credit repair" companies and report any suspicious activity immediately! There is no magic way to improve your credit, so be suspicious of any person or agency that says they can "fix" your credit – especially for a fee.

Build a Spending and Savings Plan

As you're working to rebuild your credit, you'll want to take a close look at your financial situation and assess how much money you need to live and how much debt you need to repay.


Determine your monthly net income, which is the income remaining after taxes and payroll deductions.

List the fixed expenses you pay each month, including rent, utilities and car payment.

List the variable expenses that could fluctuate a bit each month (e.g. groceries, gas, etc.).

Set aside money each month for purchases you know you will need to make in the future, like haircuts, school supplies or clothing.

Compare your income with your expenses. Look for ways to increase your income and decrease your spending.

Establish short- and long-term goals for yourself. For example, in six months you may want to eliminate $100 in monthly expenses so you can put it into savings.

Set a savings plan and stick to it. Work toward saving at least three months of expenses as your safety net.

Always keep an emergency fund. Just like savings, you want to ensure you have the ability to pull from an emergency account without jeopardizing your monthly expenses.

Plan ahead for major expenses, and avoid impulse buying.


Reach Out for Help

Did you know that housing counselors help millions of people regain control of their finances each year? These counselors often work for nonprofit organizations and are trained to help you determine your goals, rebuild your credit and get back on track if you've lost your home to foreclosure. There is no charge to work with HUD-approved counseling agencies.

Reach out now and don't be ashamed or embarrassed – they are here to help

Call the Homeowner's HOPE Hotline at (888) 995-HOP

Call the U.S. Department of Housing & Urban Development (HUD) at (800) 569-4287 or visit their web site for a list of approved housing counselors in your area

Foreclosure can be devastating, but it's important to know that you can recover. Establish short- and long-term goals, and stay focused on working toward them. In time you can get back on track.



Ron Bell
Coldwell Banker Select
16750 MT. Rose Hwy | Reno, NV 89511

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