A Few Ideas and Suggestions
You have probably seen and read tons of advertisements and articles on how and why you should work on improving your credit score. What they don’t tell you unfortunately is exactly how long it will take you to raise your credit score. The real truth is that it can take several years even after you have paid off all of your negative debt, before you can get your credit score to exactly where you would like it to be. Most items will stay on your credit report from five to seven years.
If however there are things that you need, and you don’t want to wait five or seven years to get it, then you may find it better to just save up the cash to get what you need. May people have found that just putting aside a certain amount of money each and every week, and just saving the cash to purchase whatever you need will definitely help. It will also help to keep things simple in your life. Instead of spending tons of money on items that you don’t really need, many people find that just by keeping their lives simple they have no problem getting what they need. Take for example a car. Just about everyone needs one, and the if you lease or finance a car you end up paying twice as much for the car. If however you save up the entire purchase price of the car then you will not have to worry about paying extra. These will mean that you have to wait for some time before you can get it, but if you are smart with every penny it will take you less than five to seven years to save for it.
Of course this does not mean that you should not pay off any debt that you have. If you do have debt than you really should pay that off first, but don’t expect your credit score to suddenly increase overnight because you paid everything off. You will still have a lot of work to do in order to ensure that you get the items that you and your family need. If you put a little bit of money aside each month and pay off one debt at a time then you will be able to take care of two problems at once. By the time you finish saving for the item in cash you will have paid off most if not all of your debt. Obviously it can be a little difficult for some to accomplish this task simply because of the cost of mortgages, rent and just everyday bills that have to be paid. So would it be better to work on improving your credit score and not saving anything? The best thing to do would be to talk with a financial planner. They would be able to look at your own personal financial situation and tell you what would work best for you and your family.