firstwivesworld - Money Matters: Re-establishing Credit - Comments

This is really good advise

Guest — Thu, 30 Aug 2007 15:55:14 -0400

I'm really impressed. I've been looking for something like this for a while, a step by step program to get your credit back in order. Why has it taken so long for someone to put something like this together that is short and to the point?

Thank you so much,
Toni

This is a great tool for

Guest — Thu, 30 Aug 2007 15:44:39 -0400

This is a great tool for cleaning house, so to speak. Thanks for the info.

This is really good advise

Guest — Thu, 30 Aug 2007 15:36:38 -0400

Thank you so much,
Toni

Money Matters: Re-establishing Credit

Brian Kilroy — Thu, 30 Aug 2007 14:48:48 -0400

Let's pretend the dust has started to settle and you're finally feeling like your divorce is somewhat behind you, but there's still that nagging problem of gaining credit again. You've stayed away from borrowing for what seems an eternity, but you know deep down, that you must begin to "re-establish" your credit in order to qualify for a mortgage again.

Where should you begin? Say you noticed an ad in the newspaper from a company guaranteeing results, but you're betting that it's just another come-on. You're probably right.

So what do you need to do in order to sort out fact from fiction: First, you need to survey the situation to gauge where you stand. It might not be a pretty place, but at least you'll know what you're facing! Start by obtaining a copy of your credit report for free at: www.annualcreditreport.com.

Review the file to be sure all information was reported accurately. Accounts reporting satisfactory payment histories might not be of great concern at this point, but you want to be sure that the reported balance on each was no higher than the actual balance. (The percentage of credit line actually in use affects your credit score. Lower balances = higher scores. In the trade, this is called the "percentage of utilization").