Well, since I’m currently looking for a new car, I thought it would be a good idea to get pre-approved for a small auto-loan. Unfortunately the bank came back and said they couldn’t pre-approve me.
So I hopped onto www.freecreditreport.com to see what my credit rating was. I was shocked to find out that I have a 469 credit rating. I guess in the craziness this fall (selling my house and renting a room with a couple other guys), and with how busy I’ve been with my business, I forgot to pay a couple of my credit cards.
Now I’m on a small quest to repair my bad credit. Luckily business is doing well enough, and is cashflow positive I’ve had no need for credit. But I want to fix my credit for use in the future should the need arise. So I’m taking an inventory of things that I own that I don’t make use of very often, or any more. I’m going to sell these on Ebay to generate some cash to completely pay off my credit cards. (I only have about $2500 in credit card debt).
Next, I’m going to look at what I can do to lower my monthly expenses, and get all of my accounts in order. I guess some places didn’t receive my forwarding address, so I haven’t been receiving all my mail since I moved this fall. I’m going to set up online bill pay, and try to get all my bills to occur on or around the same time each month, so they are easier to keep track of.
It’s going to take me a few months, but I hope that by next summer, I’ll have a good credit score once again.