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How can I fix my credit score?

By: Karl Ross

Are you tired of sleepless nights when all you can think about is how can I fix my credit score? If so, I will let you in five easy steps which could just keep your head over the stormy water. Most of us fail from time to time to handle our credit correctly. This might lead you to some hectic times. You might find your-self and your family in chaotic financial situation. But every one can control his life and in few simple steps you can see the light at the end of the tunnel as well.

Step one – Your income
Create a list of all the income sources you have. This should include: your income, bank savings with interest, funds, property which bear fruits, etc.
Sum these sources to one solid number. This number will be the ground to all future calculation.

Step two – Your spending
Create a list of your spending: food, bills, school, cables, hobbies, your gardener, house-keeper, leisure culture, mortgage, etc. Now, it is very important to include each and every activity which consumes money. The better you break it down the better you will be able to analyze it in the coming steps.

Step three – Rank your spending
Rank your spending from most important ‘must have’ to ‘I can afford to give-up’. As a rule of thumb the things you do not enjoy – bill, mortgage, etc usually are located at the ‘mast have’ section. Leisure culture, eating out-sides and all the other fun activities usually belong to the ‘I can give-up’ section.

Step four – Cut over budget expenses
Now, this is the most crucial step in the whole process, remove all the expenses from the bottom of your list, until your earnings exceeds your expenses by $50. It is extremely important that at this stage you will recheck if you can really live without the item you are about to cut off. If you have seconds thought regarding one of the items simply re rank your list of expenses, step four, then come back to step five.

Step Five – Use extra money to fix your credit
If you completed all the above steps you now have an extra $50 every month. This must be used to cut down your payments. Work a payment plan with all the credit payments you currently have. Point your new health plan to $50 a month. Use your extra $50 to pay for your financial solution.

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