Ok…. So a lot of folks in this economic climate need help when it comes to credit. Granted, some of it is our own doing and some of it is flat out due to the banks and credit card companies. I can speak from the heart and tell you that at one point I was hovering around a 760 credit score and months later I’m in the high 500′s.
What happened in my situation? Well, as a real estate investor, at one point I had access to large lines of credit and high limits on credit cards both on a business and personal level. I leveraged those available balances into paying for materials to rehab properties that I was working on. All was going well. I would purchase one property, rehab it, sell it, and move on to the next property. Only one day I got a letter that said that the amount of debt that I had relative to the available balance was too high. So this particular credit card cut my available balance in half. This in turn led to the next credit card company seeing that my overall balance was lower, so they cut my available credit. This turned into a vicious cycle.
The letters started coming in saying that information was pulled from the credit bureaus stating that I was delinquent on payments and something about balances being too high as compared to available credit. I pulled my credit report from
and found inaccurate information. I requested my credit score and I was hovering between 680 and 580 between the 3 credit bureaus. Something was definitely wrong.
Are you in the same situation? Is it time to fix your credit score? Hang on and I’ll tell you what I did…
