Attainable Ways in Regaining a Good Credit Standing


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Attainable Ways in Regaining a Good Credit Standing

Attainable Ways in Regaining a Good Credit Standing

Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.
Getting back a good credit standing is similar with putting yourself back into shape. Like most of us who wants to stay in shape, we are getting into the habit of exercising and eating right. We exercise the same principle with our credit standing, we have to make it positive and boost up the score. In putting your credit standing back in shape, try doing the following suggestion: 1. Find out your financial goals. What`s your plan? You have to set your plans, daily, weekly, monthly, yearly or for longer term. Be specific. Your plans start from simple stuff like a vacation trip next spring. This plan need for you to save up and not depend on your credit card for car rentals or hotel bookings. Prioritize your goals, especially the short-terms ones. Allow yourself to be flexible with your goals as there may be unavoidable circumstances, but always be prepared. 2. Detail your spending plan. Although going into details maybe tedious, but it`s really helpful in monitoring your expenses and savings. Determine how much income is coming in. Identify your expenses. Start off with your daily expenses. Make a grocery list and allot a budget for it. Set aside your daily lunch money. On a monthly basis you can reserve your rent or mortgage payments. Always save for your emergency funds. You may cut down your daily trip to Starbucks. Your daily routine will change but remember you have learned to save. Include taxes in your planning. Although some taxes like income tax have been directly deducted from salary, you still to prepare for other taxes. 3. Make a tally of your expenses and keep it in record. This will help you check if you`re spending too much and what expenses you will need to cut down in order to increase your savings. Devise a system that would allow you to easily monitor financial transactions. Write it on a small white board or make an updatable form that you can post on your refrigerator or office table or record it on your planner; any way will do so as long as it helps you keep track of your expenses and savings. 4. Pay attention to your credit report and credit score. Read your credit reports and make sure that all information is correct. When you`ve kept your previous payment records, you have way to compare which among your credits have been settled. You can request for a quarterly report for you to monitor your progress. 5. Pay your student loans. As most bad credits started from unpaid students loans, this matter should be the first to be resolved. Consolidate your loans after graduating. If you`re still in college, you can try looking for a part-time job so you can offset a little of the cost. That is also one way of trying to earn to pay up the student loans they have. You have to start simple, though may take a lot of time but once you get into the habit, everything will be easier.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!