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Credit Score News, Tips & Advice « Credit Scores > Credit Score News > Losing your credit score or losing your mind?

Losing your credit score or losing your mind?

By Sally Maison
Published: Saturday, May 8th, 2010

PLA-00001689-002When people ask me what my credit score is, it usually makes me wonder why they do?

And if your credit score needs to be improved, it usually means you have a very low credit score. Firstly, it is important to know the cause that made your credit score low. Some people cant handle credits so they prefer not accessing it in the first place. This id not about the people who couldn’t pay up their medical bills, or those that were unemployed, this is about those people that did have an excellent credit record until something bad happened to them.  Right now, we’re talking about those people who don’t’ spend responsibly and those who spend beyond their means.

Having no credit is a good path for them, to avoid falling in trouble all over again. It is important for them to know the principles of finance.

The right thing to do would be to pay in cash and not by cards, to spend less on only necessary items, and to keep a record of the amount spent.

Necessities like shelter and clothing is right to spend on but not on things like the latest phone or laptop.

Most wrong decisions are made by people to keep up a high status in the neighborhood.

So many people spend endlessly with no other aim in life.

A term is given to such kind of people by those who gamble. The term is ‘suckers’, and for the money spent is ‘sucker money’. There are so many people out there being suckers and also taking advantage of suckers around them.

And if your credit score is low, there are a bunch of people like the payday lenders, check cashing companies, issuers of high rate credit cards who are waiting to pounce on you with unwanted offers.

There are a few companies that claim that they can increase your credit scores. These companies are usually unsuccessful. And not just that, the debtors find themselves deeper in debt when they are charged a high fee by these companies. The best way to pull up your credit score is to not miss paying their bills and also paying them on time.

At a time like this, it is very easy to convince people by offering them a comfortable credit fix and an advantage can be taken over them. it is also hard to tell people to spend responsibly. Once people pay on credit, they become used to it, that paying by cash the next time is an impossible task.

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