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hello! i am a newbe and really understanding alot.as many of us are loseing our jobs,im ust thankful to be still holding on. i say that losely! i have went from makeing $15 hrly to $7hrly! how do i try to maintain my credit scrore of 625 or perhaps raise it? i have 5 yrs left on my home and 4 yrs left on my vehicle.i have some writeoffs on my credit but this will be my 7th yr. so will they be comeing off?any advice given will be greatly appreciated!!!!!!!!!!!!!!!!!
The 2 things that you can control on your credit score are CC util and paying on time. FICO scores dont take income into account so the best thing you can do to raise your scores is to keep CC util low and pay on time. Paying off your mortgage and infact any installment loan is always a good idea but it wont raise your FICO score.
You must change your lifestyle. As you said in your post, your income has been cut in half, so, you need a new budget based on your new income.
Determine those items that you must have to live, get rid of everything else. Are you married? Kids?
If it's just you how about movin' back with Mom/Dad? Put home on the market. While it's in the process of selling you can minimize costs for utilities.
Get rid of cell phones, etc.
jackg wrote:
You must change your lifestyle. As you said in your post, your income has been cut in half, so, you need a new budget based on your new income.
Determine those items that you must have to live, get rid of everything else. Are you married? Kids?
If it's just you how about movin' back with Mom/Dad? Put home on the market. While it's in the process of selling you can minimize costs for utilities.
Get rid of cell phones, etc.
I suggest that you bring your lunch to work everyday. We can easily spend at least 10.00 a day/five days a week which equals 200.00 montly. You can save approx. 200.00 a month minus your grocery bill for the month. I have been doing this consistently for about a mth. Try it, you will be amazed at how much money you can save in a year.
@Anonymous wrote:I suggest that you bring your lunch to work everyday. We can easily spend at least 10.00 a day/five days a week which equals 200.00 montly. You can save approx. 200.00 a month minus your grocery bill for the month. I have been doing this consistently for about a mth. Try it, you will be amazed at how much money you can save in a year.
+1. Great advice.
As an FYI to anyone else who might stumble upon this thread, OP hasn't logged on in over 3 yrs. Hopefully everything worked out for OP.