Psychological factors to overcome to begin rebuilding

[Anonymous]

When we started this credit building journey, we had to face some demons and overcome them.  What are some of the psychological things that you had to overcome to change from wanting something better (i.e.. better fico score) to doing something about it (i.e.. credit rebuilding)?

[Anonymous]

I intended for this to be in credit rebuilding.  How can I move it?  Thanks.

[Anonymous]

It was over in rebuilding your credit, I moved it here to the SmorgasBoard.

[llecs]

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ficoachiever wrote:
When we started this credit building journey, we had to face some demons and overcome them.  What are some of the psychological things that you had to overcome to change from wanting something better (i.e.. better fico score) to doing something about it (i.e.. credit rebuilding)?

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Yes, the first step for us was facing those credit demons, or in our case, a 3'x1.5'x2' sized bin that held every single late notice, CA notice, judgment, CR, etc that we ever received. Going through it was sobering.

But most importantly, the mental shift from "wanting" better credit, to "needing" better credit, and then finally to "I've got to have" better credit. Once we went through that, there was no obstacle for us. a high score was a done-deal.

[marty56]

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@llecs wrote:

But most importantly, the mental shift from "wanting" better credit, to "needing" better credit, and then finally to "I've got to have" better credit. Once we went through that, there was no obstacle for us. a high score was a done-deal.

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Very well said.  The only thing I would add is that you must identify ever dollar you spend on a budget.  What got me out of control and kep me there for so long was not knowning how much money I was spending each month and seeing were the money was going.

[haulingthescoreup]

For me, it was getting a grip on creating a payment schedule and sticking to it. I switched to online everything, so that I wouldn't open a statement and toss it aside, meaning to deal with it later. Now that I pay before the statements anyway, it's even more important to remain aware of the calendar.

[Anonymous]

I had to overcome my fear of opening the mail.

I sat in my living room floor for about 2 weeks opening, sorting, shredding or filing LITERALLY 5 years worth of mail that I had always been scared to open.

I used to not even check my mail box until the mail man would put a tag on it that the box was full and I needed to come to the Post Office to get the rest of my mail.

Now I look forward to getting mail. I even mistakenly check on Sundays!

[atlastontheroad]

First, the opening mail thing.  Then I had to critically examine my relationship with money.

It's a love-hate thing.  I love having it and hate spending it.  I used to hide money here and there "just in case." 

Now?  I know every balance.  I budget carefully and save (ok, I really just pay for the upcoming class).  Next stop?  Entering the market carefully.

Since I came out of my credit coma I've found enough ways to squeeze the budget that I can afford a bi-monthly housekeeper.  The best feeling in the world is coming home to clean floors, windows and laundry.  It's beyond liberating!

atlast.....with a bit more "free" time

[marty56]

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haulingthescoreup wrote: 
Now that I pay before the statements anyway, it's even more important to remain aware of the calendar.

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Clock management.  Think of football with 2 minutes to go and your down by 6 points and need to move the ball 80 yards.  Every day counts.

[MsKiwi]

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@Anonymous wrote:
When we started this credit building journey, we had to face some demons and overcome them.  What are some of the psychological things that you had to overcome to change from wanting something better (i.e.. better fico score) to doing something about it (i.e.. credit rebuilding)?

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Fear was the biggest thing to overcome. Fear of answering the phone, fear of opening the mail and fear of actually checking my credit reports. Although my reports were less than stellar, they were far less horrible than I had imagined.