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I Make Enough Money And Pay My Bills On Time But My Credit’s Not Great. – Anya

“Dear Steve,

I make a decent salary (120K) and recently bought a used car (credit pulled) and moved from TX to CO (credit pulled). I have been weighed down by about 17K in debt for several years – just sort going up and down, up and down. I am ready to do whatever it takes to be debt free (I am not including mortgage or car at this point).

My credit has been fair- 650-700. I pay all my bills on time/online. Last December all my discount rates skyrocketed – and, I didn’t handle it it, just took it! I paid 1 bill late 1X that I am aware of (it wasn’t actually late, but the amount was $10 under the minimum and so, it was consider late…at the percentage skyrocket to 27.9%!!

I am ready to make a massive change.

Per your site I went on to lending Club. They (instantly :)) denied a 15K loan due to…. well all the reasons I have mediocre credit…recent credit pulled, high credit to debt ration, time of recent acct. opening too short (must be the car)….they said my score was 668

I have been dening the impact of this issue for years and want to get these rates down – and things paid off. I have the means, if I make cuts elsewhere. What would you suggest? Lending Club wasn’t interested – what is next?

I will pull my own credit and see if there are any mistakes. I belong to Freecreditreport.com -not sure it is at all usefull.

Thanks soooo much :)

Anya”

The Answer

Dear Anya,

Bummer about the LendingClub.com rejection. But at least it was a hot poker to get you moving on this so there’s a hidden blessing.

What we really need to do is attack this thing on two fronts. The first is going to be dealing with the debt and the second will be working on improving your credit.

On the debt front I’m not sure you need intervention but rather implementation help. If you wanted to run through your options on dealing with the debt then use the free How to Get Out of Debt Calculator to review your options.

But I think using a free service like ReadyForZero.com might be enough to do the trick.

This approach will help to rebuild your credit as your balances are paid down on a timely basis. As the limits come down and more time passes your credit score will naturally rise.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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