Build Your Credit As You Invest & Trade to Increase Your Income
What are the first steps you need to take to begin restoring your credit? I can help you with that! I know that it is not that difficult to raise your score. You just need to know what to do.
Most people expect there to be some top-secret tips they aren’t aware of, but you probably know all the solutions already. Remember, if you invest and or trade to build an additional income, use the funds to pay down debt as you build wealth at the same time. Here is the single most effective thing you can do:
Obtain new credit
This is simple but very powerful. In many instances, people who don’t have good credit also do not have a credit card because they lost their privileges of owning one.
Some never reapply for one because want to use cash to avoid going back into debt. But the reality is that if you ever want to apply for a loan or necessary credit, it’s important to start rebuilding your score. This is why I coach additional ways to make more income as you build or re-build your credit.
What if you’ve applied to card companies in the past but have gotten rejected? There are still things you can do.
One option is to get a secured card. Get one at a bank around you, and preferably the one you do business with. You have the best chance of getting accepted there. Also, focus on cards that are designed only for those with poor credit. Let's break the cycle. STOP paying more due to higher interest rates and other fees strategically design to keep you with a low credit score.
But don’t apply for too many at once.
If you get too many credit inquiries, financial companies will assume you are taking on more debt and will be less likely to work with you. It can also negatively impact your score.
Just because you get accepted for a card doesn’t mean you should use it. Some of them will do more harm than good.
For instance, many have hidden rates such as very expensive late fees. This is particularly true of bad credit cards. If you aren’t able to make all your payments, you will soon find yourself up deeply in debt again.
What about prepaid cards?
Don’t use them. They have no impact on your credit score. This is because you are just paying them off upfront, so there is no chance of default.
But remember to pay your bills on time.
There’s no point in getting a new card if you are just going to continue making late payments.
What if you can’t make your payments on time?
Then just spend what you have and no more. And you might have more money than you think. Do you really need that new toolset? What about all those magazine subscriptions? Try to list these out, unsubscribe to what you're not using to save money, and once again, learn how to invest to grow a small percent of your income into a larger income. Then you will also have funds available to swing or day trade. Increasing your income like never before. Prioritize reducing your debts.
How long does it take to rebuild your credit?
Remember, you didn’t get a bad credit score overnight, and you aren’t going to wipe it out that fast either.
Just make sure your payments are on time every month, and eventually, your small efforts will add up. By faithfully paying your bills on time you will see a big difference. The major key is to invest more and trade more so you have more funds available to pay down your debt for good!
Ready to level up your financial situation? Let's jump on a call and see if the "Trading Made Simple" plan works for you. It's a 1 on 1 coaching program, 12 weeks long that I take you by the hand and assist:
- Understanding how and why to invest
- Understanding the different platforms for investing and helping you set up your account
- Creating an investing plan/financial portfolio
- Learning how the stock market and financial industry works for financial literacy, you can pass on to generations to come
- Teach you how to complete "Options Trades" to increase your financial portfolio
- Monthly 1 on 1 coaching sessions via zoom
- Bonuses to keep you financially pandemic ready
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