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Before entering the workforce, I was about five thousand dollars in debt. Every one of them had been acquired through those credit cards they pushed during first-year orientation. And I’m not lying when I say I used it all up before the end of freshman year.
It’s amazing how one part of your life can come together while the other crumbles. I ventured out into homeownership by celebrating gaining employment and thinking of owning a part of the American dream. If I weren’t so determined, I would’ve stopped trying when I got the first denial. Comical. “What do you mean by I’m not financially ready?” I asked the only mortgage guy with the decency to be honest with me. “You need to walk before you can crawl; how about you clean up a few of the negative derogatory on your report, and we can see where you stand after that.” I hung up the phone and sat silently as I digested his words.
Almost a week later, I received the free credit report; he had sent me. I hadn’t been paying attention. He was right; I neglected to pay my credit card bills and let it go into default. To make matters worse, some of the accounts had accumulated high interest and late fees.
He was right. Before I could walk, I needed to crawl, which meant getting my affairs in order. So I painstakingly reached out to all my creditors and begrudgingly paid what I owed. Trying to get my credit back in good standing was time-consuming, but once I buckled down, put in the effort, and used the snowball effect to pay my cards off, it was well worth it. About a year later, I got a preapproval letter, and a few months later, I moved into my first home.
Three months into homeownership, I walked into a home improvement store because my washing machine was acting up. As I walked around trying to see what I could afford, a sales associate came to me and showed me all they had to offer. I mumbled that I couldn’t possibly pay that much for a washing machine. He said enthusiastically, “We have a promotion right now, zero interest if you pay within six months.”
At that moment, I remembered everything I’d gone through to get here and slowly pushed the application away. “Thank you, but I will be fine,” I said. “You sure?”
My action was a bit dramatic, but old habits die hard, and that needed to be done. That was over 15 years ago, and I’ve since evolved. I’ve learned how to manage my finances properly, but it didn’t happen overnight.
I’m still learning because true financial freedom is me finally paying off my hefty mortgage and these student loans. I see the light at the end of the tunnel.
I say all this to mean if you’re dodging collection calls and hiding in shame because you made lousy past choices. You aren’t alone. I’ve been there. Your credit score is not written in stone, and you are more than a credit score. I’m now on the other side, enjoying the fruits of my labor, and you can too. And that’s where CreditRepair.com comes in; they offer a free consultation to help kickstart your credit repair efforts. You might think that a 500 credit score isn’t a big deal, but you will save thousands of dollars in the long run in high-interest rates.
Reach out to CreditRepair.com for a free consultation so you, too, can have access to your financial dreams.