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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 push during freshmen 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 be coming together while the other one crumbles. Celebrating gaining employment, and thinking of owning a part of the American dream, I ventured out into homeownership. 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 that had 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 in silence as I digested his words.
It was almost a week later when I received the free credit report; he had sent me. I hadn’t been paying attention. He was right, I’ve 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 can walk, I needed to crawl, and that meant getting my affairs in order. So I painstakingly reached out to all my creditors and begrudgingly paid what I owed. It was time-consuming trying to get my credit back in good standing, but once I buckled down, put it 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.
Fast forward, 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 can 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 with enthusiasm, “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 the proper way to manage my finances, 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 some bad choices in the past. 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 500 credit score isn’t a big deal but in the long run, you will be saving thousands of dollars in high-interest rates.
Reach out to CreditRepair.com for a free consultation, so you, too, can have access to your financial dreams.