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I just had a client ask me a great question that I’m asked quite often…
“I’m not sure if we should close my file or not… I am bringing in more work, but still don’t have a lot of “extra” money.  I have been working on paying down my credit cards, but my debt to credit ratio is still about 80%”
I’m always clear about the costs vs. benefits for my clients… if you know you aren’t going to use your credit for more than a year, I say wait on the expenses of repairing it till you get closer. If you think you MIGHT use it in the next 12 months for a major purchase, it’s one of the best investments you can make, as it will save you thousands of dollars.

 

There are some exceptions to the statement above that could sway you to continue paying for services…
  1. You’re looking for education/coaching to make better credit decisions along the way
  2. You want support to monitor your file because you don’t understand it yet or just don’t have the time to do it.
  3. You want better employment opportunities or wish to reduce costs for insurance as both of these are tied to a good credit file.
  4. You plan on moving, as most landlords and property managers are looking closer at credit files today and if you have better credit you might be more successful at requesting a lower rent payment.
All these are great reasons to spend some money now to spruce up your credit file.

 

As always I look forward to your feedback and questions.

Credit Guru