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Credit Repair and Your Emotions

It is a subject that few people discuss, but more and more therapists are talking about it - the key link between our emotions and our money.  We may think that money is all about our rational selves, but in fact our emotions are often very much invested in our pocket books. 

If we want to repair our credit, we have to deal with the emotional as well as the numerical side of money.  There are a few tips that financial experts now believe can help you harness your emotions in a way that can actually help you improve your credit score:

 

Tip #95: Give Yourself a Break

There is no point in beating yourself up over your credit score - whatever it is.  Instead, promise yourself that you will do better in the future and then work to repair your credit rather than working on berating yourself.  Taking action to improve your credit rating will improve your outlook as well as your credit.


Tip #96: Don’t make excuses

If you have been the object of identity theft or have genuinely been mistreated by a company, then by all means include an explanatory note in your credit report.  However, most lenders do not want to hear a lot of excuses. Whatever your problems have been in the past, you will seem like a much more reliable lender if you focus on what you are doing to get out of problems.

You will feel better and get better responses from lenders if your focus on current action rather than past mistakes.  Instead of wallowing in pity and explaining in great detail the personal and financial problems that led to a bad credit rating, give yourself and lenders the condensed version and then move on to a detailed review of what you are doing to repair your credit.


Tip #97: Give Yourself a Treat - without affecting your credit rating

Reestablishing good credit is hard work and daunting as well.  Once in a while, as you reach a milestone, you need to reward yourself.  You should do this through some means that do not involve debt or money.  If you repay your credit card bill, there is no sense in running up that bill again on a shopping trip.

 Instead, you should list some inexpensive and fun treats you could give yourself.  Keep this list wherever you keep your financial file.  As you reach a big milestone, take out your list and immediately reward yourself with one of the items on the list.  This will not only keep you motivated, but it will inexpensively keep you from feeling too deprived while you work on your credit score.

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