This post is sponsored by Wells Fargo; all thoughts and opinions are my own.
Most everyone has at least a little bit of debt, and many of us have a lot of debt. Not all debt is bad; consider your home mortgage and car loans – when you make your payments on time, these kinds of debt could help improve and build your credit. The same goes for credit cards – while they can be scary and it is easy to let them get out of control, if you can manage to keep your balances low and pay your bills on time, credit cards could help build your credit. Wells Fargo talks about these tips and more for building and rebuilding credit.
Sometimes, though, things happen, and your credit takes a hit. What do you do when this happens? It will take time and work, but credit is rebuildable. This is where we are in our life right now – rebuilding our credit.
We fell on hard times and our excellent credit suffered after we had our children. Our first was born during a lapse in my health insurance, so the bills from her birth and our hospital stay were, needless to say, very high. I had insurance when our second was born, but with the deductible and the 20% we were required to pay after insurance, the bills were still fairly high. We did ok with keeping up with them and paying them on time every month, until I lost almost all of my work hours; I’m a freelancer working from home, and one of my clients cut my hours to next to nothing. That’s when everything started falling behind.
Rebuilding credit feels like starting over, but we know that with time, things will get better and our scores will be back to what they were, or better, if we work hard enough. Our plans to rebuild started with working to pay off the highest interest bills first. Our medical bills are zero interest, so for those, we continued with minimum payments.
If you are trying to start building credit or rebuilding your credit, like we are, Wells Fargo is a great resource for tips and information for getting on the path to better credit. You can learn more about the responsible use of credit at their Smarter Credit™ Center.
I highly recommend to anyone looking to build or rebuild or even just learn about credit to visit the Wells Fargo site.
This is a sponsored post written by me on behalf of Wells Fargo.