I think most of us have had times in our younger years where we weren’t as sensible with our money as we should have been. I know as a girl in her mid-twenties living in London I spent a bit too much on Friday night cocktails and definitely too much on clothes via store cards, which seemed just an amazingly tempting idea at the time.

Although I’m a fan of YOLO and recognise that life is for living, I know that sometimes this lifestyle can have a big dent on your credit rating – which then can come back to bite you when you’re a mum, married, settled down and looking at things like mortgages and pensions – trust me, it happens before you even know it!

I know that for many people, simply talking about this subject is going to freak them out, so it’s probably best to give you one of the best resources I’ve come across first. Before we go any further, it’s probably best that you take the time to browse this site to find out how easily you might be able to consolidate your debt, so you’re able to manage it all through a simple monthly payment.

I’ve been looking at how to repair credit and the things we can do to help our financial status on paper, especially repairing those past financial mistakes that so many of us have done. Here’s what I found.

Know Where you’re At

The first thing to do is get a firm idea of where you’re at and what work you need to put in – sometimes it can be easier to pretend it isn’t happening, but that doesn’t help your credit score. Get a credit report done and this will give you a credit score. This gives you a clear indication of what companies see what they look you up and gives you a starting point.

Paying Bills

I know this is easier said than done, but paying bills on time is essential. This is especially true for important bills like rent and council tax but even being late paying your phone bill can have a dent on your credit score. Try to get better at money management and ensure that bills are paid on time. If paying late is something that cannot be avoided then speak to the company and work out a plan with them. It can be hard to find extra money when you’re on a low budget so look to somewhere like Wyoming-Chamber which offers lot’s of money tips and tricks.

Pay off What You Owe

If you are left with debts from the past, rather than ignoring them now is the time to get them tackled! It can be easy to simply want to ignore them but whether you’re doing something about them or not, they’re not going anywhere anytime soon! Instead, work out what you owe and speak to companies about making payment plans that you can stick to.

Build Your Credit

If you are in a position to start building your credit then this is recommended. This could be as simple as taking out a small credit card – using it for one or two things each month and then paying off the balance in full. Just remember, it isn’t there to use for anything other than building your credit.

Close off Credit

Think about any credit cards or loans you may have had in the past. If any of these are likely to still be open, contact the companies to get them closed. This shows that you’re taking a proactive approach to sorting out your credit and is really beneficial.