Contrary to popular belief, there’s never a right time to be stressed. Even in serious circumstances, panic and worry can significantly impede your judgement, and go on to lead you down a turbulent path of further misery and despair. Therefore, you should always be fighting for a positive and productive mindset – this will help you far more in the long run!
Your credit history is one of the things that can be more easily tackled with a positive frame of mind. After all, crippling debt is frequently linked to depression, so do your very best to break out of this cycle!
Consequently, here are some strategies to help you eliminate stress when it comes to your credit history.
Speak up
If you’ve found yourself lumbered with a bad credit score, remind yourself that you’re not the first person to be in this situation. There’s an overwhelmingly large number of people who’ve found themselves up this particular creak before you, and chances are you personally know a few of them. Speak up about your concerns and share the load!
You may be able to receive advice from friends or loved ones about your financial situation. If none of them have had a similar experience, utilise the services of a financial advisor; they’ll help you get back on the right track in no time. Start things off by speaking to someone – at the very least, you’ll not feel so isolated, improve your mental health and receive personal and/or professional support.
Get perspective
Credit scores can feel like the be all and end all. This is because it’s quite easy to keep tabs on them, but many make the mistake of thinking the score determines their overall level of financial efficiency. However, that’s not always the case, so try to remove this rash presumption from your mind.
You can be rich, but if you start missing essential payments, you will eventually end up with a bad credit score. Put simply, it doesn’t always mean you’re completely knackered financially – sometimes it can just mean you need to change your responsiveness with repaying banks and or paying rent and mortgages. Credit scores aren’t always synonymous with financial ruin, so don’t assume the worst just yet!
Productive changes
When you’re bankrupt with a bad credit score, it can feel like every door is shutting in your face. Lenders don’t trust you, and banks don’t hesitate in turning you away from their accounts and services. An overwhelming sense of futility and stress can occur here but try to set those feelings aside – because some bank accounts are specially designed for you in this situation! It can be easier than you think to turn things around here.
For example, the Think Money bank accounts for the bankrupt can be extremely useful here. So long as you can prove you’re a UK resident, over 18, and can afford a £10 monthly cost you’ll certainly be accepted. You’ll have access to things like cash machines, and it’ll automate your most important payments to ensure things like bills and rent are paid on time. Ultimately, this is a viable path forward to rebuilding your credit score.
Conclusion
A bad credit score is certainly not the worst situation you can find yourself in. With the right mindset, enough support and a real willingness to get back on track, your financial history can be straightened out relatively easily. At the very least, it’s a learning curve, so treat it as such and get to work setting things right!