Best time to start working on your credit?

The New Year’s Resolution is something nearly everyone does
each year. Whether it be losing weight, taking vacations, saving money, buying
a home, or fixing your credit. These are all popular goals to ring in the new
year. Does this mean that the beginning of the year is the best time to start
fixing your credit? The truth is the best time to start rebuilding your credit
as soon as you are able.

Why do so many people start repairing their credit at the beginning
of the year? There are several reasons, not the least of which is the start of
the new year and new beginnings. Let’s explore some of the other reasons.

Another beginning of the year goal is to buy a home. So
naturally having good credit goes hand in hand with buying a home. For those
with credit struggles, this may come to light when they apply for a home loan.
This will definitely push people to begin the process of restoring their
credit. If your goal is to buy a home however, was it wise to wait till January
or February to start this process? Probably not, a better time to start the
process would be in the Spring with a goal to buy at the beginning of the next
year.

When people start getting their tax returns at the beginning
of the year this stimulates a lot of financial decisions. Is it time to buy a
home, a car, or restore their credit? It turns out that credit is part of all
three of those. This definitely will trigger many to finally make the move to
improve their credit rating regardless of the motivation.

If you are trying to lose weight, the day you start is the right day. If you are starting a plan to save and invest, the day you start is the right day. And of course, when you start the process of your restoring your credit, that is the best day as well. Whatever the motivation may be, the sooner someone starts the better.

So what should someone do when they are ready to start? It is usually best to start by speaking with a credit professional. This will usually involve pulling a credit report and reviewing it completely. Putting together the right plan to repair credit. Also could include a financial plan to pay off certain debts. This may involve having some funds available to make this happen.