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Credit Repair in Dallas, Texas, for Millennials—and Why It Matters

  • By Credit Diva of Dallas
  • 11 Jun, 2020

Recent financial turmoil caused by the recession has left a lot of people wondering what the future looks like for them. Millennials, especially, have lived through two great recessions, limited access to well-paying jobs, and upward mobility. Millennials still have lower average credit scores than other generations—despite also showing the highest growth in credit improvement. There is a lot stacked against the younger generations, leading to the lowest homeownership rates of all generations.

Smiling african american woman with braces and shopping bags isolated on blueHaving poor credit does not help matters; in fact, having a low credit score is expensive! Interest rates on credit cards, car loans, and mortgages vary wildly. A person with a credit score under 600 is going to pay thousands more in interest than someone with a score over 700. Even a person with a credit score of 700 is still just considered "good" in the wake of COVID-19 and is paying far more than someone with an 800 score and excellent credit.

So, what should a millennial do? Give up your dreams of world travel or buying a home? Absolutely not! Good credit is accessible to everyone if you know what to do. Now that you understand why credit repair in Dallas, Texas, matters for millennials, here's how to tackle it.

Take Time to Learn

Before the internet was readily available to everyone, understanding the credit formula wasn't something easily accessible by any means. Millennials' parents probably learned about credit through some trial and error, myths, and guessing. Those "facts" were then passed on, giving millennials bad information right out of the gate. Many excited millennials probably signed up for the first credit card they could get their hands on and proceeded to make a bunch of bad decisions, starting a lifetime of poor credit choices for Dallas residents which ultimately leads to the need for local credit repair in Dallas, Texas.

African American woman using a laptop in her living room

This vicious cycle can be stopped with some education!

  • Take time to learn about what builds credit, what hurts credit, and what really doesn't matter.
  • Credit Diva offers the DIVA Club, meant to continue credit education after a good score is earned, so the people we help are always able to ask the question and get the right answer.
  • Education is really important, and over time, creditors may look at different things. Staying in the know will help you fix and maintain good credit!

Start With What You Can Do

Sometimes, when faced with a big task that seems like a lot of work with multiple steps involved, it is easier to continually put it off for another day. Remember, poor credit costs you money! The longer you wait to make a change, the more money you spend on interest and fees.

Just as Rome wasn't built in a day, there is a good chance that repairing your credit is going to take some patience and effort. Here are some easy first steps you can take to get on track:

  • Pay down some debt: A high debt-to-income ratio will hurt your credit every time. If you need a quick boost to your credit and have the funds, getting your credit card balances below 30% of your limit will help.
  • Work with credit repair in Dallas, Texas: Yes, you'll spend some money to do so—but you'll save far more than you spend in the end. Plus, this means you don't have to navigate the process alone! This is the easiest way to your goal without hours of training.
  • Stop applying for credit, but don't close accounts: Let your Credit Diva help guide you to the decisions that will make good changes based on what your credit report says. Credit repair isn't always a "one size fits all" process; there are a ton of factors that lead to poor credit—so you need to solve for those instead of making broad changes.

If you need help with credit repair in Dallas, Texas, contact us! Our expert Credit Divas will look at your credit report and help you build a plan just for you. Start saving and start achieving your dreams—regardless of the generation you were born in! We're here to help you take your financial power back.

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