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Contacting your lender may help you avoid a fee for that missed payment.
They dont want to see you fall behind, either.
Even if your credit score has been lowered, try not to brood on it.
Credit scoring formulas are really focused on the most recent 24 months of activity.
Create a budget so you know your monthly income and expenses.
Use a good free app, a spreadsheet, or pencil and paper, he said.
Elrich suggested exploring other hardship programs, too.
You may want to explore these available resources:
4.
Elrich recommended that you review your credit report to understand where youre starting from.
Theres no magic number, but its best to keep it as low as you might.
You might be tempted to open several accounts to rebuild your credit, but doing so can backfire.
Instead, the credit rating system favors a diversity of credit.
Thats what credit scoring is really all about.
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