When it comes to credit repair, money is usually the linchpin that can give way to a better score—or lead it to further disaster. Let’s face it, a hefty bank account allows you the freedom to accomplish all kinds of goals, including:
• Paying off debt, which can raise your credit scores
• Building a financially sound savings account
• Purchasing credit-savvy items such as real estate
• Investing in new opportunities
All you need is more money, right? You may be thinking, “Easier said than done.” If you have a full-time job and a family, you may think additional responsibility is out of the question. Think again. There are plenty of ways to fix credit issues and earn extra money without burdening your schedule, such as:
1. Marketing your skills. Who says your skills are only made to serve one master? Unless you signed a non-compete or exclusivity agreement, offering your services to other companies is a great way to pad your bank account. Browse your local classifieds or online jobs sites like CareerBuilder and Monster for part-time work.
2. Marketing your hobbies. If you would rather leave work at the office, consider marketing your creative talents to aid your credit repair efforts. Are you a gifted painter or decorator? Look for local businesses in need of a makeover. Is graphic design your passion? Consider pitching logo ideas to your favorite companies and establishing new relationships. Paid self-expression is a fun method for enhancing your credit repair—one that could afford bigger opportunities in the future.
3. Going online. If the local job market is looking like a ghost town, try turning to the Web to fix your credit worries. Flexjobs.com and Hiremymom.com are among the hundreds of online employment websites seeking reliable work-from-home employees. From technical writers to project managers to HR specialists, there is something for everyone.
4. Learning about passive income. Wouldn’t your credit repair program proceed more easily if your job worked for you? Passive income is not a new concept, and using it to your advantage could give your credit the boost it needs. Do you own a piece of unused land? Why not lease it to an interested party for a monthly fee? If you own a popular blog, reach out to sponsors and ask them to buy some advertising space on your site.
5. De-cluttering and selling. The need for credit repair is often borne from overspending. If your house is filled with impulse buys and unused items, now is the time to correct past mistakes. Sell your excess stuff, and put the money toward a better future. Have a garage sale or create a post on Craigslist or eBay. Simplifying your material life will help you achieve new balance with your finances.