Repairing Your Credit Score with a Managed Account

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If we’re having a great time in life, then one peek at our finances can usually sober us up and reign us back into reality. You might be one of the many people who fall behind on your debt repayments or utility bills, but unfortunately, this all signals to every bank that you’re not responsible with money.

A poor financial history can mean that you’re slapped with a bad credit score, and you could then be denied loans and mortgages. Obviously, you don’t want one repairable mistake to hold you back from a good life, so it’s time to take responsibility and get to work. Utilising a managed current account can be useful here, helping you get back on track with your finances. Here’s how:


Quality Management

For whatever reason, not everyone is good at spending their money. Whether it’s a tempting buy that doesn’t fit in your budget or you owe a lot of money to authorities and individuals, it can be hard to live a happy life when your finances don’t allow it. It’s a tough rut to get stuck in, but you needn’t face it alone.

Managed current accounts are managed by well-trained professionals, who ensure that you’re meeting every payment owed, and only then allocate you the rest of your remaining funds. While these accounts do come with a monthly fee, it helps to have the eye of an expert overseeing your situation. Consequently, if you have a habit of overspending, this cap serves as a helpful buffer to ensure that your priority payments are out of the way first.


No Overdraft

Many people see an overdraft as a safety net, and it can serve this function if used properly. What it isn’t is a place to continually revisit, and sometimes it’s presence can lead users to be more careless with their money. However, using an overdraft means you’ve depleted your own resources and are thereby not living within your means. It’s forgivable to slip into it on occasion (especially for students), but it should be by no means a way of life.

Consequently, managed current accounts come without one, meaning you can never be tempted to overspend again. You shouldn’t need it anyway with the management side of things, but still, there’s more discipline to be found here. Adjusting to life without overdrafts and the possibility of overspending means you can slowly reshape your attitude to money and how you use it.


No Credit Checks

A bad credit history can dog you just as persistently as a criminal record. It can be just as potent in its drawbacks too, as you can be barred from certain opportunities and experiences. All in all, it can feel like every investment you want to make is stuck behind a credit check, and as soon as you’re found out life is locked off to you.

Notably, managed accounts do not require a credit check. This one of their unique perks to ensure that they’re accessible for the masses, keen to help as many struggling people as possible. Therefore, this is a key resource you need to utilise if you’re burdened by a poor credit score. It’s a second chance that doesn’t discriminate based on your financial track record, which is obviously a huge plus when you’re beset with money problems.


YOUR TURN: What have you done to repair your credit score? Let us know in the comments! 


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My Life, I Guess is a personal finance and lifestyle blog by Amanda, an older millennial from Ontario, Canada that strives to keep the "person" in personal finance by writing about money, mistakes, and making the most of whatever life throws at you.