Consulting a Personal Finance Expert to Improve Your Credit

Regardless of whether you have good or bad credit, you can benefit from a personal financial advisor. Especially if you're considering making a major financial move--investing, retiring or saving for your child's college education--consider getting a second opinion from a knowledgeable professional.

Improving Your Credit with Good Advice

A financial advisor can help you create a budget. He'll create a comprehensive worksheet for you, establishing your monthly income and expenditure. With a budget, you can avoid overspending and accumulating debt. If your financial situation warrants it, a financial planner can even assist you in consolidating credit card debt.

Finding the Right Planner

Before selecting an expert, research her background, check her credentials and ask for references. Many experts use the title financial planner, but look for individuals with industry certifications that guarantee their training, including: • CFP® (certified financial planner) • Certified Public Accountant-Personal Financial Specialist (CPA-PFS) • Chartered Financial Consultant (ChFC). Some financial planners only take on clients who meet certain net worth requirements, while others are only trained to advise clients in certain personal finance areas like taxes or estate planning.

Services Provided Financial Planners

Financial planners can help you prepare for major life events, including:

• Birth: Bringing a new person into your home changes your entire economic situation. A financial advisor can help you alter your plans to accommodate a newborn child.
• Buying a home: As you look for a new home, a financial planner can locate the best mortgage interest rates and restructure your finances to afford a down payment.
• Estate planning: A financial planner can help you plan your family's inheritance for after you pass on, and ensure that your heirs receive the lowest taxation and debt possible.
• Investment planning: For those who aren't familiar with the particulars of investment, a financial advisor can can give you advice on how best to utilize your funds--or simply look after your investments for you.
• Marriage or divorce: Marriages and divorces are highly emotional times for all parties involved, and a financial planner can help deal with all the financial paperwork.
• Retirement planning: A personal finance advisor can help you choose investments that will maximize your return, based on how much longer you have before retirement.

Personal finance experts can help you take the first steps toward getting a great credit score, from creating a budget to establishing a debt repayment plan.