A professional real-estate broker presents his thoughts on how to manage and restore one’s credit.
As Underwood explains in this debut, there’s no “magic bullet” for credit problems. However, it’s possible for even the most debt-ridden person to dig his way out if he’s motivated, determined and has the right system. The core of the author’s credit restoration system is a three-step process: The first step involves writing up basic personal finance documents to assess one’s current financial situation. The second step explains the factors that can affect credit scores, and how one can improve scores as quickly as possible. The third step is to lay the groundwork for a strong financial future by analyzing one’s plans. Underwood briefly summarizes each step, then goes into detail about how to implement each one. He provides basic information on how credit cards work, along with several different payoff methods to clear one’s debt over time; he also explains the importance of establishing an emergency fund. Later, he reviews the four life stages of financial planning, and describes the priorities for each stage. He also discusses the perils of being a distressed homeowner, and offers a few options that homeowners can use to bail themselves out of trouble. Finally, Underwood talks about the importance of having the proper mindset when reworking one’s finances, and provides a list of motivational sayings. The financial advice here is solid and detailed, and may be useful to someone who knows nothing about personal finance. However, anyone with a basic knowledge of the subject likely won’t find anything new here. Also, the book’s excessive use of dashes makes the text difficult to parse in places (“In the current economy—many individuals and companies promote the early payoff of your home mortgage as if there is a magic—or secret formula—that they possess”).
A fairly good, if basic, financial primer, despite some readability issues.