#26 Don't try for the best buy

by Jane Baker on 11 September 2009  |  1 comment
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It seems to conflict with basic good money sense, but read this and find out why the best buy isn't always your best bet.

My latest piece of 'what not to do with money' advice is for anyone with a less-than-perfect credit history.

#26 Don't try for the best buy

I have just finished an article on the chances of getting accepted for a best buy loan. It occurs to me that a best buy isn't really much good unless it's available to the general masses. But this is most certainly not the case when it comes to just about any form of credit. 

So my advice is simple: If there's a chink in your credit rating armour, it's probably sensible not to try for the best buy. If you're declined, it really will be your Achilles' heel the next time you need a credit card or loan. After all the more you try and fail, the harder it gets.

But don't despair. There are plenty of things you can do to clear up your credit record. Check out some of our best tips in Get out of Debt.