Have you ever been denied credit or had to pay high interest for a car loan, credit card or home loan, most likely the reason is the poor state of your credit (FICO) score. Nothing can hurt you financially like having bad credit, it can hurt your chances of getting a job that requires you to handle money, even affect your choices of decent apartments, and utility companies may require you to pay huge deposits before turning on service.
On the other hand good credit can make life so much easier, a higher FICO Score can make a world of difference in how much you pay for credit, you will qualify for and receive preferred interest rates resulting in a lowering of your cost of living leaving you money for items previously denied to you, savings account, education or a vacation. Your credit score is based on your financial history and past payment and credit, it provides potential lenders with a quick snapshot of your current financial state and past repayment habits. It lets lenders know how much of a credit risk you are and whether they can trust you financially and offer you better interest rates and higher credit limits. Apartment managers can use your credit report to decide if you can be trusted to pay your rent on time, and employers can use your credit report to decide whether you can be trusted to handle a high responsibility position that requires you to handle money. The problem with credit reports is the potential for negative or incorrect information mistakenly being assigned to your file, or old information not being removed within the time allowed by law. (Unscrupulous collection agencies have been known to “re-file” delinquencies and carry it on past the normal 7 -10 year cut-off). Perhaps you were a victim of credit theft or co-signed for a friend or relative who compromised your credit file, could be you lost your job or had an illness. No matter what the circumstances there are consequences to ignoring your poor credit, don’t assume it will just clear itself in time you need to take the actions necessary to clean it up and in doing so you will boost your FICO score. This blog will provide you the straight forward information that you will need to take charge of your credit, you will learn the powerful strategies needed to clean up your credit file and teach you the good habits that will help you keep a higher credit rating. You will learn how the credit reporting bureaus work and how to communicate with them to repair your file and effectively correct and remove derogatory information. |
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