Your credit score is the biggest determining factor lenders look at when assessing your risk for any type or loan. This 3-digit number affects the outcome of you getting an auto or home loan; not to mention if you want to refinance your mortgage, manage your debt, and save for the long run. And if you are able to qualify for a loan, your credit score affects the rate you will be offered. Because of this, having a healthy credit score may save you hundreds of dollars every month because you'll be paying much lower interest rates.
For Military personal a good credit score can be even more important. A poor credit score can prevent job promotions, lead to a loss of security clearance or job loss as well as be a deterrent in buying a home.
Low credit scores are generally the result of 1 or more of these 3 things:
1. Unfortunate "situations" such as divorce, illness or loss of income.
2. Reporting errors by the creditors or bureaus themselves. Errors occur in 81% of all consumers FICO scores.
3. People just behaving poorly with credit as a matter of course.
"The System" tends to work against consumers once they get behind. Unfortunately, changing your situation or behavior is just not enough in many situations. We all make financial mistakes at one point of another. Your ability to learn from those financial mistakes and avoid them in the future is what is going to help you maintain a good credit score and save for the long run.
If you have negative credit items on your credit report you have two options:
1. Do it yourself - if you have the time and the energy.
2. Have a credit restoration professional with a proven track record assist you.
How can you improve your credit score?
- Pay down all credit card or revolving debt balances.
- Allocate resources to negative events within 1 year.
- Always always ask for a deletion letter when negotiating collections.
- Add positive tradeline history from a family member or "authorized user."
- If you have a limited budget, verify that the account is reported correctly first before paying it off.
- Negotiate for what credit pros call "payment for deletion', where the credit agrees to mark your credit report positive after receiving the money.
- Don't start just closing credit accounts randomly. If you need expert consultation on this or any point, go get it!
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions. Have a question or need information about your credit report. Complete the form below. Powered by Fast Secure Contact Form
Have a question or need information about your credit report. Complete the form below.
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