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Why does your credit score matter so much? Well, it's what almost every company in your life uses to determine whether you are a credible, trustworthy borrowing candidate. From your prospective employers to your prospective landlords, most companies will check your credit score in order to gauge their risk. No one likes a deadbeat!
Credit Repair is About Financial HealthCredit repair, in the final analysis, is about your financial health. You may start a credit repair program with concerns about the accuracy of your credit report, but in the end the real benefit of healthy credit is money in your pocket. Credit repair translates into a lower cost of borrowing, and consequently more room in your budget for saving.
Debt is not always a bad thing. In fact, there are instances where the leveraging power of a loan actually helps put you in a better overall financial position.
by Kristy Welsh
Credit Repair is not difficult, but you can shoot yourself in the foot if you don’t pay attention to a few little things. Here are common mistakes people make which can be easily avoided:
You're planning on buying a house in a few months and want to do everything possible to raise your credit score before you apply for a mortgage. What are the three most important things you can do today for a higher credit score tomorrow?
Whether you’re flying high with a credit score in the 800s or laying low in the 600s, you aren’t alone. Credit Karma compared the credit profiles of over 200,000 consumers with similar credit scores and found that the average Joe and Jane in the same credit score range share more than just three digits in common.
It's much easier to start with good habits than to repair black marks later on.
By Liz Pulliam Weston
Establishing a good credit history has never been as important as it is today.
It's not just that you'll need good credit to get decent rates when you're ready to buy a home or a car. Your credit history can determine whether you get a good job, a decent apartment, a deal on your cell phone and reasonable rates on insurance. One seemingly minor misstep -- a late payment, maxing out your credit cards -- can haunt you for years.
FICO credit scores, which most lenders use to determine interest rates, have been dropping around the country, according to FICO Inc.
About one in four consumers, or about 43 million people, now have a credit score below 600, according to FICO. Generally, anything below 620 is considered a poor score, so low that borrowers might not be able to get a loan, even with a high interest rate and additional fees.
The Federal Trade Commission (FTC) enforces consumer protection law and has the responsibility of protecting consumers from companies that steal our business through false claims, illegal services, and improper disclosure. With regards to shady credit repair clinics, practices like this became so pervasive that a federal law was passed to outline how credit repair organizations can operate.
I am getting married in October. I have a lot of debt, but my fiancé has none. How can I prevent my bad credit from affecting him? Would separate accounts help?
In your situation, maintaining separate accounts would certainly help. Each of you has your own credit report, so your record shouldn't affect your husband's as long as you don't co-sign for any credit.
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