1. Do You Know What Your Credit Report Says?
Posted by admin On July 6, 2010 5:44 AM
When you are embarking upon a new major life purchase such as a car or home, or perhaps even starting
your own business, there are three things that can dramatically influence the reality of how successful your
new business will be or how luxurious a car or home you can afford. Those three things happen to be three
digits that range between 300 and 900.
If you have not already guessed it, that range represents your credit score. The higher your credit score, the more financing
opportunities you will have. You will not only have more options, but you will have better options with lower interest rates, lower down
payments, more negotiable terms and the like.
If you already knew what those numbers represented, chances are you have recently said to yourself, ?Man! I need to clean my credit
report up.? Before you become frustrated or feel defeated, take heart in the fact that you have educated yourself enough to learn what
you must do.
You can only imagine what a nightmare it is for the uneducated consumer to find out that they have poor credit and cannot afford the
home they?ve been dreaming of. Perhaps an unaware entrepreneur looking to start his or her own business will be set back by lack
of financing due to poor credit. These poor souls will find out the hard way and be wishing they had asked, ?How can I clean my credit
report quickly?? long before they needed to buy that new car. Certainly, they, and you, would want to know this before you ask a bank
for a new business loan.
But don?t let these sad scenarios turn out to be your reality. Take control of your destiny, or at least the destiny that FICO allots you,
by knowing where you stand in that range between 300 and 900. Knowing is half the battle, or so they say. So don?t be afraid to ask
yourself, ?Should I clean my credit report before I apply for this loan??
The other half of the battle lies in your strategy and execution. If you find that your credit score is in need of repair, there are tons of
quick tips and tricks you can implement. If you give yourself even just six months, it may make the difference of at least one interest
rate percentage, or maybe even two.
If you ask yourself, ?How can I clean my credit report up?? at least one year before you plan on making a substantial purchase, then
you will have plenty of time to repair damage.
Aside from offsetting damage done to your credit report from late payments, collections, inquiries and other actions, you may find that
some information is incorrect. Giving yourself plenty of time to dispute any incorrect or false claims before you need to apply for
financing is a good idea because credit bureaus may have a lengthy process or many requirements before the remove or correct data
on your credit report.
There are many credit guides, credit report services and other tools you can purchase or join to help repair your score. However,
don?t forget that these services and tools will take time, so keep time on your side by asking, ?How does my credit score look and do
I need to clean my credit report .? early and often. By keeping questions like these in mind, you will find all the right ways to improve
your score.
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