CREDIT REPAIR SUCCESS STRATEGIES - 101 LEGITIMATE CREDIT REPAIR TIPS DISPLAYED IN 72 PAGES FOR YOU!
Introduction
There are many misconceptions about credit scores out there. There are customers who
believe that they don’t have a credit score and many customers who think that their
credit scores just don’t really matter. These sorts of misconceptions can hurt your
chances at some jobs, at good interest rates, and even your chances of getting some
apartments.
The truth is, of you have a bank account and bills, then you have a credit score, and your
credit score matters more than you might think. Your credit score may be called many
things, including a credit risk rating, a FICO score, a credit rating, a FICO rating, or a
credit risk score.
All these terms refer to the same thing: the three-digit number that lets
lenders get an idea of how likely you are to repay your bills.
Every time you apply for credit, apply for a job that requires you to handle money, or
even apply for some more exclusive types of apartment living, your credit score is
checked.
In fact, your credit score can be checked by anyone with a legitimate business need to do
so. Your credit score is based on your past financial responsibilities and past payments
and credit, and it provides potential lenders with a quick snapshot of your current
financial state and past repayment habits.
In other words, your credit score lets lenders know quickly how much of a credit risk
you are. Based on this credit score, lenders decide whether to trust you financially - and
give you better rates when you apply for a loan. Apartment managers can use your
credit score to decide whether you can be trusted to pay your rent on time. Employers
can use your credit score to decide whether you can be trusted in a high-responsibility
job that requires you to handle money.
The problem with credit scores is that there is quite a bit of misinformation circulated
about, especially through some less than scrupulous companies who claim they can help
you with your credit report and credit score - for a cost, of course.
From advertisements and suspect claims, customers sometimes come away with the idea
that in order to boost their credit score, they have to pay money to a company or leave
credit repair in the hands of so-called “experts.†Nothing could be further from the
truth. It is perfectly possible to pay down debts and boost your credit on your own, with
no expensive help whatsoever.
In fact, the following 101 tips can get you well on your way to boosting your credit
score and saving you money.
By the end of this ebook, you will be able to:
•Define a credit score, a credit report, and other key financial terms
•Develop a personalized credit repair plan that addresses your unique financial situation
•Find the resources and people who can help you repair your credit score
•Repair your credit effectively using the very techniques used by credit repair experts
Plus, unlike many other books on the subject, this ebook will show you how to deal with
your everyday life while repairing your credit. Your credit repair does not happen in a
vacuum.
This book will teach you the powerful strategies you need to build the financial habits
that will help you to a keep a high credit risk rating. It really is that simple.
Start reading and be prepared to start taking small but powerful steps that can have a
dramatic impact on your financial life!
The Basics
Before you start boosting your credit score, you need to know the basics. You need to
know what a credit score is, how it is developed, and why it is important to you in your
everyday life.
Lenders certainly know what sort of information they can get from a credit score, but
knowing this information yourself can help you better see how your everyday financial
decisions impact the financial picture lenders get of you through your credit score. A
few simple tips are all you need to know to understand the basic principles:
Tip #1: Understand where credit scores come from
If you are going to improve your credit score, then logic has it that you must understand
what your credit score is and how it works. Without this information, you won’t be able
to very effectively improve your score because you won’t understand how the things you
do in daily life affect your score.
If you don’t understand how your credit score works, you will also be at the mercy of
any company that tries to tell you how you can improve your score - on their terms and
at their price.
In general, your credit score is a number that lets lenders know how much of a credit
risk you are. The credit score is a number, usually between 300 and 850, that lets
lenders know how well you are paying off your debts and how much of a credit risk you
are.
In general, the higher your credit score, the better credit risk you make and the more
likely you are to be given credit at great rates. Scores in the low 600s and below will
often give you trouble in finding credit, while scores of 720 and above will generally
give you the best interest rates out there.
However, credit scores are a lot like GPAs or
SAT scores from college days - while they give others a quick snapshot of how you are
doing, they are interpreted by people in different ways. Some lenders put more
emphasis on credit scores than others.
Some lenders will work with you if you have credit scores in the 600s, while others offer
their best rates only to those creditors with very high scores indeed. Some lenders will
look at your entire credit report while others will accept or reject your loan application
based solely on your credit score.
The credit score is based on your credit report, which contains a history of your past
debts and repayments. Credit bureaus use computers and mathematical calculations to
arrive at a credit score from the information contained in your credit report.
Each credit bureau uses different methods to do this (which is why you will have
different scores with different companies) but most credit bureaus use the FICO system.
FICO is an acronym for the credit score calculating software offered by Fair Isaac
Corporation company. This is by far the most used software since the Fair Isaac
Corporation developed the credit score model used by many in the financial industry and
is still considered one of the leaders in the field.
In fact, credit scores are sometimes called FICO scores or FICO ratings, although it is
important to understand that your score may be tabulated using different software.
One other thing you may want to understand about the software and mathematics that
goes into your credit score is the fact that the math used by the software is based on
research and comparative mathematics. This is an important and simple concept that
can help you understand how to boost your credit score. In simple terms, what this
means is that your credit score is in a way calculated on the same principles as your
insurance premiums.
Your insurance company likely asks you questions about your health, your lifestyle
choices (such as whether you are a smoker) because these bits of information can tell the
insurance company how much of a risk you are and how likely you are to make large
claims later on. This is based on research.
Studies have shown, for example, that smokers tend to be more prone to serious illnesses
and so require more medical attention. If you are a smoker, you may face higher
insurance premiums because of this.
Similarly, credit bureaus and lenders often look at general patterns. Since people with
too many debts tend not to have great rates of repayment, your credit score may suffer if
you have too many debts.
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