When it comes to your credit – it’s going to be one of the most important things for you to keep up with. In order to do practically anything financial in life you need to have a good credit rating. Lenders can use one of many different credit-scoring models to determine if you are creditworthy. Different models can produce different scores. However, lenders use some scoring models more than others. The FICO (Fair Isaac Corp) score is one such popular scoring method. FICO credit scores run from 300 (high risk) to 850 (low risk), so the higher your score, the easier it will be for you to get loans with more favorable interest rates.
To bump up your credit score you need an extensive history of borrowing money and paying it back on time, over time. Lenders pay FICO to get your score, which is based on information from the three major credit reporting agencies: Equifax, Transunion, and Experian. These three agencies can either make or break you. If they make you – then you have nothing to worry about. You have a credit score that some of us would be jealous about! Unfortunately only about 13% of the people in the United States have outstanding credit history.
The high risk percentages are at about 2%. Which is still pretty darn high considering there are about 307,193,902 people in the US! That is somewhere around 6143878.04 people that have “high risk” credit. This really stinks – especially for those of you that are getting gobbled up as is with the way the economy is. It’s a sad story and there are a few ways you can go about fixing this. One way is to find someone you can borrow the money from. I’m not talking about an “official” financial structure either. And I definitely don’t mean a loan shark.
This is a big no no. You can borrow from family – but you will still have to pay them back unless you have a super rich uncle or something (don’t we wish!). Another thing you can do is contact a credit counselor. This is good if you have a few thousand dollars to burn and a lot of time to spend with the counselor. Personally, I would like something much easier. After doing some searching around, I did find one final way to fix bad credit – with credit repair software. These are do it yourself credit repair kit programs that you can buy and download.
Whether it’s inaccurate bankruptcy or tax lien information, mistaken foreclosure or repossession details, outdated credit report rejections or late payment info, these programs will get them removed from all 3 credit bureau reports mentioned above practically immediately. This is perfect for those of you that want to find credit repair, but you don’t have a ton of money to throw down. These programs cost under $ 100 and on a lot of sites you can find them for under $ 30. This is pretty spectacular if you ask me. Now you can fix your problems and finally move on with your life knowing that you don’t have this hindrance anymore.
No more stress. No more anxiety. Just you fixing your credit so you can live a better life and help those around you live better lives – such as your kids. Bad credit can put a lot of disparaging thoughts into our heads. It IS something that we think about all the time. Isn’t there something else you would rather think about? I’m sure there is! Help yourself, find a program such as the one mentioned above that can help you with a step-by-step guide.
You won’t have a ton of questions because these programs are so easy to figure out. But if you do, there is help available to you. You can find Customer Service and ask them or if the site you bought from has a support forum, you can go there as well. You don’t have to be alone in this!