The statistics don't lie ? only about 40% of consumers have truly good credit. This is defined as a credit score of more than 700 from all three of the credit bureaus; this is called Prime Credit standing and is a desirable thing to achieve. With this kind of credit score, your score will usually not be affected by minor issues such as late payments and inquiries.
A credit score of under 700 from all three of the credit bureaus means that you will be perceived as a higher risk (as are 60% of consumers) and in this case, it's hard to tell just what will affect your credit score and whether it will be for better or worse. For example, getting a loan under these conditions may actually decrease your score!
The credit scoring system is fixed? The credit bureaus have made it very hard to get a score of 700 and up because the lenders who fund the credit bureaus make more money in interest payments from consumers with lower credit scores. If you have a score of less than 700, then you need a fast score system to get you into a position where you're not forking over any more of your hard-earned cash then you have to.
One of the tricks for not raising any red flags about your credit is to never go into debt more than 25% of your annual net income. Your tax returns and/or accountant can give you an idea of what your net income is if you don't all ready know. So be wise when putting something on credit. Make sure it's a sound investment that you really need or will use.
The credit reporting system is deeply flawed, since everyone but the consumer benefits from the system. Consumers have long lobbied for change and with the 2004 Fair Credit Reporting Act, some reforms were made; but unfortunately it did nothing to require the credit reporting bureaus to maintain accurate information and of course, many question how strictly the stipulations of this act are enforced if indeed they are at all.
Let's say that your credit score it 600 and you apply for a loan. You would lose 35 points whether you get the loan or not. If you were in the 700 bracket, you would not have had a 35 point drop. Since your goal is to get above the 700 mark you need a fast score system to get you beyond the petty problems at the lower brackets.
You should approach credit repair services with caution; they can get some of the negative items off of your report, it's true ? but this can actually affect your credit score negatively! If you have less than perfect credit, it's better to add accounts which are in good standing to offset the negative items on your report. You should aim to increase your credit score rather than simply trying to make your credit report look cleaner. A fast score system of some sort is the slick way to get this done quick.
A credit score of under 700 from all three of the credit bureaus means that you will be perceived as a higher risk (as are 60% of consumers) and in this case, it's hard to tell just what will affect your credit score and whether it will be for better or worse. For example, getting a loan under these conditions may actually decrease your score!
The credit scoring system is fixed? The credit bureaus have made it very hard to get a score of 700 and up because the lenders who fund the credit bureaus make more money in interest payments from consumers with lower credit scores. If you have a score of less than 700, then you need a fast score system to get you into a position where you're not forking over any more of your hard-earned cash then you have to.
One of the tricks for not raising any red flags about your credit is to never go into debt more than 25% of your annual net income. Your tax returns and/or accountant can give you an idea of what your net income is if you don't all ready know. So be wise when putting something on credit. Make sure it's a sound investment that you really need or will use.
The credit reporting system is deeply flawed, since everyone but the consumer benefits from the system. Consumers have long lobbied for change and with the 2004 Fair Credit Reporting Act, some reforms were made; but unfortunately it did nothing to require the credit reporting bureaus to maintain accurate information and of course, many question how strictly the stipulations of this act are enforced if indeed they are at all.
Let's say that your credit score it 600 and you apply for a loan. You would lose 35 points whether you get the loan or not. If you were in the 700 bracket, you would not have had a 35 point drop. Since your goal is to get above the 700 mark you need a fast score system to get you beyond the petty problems at the lower brackets.
You should approach credit repair services with caution; they can get some of the negative items off of your report, it's true ? but this can actually affect your credit score negatively! If you have less than perfect credit, it's better to add accounts which are in good standing to offset the negative items on your report. You should aim to increase your credit score rather than simply trying to make your credit report look cleaner. A fast score system of some sort is the slick way to get this done quick.
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