Society often judges you more by your credit score than your personality, actions or resume. From mortgages to employment applications, the need for a good rating is higher than ever. If yours is lower than you want and you’re looking to repair it, read this article for some ideas you can use.
If you have decided that bankruptcy is the only way to deal with your credit, it is best to file as soon as possible. Don’t waste your time or money on strategies that you don’t see working. Filing bankruptcy sooner will allow you to start the process and begin to get your life back in order.
If you have bad credit, do not use your children’s credit or another relative’s. This will lower their credit score before they even had a chance to build it. If your children grow up with a good credit score, they might be able to borrow money in their name to help you out later in life.
Repairing your credit score can mean getting a higher credit later. You may not think this is important until you need to finance a large purchase such as a car, and don’t have the credit to back it up. Repair your credit score so you have the wiggle room for those unexpected purchases.
If you are concerned about your credit, be sure to pull a report from all three agencies. The three major credit reporting agencies vary extensively in what they report. An adverse score with even one could negatively effect your ability to finance a car or get a mortgage. Knowing where you stand with all three is the first step toward improving your credit.
As mentioned earlier in this article, a good credit rating can mean the difference between owning a house or renting an apartment. It can even decide some job opportunities. Clean up your credit reports and ratings with the advice from this article, and you’ll start feeling better about your financial future within minutes.