With the U-S Economy slowly turning around, and the Recovery apparently improving, now’s a perfect time to consider double checking your Personal Credit Rating and start working to improve it.
That’s a good idea now because a slip of just a few points in your credit score can make it tougher for you to get a house, buy a car or even apply for a job.
Al Bingham is financial author who recently published “The Road to 850”.
He says 68O is the magic number.
Stay above and he says lenders will consider you safe.
But he warns below that, you may be considered risky.
Bingham warns, ““Your credit score can drop 60, 80, 100 points in no time”.
So what can we do about it?
The Federal Trade Commiasion advises double check your credit report and dispute, in writing, any errors you find.
Look for missing charge accounts you’ve paid off, but might not be listed anymore. They can help improve your credit history especially if you curently don’t have many credit card accounts or revolving credit loans.
Try accelerating payments on any open loans or credit cards and where possible, seek lower interest rates on them.
Avoid debt repair offers and advance-fee loans, which can often be little more than just another financial scam.
Remember, many so-called free credit reports carry extra charges.
Only annualcreditreport.com is federally approved and offers actual no-charge annual reports.
Bingham warns “”If you don’t pay attention to it, it will cost you, I guarantee it will really cost you.”
As the economy improves, more and more consumers will be challenged to seek new jobs, get new loans or apply for new credit cards.
Working on improving your credit-rating right now will make it a lot easier to better guarentee your financial future is better than it was during the height of the recession.
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