It’s essential to obtain an excellent credit rating when you’re younger, as it can affect your quality of life down the road. Buying a new car, purchasing a house or a condominium, and even finding a nice place to rent will all be determined by your credit score.
Failure to have a good credit rating can mean the difference between having the life you want or settling for second best.
Many consumers are oblivious of their credit score until that point in time when they need to have a good one. This may be a time when they get turned down for a loan, or have to pay a higher interest rate and higher monthly payment because of a low credit score.
After you fill out your loan application, or rental application, you’ll give permission for your credit rating to be checked.
Ratings are based on scores. While no one has a perfect rating, a really low rating could affect your life.
Anytime you have failed to make a payment, or been late on a payment on a credit card, loan, or utility, it will adversely affect your credit rating. These negative items on your credit report have a bad impact on your credit score. For example, a late payment over thirty days can drag your score down by 60 to 110 points.
Another factor that has a role in your credit report may be inaccurate items. For example, perhaps the bank made an error on a check you wrote and added two extra zeros to the end, causing you to have insufficient funds in your account. You may have thought the issue had been sorted, but it may have made it onto your credit report despite being not at fault.
A bad report stays with you for seven years. But it’s possible to have your report pulled and find out what it says. You can dispute inaccurate items, or items that are not your fault.
Removing negative items from your credit report is one of the best ways to immediately improve your credit score.
All it takes is a quick ten minute sign-up. You’ll receive your registration through email and have access to the credit portal 24 hours a day.
You’ll receive a report , and follow the instructions for disputing any negative items so you can obtain the best credit score possible. Soon you can be on your way to purchasing that new home or new car without any unneeded penalties.