Good credit can be the make-or-break detail that determines whether you'll get a home mortgage, low interest credit cards, a personal lines of credit or a job (lots of employers check the credit of candidate applying for a position in their company). Good credit can signify your financial situation. It can be an indication that your life is on the right path to success.
You can check your credit score by requesting a free credit report every year from each of the three reporting bureaus: Equifax, Experian, and Trans Union. Your credit report is separate from your credit score. In addition you also need to request your FICO from the three reporting companies mentioned a previously. Your credit score is based on the information found on the credit report. Some of the scoring factors are payment history, amounts owed, length of credit history, types of credit used and they look at have you applied for new credit. FICO scores range from 350 to 850.
You can repair your damaged credit but it takes time, a conscious effort and setting up a personal debt repayment plan and stick to it. There are some credit repair services available through some lending institutions. The counselors offer some of the most effective and efficient ways to help you repair your credit.
This blog post courtesy of Bernita Mckinnion, Home Land Investment Properties, Inc.