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Why Your Credit Score is Important and How to Improve it

Part 2 of 2 - How To Improve Your Credit Score

Is A Good Credit Score Important?
Yes! A good credit score is considered 720 or higher although some lenders may have different standards. A good credit score will provide you with an excellent interest rate. It can ensure your ability to get a loan. A good credit score can even have an effect on what you pay for car and home insurance.

Borrowers with higher credit scores are normally given better mortgage and refinancing rates. Why is this? Because lenders believe those with high credit scores are an ideal customer. Having high credit score show the bank that you are a responsible borrower. It also gives you negotiating power when it comes to things like closing costs and other fees. Having a high credit score means banks are more likely to compete for your business because it is in their best interest to offer you the best possible deal.

Another reason your credit score is important is because it is a HUGE part of your financial identity. Credit score affects many things including your ability to lease a car, rent a house, make large purchases and even become a customer of certain companies. A credit score is not something to be taken lightly.

You Can Improve Your Credit Score
Maybe your credit score is not so great. That is okay! You can improve a bad credit score.

Get Your Free Credit Score & Credit Report For $1.00!

Here are some ways you can do that:

PAY your bills!

Make the decision now to begin paying your bills on time each and every month. There are several budgeting tools online to begin telling your money where it should go. Budgets are easy to make and can give you an idea of where your money goes each and every month. Knowing where your money goes is the first stop in paying your bills on time. And paying your bills is the number one tool in repairing a bad credit score.

Monitor your credit report

The federal government allows you to obtain a free copy of your credit report once a year from each of the major credit bureaus. The three major credit companies are Experian, Transunion and Equifax. You can do this by visiting Annual Credit Report every three months. Pick one company each quarter, and you will be able to keep a good eye on your credit report Monitoring your credit report will let you know if there any discrepancies that may not be accurate. It also tells you whether or not there are negative items on your credit report that affect your credit score.

Many companies allow you to view your Free Credit Score and Report when you subscribe for their suite of credit protection products. Through this method or by signing up directly with Experian, TransUnion or Equifax, you can shortcut the waiting process and get visibility to your FICO score and report immediately. Also, more and more, credit card companies and banks are allowing their clients to view their credit score through their monthly statement.

What About Credit Repair?
If monitoring your report, and getting your credit back on track seems overwhelming, consider using a company like Credit Repair Inc. They offer easy and helpful tools that can help fix bad credit. Members of Credit Repair Inc. typically added 40 points to their credit report in as little as four months. How? Their customized tools allow you to repair your past. Their 24/7 credit monitoring system allows you to monitor your present. With a company like Credit Repair Inc. you are able to build your future. This allows you have order in your financial life and maintain a healthy score, while accomplishing your credit goals.

So are you ready to take the next step in obtaining a fantastic credit score? The future is in your hands there's no time like the present to raise your credit score and gets on the right path financially. You now know why a good credit score is important. The only thing standing in your way is action. Make a plan now to secure your financial future and one day have the ability to own your dream home, and be in charge of your financial identity. You can make that happen!

Get Your Free Credit Score & Credit Report For $1.00!