| In this current credit market we are in you need to | | | | part but it can be done. The first thing you need to do |
| have a 700 credit score to even get lenders to | | | | is get a copy of your credit report from all three major |
| consider giving you credit. If you have a low credit | | | | credit bureaus. You need to see what is actually on |
| score then you know that the lower your score is the | | | | the reports. |
| more of a negative effect it will have on your | | | | Start by cleaning up any old bad accounts on the |
| borrowing capabilities. | | | | report. For example, if you have a bad account that is |
| If your FICO credit score is less than 700 and you are | | | | 7 years old you need to write and ask that it be |
| looking for ways to improve your credit rating then | | | | removed. Many people have the misconception that |
| read on. You will learn how a low credit score impacts | | | | they automatically "fall off," this is not the case. Leave |
| your life and ways to how to have credit score above | | | | all good standing accounts open no matter how old |
| 700 and get the loan with lower interest rates and | | | | they are, in fact the older the account the better. This |
| better terms. | | | | gives you a longer credit history and raises your score. |
| How a Low Credit Score Impacts Your Life | | | | Another fast way to improve your credit score is to |
| There are so many aspects of your life that a low | | | | quit making late payments. Prompt payments make up |
| score impacts but you don't realize just how | | | | 35% of your credit score and you are only allowed |
| detrimental it can be. Did you know that having a bad | | | | one late payment before it negatively effects your |
| FICO score can impact your ability to get a job as | | | | credit. So start making all of your payments a few |
| many employers now check credit reports? | | | | days ahead of schedule and in a few months you will |
| Your vehicle and homeowners insurance rates are | | | | see your score start to improve. |
| also negatively impacted and you will need to have | | | | Another easy way to increase your credit score is to |
| bigger deposits for your policies and you will pay more | | | | pay down some of your debt. Your debt ratio really |
| than someone with a higher score. What's more, now | | | | impacts your credit score. What this means is that if |
| some insurance companies won't even write policies | | | | you have a credit card with a $5000 credit limit and |
| to applicants that don't have good credit. | | | | you owe $4900 you have way too much debt on the |
| You will also find that if you need a loan you will be at | | | | account. You need to have at a maximum 50% on |
| the mercy of the lender. You will have no leverage | | | | your cards and preferable only 25%. Once you lower |
| and you will get much higher interest rates and the | | | | your overall debt and the debt to credit line ratio you |
| terms will be less than desirable. | | | | will see a dramatic improvement in your score. |
| Ways to Achieve a 700 Credit Score or Higher | | | | By implementing these few ideas you will be well on |
| Having a 700 FICO score takes a little effort on your | | | | your way to having a 700 credit score or even higher. |