| The Road to Credit Repair | | | | every month. |
| It is increasingly difficult to maintain a positive credit | | | | There are services available who can help you with |
| history. Lay-offs and pay cuts across the country | | | | credit repair; this entails helping you budget, and |
| have had consumers reeling, suddenly unable to make | | | | perhaps talking with your creditors to negotiate |
| payments on their mortgages and credit cards. | | | | affordable payments so that payments can be made |
| Your Credit Score | | | | on time. Over time, this will help fix your credit score. |
| Sadly, the converse result of the recent economic | | | | Knowledge is Power |
| downturn is a tightening of requirements on the part of | | | | There is no quick answer to repairing your credit. |
| the banks, making it more difficult to be approved for | | | | However, it is almost impossible to understand your |
| an auto loan, a mortgage or refinance, or a loan of any | | | | credit situation without seeing what is on your credit to |
| kind. Most lenders are now requiring a much higher fico | | | | begin with. There are a number of resources where |
| score than the did in the past. Loan approval with a | | | | you can receive a free credit score, and if you turned |
| lower score is not impossible, but will come with much | | | | down for a loan or a credit card, you have the right to |
| higher interest rates and fees. For example, you may | | | | request a free copy of your credit report. |
| be approved for an auto loan, but your payments may | | | | Once you know what your credit report contains, you |
| be 50% higher due to increased interest. | | | | can work to repair it. The process will not show results |
| FICO stands for the Fair Isaac Company, which is the | | | | over night. However, each month that you make your |
| company responsible for assigning your credit score to | | | | credit card and loan payments on time, you will be |
| you, based on mathematical calculations which change | | | | contributing a little more to raising that credit score. |
| every time you open a line of credit, make an on-time | | | | Over time, you can recover from the poor credit |
| payment, or do not make a payment. The only way to | | | | score you are carrying. |
| raise a credit score is to make on-time payments | | | | |