So, you want to buy something big. Something REALLY BIG like maybe. hmmmmm . . .a car or even bigger, a home!!
Well, the first thing you will have to do is tone down that buying enthusiasm and think clearly about your credit standing and credit score. Ask yourself, is your credit standing good? Then, what’s my credit score?
Now you say to yourself, “Now what? How am I going to get that personal loan at a good interest rate? I know I can use a service like this one, but what are my other options?”
Take a deep breath, that’s it, in and out slowly. Close your eyes and put yourself in the lender’s shoes and think about what they will be looking for when they check your credit. Could you be one of the following:
* Hey Big Spender!
You already have been having a good time and your current credit cards show you have high balances. Or you moved some high interest balances to a lower interest balance not really thinking that your big spending still shows the same total amount owed.
* I Have More Than You!
Having a credit card from every retail store you shop at cause they said, “Oh, you can get 10% off your purchase today, would you like to sign up?” is not good. Did they also tell you that their interest rate maybe 24% on that same purchase?
* Time? What’s that?!
This one is easy, are you paying your bills on time?
If you are any of the above, oh boy do you have a problem, but don’t worry, be concerned, very concerned. And believe it or not, you do have the ability to fix your credit so you can get that car or home at a good interest rate.
So NOW you ask yourself again, “Now what? What do I need to do?”
That’s easy. Just follow these easy steps:
* Don’t Close Me Out!
Don’t close any accounts. Your credit score will go down.
* Get Me In The Mail On Time!
Payment history is the one most important factor that affects your credit score. Getting in the habit of paying your bills on time can be a powerful tool for increasing your credit score.
* Hey, Keep It Down!
Lenders like to see a cushion between your credit card limit and the amount you owe. The more you pay off, the bigger the space, the better your credit score.
* Bad, That’s Very Bad!
Missing some payments may not seem bad to you but to your credit score and standing it is.
* Hey, Check Me Over!
At the least, check your credit report once a year. However, most experts recommend twice a year
Now that you know what to do. Go out and get that BIG, that REALLY BIG something like maybe that car or a home. And continue to follow the do’s and don’ts about your credit and you will always be in the $$$$$$$$.