If You Need A 700+ Credit Score, You Need A Fast Score System
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by: TrishaFrauenhofer
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Financial experts tell us that only around 40% of consumers have what is called Prime Credit standing in the industry, meaning that their credit scores from all of the three major credit bureaus are at or above 700. This kind of credit score should be everyone's goal, since having a score of over 700 means that your score will not be negatively affected by many of the things which can damage a lower score, such as inquiries and late payments.
If you?re one of the 60% of consumers who have a credit score of less than 700 from the three major bureaus, then lenders will look at you as an increased risk and will set interest rates accordingly. With a score under 700, it's also a lot harder to predict what will affect your credit score and whether there will be a positive or a negative impact. When you apply for a loan, you may find your credit score suffering even if you are approved!
The whole idea of the credit bureaus is to make it extremely difficult to score over 700. Why? Because this means more money for lenders who can then charge higher interest rates. If your score is under 700, then you need to get your score over this magic number quickly using a system which works for you, instead of for all of those businesses who are getting more of your money than they're really entitled to.
One of the tricks for not raising any red flags about your credit is to never go into debt more than 25% of your annual net income. Your tax returns and/or accountant can give you an idea of what your net income is if you don't all ready know. So be wise when putting something on credit. Make sure it's a sound investment that you really need or will use.
There are inherent flaws in the credit reporting system we use; the problem is that the credit bureaus themselves profit from the system. For years now, consumers have clamored for some sort of reform. The 2004 Fair Credit Reporting Act did resolve some problems, but didn't solve the real issues, and definitely didn't make any difference in the accuracy of the information the bureaus maintain. Worse still, it's unclear whether this law is really enforced at all.
Let's suppose that your credit score is 600. You apply for a loan and whether your application is denied or accepted, you'll lose 35 points off of your credit score! If your score was 700 or above, this wouldn't be the case. You can avoid all of these roadblocks by using a fast score system to get your score over 700.
You should be very careful about credit repair services as well. While they can indeed have some of the negative items on your report removed, be aware that this can actually lower your credit score. If your credit score is under 700, you're better off not removing these items at least not right away. Instead, add new accounts in good standing to balance out the negative items. Your concern should be improving your credit score instead of simply making your report "look" better.
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