Bahman Davani, CM at Texas Five Star Realty, Plano, TX (214) 457-7055 Real Estate Broker/Owner Frisco, TX (214) 457-7055 Contact Profile
Credit Score: Tips and Tricks on how to improve your credit score
In today’s tough economic times, where every person is being judged by his/her number (credit score), having a good credit and credit score is more important than ever before. You need to have a good credit just to rent an apartment, rent a car, open a bank account, get auto and home insurance, get a job, buy a car or obtain a home mortgage.
Just a few points on your score can be the difference between getting a home loan, auto loan, or even a credit card.
Depending on your credit score you could be denied of getting a loan, would be offered a good or normal rate, or would be offered a loan with higher than normal rate and/or requiring more down payment, etc. Like most cases in finance, those with the lowest risks get to pay the lowest rates.
Approximately 70% of Americans have some form of negative information on their credit reports!
According to “ The 2013 Consumer Financial Literacy Survey ” and “4Ways American are Financially Illiterate” by Wall Street Journal reported in June 2013. we have the following statistics:
· 26% of American adults (about 61 million) do not pay all of their bills on time.
· 7% of American adults (about 16.5 million) have debt in collection
· 37% of American adults (about 86 million people), carry credit card debt from month to month
· 40% now give themselves a grade of C, D, or F on their knowledge of personal finance
· 14.2% of consumers fall
into the 300 to 549 FICO score range. This is the lowest score range that no lender gives loan to anybody for any purpose.
· 61% of American adults failed the basic finance test.
· The Federal Trade Commission’s February 2013 report shows that as many as 26% of people have an error on their credit report.
· 60% have not reviewed their credit score within past 12 months
· 65% have not reviewed their credit report within past 12 months
· National independent studies show that the average American lacks the knowledge, skills and tools necessary to make the most effective decisions regarding financial matters
· Educate yourself to manage your finance and your credit more effectively,
· Know what is being reported in your credit file,
· Know how to remove or correct obsolete and or inaccurate information from your credit files,
· Know tips and tricks to build and improve your credit score,
· Be aware of traps no to fall into,
· Know your rights under the Fair Credit Reporting Act.
· Follow the list of DO’s and Don’ts under different situations
· and more….
Based on many years of reaserch, I wrote a book which addresses all of these points and provides tips and tricks to improve your credit score. It's title is “Credit Score: Tips and Tricks on how to improve your credit score ”.
Do yourself a favor and save some money, too. Don’t pay fees to “repair” your credit history.
Do It Yourself: Obtain a copy of this book, “Credit Score: Tips and Tricks on how to improve your credit score” and start improving your credit score free.
Posted on June 09, 2013 10:17 PM