Every time you need to get a loan from a crediting institution, there’s always one document that will determine whether you’ll get a positive response or not. It is your credit report. This is the document that has helped shaped the lives of millions and at the same time has been the obstacle to making some progress for some millions too.
Also, your score has to be really good for you to get the best of deals with creditors. But this is one area that needs clarification as some people’s perception of a good score conflicts with that of financial experts.
You may have a score of 620 to 660 and think you’ve done great. Frankly speaking, this is a nice try. But if you expect to get a mortgage loan or auto loan in the present state of the economy you’ve got to do better than that.
As a matter of fact, mortgage bankers will only readily consider you for loan nowadays if your records show that you have a score of 740 and above. Though many people still get approved with scores from 700 to 720, but the reality is that they pay a higher interest rate than if they presented 740.
The way to improve your rating is to fix your credit report. To do this, you’ll be using either self-help or the services of a repair agency. If you must use self-help, which is cheaper monetarily, you’ll be needing a guide-tool known as a restoration-kit/manual.
This is not compulsory but essential since you’ll be applying same strategies that repair agencies use – methods such as sending out dispute letters via certified mail to bureaus, challenging negative/incorrect information on your file, and even calling the bluff of collectors who are noted for coercing debtors. One of the things edges a restoration-kit will also give you is how to negotiate with collectors and get them to help you delete collections from your file.
Remember that you can also consult a credit repair agency if you can’t do-it-yourself. Good luck!