Credit Will Determine Your Future
Credit is very important.
In order to qualify for a home loan, car loan, car insurance or even an apartment or rental house - your credit history will be reviewed.
There is an old saying "past performance is a good indication of future performance". If your credit history is flawed there is a good chance your future credit will be flawed. Creditors won't take a risk on you. You will be faxing rejection after rejection.
Take a stance on owning your financial situation.
- Step #1 KNOW WHERE YOU STAND. Look at your credit report annually. www.annualcreditreport.com
- Step #2 START TODAY. Identify something on your report you can improve on today. (Pay towards an old bill, confirm no fraud, ONLY DISPUTE true fraudulent or incorrect information. Disputes will hurt you!!
- Step 3 Commit. Commit to not getting more credit you can't afford. Commit to paying your bills on time. Paying the MINIMUM is OK! Just make the payment.
- Step 4 SNOWBALL. Pick the lowest balance bill you owe and set a goal to pay it off. Once that bill is paid in full, use the payment for it towards the new lowest bill. All while maintaining your minimum payments for all bills.
- Step 5 ZERO TOLERANCE. No excuses on late payments.
Poor credit will affect even your insurance rates!
I'm not a financial advisor. But I see people all the time who can't do the things they want to do because of credit history.
Tomorrow is a new day!
Coldwell Banker Collins-Maury