subject: Bad Credit? How do you Know? [print this page] Bad Credit? How do you Know? Bad Credit? How do you Know?
Bad Credit?
How do you Know?
Bad credit can really mess up your life, and if you need any reassurance that it can, you can ask hundreds of folks that I have had to turn away over the past nineteen years that I have been in this business. It is sad but true, and the only way to recover is to take the time to sit down and address it.
Bad credit can be resolved, but keep in mind that no one is going to fix it but you. The only way to know is to get a copy of your credit report, and my advice is to get your credit from all three credit bureaus. Not all creditors report to all three credit bureaus, and this can really hurt you if you don't know what is being reported where. Once you pull the credit report, start going through it and looking at all of the accounts that are listed. Once you do that, you need to make a note of which ones you are aware of, and if you aren't then you need to take the time to contact that creditor. Every account that is opened in your name is being reported to your credit bureau, so make a note of it.
Make a note of any delinquent accounts, and who they are with. Delinquent means that your payments are late, or you aren't making payments which results in bad credit either way. Remember, that bad credit is also associated with too much debt. It is great that you pay your bills on time, but when you have too many of them that can hurt you too. Having more money going out than you are bringing in is so damaging to your credit, and looks bad on paper and on your credit report. Whether you think so or not, your level of debt to income shows up in the amount of minimum payments you are making. When the lenders and banks pull your credit report they know right off the bat what your level of obligations are, and you can't hide it.
Your credit won't solve all or the problems in your life, but it can help make your life easier because it affords you opportunities. Options are the key to life, and more options gives you the ability to generate more income for yourself so that you can pay your bills and have a home. You don't have to be a slave to debt, and when you are that is a sure indication that your credit is bad.
For more information on credit, and what you can do get your credit repaired go to www.fhaloansnow.net.
