subject: Credit Repair Tips - How Keeping Bad Credit Causes Thousands In Losses [print this page] Do not make the mistake of thinking that your credit rating is something that will help you save money if it is maintained properly and will not cause any loss or disadvantage if it is allowed to fall. If you have a poor credit rating, you will lose thousands of dollars over your lifetime.
On the other hand, if you have a high credit rating, not only will you save the thousands of dollars but you would probably enjoy a much better lifestyle and earn a lot of money if you invest the money properly. Why is it that your credit rating has such a huge impact on your finances? Why is it that individuals run behind this rating and try to maintain it at high levels at all times?
Your credit rating is the lifeline that will help you access affordable loans at low interest rates. Going in for a home loan at 8% per annum today will help you save a lot of money when the economy booms comes.
When the boom time begins, demand for cash will increase and more and more persons will apply for loans. Needless to say, market forces will step in and the interest rate charged on loans will automatically rise. If you go in for an adjustable rate mortgage, chances are high that you will have to pay extra interest on your loan.
In such a scenario, the fact that you qualified for the loan few years ago at very affordable interest rates means that you would have saved thousands of dollars as compared to others who get the loan at very high interest rates.
Further, your score would have increased as a result of your prompt repayment over the years. This means that you would be in a fantastic position to manipulate the deal and go in for a refinancing at even lower rates. Despite the fact that the average interest rate in the market has increased, you will still get lower than average rates because of your high credit rating.
If you manipulate the deal properly over its lifetime, you will end up saving tens of thousands of dollars on a home loan worth a few hundred thousand dollars. This means that you can repay your debt faster or you can use the money to earn money at other sources and options.
You would lose this opportunity if you do not maintain your credit score at high levels at all times. Now, the choice is yours whether you want to live with a bad credit score or whether you want to take remedial action and enjoy huge savings.
The process of bad credit repair can be time consuming. If you are working within a certain time frame and need a faster process, options are available. Reading through your credit report and eliminating the negative marks, through disputation, can erase bad credit. Visit the following link for more information on how to repair your credit quickly and legally:
