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Problems and Solutions Concerning Credit and Credit Score:

Part 1: As part of series of articles (blogs) regarding Credit and Credit Score, here we start:

In todays tough economic times, where every person is being judged by his/her number (credit score), having good credit and credit score is more important than ever before. You need to have 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 make the difference in obtaining home loan, auto loan, or even a credit card.

Depending on your credit score, you could be denied a loan, offered a normal interest rate, or offered a loan with higher than normal rate and/or require to put more money down. Like most cases in finance, those with the lowest risks get to pay the lowest rates.

Recent Statistics and Studies: Frustrated face

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 range that most lenders do not lend for any purpose.

         61% of American adults failed a basic finance test.

Concerns: Concerned unhappy face

         The Federal Trade Commissions 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 the past 12 months

         65% have not reviewed their credit report within the 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

Solution: Credit Scores Tips and TRicks by Bahman Davani

         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,

         Learn tips and tricks to build and improve your credit score,

         Be aware of traps not to fall into,

         Know your rights under the Fair Credit Reporting Act.

         Follow the list of Dos and Donts under different situations

Options:

Option 1: For those who have time and willing to do it themselves, Do It Yourself: Obtain a copy of the Credit Score; Tips and Tricks on how to improve your credit score Book, become able to fix and repair problems in your credit files without paying fees to repair your credit history, and start improving your credit score free.

Option 2: For those who dont have time or desire to do it themselves: research and find a reputable and reasonable-priced credit repair company, to improve your credit score. Even if you select this option, it is always in your best interest that you know what impacts your credit score and be ware what is in your credit reports.

Contact us about your Real Estate Questions

Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM
Broker/REALTOR
ABR, GRI, CDPE, SFR,
TAHS, eAgentC, and
CCIM Candidate

Office: (214) 457-7055
Cell: (214) 457-7055
Fax: (972) 596-7984

P.O. Box 261665
Plano, TX 75026-1665

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Texas Five Star Realty
P.O. Box 261665
Plano
, TX 75026 US
Phone: 214-457-7055
Website: www.texasfivestarrealty.com/
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Texas Five Star Realty website Mortgage News Daily from Texas Five Star Realty website Bahman Davani Credit Score Tips and Tricks book published by Texas Five Star Realty Bahman Davani Credit Score Tips and Tricks book published by Texas Five Star Realty          


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