Financial experts tell us that only around 40% of consumers have what is called Prime Credit standing in the industry, meaning that their credit scores from all of the three major credit bureaus are at or above 700. This kind of credit score should be everyone's goal, since having a score of over 700 means that your score will not be negatively affected by many of the things which can damage a lower score, such as inquiries and late payments.
If your credit score is somewhere below the 700 mark in all 3 credit bureaus, then you are in the higher risk 60% segment and the scoring model will be very hard to predict as to what will lower or raise your credit. Getting a loan for land, housing, businesses, or even an expensive car or boat will be a crap shoot that can leave you worse off than when you started.
The whole credit bureau system is designed to keep your scores below the 700 score so that it maximizes profits for everyone you do business with. If you are below 700 than you need a fast score system that works for you and not the other guys who are sucking your hard earned income day by day without you even knowing it.
You can help to protect your credit score by keeping your debt to less than 25% of your annual net income. Check your tax return or ask your accountant if you're unsure of this figure. When you make a purchase on credit, always ask yourself if this is truly a necessity and keep your debt under that 25% limit.
The credit reporting system is inherently corrupt mainly because of who profits from it. Consumer groups for years have been lobbying for reform and in 2004 congress approved the Fair Credit Reporting Act that required credit bureaus to follow certain procedures which in the end did nothing as to the accuracy of the information. The whole credit system is still corrupt or at least unfair because the consumer is guilty until proven innocent. And by the way, it's still a mystery if the regulators are actually enforcing the laws.
Let's suppose that your credit score is 600. You apply for a loan and whether your application is denied or accepted, you'll lose 35 points off of your credit score! If your score was 700 or above, this wouldn't be the case. You can avoid all of these roadblocks by using a fast score system to get your score over 700.
You should approach credit repair services with caution; they can get some of the negative items off of your report, it's true ? but this can actually affect your credit score negatively! If you have less than perfect credit, it's better to add accounts which are in good standing to offset the negative items on your report. You should aim to increase your credit score rather than simply trying to make your credit report look cleaner. A fast score system of some sort is the slick way to get this done quick.
If your credit score is somewhere below the 700 mark in all 3 credit bureaus, then you are in the higher risk 60% segment and the scoring model will be very hard to predict as to what will lower or raise your credit. Getting a loan for land, housing, businesses, or even an expensive car or boat will be a crap shoot that can leave you worse off than when you started.
The whole credit bureau system is designed to keep your scores below the 700 score so that it maximizes profits for everyone you do business with. If you are below 700 than you need a fast score system that works for you and not the other guys who are sucking your hard earned income day by day without you even knowing it.
You can help to protect your credit score by keeping your debt to less than 25% of your annual net income. Check your tax return or ask your accountant if you're unsure of this figure. When you make a purchase on credit, always ask yourself if this is truly a necessity and keep your debt under that 25% limit.
The credit reporting system is inherently corrupt mainly because of who profits from it. Consumer groups for years have been lobbying for reform and in 2004 congress approved the Fair Credit Reporting Act that required credit bureaus to follow certain procedures which in the end did nothing as to the accuracy of the information. The whole credit system is still corrupt or at least unfair because the consumer is guilty until proven innocent. And by the way, it's still a mystery if the regulators are actually enforcing the laws.
Let's suppose that your credit score is 600. You apply for a loan and whether your application is denied or accepted, you'll lose 35 points off of your credit score! If your score was 700 or above, this wouldn't be the case. You can avoid all of these roadblocks by using a fast score system to get your score over 700.
You should approach credit repair services with caution; they can get some of the negative items off of your report, it's true ? but this can actually affect your credit score negatively! If you have less than perfect credit, it's better to add accounts which are in good standing to offset the negative items on your report. You should aim to increase your credit score rather than simply trying to make your credit report look cleaner. A fast score system of some sort is the slick way to get this done quick.
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