Accepting a Bad Credit Score is One Step Closer to Fixing It
View PDF | Print View
by: Guest
Total views: 40
Word Count: 307
Being able to accept a bad credit score is one step closer to fixing it.
Each time you sign a credit agreement when applying for a line of credit you are authorizing the creditor to perform what is called a "hard hit" on your credit report.
They need to be assured that you are of low risk in defaulting an account given to you.
They look at how the accounts have been managed over the length of time you have held the account.
When it comes to FICO scores, which is the one platform most people use common belief is that you need your credit score to be in the high side of the 700s.
A FICO score of over 700 is going to deem you of low risk to a lender and therefore increase your chances of getting approved for credit.
You can only find out if you are eligible for their services by reading through the terms and conditions stipulated within the terms of agreement with the lender.
A 620 score is sort of sitting on the fence and being in between and therefore the medium risk factor.
However once you have established that you are in need of dressing up your financial credentials it is important to take action and not put it to the side as something to come back to as more often than not it will get put on the back burner until you check either your score or your report again.
com
Secondly go over your report thoroughly - perhaps a few times.
Anything negative that you see and don't like a potential lender won't like it either
Thirdly you can now write to the credit bureau with what is called a dispute letter.
It does need to contain the relevant information.
.
About the Author
for the shocking truth about how to to fix your credit go to ========================>>>>>> fix your bad credit report
Rating: Not yet rated
Comments
No comments posted.Add Comment
You do not have permission to comment. If you log in, you may be able to comment.