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2008 January |

Archive for January, 2008

The Credit Robbers - FICO® Score, Controlling Your Debt, and Your Credit Rating.

Thursday, January 31st, 2008

Credit Repair + Debt Elimination = 800+ FICO® Score Credit Report

FICO® Score, Controlling Your Debt, and Your Credit Rating.

It is a great feeling to get on top of your debt and know that you are able to make all your payments each month and not have to worry about debt collectors or paying for your groceries, but now is not the time to stop doing the things that have helped turn your life around, not to mention your improved credit rating associated with your elevated FICO® score on your credit report.

You will have become accustomed to using a budget to get your life in order and take control of your money and this budgeting should continue so you can move to the next level where you have additional money that can be used for investment and adding security to your life as you age.

You will probably have a different outlook on life where you understand the difference between wants and needs and as you will have experienced the lows of constant financial stress you will not want to go back to the misery of your past and your sinking credit rating.

As you continue along the proven path to financial security of reducing debt and managing the daily flow of your cash, you will gain a lot more freedom to build wealth, rather than focusing all your energy on reducing debt. It is a more positive phase in your life and you will see how much the debt encroached on your lifestyle and freedom.

You should have adopted an attitude whereby you will only ever spend less money than you earn and where you will never buy luxury or non essential items if you have to go into debt to get them.

You will only consider debt if it is to buy an appreciating asset that will deliver you more return for your money than the amount you are paying in interest.

This new attitude will also include better time management skills and that in turn will give you more time to do the things that you like.

While those times of excessive debt are extremely hard to handle, the process of reversing your monetary situation is an education that will set you up for better things in the future.

With an elevated credit rating with the FICO® score on your credit report, you will be afforded the lowest possible interest rates on credit cards and insurance to any mortgage that you should acquire.

Dr. Robert Miller, PHD
Investigations Analyst
www.TheCreditRobbers.com

Contact Us: Send a FormMail Message

Credit Robbers Blog Home

The Credit Robbers - Your FICO® Score and Improving Your Credit Rating.

Wednesday, January 30th, 2008

Credit Repair + Debt Elimination = 800+ FICO® Score Credit Report

Your FICO® Score and Improving Your Credit Rating.

Once you have paid back your outstanding debts, you can concentrate on rebuilding your credit rating. Although you can’t do anything about the bad history that you have and the fact that previous debt problems will show on your credit report for 7 ½ years, you can start to rebuild your credit and eventually have more positive information on your FICO®credit score and your credit report than the negative items of the past.

You will do this by applying for small amounts of credit and paying them off on time all the time to start building a good credit record. Timeliness is the operative here.

You should only start doing this once you have sorted out all your debt problems and are in a financially stable position where you know that you will be able to make all your payments on time.

If there were specific reasons why you got in debt in the first place that haven’t been completely resolved then it would not be wise to get this additional credit until you have that part of your life sorted out.

You will only get more credit after you have created an updated budget that will allow for the repayments and show that you will be able to manage the new debt repayments without undue stress.

Thus the journey begins - your credit rating will begin to rise when you have taken a proactive stance to improve your credit. Subsequently, your FICO® credit score associated with your credit report will rise as well.

Lending institutions will look at the positive results you have had with your credit in more recent times and this will make it easier for you to deal with them in the future, and be able to acquire the most credit at the lowest possible rates.

While you will be wary of getting credit cards again, and rightly so, they can be useful for rebuilding your credit. To do this, you will get a card that has a relatively low interest rate and a small credit limit and you can use it to buy essential items only. You will need to pay back the full amount at the end of the month so you don’t start building debt again. If you purchase and pay back within the month you won’t be incurring interest charges but you will be building a better credit rating. Later you can make some bigger purchases on essential items once again and then pay them off over a period of time making sure that you always pay the minimum amount required, or better still - more than the required monthly payment.

After you have had your credit card operating successfully for some time and have paid it off in full, you can apply for personal loans and build your credit by paying them back in full, on time, all the time.

Eventually people will be more interested in your recent good credit history and they will not focus on the problems that you had in the past.

Restoring/improving your credit rating is a process and takes time. However, the rewards can be significant, in that your credit rating by virtue of your FICO® credit score and credit report will bring you the lowest possible interest rates on needed capital now and in the future.

Dr. Robert Miller, PHD
Investigations Analyst
www.TheCreditRobbers.com

Contact Us: Send a FormMail Message

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