Whether you’re focused on being as prepared as possible to buy a home of your own, or you’re concerned about any aspect of maximizing your personal credit, in a personally beneficial way, it’s important and essential, as well as wise, to pay close attention to the credit-related issues and take all possible steps to maximize your comfort zone and continue throughout life, in a much less stressful way! Having been involved in finance and financial planning for decades, as well as being a licensed real estate salesperson, in New York State, for approximately 15 years, I believe that most people could benefit from knowing, understanding, using, and taking advantage of these 5 steps to improve your creditworthiness. With that in mind, this article will attempt to briefly consider, examine, review, and discuss why this is an important consideration for each of us.
1. Get a copy of your credit report: You have the right to, once a year, receive a copy of your Credit Report, from one of the 3 major bureaus. Look further, not just at the rating number, but also examine and consider the factors and considerations involved. Please review this document carefully and inspect for errors, etc.
2. Correct the mistakes: Proactively go ahead and fix all bugs! You can either do it yourself or use one of the leading companies, who specialize in addressing and correcting these issues!
3. Pay your debts: Start by amortizing your debts and obligations. By prioritizing, paying those with the highest interest rates first, and you will reduce your monthly obligations, making your financial life easier, while improving your personal credit! Credit institutions, etc. they weigh their existing debt, when making decisions, about granting future loans, including mortgages, etc.
4. Avoid new debts: By paying off your existing bills, avoid making the mistake of taking on new debt! Avoid taking out new credit cards, for any consideration. Many make the mistake of buying new, because a special rate is offered, etc. Remember, the goal should be to proceed with a better financial plan!
5. Check again, after about 6 months: Fixing this takes time, effort, commitment, and personal discipline! It should be a step by step process and if done correctly, effectively and completely you should start to see improvements. After about 6 months, check again!
Make your life easier and more comfortable by paying close attention to how best to improve your personal finances etc.! Will you commit to this process and action plan?