New York, NY (PRWEB) July 10, 2013
Today FinanceSpectrum.com financial advice column prompted readers of all ages to gain awareness of their credit and to work on improving their credit history and scores. FinanceSpectrum.com revealed many of the ways consumers lives can be negatively affected by bad credit, versus the ways in which they could benefit greatly from having a good score and offered tips for how to go about improving on it.
FinanceSpectrum.com acknowledged that there is a wealth of knowledge available to consumers looking to improve on their credit, but pointed towards a recent U.S. News article as one of the better resources theyve found. In a July 5th U.S. News Money article, Sienna Kossman dished out advice to consumers on how to start building a solid credit history, what not to do, and of course what actions they should take in order to get their credit in good shape. Kossman recommends things like checking ones credit report each year, focusing attention on one line of credit, and avoiding late payments at all costs as well as using more than 50% of ones available credit.
There is a countless amount of ways that credit scores can affect consumers, as FinanceSpectrum.com pointed out today. The financial advice column is quoted as saying, Most people are aware of the big stuff, things like purchasing a house and taking out a car loan. Good credit will get you better rates, hence saving you money on interest, whereas bad credit could actually cost you in that same department. Less-frequently known areas that require credit checks are landlords and property management companies to even rent an apartment or condo, as well as many employers who run credit checks on potential new-hires to see where they stand. Obviously, to open any new line of credit or to take out a student loan you need decent credit. Home insurers and auto insurers will check it, and even some life insurance companies will review your credit to determine your premium. There may be different methods used by MetLife, Colonial Penn Life Insurance, Allstate, Prudential and the others. Credit Reports are used in many different ways.”
FinanceSpectrum.com pointed out that its far better to start working on ones credit when they dont actually need to have it checked, than to wait and not have enough time to effectively raise it when the time comes that its actually needed. They advised consumers to start early in actively and consciously working to get credit to a good numberabove 720 is good, but above 800 is ideal.
FinanceSpectrum.com Dishes out Credit Building Tips for Consumers is a post from: Best Home Mortgage
