Millions of Americans struggle everyday with a low credit score which hinders them from possibly getting approved for a home, car, loan, or just a credit card. Someone with a bad credit score is usually considered who has something under 550.
Here’s What Your Score MeansUnder 499: You won’t be approved for any credit more than likely.500-600: You may be approved for some credit but interest rates will be very high and you will have to put down larger deposits.601-660: You may be approved for credit but your interest rates will still be higher than normal.661-799: You will most likely be approved for credit at competitive rates.800-850: You will be approved for the best rates and most favorable credit accounts.
What category are you in right now? You can check your credit from all three credit bureaus once a month.
It doesn’t matter if you are at 350 or 650 right now, everyone should have the same goal in getting into the 800+ credit score.
Because over the course of your life, you will literally be able to get approved for almost anything you apply for but at the best interest rates possible.
This can turn into thousands upon thousands of dollars in savings once you get into the 800+ category.
A lot of people think that they might not be able to reach 800+ because it’s too hard or it will take too much time.
The truth about credit repair is that it does take time, but there are certain shortcuts you can take in the short term to raise your score while building it above 800 in the long term.
How to Fix Your Credit Score?Pay your bills on timeLimit the amount of inquiries on your credit when you start applying placesPay off your collectionsHire someone to repair your credit or do it yourself to have derogatory items removed from your credit.