Find Out How You Can Get Your
Credit Score Over 750
We are a country in debt. Not only is our government in debt, but we, as
Americans, are in debt ourselves, and the problem is just getting worse! Recent
studies have shown that ninety percent of Americans have at least one credit card –
and they are using that card – A LOT!
The average family carries a balance of between $7,000 and $10,000 on all
their credit cards. Over $1,000 per family goes on interest every year. And that’s just
the average – some people owe much more!
Overall, Americans spend over $1 trillion every year on their credit cards,
and owe more than $500 billion of it. If debt continues at the current rate, then one
family in a hundred will be forced into bankruptcy. Over 90% of Americans’
disposable incomes are spent paying back debts.
When you add credit card debt to the regular bills we have to pay each
month, which can tax anyone’s budget. As a result, some bills go unpaid and others
are paid late.
Both of these instances can damage your credit sometimes so much that you
think there’s no way you’ll ever be able to get out of debt and get credit for
something important like a home or a car.
The truth is that you can get out of debt and repair your credit nearly to what
it was before you had credit problems. It takes some time and a little work on your
part, but it IS possible.
Loan approvals and such depend on your credit score. That number is what
determines if you can get credit, what your interest rate will be, and how much
money potential lenders will give you. A good median score is 720, but the higher
your score is, the more financially sound you are.
While it’s always a good idea to try and stay away from credit, not everyone
has a hundred thousand dollars lying around to buy a home or twenty thousand to
buy a car. Heck, for some people, scraping together five thousand dollars for a good
used car is difficult. That’s why we need credit. So we can buy that which we cannot
afford.
Where the trouble comes in is when people begin to buy everyday items such
as groceries and clothing on credit cards. Then those bills begin to get bigger and
bigger until pretty soon, they’re paying the minimum amount due which will take
forever to pay off. Plus, a lot of people just continue charging things even when they
have a large balance on their account.
Your credit score defines who you are to businesses and you want it to be as
high as it can be. It doesn’t matter how bad your credit is now. There are ways that
you can raise your credit score no matter how low it is now. Don’t despair; just get
started – right away!
