I'm sure that you know your mortgage payments are effected by the interest rate you qualify for and that the interest rate depends on your credit scores. But did you know that credit scores are used to determine people's car and home insurance premiums? That they're used to determine if a company hires somebody or not?
Clearly, if your credit is not good, you need to improve it. Here are 7 things you can do to raise your credit scores. They work pretty fast.
1. Stop applying for credit. Applying for credit lowers your scores. Every time.
2. Reduce the amount of balances you carry. Pay off credit cards, if possible. (But don't close them. The bigger the difference between your limit and your balances, the better).
3. Consolidate your student loans. Every time you consolidate loans, your minimum monthly payments go down a bit. Besides, student loans can be closed. Closing them through consolidation shows them as having been paid off. Paying off loans is good.
4. Consolidate all your other loans. Sometimes it makes sense to consolidate everything and the student loans together. See 'consolidate student loans' for why it's a good idea.
5. Correct credit reports errors and mistakes. Even if you don't have someone else's loans showing up on your credit reports, you can still have mistakes that cost. Most would be loans you paid off a long time ago showing as active or behind.
6. If you have accounts you don't use that are not credit cards from major companies, close them.
7. Lower your minimum payments by consolidating on home loans at a fixed rate.
There are other methods of increasing your credit socres and lowering your home inusrance premiums, your car insurance premiums, your mortgage payments. But they are more involved and/or take longer to implment. Below is a simple to implement method that does, however take time. (Other methods not only take time but they take an expert in your corner.)
Here's an eight method. It's slow and works whether the information the credit bureaus report is accurate or not. Let time pass. Well, let time pass and don't make more credit mistakes. Low credit scores affect you too much. Do the above steps and increase them.
Author Resource:
If you Google 'homeowners insurance Chicago ,' or 'car insurance Chicago ' and their likes, you'll find that there's a huge number of sites. Some are from independent insurance agencies. They'd be the ones to go to. They're more likely to be able to find you an insurer that doesn't look at credit scores.
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