It is 2015, how is your credit? Building better credit takes time and effort, but if you can talk, text, and chew gum, you can fix your credit score on your own. Credit is important. Your credit determines your purchasing power to buy items like a house, a car, a student loan. Creditors look at your bill-paying history, whether you pay your bills on time, collections actions against you, your outstanding debt, how many accounts you have and what kind they are, and if you have applied for new credit lately. They use this information to determine if you would be a good risk for repayment, or if you are a deadbeat, and also how much they should charge you for the loan. Creditors want their money back, and they want to make interest on the loan. Bad credit is a problem, but it is one that you can fix with these New Year’s resolutions: Pay your bills on time every time No new credit – do not open new credit accounts or take out new loans Pay down large balances Make a budget and stick to it – you can use the free online budget provided by the Federal […]
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