Surviving Bad Credit
By: Don Bernard
CREDIT STATISTICS
Bad credit is affecting nearly 45% of the United States population. With the national average credit score being 723, a near majority is scoring below and
startling, well below 700. And more and more members of the middle class are filling for welfare assistance every day. Look at the credit score statistics
below.
300-499 equals 1% of the nation.
500-549 equals 5% of the nation.
550-599 equals 7% of the nation.
600-649 equals 11% of the nation.
650-699 equals 16% of the nation.
700-749 equals 20% of the nation.
750-799 equals 29% of the nation.
800+ equals 11% of the nation.
With the economy slipping due to inflation, stagnant wages, an overcrowded workforce due to illegal immigration, outsourced employment to overseas countries,
a record high level of foreclosures and the ever increasing fuel costs it’s easy to understand the reasons behind the bad credit woes of today.
HOW DO WE GET BAD CREDIT?
Honestly, the American dollar is depreciating every day. And when the wages do not rise with the yearly inflation and the overall cost of living, we find
ourselves faced with the difficult task of stretching our dollars every month to pay the most important bills we have while, unfortunately, letting others go
by unpaid.
Letting credit card bills go unpaid for just one billing cycle will DRASTICALLY lower your credit score. The speed in its drop cannot be duplicated in
raising it back up to normal. In fact, it could take months.
REPAIRING AND DISPUTING CREDIT ITEMS.
First and foremost, do not use the services of a credit repair company. Regardless of their ridiculous claims. For the most part, they are dishonest and you
will find yourself throwing your money away. Additionally, the few out there that are legitimate are not producing any magical sorcery to repair your credit.
There are no magic tricks involved. In fact, everything that they do for you, you can do yourself, not to mention, save yourself hundreds or thousands of
dollars.
Credit repair books and information can be purchased everywhere, from bookstores to the internet. You can even receive a free eBook on do-it-yourself credit
repair simply by applying for a bad credit auto loan at www.vehicleloansnow.com.
Getting a hold of your credit report is essentially your first step in credit repair. You
need to know specifically what you are dealing with. You may also find a number of errors on your report that you didn’t even know were there. These will be
easy to dispute and remove which may, in turn, raise your score. But you need the information first. You credit report can be obtained online relatively
easily.
SOURCES OF CREDIT WHEN YOU HAVE NO, OR BAD CREDIT.
Trying to create active and positive lines of credit, when your credit score is below the national average of 723 can be difficult, but not nearly
impossible.
The two most common credit lines that people need filled is an auto loan and
credit card.
Needing a bad credit auto loan, or bad credit auto financing can be
difficult. But sites like VehicleLoansNow.com, a lending broker, make the search for this type of loan very easy. Sites like this one take your credit and
financial information and shop through a database of lenders that specialize in “second chance” auto loans and send to you the best rate and terms. Services
like these are free to you and make the auto purchase quick and easy for those with bad credit and need a new or used vehicle immediately.
Even getting an unsecured credit card can be easy if you take the time to look for one. There are
plenty of resources out there that will take your credit information and find the perfect Visa and/or Mastercard for you and your situation.
KEEPING GOOD CREDIT.
With all of the time it takes to repair your credit and add lines of positive and active credit you surely do not want to slip back down in your score.
Assure yourself with a constantly positive credit score by adhering to the following:
-Make your payments on time.
-Pay off your balance on your credit cards when they become due.
-DO NOT go over your credit card(s) limit.
-Try to make at least 6 extra car payments a year.
-Regularly check your credit report and stay on top of the erroneous information if any. This
also keeps you safe from identity theft.
