How to Restore Your Credit Back to Excellent
Credit seems to be the buzz-word regarding the economy these days. Credit is something that affects the biggest banks in the country as well individuals like me and you. And according to the government a credit crunch and banks unable to lend would be devastating to our economy. So the macro-economics (big picture) and the politics of credit is confusing, and even irrelevant for those of us who are struggling month to month.
It is hard to believe that an intangible concept determined by some group that does not even know your name can have such a huge impact on your life. In fact, it is quite creepy.
Chances are, if you are reading an article about credit restoration then you have bad credit that you need restored back to good. The most important part of restoring your credit is to understand what exactly your credit is and what things effect your credit. I put things and your credit in quotations because to me they seem to be ambiguous phrases that need to be clarified and explained in order to move forward to financial freedom.
Your credit is determined by a mathematical algorithm and has nothing to do with you as a human being. This is good news and bad news. The bad news is that there are human factors that go into your financial circumstances and these are just not accounted for. The good news is that all mathematical problems have a solution!
So, the trick is to put emotions and circumstances aside and evaluate your financial situation objectively and numerically. If you understand how your credit score and credit is calculated and determined, then you will have leverage in the system.
First of all, there is a difference in a credit score and a credit report. Everyone is entitled to a free credit report every year, but not their credit score.
Would you be surprised to know that there are only 5 factors that are involved in determining your credit score? Would you be surprised to learn that income was not one of them? If you want to read about all of them, please visit my website.
It is hard to believe that an intangible concept determined by some group that does not even know your name can have such a huge impact on your life. In fact, it is quite creepy.
Chances are, if you are reading an article about credit restoration then you have bad credit that you need restored back to good. The most important part of restoring your credit is to understand what exactly your credit is and what things effect your credit. I put things and your credit in quotations because to me they seem to be ambiguous phrases that need to be clarified and explained in order to move forward to financial freedom.
Your credit is determined by a mathematical algorithm and has nothing to do with you as a human being. This is good news and bad news. The bad news is that there are human factors that go into your financial circumstances and these are just not accounted for. The good news is that all mathematical problems have a solution!
So, the trick is to put emotions and circumstances aside and evaluate your financial situation objectively and numerically. If you understand how your credit score and credit is calculated and determined, then you will have leverage in the system.
First of all, there is a difference in a credit score and a credit report. Everyone is entitled to a free credit report every year, but not their credit score.
Would you be surprised to know that there are only 5 factors that are involved in determining your credit score? Would you be surprised to learn that income was not one of them? If you want to read about all of them, please visit my website.
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posted by SolveItQuick at
9:33 AM
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