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I learned a valuable lesson after I bought a cabin in Lake Arrowhead as a second home. My additional expenses were much more then I planned for and I ended up getting behind on my personal and business payables. In no time at all, my income began to fall and I created some financial problems for myself when I went to buy a car a couple of years later. My FICO credit score had dropped dramatically. It went from 750 to 550 in 18 months (the range is 350 to 850). There are things I should have done then that I would like to share with you now:
Just like your marriage or your job, protecting your credit takes time and energy but the benefits are lower interest rates on a home loan or a car, lower rates on credit cards, and possibly landing that great job you were applying for (some employers check credit scores).
As mortgage lenders continue to tighten up their requirements to loan money, the person with the higher score will get the loan. How have you improved your credit score?
Mark Goldstein is a Financial Service Coordinator helping people with refi’s and can be reached at (951) 582-4526 or by email at email@example.com.
Share Your Thoughts
How have you improved your credit score?