In addition to my weight loss goals for 2008 (which are currently on track – prior to lunch plans with Larry and Bill) I’ve also made some financial goals for my family. These are going to be much harder than my diet goals as, for me, they take more time and discipline.
Credit Ratings probably wouldn’t be on the top of any expert’s financial goals. More likely the top of the list would be to calculate net worth, to begin saving or eliminating debt. But considering that improving a hampered credit score could take years – I think this may be the place to start.
I’ve not given much thought to my credit score in the past but more and more lenders are relying on our credit scores to determine a credit risk. That plays in to the amount of money a lender is willing to lend and the price (or interest rate) they will charge (see the chart for the impact of your credit score on borrowing).
You may not be in the market for a loan at this time but remember that when you need it, it may be too late to change it.
The first step in fixing your credit or improving your already good score is to find out what is lurking in the closets of your credit report. I completed this first task and it’s very easy – and free. I was erked to find a late merchant card payment on my report. Although, probably a minor deduction it will affect my score for years.
Just visit www.annualcreditreport.com and answer a few quick questions and you’ll have a very interesting report.
You’ll be asked which credit report you would like (TransUnions, Experian or Equifax). You can get each of these once per year for free. So, just choose either to get started. I choose Experian.
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