Bad credit also known as subprime credit in the mortgage industry, will affect your pocket book in more ways than making it more difficult for you to get a home loan. Not only will you have a higher interest rate on your mortgage but it will also translate into higher interest rates on car loans, store credit cards and the well-known bank issued credit cards. In addition, poor good credit can even prevent you from getting some jobs. As a result, it is clearly important to improve your credit if it’s fallen into such a condition.
You’re probably thinking, sounds good, “but how do I do it?” Remember, developing bad credit didn’t happen overnight and you can’t improve overnight either. However, it’s not as difficult as you might think if you follow a few simple rules.
First and foremost, you must stop spending more than you can afford. Surely a common sense principal but not followed by millions of Americans.
Next, stop making your payments late. Late payments show up on your credit report as 30, 60, 90 and 120 plus days late and each time this happens it goes into the formula for calculating your credit score and...
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