Tips For Vets Looking To Repair Their Credit Quickly
|
|
|
If you’re a veteran looking for a car or home loan and you’ve been delinquent on some credit card payments, you may be in for a rude awakening. Bad credit histories mean high interest rates on loans if you can get them at all. Banks and other lenders are looking for low risk propositions. They want to be sure that they’re going to get their money back. If they’re not as sure, they are assuming more risk, which means higher rates for you.
How Do Credit Scores Go Bad?Anytime you miss or are late on a credit card payment, it reflects poorly on your credit report. The more credit missteps you make, the worse your credit report gets and the longer it will take to recover. However, if you need a car or a home, you don’t have a lot of time to wait. How can you get that score up fast?
Get Yourself Down To Three CardsOver the course of your military service, you or your family may have racked up a number of credit cards, but you really don’t need that many. One or two main cards and one card as a backup is ideal. This shows lenders that you can manage credit without going overboard. Try to use zero or low APR cards as balance transfer opportunities to get all those other credit card balances on to one or two cards, or see if you can get a debt consolidation loan.
Stay Away From Specialty CardsYour three cards should be major credit cards from reputable banks. Store cards, gasoline cards and the like charge high fees and interest rates and don’t offer much in return, despite what their advertising would have you believe.
Make Those PaymentsAs soon as you start making payments, things will begin to get better. Budget yourself so that you can pay each creditor a little bit every month, and you’ll be on your way to financial health.
|
Show/Hide comments
Show/Hide comment form
Del.icio.us
Digg