Keith Prentice had a wonderful life, until his credit score fell below anything he had ever dreamed of. Throughout college, Keith knew he thought about being a wealthy and successful man, so he studied in abundance and took the LSAT test. After law school, his school loans were too much to carry, since he couldn’t find a good paying job outside of law school. So, he put his loans on hold and agreed to pay a slightly higher rate of interest if the pay back was delayed one year.
He also acquired a home loan on a house and tried to start his life. 12 months passed and there were things that Keith needed! He got a small number of credit lines, thinking he’d be prepared to pay all this back within the year, and continued to grow his collection with big debts. Unfortunately, he couldn’t cover the debt and the creditors continued to call. Keith Prentice took a huge hit to his credit score by not even making payment on the minimum balance on any one of his accounts and continuing to open up credit lines when he had maxed out his other cards. Furthermore, Keith’s house was foreclosed on because he couldn’t pay the monthly payments.
What exactly does this score mean?
If you have a credit score around 470, you may realize that it is sometimes complicated to receive any personal lines of credit with an above average rate of interest, loans or perhaps a mortgage. But all hope is not really lost! This score could be increased tremendously over a specific length of time. Someone that has a score within the range of 400 wouldn’t have the capacity to experience some of the best times that a person has in life. For instance, having a score of 470, you would not be capable of getting a home loan, get a Macy’s Charge card and possibly wouldn’t have the ability to lease a car.
How do you get a credit score of 470?
If you’ve got a credit score of 470, it’s likely you have made a lot of these classic mistakes in your finances:
• Had bills you have not paid, in the least and have been brought to collections agencies. • Had accounts in collections agencies which aren’t paid. • Have been consistently late on the payments to billers. • Have had a recent foreclosure on your house. • Have a couple of items in collections. • Have claimed bankruptcy lately. • Or, when you’ve got an open loan like a education loan from college.
Just how do you improve this credit score?
If you desire to build up your credit score of 470, below are some simple suggestions to help guide you to a fantastic credit score:
1) If you have troubles with your credit score, you should confer with a credit counselor! Because every situation varies, your solution could differ from someone else’s.
2) If you’ve got one or more accounts in collections and do not have the funds to repay each account off, completely pay down the account with the largest balance, not the account with the smallest value.
3) Get some credit lines open, repay each statement, every month and in full!
4) If you have an account in collections, pay the balance so your report will show “PAID”, not “UNPAID” on it..
5) Give it a little time! We know how difficult it is to have because of this credit score. However, only time will correct it!