It’s that time again. This year I’ve got a whole long list of resolutions. That’s right. New years is just two days away. I’ve got my list. Do you have yours? If you are like more than half of all American’s the answer is no.
Eight years ago I moved to Salt Lake with very little. My son, my computer and my car. The rest of what I had fit in my car. Clothing. Nothing else. That was it. Six months later we still hadn’t accumulated much more. So it was a devastating loss when the car broke down that last time. With no money to fix it I had to let it go. My only option was public transportation.
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the recent failure of indymac bank has brought attention to just what “fdic insured” means. the federal deposit insurance protects the first $100,000 of deposits that you may have in a bank. anything beyond that and, if your bank fails, it’s a loss. in the case of indymac customers, about 5% of the total deposits were uninsured. while i would suggest that people make sure their funds are fdic insured, the following article caught my eye….
i have a pet peeve with banks - i find it disturbing to be called at home by someone purporting to be from my bank, who asks me about my accounts and charges on those accounts. my normal reaction is to give them absolutely no information and to request a name and phone number from them. it may seem somewhat paranoid, but with identity theft a very real issue, it’s the safest way.
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Would you like to own a home some day? Buy a car? Rent an apartment? Have you had difficulties obtaining these things, or others, due to bad credit? Well, there is hope! You can repair your credit… yourself!
“Bad Credit? NO Problem!” offers are available everywhere, but unless you take steps to keep your credit rating on the right path, you run the risk of costing yourself money… the very thing you can least afford! High interest rates (like with those “Bad Credit? NO Problem!” offers) cost YOU.
Suppose you wanted to buy a $20,000.00 car and pay it out over 48 months. With good credit, they may be offering a 6.5% interest rate (sometimes much less!), meaning you’d pay approximately $2700.00 in interest over the life of the loan. *However*, with bad credit, they may offer you an 11% interest rate (sometimes MUCH higher!), meaning you’d pay approximately $4800.00 in interest over the life of the loan! That’s a big difference!
For those with bad credit ratings: DO NOT FEEL ALONE! In 2005, approximately 2 million households filed for bankruptcy, so a lot of us have been in your shoes. There are many reasons why you may find yourself in this situation – divorce, medical bills, lost job, the “ignorance of youth”, etc.
Your first reaction may be to stick your head in the sand and ignore your credit situation. DON’T DO IT! I know how discouraged you can feel, but it’s important to do whatever you can NOW to get back on the path of good credit. Depending upon the severity of your credit problems, it may take weeks, months, or, sadly, years to successfully repair them; however, it CAN be done. And more importantly, you can do it YOURSELF.
Know where you stand!
Take steps immediately to ensure that your credit rating allows you to do the things you would like to do. You may not be able to afford a new home or car now, but what about later? You never know what the future may hold and, without good credit, you may be limiting yourself and your dreams.
You may have good credit and not be aware of it. Creditors can use this against you by charging higher interest rates. What you don’t know CAN hurt you. ALWAYS stay on top of your credit situation. Know what your credit report says and make sure that what it shows is accurate.
So where do you start?
Good news! You already have. Within this site, I’ll explain the “mysterious” Credit Process, show you how to obtain your reports and credit scores, what to look for once you receive them, how to dispute inaccurate information, and how to improve your credit rating. Although the process can be a slow one, it’s simple, it’s easy and it’s one you can do for yourself!
