Lets Talk About Credit
Is the 720 Credit Score an Endangered Species?
The most difficult task to tackle with personal finances and becoming a homeowner is our credit.
Talking about credit for some is like bringing old skeletons out of our closets. Credit mistakes take us back to times in our lives we would rather forget. Whether your credit challenge occurred because of a job loss, death, divorce, college credit card offers or just plain carelessness, it is in the past. It is time to forgive ourselves and move forward.
If you have managed to maintain good standing relationships with your creditors, congratulations! It is obvious that somewhere along the line either there was someone in your life who educated you about good financial habits or you took charge yourself.
No matter which group you are in, the point remains that your credit has affected your life in some way or another. It is a part of you like your social security number. HOWEVER, unlike your social security number, your credit is the one thing you can change. No matter how bad or even good, your credit can always and will at some point fluctuate.
Your ability to purchase and maintain a home will be determined by your credit score and history. There is no way around it. In most cases this method is accurate. Your most recent actions surrounding your debt will, for the most part, hold true with any credit you acquire in the near future.
The Good News: Acquiring a 720 credit score is possible.
The Bad News: You must stop ignoring your credit. It will not repair itself.
Even Better News: Help is on the way. With a little work and dedication, you can repair your credit. More importantly, you can understand how you arrived at this place and learn how to never come back. With good credit, your expereince as a first time homebuyer will get much easier.
