San Diego, CA (PRWEB) January 16, 2014
LoanLove.com is a borrower advice website that is dedicated to helping home loan borrowers find a loan that they will love. It explains, and sometimes avoids altogether when possible, much of the complicated and stuffy professional language used in the mortgage industry and instead provides detailed advice and information in a down-to-earth, concise and often entertaining way. The website seeks to empower borrowers by providing them with helpful first class knowledge, valuable resources and connections to top rated industry professionals. Because of this, LoanLove.com has become a trusted destination for current news and expert loan advice. One of the recent articles posted on this website provides borrowers with some great credit repair tips for 2014, which will help them benefit from the best loan rates.
The article says, “You may wonder how much of an impact your credit score can have on your life. In short, your credit score can greatly impact many aspects of your life. For example, a good credit score will mean you qualify for the best loans in regards to interests rates and loan terms. The following quote from Gerri Detweiler, Director of Consumer Education sums it up: “An excellent credit score = Money in your pocket”. Because interest rates can greatly affect a loan payment amount, the interest rate will greatly affect how much money you have to spend each month for your home, car or other important items. This in turn will greatly influence how much money you have available for other things in life, which means overall your credit score can have a huge impact on your lifestyle.”
Loan Love then looks at some of the different credit score brackets and explains what each would potentially mean for those looking for loans, starting with a credit score of below 620, which would place the person in the “sub-prime” borrower category, to a credit score of 720 and above which would usually qualify the borrower for an ideal loan situation. The article then goes on to give some tips for mortgage borrowers on how to repair credit scores. It says,
“Now that you have learned the importance of a good credit score, you are probably wondering how to improve yours. Read below for some easy-to-apply tips:
- Acquire a credit card from a major company (Visa, MasterCard, etc.): Before you go crazy with this tip, it is important to note that using a credit card and keeping a balance on one is two totally different matters. Running up a bill that you don’t pay in full won’t help you build credit. Therefore, this tip takes discipline, but having a credit card you use and pay off monthly is an easy way to improve a poor credit score. A great way to implement this tip is using a card to pay for gas and paying it off monthly.
- Get a prepaid credit card: If you don’t trust yourself to use a credit card wisely or just don’t want one, get what’s called a prepaid credit card. This gives you a way to use a credit without the temptation of running up debt as it will only allow you to spend the amount that you have placed on the card and no more.
- Be patient: Although it is difficult, it is important that you understand the process of repairing your credit won’t happen overnight. Slow and steady wins the race when it comes to repairing a credit score.
- Check your credit score: It is important to make sure that your credit report is accurate. Therefore, checking the three credit bureaus, those being Equifax, Experian and TransUnion, on a regular basis is wise. You want to know if anything incorrect is on your credit report so you can rectify the situation before it damages your credit.”
For more information on credit improvement, please click here to read the full article at LoanLove.com.