Do I Need to Fix My Credit?

How do you know whether or not you need credit repair? Well, if your applications for loans and credit cards are being turned down repeatedly, then obviously your credit needs fixing. For many people, though, the need for repairing their credit is much less obvious.

Credit scores range between 300 and 850, with the national average score being about 680. A score of 720 or above is considered excellent credit and usually will qualify you for the best loan terms. Individuals with scores in the 600s will still be able to get loans and credit cards, and so many of them will be inclined to think that their credit is all right.

What these people generally tend to overlook, though, is the fact that they will almost certainly have to pay higher interest rates because their credit scores are not high enough to secure them the best available rates. The higher rates that they have to pay will mean higher monthly payments, and each year they will end up paying hundreds, if not thousands, of dollars more in interest than individuals with excellent credit. Plus, people with lower credit scores are also more likely to be turned down for an apartment, to pay higher insurance rates, and maybe even have a harder time landing a job.

Unfortunately, many people mistakenly assume that credit repair is only for people with really bad credit. That is definitely not true. If you have a credit score that is under 720, then you can probably benefit from doing some credit repair. The further you are below the 720 mark, the more you would likely benefit from fixing your credit. Investing the time and the effort to repair your credit should pay off, not only in saving you money, but also in opening up opportunities that might otherwise be closed to you.

Your credit score affects many different areas of your life, so it is definitely to your benefit to do what you can to repair it and then keep it as high as possible.

Copyright © 2009  Art Garmon, Ph.D.  All Rights Reserved.

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