Should I Wait Until I'm Out of Debt to Repair My Credit?

(firmenpresse) - SCOTTSDALE, AZ -- (Marketwire) -- 09/29/11 -- After a period of unemployment, many Americans find themselves with two big financial worries: debt and a ruined credit rating. But which one of these should be tackled first? There's really no need to wait until your bills are paid off before you think about improving your credit. As a matter of fact, fixing your credit now may actually help you get out of debt, says Kristy Welsh, editor of . With a good credit score, you can save money on:

In many states, your personal credit rating has a direct impact on the auto insurance premiums that you pay. Lower premiums mean extra cash to pay off debts faster.

- The higher your credit score is, the lower the interest rates will be on credit cards. There are still on balance transfers. If you have a decent credit score, you could transfer credit card balances to a new lower rate and save you money.

It's well known that prospective employers are likely to pull your credit when considering you for a job. If you are out of work and you know you have a few blemishes on your credit, taking steps to repair your credit rating can be a fast-track to getting dollars in your wallet.

Welsh suggests two simple steps to improve your credit score.

1. Mistakes are common on . Make sure all of the information is accurate. You can get all three of the credit bureaus from .

2. Pay credit card balances down to 25% or less of your credit limit. "Paying down your balance can have a huge positive effect on your credit score.

For more FREE information on repairing your credit, visit Creditinfocenter.com at .

About CreditInfocenter.com:

Founded in 1997, CreditInfocenter.com is a free one-stop destination for consumers looking for free advice on . CreditInfocenter.com offers several books for purchase, including , a tongue-in-cheek guide to managing your credit.

For More Information on CreditInfoCenter.com:

Good Credit Is Sexy:



For Press and Media:
Kathleen Richards
Web Nation, Inc.
480-990-3938

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Bereitgestellt von Benutzer: MARKET WIRE
Datum: 29.09.2011 - 16:56 Uhr
Sprache: Deutsch
News-ID 71115
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Personal Finance

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