February 23, 2007, Newsletter Issue #15: Know Your Credit Rating
Tip of the Week
Before you shop for new car loans, pull your credit report to make sure it's in order. Your credit report score is one of the key determining factors in what interest rate you are offered by lenders. Those who receive the best financing terms generally have a credit score of 730 or higher. If your credit score doesn't fall into that range, there are steps you can take to improve your score before you apply for financing.
• Pay all your debts on time
• Pay off or pay down your credit cards
• If you have a lot of credit cards, consolidate them and cancel a few
• If there are any errors on your credit report—dispute the error in writing and keep all documentation
• Don't hire a credit repair agency (most are scam artists who provide services you could do yourself)
If you feel you do need help sorting out your credit, visit the Web site of the National Foundation of Credit Counseling (NFCC). It is the oldest network of nonprofit counseling agencies in the U.S.
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