Brushing Up on the Key Factor for Getting a Loan
Whether Phoenix
The Consumer
Federation of America is a nonprofit outfit that from time to time releases
reports designed to improve that situation. Their latest is a sort of report
card on how much average adults understand about credit scoring — the key factor in getting a loan of any kind.
On the plus side of
the report card, CFA says that people who have obtained one or more of their
own credit scores within the past year are significantly better-informed than
those who have not. No surprise there. Those people tend to know that there are
three large credit bureaus (although how anyone who watches TV doesn’t already
know that is a mystery to me).
On the minus side,
more men than women misunderstand how age and marital status affect their
credit scores (those factors have no effect). Men, on the other hand, “are more
skeptical than women about the value of credit repair agencies.” CFA doesn’t go
into why that is, but I’d like to think that it’s because they understand that
a more straightforward way to repair your credit is to pay all bills on time.
Sandwiched in among
the charts and graphs are various bits of good advice for any Phoenix
1.
Avoid maxing out credit cards; try not to
even get close
2.
Pay down debt instead of just moving it from
account to account
3.
Keep track of your credit from time to time,
even if you’re not planning on getting a loan right away
If you are
planning to become a Phoenix
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