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Bad credit means great difficulty in navigating through the shark infested waters of the financial world. The bottom line is this, it is impossible to build wealth or to have financial stability with bad credit. You stand a better chance mixing oil and water together. The Million dollar question is this... What do you do to change your current situation?
You can start by making a single decision. I'm referring to a decision that will forever change your life, and that will ensure you will become a master of your destiny. Without you taking this first step all else is frivolous. g19 parts If you are one of the few who I consider to be an exception to the rule, and you have decided to take your credit seriously let's get started right here and now.
All too often I see people fear the unknown, and the same applies to repairing your own credit. With all of the media hype in your face, I understand your challenges, and I didn't write this article to make you feel bad. I did however choose to write it in an effort to wake you up. The next few paragraphs of this article will more than likely shock you, and hopefully get the wheels to spinning in your brain.
I will start by exposing some fundamentals. The information from your consumer report is collected by the three major agencies. Most people know that information, because it's the only think that is shared with you by the media. Once the bureaus have your information it is then collected by a company called, "Fair Isaac." This company analyzes this information and comes up with a credit score. That score is how society judges you, and financial institutions determine if you are worthy of getting a loan. Businesses don't care why you have bad credit or what the circumstances may have been.
Most Americans believe that the credit bureaus exist to help them with their credit problems. That is so wrong that I cannot even find words to describe how wrong it is. The credit bureaus is a business, and just like every business on the face of the earth, it's goal is to generate a profit. Hold on to your seat, because this next part is going to feel like you have been slapped across the face.
It isn't in the credit bureaus best interest that you have good credit. Keep in mind I just told you that they were a business who's goal is to make a profit. It is important that you really think about what I'm about to say next. Statistics show that people with bad credit will on average apply for credit at least three times after being turned down. Now let's take a look at the other side of things, and view it from a business perspective. Every time you apply for a loan or a line of credit, the company you are applying with will purchase your information from one of the three major credit bureaus. The company is then charged a fee for that information which is usually in one way or another passed on to you.
All of this means that the credit bureaus generate three times more revenue from individuals with bad credit than they do someone with good credit. Once you understand their business model you can't help but ask yourself, why would they try to help people to improve their credit?
Here is something else that you must understand. You didn't generate bad credit overnight, so it would be foolish for you to expect to improve your credit overnight. Depending on your current situation you can improve your credit in as little as 60 to 90 days. Every day that you procrastinate is another day that you have to live in financial ruins. Anyone can do it all it takes is a credit repair kit, and persistence. You have to know your rights and stick to your guns.