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Your Credit Score Is More Important Than Ever In 2016
Lenders use your credit score to determine whether or not they will lend you money for car
loans, a credit card, a mortgage, etc. It also determines how much interest you’ll pay.
In 2016, more than ever before, three credit scores will be more important. In December, the
Federal Reserve Board increased the federal funds
rate for the first time in almost seven years.
The federal funds
rate affects the prime rate, which is the lowest rate that lenders will charge
their most creditworthy consumers. This means that rates will go up on things like credit cards or
mortgages.
Having a good credit score will usually get you the best offers and/or terms and conditions on
loans. Consumers have some time to get their credit in order. The fed will raise rates between
0.25 percent and 0.5 percent.
The first step is to find out how good your credit is or what factors may be bringing it down. Get
free credit reports on AnnualCreditReport.com, or every month on Credit.com. A few ways to
improve your credit score include settling defaulted accounts, paying down high credit card
balances, and limiting credit inquiries. Also, make sure to consistently pay off all bills on time.
Try to keep the amount of debt you owe below at least 30 percent and ideally 10 percent of your
available credit.
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What is 360 Credit?
360 Credit Consulting can help you save! Are you trying to get credit approval? Improving your credit will save you thousands of dollars each year with better interest rates.
Do you know what’s reporting on your credit report? Do you know what can make it better or worse? Do you know how to maintain a good credit score? Take advantage of our free educational resources and start saving money today.
Don't let a few bumps in the road hurt your financial future. Errors and inaccuracies on your credit are costly, and you might not even be aware of them. We find them and help you remove them.
We can help calculate a realistic time frame for you to achieve the results you want. 360 Credit Consulting analyzes your credit and guides you through the process.