Having bad credit can impact Americans in so many ways these days. It can keep us from obtaining a new job, getting security clearance, getting a credit card, and of course obtaining a loan for a house or an automobile.
So is there are a secret credit score number that gets you approved for loans?
Just yesterday, CNN recently published an article about the "Magic Number" associated with your credit scores in order to secure a loan. What is this "magic number"? Does this mean that you cannot get a loan unless you meet that number? Can you improve your credit scores to meet requirements? I'll address all of these questions in today's article, Bad Credit Loans: What's the Magic Credit Score Number?
What's the magic credit score number you must have in order to obtain a mortgage in today's credit crunch?
CNN quoted, Bob Moulton, President of Americana Mortgage Group, as saying your credit score may need to be as high as 720. He mentions that in some places, it may be possible to be approved with a 680 credit score, but also noted that this number seems to get higher and higher every month.
Does this mean that you cannot secure a home loan or car loan if you don't meet that requirement?
There are actually many creative financing opportunities that exist in order to assist with obtaining a loan, but it would be my first recommendation to make sure you credit reports are 100% accurately representing your credit scores. In short, through a diligent credit repair effort, I would suggest you inflate your credit score to the highest possible score through a systemic leveraging of the Fair Credit Reporting Act. If you're looking for a complete credit restoration program that will virtually take you by the hand, even if you haven't a clue on where to begin, see the recently released Credit Repair Truth Blueprinting System.
What can you do to additionally best position yourself to be approved?
Pay down your credit balances to less than 30% of credit limit. Limit amount of applications you fill out for non-necessity credit Pay all bills on time going forward Keep in contact with all creditors that you're having trouble paying to negotiate best options.
Bad credit isn't a lifetime issue, however if you wish to make positive strides towards improving your credit, you need to take action. Make an action plan that clearly lays out the fastest blueprint for improvement using a solid, and ethical credit repair program. Then, take the steps above to maintain your credit standing, and before long, you'll be in the elite 800 club!
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