How to Improve Your Credit Score - Part One

How to Improve Your Credit Score - Part One Posted: 24 Mar 2008 08:24 AM CDT In this blog post, I am going to share with you how I dramatically increased my credit scores over a period of just two months. This post has been excerpted from an older bonus insert included with the Income for Life Newsletter. Right now, we are in an incredible buyer's market. Sellers are motivated and, in some cases, desperate to sell their homes. This type of housing market opens the doors for us to lock in substantial amounts of wealth. Investors should be buying when everyone else is selling and selling when everyone else is buying. Guess what? Everyone else is selling, which means it is now our time to buy. The key to acquiring wealth in this market is to be in a position to buy as many homes as you can get your hands on - before the market rebounds. I interviewed, credit score expert, Stephen Snyder, about how to improve your credit score. During the interview, Stephen said that our credit scores determine the following when buying a home: The interest rate The amount of reserves you will be required to have Your loan-to-value ratio The amount of your down payment This means that you and I both should be working to improve our credit scores because our scores will literally control the number of homes we can acquire. Your credit score may be the key to your future wealth. In preparation for my real estate investing plan, I checked my credit scores. I was shocked when I obtained my credit scores. They were lower than I had anticipated. Here is what they were on August 19, 2006: Equifax 660 TransUnion 670 Experian 719 Stephen Snyder explained in my interview with him, that lenders base their decision on your middle credit score. This means that lenders would be evaluating me based upon the 670 credit score. To have access to the best investor loans, my middle credit score needed to be above 700, if not higher. My lower middle score was obviously a problem. I honestly had not been paying attention to my scores. This has been a big mistake. I vowed to improve my credit score. I also vowed to pay attention to my score and keep it at higher levels going forward. In my next blog post, I'll explain what I did to improve my credit score. You don't want to miss it if your concerned about your credit scores, too! Rob Minton P.S. If you missed last week's Income for Life Tuesday Member interview, you can listen to the replay of the conference call this Tuesday at 8 PM. The call is 100% free. Simply dial 1-212-461-8613 on Tuesday evening at 8 PM and you'll be able to listen in from the comfort of your living room!