|Good credit today is an essential part of every day life. We buy so many things on credit from homes to cars, furniture to groceries, gas, clothes, and anything you can think of. That is why your credit is important to you. Information on your credit report can stay on there for up to ten years. Unfortunately, not all of us have the best credit. There are over 2,000 credit bureaus in the United States that are the gatekeepers of you credit. The three major credit bureaus are Experian, Equifax, and TransUnion. They score your credit according to their formulas to develop what is known as Fico Scores. Fico scores usually range from 400 to 850; 400 being lowest score and 850 being the highest score. These credit ratings or Fico scores estimates the ability and willingness to repay a debt or loan.
Can you simply repair bad or no credit? Unfortunately, you cannot. This will take time and patience to repair your bad credit.
Having no credit is almost as bad as having bad credit. Most lenders do not approve people that have no credit history.
This is because they do not have any Fico scores. The good news is that you do not have bad credit. You are already ahead of the game if you have no credit. You just have to develop your credit carefully.
If you have bad credit, this may take more time and effort to repair. The first step in repairing your credit is to get a credit report on yourself. Once you obtain your credit report make sure the information on the report is in fact correct, such as your date of birth, your last known living address, the list of all your creditors, and of course your full name.