Tag Archives: your credit score

All Your Eggs in the Credit Score Basket

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All Your Eggs in the Credit Score Basket

all eggs in credit score basketWe’ve all heard the famous saying… “don’t put all your eggs in one basket”… well I have another one for you…

“Conventional wisdom is not to put all of your eggs
in one basket. 80/20 wisdom is to choose a basket carefully,
load all your eggs into it, and then watch it like a hawk.”
— Richard Koch: is a former management consultant,
entrepreneur, and writer

When it comes to the “credit score basket” there really only is one basket so your sole true option is to choose your basket wisely.

With our investment portfolio we can diversify.

We can hold some cash in savings, some bonds, some high risk and some low risk stock, real estate, local and off shore, precious metals, antiques and art and various other assets.

We can position ourself with multiple streams of income, use tax saving methods to shelter some of our income and even hire a financial service advisor.

All Your Eggs in the Credit Score Basket

Although we each have 3 credit reports; one from each of the 3 main credit bureaus, Experian, TransUnion and Equifax ideally they should all hold the same information so our approach is identical for each of them.

In the end we only have one credit score basket to work with so you better take it seriously and make the most of it.

The good thing is that at anytime it is possible to rethink how you use your basket…

As well you can choose to put different things in your basket and take out others…

You have the option of sticking it in the corner and forgetting about it or to carry it with you wherever you go and treat it with respect and care.

Many people scarcely realize they even have a credit score basket which doesn’t rank as an excuse for not having a good one.

How are you treating your credit score basket?

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Credit Score Project – Good Things Take Time

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Credit Score Project – Good Things Take Time

credit score project good things take time“No great thing is created suddenly.”
– Epictetus, philosopher
We live in an “instant” society… everything has to be “now” or at least “fast”.
Instant meals… instant credit approval… instant communication…
We have become an impatient people.

Credit Score Project – Good Things Take Time

Working on your credit score project can seem like a long and arduous task and many who I speak with are going crazy having to wait.

It’s important to realize, behind your credit score number are Corporations that consist of people who are making decisions based on how you have handled credit and your finances in the past.

Your credit score isn’t some randomly generated number but is one based on history over previous years.

Going forward, in order for your credit score to increase you need to show these same people you are able to handle credit better than you have in the past.

This requires trust to be built and trust takes time.

In previous posts I have shown you other credit score tips like disputing credit report errors and adding missing positive information to your credit report but once this is all in line it really comes down to consistent financial responsibility.

To be successful in your credit score project of raising your score to where you get the best interest rates from the best lenders it is important to have an action plan for increasing your credit score and then follow that plan consistently for the rest of your life.

Once these habits and principles are set up in your daily routine it really is not even extra work anymore but rather a way of life.

The Great Wall of China, the Coliseum and the Pyramids were built with quality and the intention of longevity… they were not built in a day!

On a lesser scale but with significant importance to yourself and your family your credit score project is one that will also take time but definitely well worth the wait.

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Is 600 a Good Credit Score?

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Is 600 a Good Credit Score?

is 600 a good credit scorePeople are always asking if there credit score is good or not.

For some reason “is 600 a good credit score“? seems to be a very popular question.

Oddly enough my answer today would be different than it was a few years back.

600 was a decent credit score before the economy began tightening up and now is it not considered all that strong.

Prior to the downturn banks were much more liberal with their lending but have since begun only lending with premium interest rates, or lend at all to those with much higher credit scores.

The good news to those with a 600 credit score is…

Your score could definitely be far worse so you have far less improving to do than many others.

Take your 600 credit score, fine tune your financial habits and before you know it you will be in with the upper echelon enjoying the best lenders have to offer.

Click here if you have no idea what your credit score is…

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