Crappy credit means a crappy credit score. And a crappy credit score means either a) a higher interest rate on your conventional home loan, or b) no conventional home loan. In fact, a credit score of 620 or better is now required for all conventional financing, FHA not included. That's up from 580 just a short time ago. It may not sound like much, but those 40 points have squeezed a lot of folks out of the home buying market.
If you're one of them, cleaning up your credit report is the only way to get back in the game, and that means not only getting rid of debt, but also not accumulating any more of the nasty stuff. Luckily for you the nice folks over at Dumb Little Man have put together a list of 20+ Ways to Get Rid of Your Debt For Good. While it's not a step by step guide, it does contain a lot of great advice. And before you go getting all "Duh!" over ideas like-
- Stop Adding More Debt
- Get Rid of Your Credit Cards
stop and ask yourself this: if all these suggestions are so durn easy, why aren't you doing any of them?
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