SAN DIEGO, Feb. 13, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that is dedicated to helping home loan borrowers find a loan that they will love. It explains, and sometimes avoids altogether when possible, much of the complicated and stuffy professional language used in the mortgage industry and instead provides detailed advice and information in a down-to-earth, concise and often entertaining way. The website seeks to empower borrowers by providing them with helpful first class knowledge, valuable resources and connections to top rated industry professionals. Because of this, LoanLove.com has become a trusted destination for current news and expert loan advice. Loan borrowers no longer need to worry about an uncertain future when dealing with bad credit score as LoanLove.com has provided the means to combat credit score woes through the use of their new article. This new article demonstrates some useful credit repair tips for 2014 loan borrowers can use to help them secure the best loan rates.
In the article, Loan Love stresses how important it is the have a good credit score: "You may wonder how much of an impact your credit score can have on your life. In short, your credit score can greatly impact many aspects of your life. For example, a good credit score will mean you qualify for the best loans in regards to interests rates and loan terms." Simply put, a good credit score translates to having more money in the end for a loan borrower. Depending on credit score, a borrower's interest loan rates can be greatly affected when paying off a monthly loan for a car, home or other items of importance. Thus, having a good credit score will save you money gradually through reduced rates over the lifespan of a loan. As the Director of Consumer Education Gerri Deweiler sums up about credit score: "An excellent credit score = Money in your pocket."
The article also goes into detail about credit score brackets and what do they mean to borrowers seeking out a loan. A credit score of 620 and below for example, would mean that the person looking to borrow would be categorized as a "sub-prime" borrower, whereas a credit score of 720 would mean that the borrow would be eligible for more a more favorable loan condition. The article gives a rundown on some good tips mortgage loan borrowers can utilize:
"Now that you have learned the importance of a good credit score , you are probably wondering how to improve yours. Read below for some easy-to-apply tips:
- Acquire a credit card from a major company (Visa, MasterCard, etc.): Before you go crazy with this tip, it is important to note that using a credit card and keeping a balance on one is two totally different matters. Running up a bill that you don't pay in full won't help you build credit. Therefore, this tip takes discipline, but having a credit card you use and pay off monthly is an easy way to improve a poor credit score. A great way to implement this tip is using a card to pay for gas and paying it off monthly.
- Get a prepaid credit card: If you don't trust yourself to use a credit card wisely or just don't want one, get what's called a prepaid credit card. This gives you a way to use a credit without the temptation of running up debt as it will only allow you to spend the amount that you have placed on the card and no more.
- Be patient: Although it is difficult, it is important that you understand the process of repairing your credit won't happen overnight. Slow and steady wins the race when it comes to repairing a credit score.
- Check your credit score: It is important to make sure that your credit report is accurate. Therefore, checking the three credit bureaus, those being Equifax, Experian and TransUnion, on a regular basis is wise. You want to know if anything incorrect is on your credit report so you can rectify the situation before it damages your credit."
Using these tips loan borrowers, can improve their credit score and ease their way in for great borrowing opportunities. For more information on credit improvement, please click here to read the full article at LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, email@example.com
News distributed by PR Newswire iReach: https://ireach.prnewswire.com