| Want some advice on the best interest rate ? Well, here it is... be willing to shop around. Rates will vary from bank to bank and possibly even state to state. Spending a little time finding the best ones can save you boatloads of cash.
We all know that our credit score will affect our interest rates. That is more good advice on the best interest rate, fix your credit rating.
Obviously, this is something you will want to undertake early in the game. You don't want to wait until the morning you are going car shopping before you check out your credit score.
If you do find problems you will want time to fix them. How much time? Well, that depends on the issues.
If you find a mistake it should be rectified in a timely manner once you provide the required documentation that verifies that it is truly a mistake.
Usually these mistakes can be cleared up pretty quickly, in about 30 days.
Something like this happened to my brother in law. He found some loans on his credit report that he didn't take out.
When he started to look into it more he realized that it was a mistake made by whoever put together his report.
The name of the person who had taken out those loans were similar to my brother in law, only the middle initial was different.
He was able to get it cleared up but he was pretty upset when he first saw it.
So not everything that is a problem on your credit report are issues with you making slow or late payments.
Sometimes there can be actual mistakes. The sooner you get copies of your report the sooner you can get things cleared up.
Also, make sure you request a report from each of the three credit reporting agencies. You will very likely find that there is different information on each one.
If your report isn't very pretty, and it's not a mistake, than you need to try to clear things up. Unfortunately, it's a lot easier to mess up your report than it is to fix it.
You will need to start paying everything on time but it will take you many months, at the minimum, to see an improvement in your credit score.
All the more reason to start this process early.
Of course, beyond your credit report and fixing any issues, you can shop around for different rates.
There are sites online that will list the most current rates from different companies. This makes it easy for you to compare rates.
It is an interest rate one stop shop.
If we have learned anything during this recession it is the importance of living within our means and not using credit as much.
Of course, most of us will need some credit for a new home or card at some point in our lives. For that reason keep your bills paid on time, look over your credit report for mistakes and compare rates when you can.
That is the best advice on the best interest rate I can give. |