A good reason for getting your credit right !

Bailouts, market crash, layoffs, bank failures, credit crunch, foreclosures………………

If you turn on the news today it seems like this is all you hear, gloom and doom about the financial future for all of us. And while we are certainly in the midst of some hard economic times there is some good news on the horizon. Every recession in our countries history has had a recovery that eventually led us back to prosperity. The question is will you be prepared?

Whether its incentives in the Presidents stimulus package, the corrections in the housing market, or the retooling of the automobile industry the next few years should be ripe with examples of opportunities for those who have set themselves up to take advantage.

If you are planning on using the new tax breaks for buying your first home, upgrading your present home to energy efficiency, or getting a new vehicle, the stage has been set. Maybe you’ve been thinking of refinancing your current mortgage to the lower interest rates available or taking advantage of the glut of affordable homes that are available due to the mortgage crisis for investment purposes. Yes in most segments of the emerging economy it’s going to be a buyers market!

To reap the benefits of these great opportunities there is going to be one common denominator; an excellent credit rating. Even as I write this article there are many exceptional deals available in the auto and housing markets for those who are employed, have low debt ratios, and outstanding credit scores.

If you do not fall into these three categories now is the time to fortify your position. Get a copy of your credit report and start working on cleaning it up and raising your credit scores. Pay down your debt as much as possible now, this will help raise your credit score as well as give you the availability to take on these new opportunities in the future. Proper planning today will create a financial situation that will let you participate in the next economic recovery and not leave you sitting on the sidelines.