The Nevada Economy is heating up! Unemployment in down, from 12.1% to 10.1%.Most industries are doing well and helping to re-fill lost jobs in the one or two industries that are still depressed. Those people that have been putting off big purchases like houses and cars, or starting a business, need to start paying close attention to their savings, their relationship with their bank or lending institution, and most importantly, their credit score.
With good credit, people can work with their money still in their hands. The key is to have both a good credit score and some saved up money. With both, people can get start-up capital or a car from a loan against their money or other assets.
Bad credit creates a barrier. It has the effect of not letting people get credit cards and smaller unsecured credit products. Things like cell phone contracts will require deposits.
Everyone is aware that a house or car note is a positive credit mark on your credit score. What is often overlooked is the value of smaller personal loans, often secured by cash that add the all important satisfactory accounts information to your credit report. These can quickly add positive items to a person’s history. With this strategy, and a good relationship with a bank, people can have a much brighter future in a surprisingly short period of time.
It all starts with getting a free annual credit report. Look at the ratio of good marks to bad marks, and improve it by cleaning up erroneous reports and by making sure that out of date information is promptly removed.
Anyone can make their credit score better by paying attention. Be ready to take advantage of the opportunities as the Nevada economy heats up.