Why Repair your credit NOW you might ask?

Your payments to your creditors may be falling behind/late (if you are not in foreclosure or repossession stages yet). You want to take advantage of the fallen rate. Meaning when the Fed reduces the rate hopefully sometimes in March you should be READY to go ahead and refinance your home, other real estate, auto(s) and put the money to work.

However, it would NOT help you if your credit is shockingly BAD. Because, one of the main reasons the giant bank are suffering is - their bad lending habits to the people who had bad credits. As a result, the government is forcing the banks to behave correctly and reduce their lending to the individuals who have bad credits (unlike what they done in the past).

So if your credit is bad, NOW is the time to get to work and fix your credit (Your Credit = Your Life ). Credit repair is NOT an over-night process. It will take at minimum 90 days (if you are doing it yourself). Therefore, you need to start now so that in about 90 days when the Fed. Resv. finally brings the lending rate down to a reasonable rate (December 08 and March 2009 rate cuts), you will be ready. You must start your credit repair now. It will take you at minimum the same amount of time to complete the credit repair as it would take the Fed to reduce rate a couple of times. The Fed may not stop with a couple of rate cuts BUT no one has a crystal ball, because it is all market and economy dependent. If the market turns around after a couple of rate cuts, then the Fed will stop or increase the rate.

You MUST understand the importance of having good credit and taking advantage of the low rates (when it comes) to help change your financial life. Do NOT be a Procrastinator, because in such situation YOU will be the loser.

Again, be patient about the rates will come down for the next few months but, it doesn’t mean forever nor that it means it will remain there. As the Government is try to get a handle over these sub-prime losses that are causing the banks to suffer so badly, it has to cut rate. It doesn’t matter what the analysts and economist say, the bottom line is the economy has to be under control else, both the stock market and financial market will suffer further losses, which will have spill over to other areas of the market and economy.

You can ask 10 economists the same question and will possibly receive 10 different analysis/answer. It doesn’t mean that all are correct nor does it mean they are all incorrect.

However, nothing is more evident than your credit report that your credit needs work and the sooner you do something about it the better you are off and the more money you can save.