I’m a credit expert by trade, so needless to say, I have pretty good credit. I’ve worked hard to build great credit and maintain it. No matter what happens with my finances, I’ve always made my credit a priority.

If someone told you, what you did today was going to affect you for the next seven years, would you think twice before doing it? I know I would but many people just don’t think of their credit in this way. They think about “now” and not “later”. Well, later is here!

With the recent credit crisis in the country, even those with really good credit are going to feel the pinch. Banks are tightening up their purse strings and for good reason. Major financial institutions are collapsing all around us. NINJA loans have ruined our economy and deregulation of big banks has collapsed the finance industry.

Just when we thought it had gotten as bad as it could with record breaking foreclosures, it got worse. Much worse. If you thought those feeling the pinch were people who got themselves into mortgage trouble and you were safe, think again.

People with good credit, even great credit are going to be affected by this downturn. Reports this week claim that getting even simple loans whether secured or unsecured is going to be much harder. Now, more than ever, you need to start thinking about the state of your credit. Even if you’ve always had pretty good credit, now you must shine.

This is especially true if you’ve got credit card debt. It wont be so easy to transfer balances to other lower rate credit cards to save some money. Lenders are going to proceed with great caution and that’s going to affect you personally.  Those with poor credit are really going to be in a bind. Even a simple payday loan wont be so simple. People are going to find there are few resources to turn to for their lending needs.

Now is the time to do an audit of your credit. Make sure you’re ready when the time comes to apply for a much needed loan, line of credit or refi.  The credit repair field is going to be booming! While the FTC gives us some great tips to fix our credit, unfortunately people don’t bother until they need credit. Now is the time to clean up your credit so it’s ready to roll when you need it.

Get your credit reports, grab a cup of coffee and start that audit. Look over all three credit reports and highlight any problems you see. Make a plan to send investigation letters to these questionable items and by all means, don’t apply for needless loans. Those hard inquiry’s will only lower your credit score further. Wait until you are in a good position before you apply for a loan. Don’t waste the inquiry, especially now.

Clean up your credit the best you can then make a solid plan to refi, get out of debt or purchase a big ticket item.