Poor credit can make or break you during some of the most important decisions of your life. Your credit score is used as a tool to determine your trustworthiness by lenders. Your credit score can affect several areas of your life, including: the home you live in, your job, and even your relationships. If you think you’re being negatively impacted by your credit score, you might need credit repair.
If your credit score isn’t where you want (or need) it to be, don’t despair, lender approval is still possible by making some changes to how you are currently managing your finances. Confused about where to start? Learn first steps for repairing your credit, to get you to your goal credit score more quickly.
Sometimes we’re oblivious to what is going on with our finances. It’s easy to live day to day without thinking about how your late payments or skipping payments could be affecting your financial health. In many cases, people might not be sure if they have been living with bad credit or not. If you are not familiar with your credit score, these could be telling signs that you need to look into credit repair.
If you are coming up with excuses on why you can’t check your credit report, then you might be needing credit repair. If you make the time and learn how to check your credit, then you’ll be able to know where you stand and know whether or not you should be seeking credit report help or not. You want to do this before it comes time for you to buy a new home or get a new car, because a bad credit score will hinder your chances at better financing with low rates.
If you have been looking into getting a credit card, applied, but then had a denial sent your way, it’s highly likely that you have bad credit. In this case, it is time to look into credit repair. Looking at your credit report will show you potentially why you were denied a credit card.
Even if you want to get an apartment, your credit will be run. Apartment complexes and landlords will run your credit to see if you’re creditworthy. If you have had problems making your rent payments in the past, it could be affecting your ability to get a new apartment. Your negative renting history will show up on your credit report and get your application turned down.
When collection agencies begin calling you, that’s a bad sign. This means that your lenders have lost faith in you paying back your bills and will no longer be trying. When a bill goes to collections, it will appear on your credit report and will prevent you from getting approved for future loans. This is one of the top reasons you need credit repair – so you can pay these off fast.
You’re given an interest rate when you take out a credit card or a loan. Lenders will up their interest rates based on what they see off of your credit report. When you prove to be a worthy lender, they’ll go back down after time. However, the more you are late on payments or forgo payments altogether, your interest rates will stay high.
If these instances or something similar is happening to you, you should look into credit repair to remedy the situation fast. It’s time to put your financial health first and focus on it. Your future self will thank you for taking care of it now.
Credit scores are what lenders (mortgage lenders, credit card companies, and even car dealerships) use to make decisions about whether or not they think that you would be a good borrower. Your credit score will be used by lenders to determine what terms they’ll include in their offer, like your interest rate or the down payment required.
Credit scores can range from 300-850. The lower end of that is considered a bad credit score. Typically, anything lower than 700 isn’t considered great. 700 or greater is considered in good standing. However, most credit scores average between 600-750, according to Experian.
Broken down, here are credit score ranges based on FICO® scores and what they mean:
If you find yourself at a credit score below 650, you need credit repair. Lending Studios can work with you to repair your credit. By repairing your credit, you will be able to get the bet interest rates on loans and credit cards in the future.
Credit repair is the process of fixing poor credit standing caused by various reasons. Repairing your credit can be a simple process: like disputing mistakes. However, credit repair and be a more lengthy process if identity theft has occurred. To put it simply, credit repair is the process of restoring and correcting a poor credit score.
The term credit repair typically implies that you will be workin with a company, like Lending Studios, to remove negative information from your credit report. While oftentimes you can repair your credit on your home, sometimes a third party needs to help you dispute information on your credit reports. If you choose to work with a company, Experian notes that it is important to make sure that they’re regulated in some way. Ideally, through the Credit Repair Organizations Act, before paying them to repair your credit.
If you are trying to repair your credit, the biggest step you can take is to pay the minimum monthly payments on your bills, and to do it on time. Once your accounts are current, continue paying all of your payments on time.
It is not uncommon for every single person to need financial counsel at one point of another. If you find that you are drowning in debt, you have options: like reaching out to a credit counseling service.
You might find that the best thing for you is to get a debt consolidation loan to gather up all of your debts and merge them into one entity. If your debt isn’t too substantial and you have a high enough credit score, this could be the best way to get your debt under control with a reasonable interest rate.
Other debt relief tools include: debt management, debt settlement, debt consolidation, and last resort: bankruptcy.
You can look for credit counselors by going through the National Foundation for Credit Counseling, which will provide you with reputable services that you can trust. If you find yourself buried in debt with poor credit, Lending Studios has the resources to help you. We can help you understand how you can repair your credit score and reduce your debt. It’s our goal to help you be financially free!
Lending Studios has the information you need to make the best financial decisions for your individual situation.