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How to Increase Your Credit Scores

January 17, 2017 by  
Filed under Blogs, Credit Score

excellent credit score

If you’ve ever been denied credit or are being charged high interest rates for a mortgage, auto loan, or credit card, it may be time to take a look at your credit scores.

Your credit score, a history of how well you repay debt, determines your creditworthiness and in most cases determines whether you are qualified for a loan as well as the rate of interest that you will be charged.

A high credit score guarantees the best rates and terms on loans, while a low score almost always means that you will end up paying 3 to 5 times more for a loan than someone with good credit.

Increasing your credit score can change your life by saving hundreds of thousands of dollars in interest fees and giving you access to capital to buy your own home, buy a car, and even start a business.

Increasing your credit scores doesn’t happen overnight, it’s a long painstaking process which takes time, patience, organization, and a knowledge of consumer protection law. This is why it’s so important to start planning for the future and working on improving your credit scores well in advance of when you will need it.

To increase your credit scores, you will want to work on the following five factors.

Payment History (35% of Your Credit Score)

Paying your bills on time is the best way to ensure a high credit score. Late payments, collections, repossessions, and other derogatory and delinquent information will bring down your credit scores. If you have derogatory information reporting on your credit report, it is important that you get proactive and work on removing as much of it off your reports as possible. You can also hire a credit repair service to leverage consumer protection statutes given to you by FACTA, FCRA, and FDCPA to legally remove negative accounts from your reports.

Amounts Owed (30%)

The utilization rate of your credit cards, also known as the balance to credit limit ratio, makes up approximately 30% of your credit score. Keep your credit card balances at or below a 20% utilization rate to maximize your credit scores.

Length of Credit History (15%)

The average age of your open accounts makes up 15% of your credit score. Keep your oldest accounts open as long as possible and your scores will increase. Those with a short length of credit history are penalized because they have not had credit for very long while those with a long length of credit are benefited with a higher score.

Mix of Credit (10%)

Maintaining a good mix of revolving accounts (credit cards) and installment accounts (accounts with a set length of term like auto loans, mortgages, and student loans) will increase your credit scores by showing lenders that you can maintain and use both types of accounts.

New Credit (10%)

Every time you apply for credit, an inquiry reports to your credit report. These inquiries represent a history of all of your applications for credit over the course of the last 2 years. Too many inquiries will lower your credit score and make you look like you’re desperate for credit. Ideally, limit yourself to no more than one inquiry every 6 months.

CreditFirm.Net has helped thousands of consumers just like you remove negative information from their credit reports and improve their credit scores by leveraging consumer protection statutes like the FACTA, FCRA, FDCPA, HIPAA, and more.

Since 1997, CreditFirm.Net has helped our clients purchase homes, get low interest auto loans, and save millions of dollars by improving their credit scores.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Average FICO Credit Scores Hit All Time High

September 23, 2016 by  
Filed under Blogs, Credit Score

FICO score

As America leaves the economic crisis behind and heads toward economic recovery, the American people are also seeing recovery. According to a study conducted by the Fair Isaac Company (FICO), the creators of the FICO score algorithm, consumer credit scores in America are getting better. In fact, the average FICO score in the US is now 699, an all time high.

Fewer credit defaults, fewer charge-offs, fewer collections, and fewer late payments are attributed to this increase. Consumers seem to be understanding the importance of credit and becoming more educated about their credit scores. In short, Americans are being more responsible with their credit.

A FICO score of 699 means that for the first time since the development of the FICO score, the average American is on the verge of a “Good Credit Score”. (According to the following chart from FICO).

Excellent Credit: 750+
Good Credit: 700–749
Fair Credit: 650–699
Poor Credit: 600–649
Bad Credit: Below 600

Is your credit score better today than it was a few years ago?

If not, here is a list of things you can do to improve your credit scores.

Pay Your Bills On Time
Payment history is one of most important factors in a consumer credit score. Pay your bills on time and your score will gradually increase, miss a payment and your score can drop over 100 points in no time at all. Make sure that you pay all of your bills on time, every time, no matter what.

Pay Down Your Credit Cards
The Utilization rate of your credit cards is a huge factor in calculating your credit scores. Ideally, you balance should be no more than 20% of your credit limit, which means that if your credit limit is $500, your balance should never exceed $100. Keeping high balances on your cards and going over your credit limit drags down your credit scores so work toward paying your balances down and watch your scores increase.

Repair Your Credit
If you have derogatory accounts such as late payments, charge-offs, collections, judgments, etc… reporting in your credit reports you will need to repair your credit. You can either learn to fix your credit yourself or hire a professional credit repair service to help you.

CreditFirm.Net has helped thousands of consumers just like you remove negative information from their credit reports and improve their credit scores by leveraging consumer protection statutes like the FACTA, FCRA, FDCPA, HIPAA, and more.

Since 1997, CreditFirm.Net has helped our clients purchase homes, get low interest auto loans, and save millions of dollars by improving their credit scores.

Is your credit score at least 699?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Stop Harassing Calls From Debt Collectors

September 16, 2016 by  
Filed under Blogs, Collection Agencies

cease and desist letter

You’re sitting at home having dinner with your family when the phone rings. Who can it be? It’s your local, neighborhood debt collector demanding payment from you on a past due debt.

Dinner ruined…

No one likes receiving annoying calls from collection agencies, they almost always seem to call at the wrong time and can be down right rude.But, don’t worry, you don’t have to put up with these calls, the FDCPA (Fair Debt Collection Practices Act) allows you to stop debt collector calls at any time.

How do you get a debt collector/ collection agency to stop calling?
With a letter of course.
Below, please find a template of a limited cease and desist letter which will stop debt collectors from calling you but, still allow them to contact you via mail. (That way you can still know what’s happening with your collections.)

————
————

Your Name
Your Address

Re: Account XXXX-XXXX

To Whom It May Concern:

You are hereby notified under provisions of Public Laws 95-109 and 99-361, also known as the Fair Debt Collection Practices Act, that your services are no longer desired.

1) You and your organization must CEASE & DESIST all attempts to collect the above debt via telephone. If you wish to contact me, please do so via standard postal mail.  Failure to comply with this law will result in my immediately filing a complaint with the Federal Trade Commission, Consumer Financial Protection Bureau, and this state’s Attorney General’s office. I will pursue all criminal and civil claims against you and your company.

2) Let this letter also serve as your warning that I may utilize telephone-recording devices in order to document any telephone conversations that we may have in the future.

Have a wonderful day.

Sincerely,

Your Name
Your Address

————
————

Mail the letter Certified Return Receipt Requested (CRRR) so you have proof that the collection agency received your request.

Please note that stopping a collection agency from calling you will not make the debt disappear or remove the derogatory account from your credit report.
If you have debt collectors calling and harassing you, utilize this letter to get a little breathing room but, understand that you will have to deal with this issue at some point in the future and repair your credit.
CreditFirm.Net has helped thousands of consumers just like you remove collection accounts from their credit reports and improve their credit scores.

 

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

The Secret to Saving $1,500 a Month

August 10, 2016 by  
Filed under Blogs, Credit Repair

save money

If you’re trying to save money you’re probably going to cut as many expenses out of your budget as possible. You can lower your monthly bills by disconnecting your cable, switching to generic products, and couponing but, you may be leaving a large amount of money on the table. Did you know that improving your credit scores can save you over $1,500 a month?

If you have a bad credit score your in the high-risk category for most lenders, which means that you will be paying a lot more in interest than someone with good credit. That’s if you can qualify for a loan at all.

The average consumer with bad credit ends up paying $505.47 a month more for a $250,000 mortgage than someone with good credit. On top of this, the person with bad credit will also need to put down deposits to open utility accounts such as gas, electric, and cable/internet. Your homeowners and auto insurance will likely be double that of the average person with good credit. Let’s take a look at auto loans where the average savings on a $35,000 loan can exceed $383 a month for someone with good credit. Let’s also not forget about credit cards, the average consumer in the US has about $10,000 in credit card debt. What does someone with good credit save when compared to someone with bad credit? About $275 per month in interest charges alone.

If you have bad credit, you could be paying $1,500 a month in interest charges and other fees above what someone with good credit pays.

On top of all of this, having good credit would make you more attractive to employers and possibly increase your earning potential.

If you want to save money you can cut out expenses, use coupons, stop drinking coffee at your local coffee shop each morning, you can even make your own lunch. But, until you fix your credit, you will continue throwing money away and depriving yourself and your family of the nicer things in life.

So how do you get on the path toward saving $1,500 every month?

1. You can start by paying your bills on time.
Make a commitment to paying every bill by the due date. If you’re past due on your bills, work toward catching up on on them and pay them on time, every time. String together 6 straight months of perfect payment history and you’ll see a dramatic change in your credit scores.

2. Pay down your credit cards.
Not only are your credit cards costing you thousands in interest fees but, if maxed out, they are lowering your credit scores. Paying down your credit cards to a utilization rate of 20% or less will increase your scores get take you one step closer to your goal.

3. Stop applying for credit.
Every time you apply for credit an inquiry is placed on your credit report. Apply for credit too often and you will make yourself look like you’re desperate for credit.  Applying for credit too often can cause dozens of inquiries which will lower your credit scores. I know you want credit but, patience is the name of the game. Ideally, you should only apply for credit once every 6 months. So next time you want to apply for any kind of credit just remember that this application will hurt your credit score and cost you $1,500 a month. Then, take a deep breath and put the pen down.

4. Fix your past credit mistakes
If you have derogatory accounts such as late payments, charge-offs, collections, judgments, etc… reporting in your credit reports you will need to repair your credit. CreditFirm.Net has helped thousands of consumers just like you remove negative information from their credit reports and improve their credit scores.

Since 1997, CreditFirm.Net has helped our clients purchase homes, get low interest auto loans, and save millions of dollars by improving their credit scores.

What will you do with your extra $1,500 a month?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

The True Cost Of Bad Credit

burning money

Over your lifetime, a bad credit score can cost you hundreds of thousands of dollars due to higher interest rates and less favorable loan terms. The average consumer with bad credit will end up spending $429,000 more for mortgages, auto loans, and credit cards in their lifetime than someone with good credit.

Just think about that for a second, that’s almost a half million dollars! This is the real damage bad credit can do.

Bad credit means higher loan interest rates but, we’re not even taking into account the thousands of dollars consumers waste on rent instead of putting that money toward their own homes because they can’t qualify for a mortgage. We’re not taking into account the extra thousands of dollars people with bad credit have to pay on their insurance rates. And no one is taking into account the loss of income consumers with bad credit face because their bad credit prevents them from getting a higher paying job or getting promoted.

It seems pretty unfair but, they system is rigged to charge the highest rates from those people with the least amount of money. Keeping the poor poorer and making the rich richer. Changing the system will take time, if it ever happens at all but, there is something you can do to make your life and the lives of those around you better. You can take charge of your credit, become proactive, and fix your credit. You can contact the credit reporting agencies, creditors, debt collectors, and third party data furnishers reporting negative information on your credit reports and work on improving your credit scores. Most people either don’t have the time or don’t understand how to make their case against the creditor and credit bureaus. This is when many consumers start looking into hiring a credit repair company to handle all of the work for them.

Credit repair services handle all of the legwork in dealing with your creditors, debt collectors and credit bureaus. They also file all necessary documents on your behalf and work toward removing derogatory information from your credit reports by leveraging the consumer protection laws given to you by the FCRA, FDCPA, FACTA, and HIPAA medical privacy laws.

CreditFirm.Net has helped thousands of consumers just like you remove negative information from their credit reports and improve their credit scores. Since 1997, we have helped our clients purchase homes, get low interest auto loans, and save millions of dollars by improving their credit scores. Will you be our next success story?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

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