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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

5 Common Credit Blunders

September 15, 2015 by  
Filed under Blogs, Credit Repair, Credit Score

…And how to fix them.

mistake

Nobody is perfect but, when your credit score is at stake, you need to pay extra attention because one mistake can destroy your credit score and derail any chance you had of buying a house, car, or getting a student loan.

Let’s take a look at the 5 most common credit blunders consumers make and how to fix them.

1. Forgetting to Make a Payment

Paying your bills on time is one of the most important factors used to calculate your credit score. A recent late payment can lower your credit score up to190 points and stay on your credit report for up to 7 years. This is why it is so important to make your payments on-time.

If you aren’t sure whether you can afford to pay something on time every month, don’t buy it. And if you are a bit disorganized and forgetful – set up auto bill pay with your bank or creditor.

2. Medical Bill Issues

Did you assume that your insurance company paid all your medical bills? Never assume anything. Check with your doctor to make sure that all of your medical bills had been paid. Call your insurance company to make sure that they pay your bills on time. Insurance companies don’t care about your credit score and if they take too long to pay your bills, the debt may go into collections before it is paid.

Stay on top of your insurance company to make sure that they pay your medical bills in full and on time. And keep an open line of communication between your doctor so that they can let you know if there are any unpaid bills before they send them to collections.

3. Co-Signing On A Loan

Being a co-signer (or #2) on a loan means that you are 100% liable for the full and complete balance of the debt. There have been so many stories of consumers getting burned by friends, relatives, loved ones – all because of co-signing on a loan. We have people calling us who still don’t understand why an account is reporting on their credit report which is not theirs, it belong to their brother or cousin, they only co-signed on the loan.

Let’s make one thing perfectly clear. When you co-sign on a loan, whether it’s a car, furniture, or credit card – – you are saying that if the borrower cannot pay the debt, you will be responsible for 100% of the loan. Not 50% of it, ALL OF IT. You are liable for 100% of the loan if the borrower defaults. And any late payments on the account will be reported to your credit history as though you paid the account late.

Do not co-sign for anyone unless you are both willing and able to take over their debt and ruin your credit score. Plus, there is always the unfortunate issues which arise when having financial ties with friends and loved ones. Theres no faster way to ruin a relationship or friendship than by co-signing on a loan.

How do you avoid this issue? Easy, JUST SAY NO!

4. Maxing Out a Credit Card

Maxing out your credit card could lower your scores by as much as 150 points. Credit cards are not your money, it is the bank’s money. Every time you use a credit card you are borrowing that money from a bank with the promise to pay them back. Maxing out your credit cards makes you look like you do not have enough cash for your everyday expenses – and that scares future lenders, thus your scores decrease.

Keeping the balance of the credit card at or below 20% of the credit limit shows lenders that you are using the credit cards for convenience and this increases your credit scores. One more fun fact, FICO did a study a few years ago on consumers with 800 scores and above, their average utilization rates were 1%. This means that if their credit limits were $100,000 – the average balance was $1,000. Keep your credit card balances as low as you can and your scores will increase.

5. Closing Old Accounts

What do you do when you pay off a credit card and never want to use it again? Close it, right? WRONG! About 15% of your credit score is calculated from the average age of your open/active credit history. This includes both open installment and revolving accounts. Closing your old credit card accounts may shorten your average length of credit history and lower your credit score by as much as 75 points.

If you’re dead set on closing an account, start with the youngest ones first, this way your average age of open accounts will still remain high and your credit score will not be damaged.

Protect your credit scores and think twice before doing anything which may damage your credit.

And if you need help on repair your credit, we’re here for you 24 hours a day, 7 days a week.

 

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

Bad Credit Ruins Lives

September 3, 2015 by  
Filed under Blogs, Credit Repair

bad credit

Bad credit ruins lives. The difference between living life and struggling to survive is based completely on your credit score. Let’s take a look at a car loan as a simple example.

A $20,000 car loan with good credit will cost approximately $322 monthly. This is based on a 5% interest rate for 72 months.

The exact same $20,000 car loan with bad credit will cost approximately $541 monthly. This is based on a 21% interest rate for 60 months (bad credit means a higher rate and shorter term).

This is the same car, but one is costing $219 more EVERY month.
The person with good credit will pay $23,184 for their car.
The person with bad credit will pay $32,460 for the same car.
That’s a $9,276 difference!

This example is not extreme, it is based on common interest rates you will actually see on a $20,000 auto loan.

Rent and home expenses are another area where consumers with bad credit get taken advantage of.

A $100,000 mortgage costs a consumer with good credit $577 monthly and $207,720 over 30 years.
The same home will cost someone with bad credit $841 monthly and $302,760 over 30 years.

The person with good credit will pays $264 less every month and saves $95,040 over the lifetime of the loan.

This means that the person with bad credit will pay $95,040 more in interest for a $100,000 loan, all because of their bad credit.

Most people know that credit has an adverse effect on their life. But, the truth is, bad credit controls their lives. Outrageous amounts of interest are being charged each and every month to people who can least afford to pay it.

That debt and those higher payments handcuffs most families, forcing them to live paycheck-to-paycheck.

Bad credit ruins lives. This is why we exist. We help people reach their financial goals and improve their quality of life by increasing the credit scores.

Are you ready to get started?

 

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

What is the Statute of Limitations?

September 1, 2015 by  
Filed under Blogs, Credit Repair

SoL

Almost all creditors, reporting on your credit report have a statute of limitations for how long they can attempt to collect on a debt. The statute of limitations is the legal time frame that the debt can be pursued through the legal system.

The statute of limitations is typically based on either your state of residence or the state in which the debt was obtained, as well as the type of debt. Contractual, oral, credit card, and installment debt all have different statutes of limitations.

For Example; Here is a state list of the statute of limitations for credit card debt.

These statutes are important for a few reasons. Firstly, there are some disputes based on the debtor not being able to collect on the debt due to the statute of limitations expiring.

Secondly, this is why your clients probably don’t, in most cases, want to make any kind of payment to a collection company. The time they can collect would then extend from the time your client made their last payment to that collection company or creditor. This is why some collection companies make it so easy for consumers to pay with payments.

WARNING!
According to the Federal Trade Commission, making ANY payment or signing a promissory note to a debtor can reset or restart the statute of limitations, even after it’s expired.

This is why it is so crucial that you have a team of certified credit professionals like CreditFirm.Net working on your credit.

Are you ready for a better credit score?

 

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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