YOUR CREDIT COMPASS
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When it is time to apply for a loan to purchase a house or vehicle, your credit score serves as a crucial reference point for creditors. They examine your credit report to generally gauge your ability to repay the loan by looking at how well you manage your finances and how responsible you have been towards making timely payments to your past debt obligations. If you have poor credit, it should interest you to work on boosting your credit score before the next time you go out looking for a loan.
Top 3 Factors Impacting Credit Score
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Are credit issues making the approval process difficult for you to obtain a home, car, or credit card loan? Let's talk.
We can help with the following:
When will you take your LIFE back? Stop adjusting your life due to bad credit. Take a moment to consider what will your retirement look like if you don't take corrective measures now?
Do You Know Your Credit Score? What Does Your Score Reflect About You?
Increasing your credit score not only saves you money on interest rates, but it also increases your quality of life. Your credit score determines whether you qualify for a mortgage, auto loan, student loan, credit cards, personal or business loans, and the interest rates you pay. Your credit report is also a big determining factor for potential employers and even insurance premiums.
If you find inaccurate information in your credit reports make sure that you address those issues immediately. Look for incorrect or misleading information in your credit report, be sure to scrutinize the report in it's entirety.
THREE CREDIT BEREAUS
You are entitled to one free credit report per year from each of the credit bureaus and you can see all of your credit reports from the 3 major credit bureaus at once by going to annualcreditreport.com. Reviewing your credit report will allow you some insight on why your credit score is low.
According to the FTC (Federal Trade Commission), 79% of credit reports contain errors and 21% or credit reports contain errors significant enough to have a substantial impact on a consumer’s credit score.
Get on the Right Path
Steps to brighter credit future:
Review Credit Reports | Dispute Negative Marks | Dispute Incorrect late-payment entries | Increase credit limits | Open another credit card account | Pay down outstanding balances
Establish New Credit
Once you have rectified the negative items that your credit report had, you can work on having more positive information added to it. The same way late payments significantly harm your credit score, punctual payments will also boost your score. It would really help if you have loans and credit cards that are being reported on time. Continue making timely payments and keep these balances at a reasonable rate. You might want to reestablish your credit through opening a fresh account. Limit your card applications to just one or two at most, considering that your previous delinquencies may prevent you from being approved for any major credit card.
Benefits of Improved Credit
Lower Interest Rate on Mortgage | Obtain Apartment No Security Deposit | Lower Credit Card Interest Rate | Lower Interest Rate Auto Loan | Better Car Insurance rates | Qualify for Lower Interest Personal Loan | Qualify for an SBA Loan to start a business | Increased Employment Opportunities
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"A credit report shows your bill payment history, current debt, and other financial info. Companies and lenders use your credit report to calculate your credit score—a number usually between 300 and 850. The higher your score, the lower your interest rate may be for a loan or credit card"
Source: Experian | www.experian.com