Who cares about credit, credit scores, credit ratings, credit reports, credit repair. You may have heard of credit repair help, but didn’t think that you personally needed it. All that credit stuff was never important to you.
Here’s important information you might want to know…..your credit ratings and credit scores will determine how much you pay for goods and services. Your credit, credit score, credit rating, credit report and credit repair just got personal.
So all that credit stuff is important after all; but how do you know if you really need credit repair? Let’s review:
Factors that determine your need for credit repair help:
Your Credit Scores
- Credit scores range from 300 to 850.
- If your credit score is below 750, you need credit repair.
- Creditors use a bench mark of 750 + to separate risky customers from non-risky customers.
- A credit score from 300 to 750 is considered poor credit.
- A score above 750 is considered a good credit score.
- A score of 850 is a perfect credit score.
You need to seriously consider getting credit repair help if your credit scores are below 750. Lenders, landlords and employers use your credit scores to evaluate you as a potential customer or employee.
If you have a credit score above 750 you may qualify for lower interest rates on loans, pay lower insurance payments and maybe even have employment opportunities that you would otherwise not qualify for.
If you are a late payer
- Late payments can lower your credit score by 100 points.
- Paying late just once by 30 to 60 days can damage your credit scores temporarily.
- If you always pay your bills 30 to 60 days late you damage your credit scores permanently.
- Just one payment 90 days late damages your credit scores for 7 years.
- After 90 days late your account becomes a delinquent account, and that is bad news to creditors.
You need credit repair help if you always pay your bills late.
To improve your credit scores you need to improve your payment history on ALL of your bills. This includes paying your credit cards on time as well as your cell phone bills, utility bills, rent or mortgage payments, auto loan payments and student loan payments.
If you exceed credit card limits
- If you always exceed your credit card limits creditors predict that you may not be able to keep up with your payments.
- When you exceed your credit card limits, it appears to creditors that you have taken on too much debt; you have spent beyond your means.
- You are sending a signal to creditors that you can’t manage your money.
Credit repair begins with knowing your credit card limits and staying within those limits. When you send a signal to lenders that you have taken on too much debt and can’t manage your money – why would they give you more debt? And then if lenders do give you more debt, they will charge you accordingly. Which means you will pay higher interest rates on any loans they may extend to you.
If You Need A Co-Signer
- When you apply for an auto loan of the dealer will not give you the loan without a co-signer, you may need credit repair help.
- If you are asked to get a co-signer before you can get a loan, that is a red flag that the loan company considers you a high risk based on your credit reports.
If your loan is denied
- If you cannot get approved for a mortgage loan you may need credit repair.
- The mortgage company doesn’t want to take a risk on you if your credit score is below 750.
- To be considered a good risk you need to raise your credit scores above 750; which is the benchmark for a good credit score.
If your apartment application gets denied
- If your application for renting an apartment has been denied, you may need credit repair help.
- The landlord probably ran your credit reports and considers your credit scores too low.
- If your credit scores are below 750, you are considered too risky.
The cost of your insurance premiums
- If you never filed an insurance claim, but your auto and or home insurance premiums are very high, you may need credit repair help.
- Insurance companies look very seriously at credit when calculating insurance premiums.
If your credit card application gets denied
- If your application for a credit card has been denied, yep, you just might need credit repair help.
- Ask the credit card company their reasons behind the denial.
Knock knock, I’m the Debt Collector:
- If debt collectors are calling you, yes, you may need credit repair help.
- Late payments that you make over 90 days late eventually get sent to the collection agencies.
- This debt damages your credit for 7 years.
What you pay for goods and services will be based upon your credit, credit scores and credit ratings. Loan companies, mortgage companies, insurance companies, credit card companies and even landlords do look at your credit history before doing business with you. Be mindful of your credit ratings; everyone else is.
If your credit scores are below 750, work on repairing those scores so that you can move forward financially, not backwards. If you need additional credit repair help, contact some of the credit repair services.