IMPORTANT: There is one credit repair company that is above all others and highly recommended. Lexington Law is reliable and costs much LESS than you think. They provide top notch service with excellent results. It is highly recommended that you watch the video at the bottom of this article andcheck Lexington Law (1-800-293-3672) to repair your credit before any other alternative.
According to FICO, credit scores range from 300 to 850. An individual with a high credit score would obviously have higher chances of attaining a loan or mortgage from prospective lenders. Not only do credit scores determine if an individual can attain a loan, but they can also affect the total payments made in the form of interest rates. It is therefore necessary to start asking yourself questions like, ‘how to fix credit’, ‘how to repair my credit’ and how to build credit score.
In order to illustrate how high credit scores can lower the interest rates, we shall take for example two borrowers, Borrower A and Borrower B looking to finance a home with a minimal mortgage of $50,000 for a 30 years term.
Borrower A has a high credit score of 750. Therefore, his interest rate would be considerably lower. Today his loan rate percentage would be 4.969 %, and he would be paying an amount of $267 monthly and a total interest payments of $46,287 .
Borrower B has a credit score of 620, so his interest rate would go up to 6.336%, thereby paying a larger amount of $311 per month, and a total interest payments of $61,838 .
This would mean that Borrower A is paying $15,551 less than Borrower B in interest payment alone. Think about it over, $15K more in interest payments alone!!!
Therefore, in this real world example, borrower A can buy a much nicer home than borrower B, both making the same payments.
It is therefore, essential to have increase credit scores if you ever want to have that ‘a little over-the-budget’ home that you have always wanted. If you have a bad credit history, it is high time you increase credit score. The total net work you will need to do over a period of several months is only 30-50 hours, let's be super conservative And say even 100 hours of total work over a long period of time and unlikely more that half an hour or an hour at the time. When figuring in the minimal case saving of $15K in interest, we are looking at a $150 hourly rate for your work (15K divided by 100 hours), most likely even more.
FTC advice on fixing credit score and avoiding credit repair agency scams:
Understand how the process of bad credit repair works and learn how to fix credit know your rights: the Credit Repair Organizations Act and the Fair Debt Collection Practices Act were both implemented by the FTC to safeguard consumer rights.
Follow a rigid and disciplined program of credit repayment and set limits on spending
In case dealing with difficult collectors and creditors becomes too much to handle, borrowers can turn to credit repair companies, law firms and DIY credit repair programs.
The FTC however, recommends that the best way to repair credit history is to rely on self help seeking outside help only from instructional manuals and do it yourself books like DIY. Only if the borrower is stuck in red ink and has no way to get out of it, should he/she seek outside help, for e.g., credit repair companies.
The FTC consumer protection website provides useful tools and information that assist the borrower throughout the process.
Numerous Software programs have been approved and recommended by the FTC. These types of programs can serve as guides to increase credit score and also help with the tedious task of writing repeat letters for follow up.
Unlike credit repair agencies, credit repair software is bought for a low one time fee and does not charge excessively high monthly rates. It normally sells for less than $100 and is easy to use as it is completely self-managed. Also, with the software there is no need to speak to any professional – it's all written and arranged in simple steps.
Watch out for scammers and frauds that are out for your money. A thorough background check must be carried out before approaching any credit repair agency.
...Don't Want To Do It Yourself? FREE Credit Repair Consultation From Lexington Law, The Leader in Credit Repair Call Now 1-800-293-3672 or CLICK HERE to Learn More
Visit LEXINGTON LAW or Call 1-800-293-3672 for FREE Credit Repair Consultation Now!
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