Credit Repair: 3 Things You Wish You Knew Earlier

1. Bad credit is expensive
As you already know a bad credit score will cost you a lot during your lifetime. A variety of services will become more expensive due to your bad credit score. First of all, if you’re interested in purchasing your own house then have to take out a mortgage. If you have a bad credit score, you might only be able to get a loan that has a 10% interest rate which means that your monthly payments will be much more expensive and this will all result in spending thousands and thousands dollars more than you would have spent with a good credit score. Furthermore, if you’re planning on buying a new car it might be impossible for you to get a financing loan if you have a bad credit score. Even if you manage to obtain one, your interest rate with the probably 100% higher than it would be for a person that has a great credit score. This means that rather paying a 7% interest you will be paying a 17% interest rate. What is more, if you already have a car loan bad credit score will cost you thousands of dollars when trying to pay back your loan. As a result of this, not only you will not be able to buy a new car, but you will also end up paying a lot more money for your old one than you would have wanted. Moreover, bad credit score will also affect your credit card debt. If you have a lot of credit card debt that you need to pay back, and at the same time you have a bad credit score, then instead of paying rates there are about 8%, you will be paying rates of about 12%, which means that it would be hard for you to pay off your credit card debt within your lifetime.

2. Can’t buy a house
According to FICO, which is a credit score and company, if an individual has a FICO score between 760 and 850 he or she would pay around $1,500 per month for a $300,000 home loan based on their rate about 3.9%. But, if an individual has a lower score from 620 to 639, they would pay about $300 more every month – that would be about $1,800 based on a rate of about 5,5%. This means that if you have a bad credit score then you will pay about a $105,000 more in interest rates. If you take this rates into consideration you will see that it is nearly impossible for you to buy a house if you do not have extra money that you can spend. That means that you will have to rent a house and that way you will only make the landlord richer, and you will be sinking into more and more debt.

3. Diminished employment opportunities
If you’re looking to get a new job, get promoted even if you just want to keep the job that you have the best credit report can destroy all that for you. Employers often check your credit to make sure that you will not steal from them and because they fear of lawsuits if they hire somebody who will make a mistake. The main reason why they check your credit is because they want to get an overall sense of whether you are a dependable candidate. Even thought in a lot of places it is illegal for somebody else to check your credit. they still do it. And if they see that you have a lot of credit debt and a bad credit score that might cost you your current job, or it might prevent you from finding a new one.

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