Low credit scores typically mean higher interest rates, and that means higher finance charges on your credit card balances. Repairing your credit would allow you to get a more competitive interest rate and cut back on the money you pay in interest. It is never to late to start investing in yourself.
Removing Negative Items from Credit Report.
Types of negative items include late payments (30, 60, and 90 days), charge-offs, collections, foreclosures, repossessions, judgements, liens, hard inquires and bankruptcies. Negative items can lower your score by up to 100 points.
Removing/Settling Collection Account(s)
If you fall behind on payments, the lender or creditor may transfer your account to a collection agency or sell it to a debt buyer. This generally occurs a few months after you become delinquent, or the date you begin missing payments or not paying the full minimum payment. Collections can hinder your chances of ever getting a mortgage.
Use Your Credit To Make Money
In simple terms, we coach our clients with decent to high credit scores to be eligible for up to $100,000 in unsecured loans or lines of credit. This money can be used to invest, put down for your first home or even just have for back up.
