Why should I fix my credit rating?

Should I fix my credit rating?

A negative listing on your credit file can have such a devastating effect on your financial and mental health. Even something as small as a misunderstanding with your phone carrier can impact your credit rating. Fortunately, there are solutions to fix your credit.

So, if you find yourself stuck with a credit rating problem, you should consider getting out of credit prison. A poor credit rating can mean refusal of credit for everything from home loans to simple store and credit card accounts. Even if credit can be secured, product pricing can be directly affected by your credit rating. This generally means higher fees and interest payments, potentially costing you thousands extra.

The truth is that unfortunately, a lot of credit providers may benefit from you having a poor credit rating. This is because it gives the credit provider’s incentive to charge more for their products. Some credit providers have built empires on this basis. They don’t care if the listing is correct or not. They only care whether it is there or not.

Some people are shocked to learn how much more they may pay if they have a default on their credit file. In fact, depending on the nature of the default, it could mean not getting finance at all.

Credit fix solutions

Would you be happy to be convicted of a crime you did not commit? You should not have to suffer because of an incorrect or faulty credit listing. You have the right to say I am “not guilty.”

Restoring your credit file will allow you to retake control of your finances. You will finally be able to re-obtain fast and cost-effective loan approvals. These loans will more than likely have lower costs and lower interest rates. Fixing your credit rating will re-open the door for any healthy financing.

Repairing your credit restores dignity. Fix your credit rating so you and your family can regain control of your finances. What could be more important than that?


        
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NO-effect-on-your-credit-fileNO effect on your credit file

Negative effects of a bad credit score

Higher insurance premiums
Difficulty obtaining a loan
Higher rates
More restrictive terms on approved loans
Trouble getting a mobile phone plan
Trouble getting a phone plan
Difficulties setting up utilities
Hard to find work

Look at the difference between lending options for bad and good credit:

Let’s compare the same loan. One with default and the same loan after the default has been removed.

Lender: borrower has to use a non-conforming lender due to the default

Lender: borrower can now use a lender with the lowest interest rate because the default has been removed

Loan amount: $250,000

Loan amount: $250,000

Loan term: 25 years

Loan term: 25 years

Interest rate: 12% (due to the default)

Interest rate: 7% (due to clean credit)

Monthly interest payment: $2633

Monthly interest payment: $1766.00

That’s a saving of $867.00 every month or a whopping $10,404.00 per year.

Don’t let that credit issue stop you getting ahead in life, now is the time to act. Take your first steps towards restoring your credit rating and improving your credit score.

 (Above are examples only, actual interest rates and terms may differ)