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.
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 it because it gives the credit provider’s an 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.
Negative Effects of a bad credit score
Look at the Difference !
Let’s compare the same loan. One with a default and the same loan after the default has been removed.
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)
You May Ask Yourself, “Should I Fix My Bad Credit”
Would you be happy to be convicted for a crime you did not commit? Nor should you 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 reobtain 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. Fixing your credit rating will allow you and your family to regain control of your financing capabilities. What could be more important than that?
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.