Think about it…. if you have a low score and the only way you could finance a vehicle was to accept an interest rate in the double digits and this is making a $100 a month increase in your vehicle payment – over 5 years -that’s $6,000! That’s a lot of money that could pay off some bad debt or more than pay for an expert to help clean up your credit.
After the tough economic times of the last 8 years or so, thousands upon thousands of folks are paying too much for vehicles, insurance, homes, rentals, credit card rates and so on and so forth.
Insurance is one of the biggest expenses anyone will ever incur in their lifetime. Not only with auto insurance but with life insurance, a check is done on one’s credit report and will impact what you pay. Since the economic downturn of late, how many people do you think this has effected? The big banks are killing it!
Did you know that many employers today pull credit reports too? Who do you think is going to get the job… someone with impeccable credit or someone with a 550 score? By the way, did you know that a 550 score is not so good? Here’s a free recourse you can use to check your credit: CreditKarma.com
Do you know that you have some of these old entries on your report?
- Old cell phone collections
- Old student loans
- Medical bills
- Utility bills
- Payday loans
- Credit cards
THESE are items more easy to take off and can be done with a little guidance. One of the resources I suggest is this one:
As I’ve been talking with people about credit and credit repair, I’ve been astounded at the number of those that have had some sort of identity theft take place. I guess cyber space has been a big factor in that and maybe putting one’s financial information in certain websites is not such a good idea.
I would urge you, if you purchased a vehicle 3-12 months ago at a higher rate and have been working on building up or repairing your credit, go refinance. It should cost you nothing! You’ll have approximately 2 months without a car payment (this could be substantial) and end up with a lower payment! AND, doing this will have a positive impact on your score too as your report will reflect a paid in full vehicle.
Yes, you can work on repairing your own report yourself, or you can have an expert help you. Either way – DO IT! This could save you so much money over your lifetime!
(c) 2014 D.C. Brown