You must have wondered what stands as a good credit score with all the noise about credit scores. You already have an inkling of what this three digit number can do to your everyday life. When you check your credit score, the human in you will want to know where you stand.
The credit bureaus have a different measurement but 300 to 850 is the standard relied upon by many individuals. However, different lender set what it considers as a “good” credit score. What lender A consider as good credit is different from that of lender B. Nonetheless, credit scores are graded below;
- 300-579: Bad Credit
- 580-669: Fair Credit
- 670-739: Good Credit
- 740-799: Excellent Credit
- 800-850: Exceptional Credit
This three digit score range is a determinant of whether the lender will grant you credit or issue you a credit card. More importantly, it will dictate the interest rate the credit will be provided.
There is no guarantee that you will be granted specific credit due to a good score, but knowing where you stand will help to consider the right offer to apply for. All in all, higher credit score portrays good credit choices with lenders having enough confidence in your ability to repay your credit as at when due.
Look at the impact of each credit range on you;
- 300 to 629: Poor Credit
This is considered the lowest credit score anyone can have and there are averagely 17% of Americans in this credit pitch. If you are within this range, you had better use a secured credit card as lenders will require you to deposit before being granted credit. The worst is that you may never be granted credit with this score. Expect a higher than the normal interest rate on your credit also, as you are considered high risk.
- 580-669: Fair Credit
Considered a fair credit score by most lenders and has around 20.2% Americans within this range. Individuals within the bracket are viewed as subprime borrowers. This denotes a below than average credit rating. In this range, you will be at the mercy of lenders who will punish you with higher interest rate. You will only qualify for higher interest rate mortgage. If you look back you have an extended and reoccurring history of late or missed payment on your credit.
- 670-739: Good Credit
Look at your credit report, if the score falls into this range then you are in the good books of the lenders. You will have a good interest rate on your credit and all other perks on your mortgages. Of the 21.5% of Americans in this credit range, 8% is expected to become high-risk borrowers in the future. To ensure you are not part of this 8%, ensure you never miss a payment and it’s not late.
- 740-799: Excellent Credit
You are in a very good position when it comes to credit score, belonging to the 18.2% of Americans with this excellent credit rating. The main benefits of this class of credit score are the lower interest rates and ability to secure any credit facility. Most lenders are ready to pitch their tent with you.
- 800-850: Exceptional Credit
The upper echelon of the credit score. You are part of the 19.9% that enjoys the best rates from lenders. Rarely will you be denied credit if you have this credit score range.
You may be living with bad credit without knowing or you are unsure of your credit status. There are some signs to look out to remind you of the urgent need for credit repairs. If you have any of the following issues, you are in dire need of credit repair.
Denied Credit Card Application.
Being denied a credit card is not a normal occurrence. Credit card companies are always ready to grant your applications, but if they don’t, you are in an unfavorable credit zone that deserves urgent attention. The credit card company will provide the reasons for the denial via an adverse letter notice. Note that if your application was denied as result of the information in your credit report, there is a need to get it fixed.
Utility Bills not in Your Name
Don’t be shocked if you are denied credit when your electricity and other bills carry a different name. You need a credit repair if you cannot request for utilities in your own name. Carefully look through your credit report to know the items that contribute negatively to your credit score. A knowledge of it will help in repairing your credit.
Nobody is ready to Risk co-signing a loan for you
You don’t have to be told of how bad your credit score is when this occurs. Your inability to convince any of your friends, family, and even colleagues to sign a loan application is a clear evidence of bad credit status. Repairing your credit status will make you independent, you don’t need anyone to sign any loan application henceforth.
Debt Collectors are Contacting You.
Do you need to be told what this insinuates? You are already in the bad books of your creditors, they have given up on you to pay your credit without being pushed. If you allow your credit status degenerate to this level, you are pushing your credit score into the end of the red zone. This will further limit every available option of applying for credit as this collection accounts are registers on your credit reports.
Prospective Employers Points to Your Credit Score as Reason for Not Employing You.
Qualifications and skills are essential, but your credit report is another criteria that will be consulted by employers in recruiting you. Even if you care able to clinch a job by luck, your chances of promotion is slim.
You need a credit repair if you are being rejected by an employer due to the credit report.
Card Issuers Block Your Cards
You should not be worried if only one card is blocked, but you need to be evidently worried if multiple cards are closed down without your consent. Put a call across to the issuers, you will be told of your bad credit status which is beyond their limit.
Obviously, you need than just a call but a credit repair.
You Have Fear of Checking Your Credit Report
Do you see yourself always running away from checking your credit report? Then you know your credit are not at it best. You are definitely running away from reality on the status of your credit. You need credit repair and the sooner you start, the better for your financial health.
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How to fight your credit debts and win
M?d???l d?bt ?? f?n?n???ll? ?nd ?m?t??n?ll? t?sk?ng, m?r? ?? th?n most other t???? ?f debt, but there ?r? w??? t? manage ?t b?f?r? it gets ?ut of hand.
M?d???l debt ?lm??t ?lw??? f?ll?w? ?n un?x???t?d ?njur? ?r ?lln???, ?nd b?ll? ??n b? overwhelming wh?n ??u’r? tr??ng t? f??u? ?n your h??lth. Ev?n if ??u h?v? health ?n?ur?n??, a br??f ?t?? ?n a h????t?l can l??v? you w?th l?rg? ?nd burd?n??m? b?ll?. Chr?n?? or ??r??u? h??lth ??nd?t??n? can wipe ?ut ??ur ??v?ng? ?w?ftl? and ?ut ??u ?n debt f?r years to ??m?.
In ?dd?t??n, l?g?l ??m?l???t??n? r??ult?ng fr?m medical d?bt ??n severely impact th? financial w?ll-b??ng ?f ??ur f?m?l?. Medical debt is f??t becoming ?n? of th? l??d?ng ??u??? ?f consumer.
But ?f ??u’r? ?n m?d???l d?bt, you’re f?r fr?m ?l?n?. On? ?tud? found that 40 percent ?f American ?dult? h?v? had ?r?bl?m? r?????ng medical d?bt?.
Dealing with M?d???l B?ll?
When t??kl?ng m?d???l debt, ??u may h?v? t? d??l n?t ?nl? w?th doctors and h????t?l?, but ?l?? with your h??lth ?n?ur?n?? ??m??n? and even an ?rm? of d?bt ??ll??t?r?. Some m?d???l ??t?bl??hm?nt? ?r? qu?t? aggressive ?b?ut collecting d?bt? and may even ?u? ??u ?r try t? convince ??u th?t ??u can’t seek furth?r medical tr??tm?nt ?f ??u ?w? them m?n??.
Wh?n ??u receive ??ur b?ll, you must first m?k? ?ur? it’s ???ur?t?. L??k f?r ?v?r?h?rg??, or ?h?rg?? for ??r? ?nd ??rv???? ??u didn’t r????v?. If you find any errors, ??nt??t th? b?ll?ng ?ff??? t? have th?m fixed ?r?m?tl?.
R?m?mb?r that your bill m?? b? n?g?t??bl?. S???k w?th your service provider t? try to w?rk ?ut a lower t?t?l. Y?ur ?r?v?d?r m?? be ?bl? t? cut fees, for ?x?m?l?.
You can ?l?? tr? to work ?ut a ???m?nt ?l?n w?th your doctor ?r hospital. In th?t w??, ??u’ll be ?gr???ng t? t?k? on ?n unsecured d?bt ju?t l?k? ?r?d?t ??rd d?bt. You’ll be responsible f?r monthly ???m?nt? ?f a ??rt??n ?m?unt, and you m?? be charged ?r?d?t?rm?n?d fees ?r ?nt?r??t.
Many ??t??nt? d?n’t r??l?z? how easy ?t ?? f?r a m?d???l bill to d?m?g? th??r ?r?d?t. Th?? d?n’t und?r?t?nd th?t:
Even if ??u ?r? m?k?ng payments ?n a medical b?ll, ?t m?? b? ??nt t? ??ll??t??n?. (It’s a ??mm?n m????n???t??n that if ??u ??? ??m?th?ng, they ??n’t ??nd th? d?bt to a ??ll??t??n ?g?n??. That’s not tru?.)
M?d???l b?ll? ??m?t?m?? turn up ?n collections b?f?r? th? ??t??nt ?v?n g?t? a b?ll. At that point, the damage may h?v? b??n d?n?.
Collection ????unt? are u?u?ll? d?m?g?ng, regardless ?f wh?th?r th?? are medically r?l?t?d. (M?r? ?n th?? ?n a moment.)
P???ng th? collection ?g?n?? m?? n?t f?x ??ur ?r?d?t. In most ?????, th??? ????unt? ?r? r???rt?d f?r 7.5 years ?nd ?r? ?ft?n very d?m?g?ng — ???d ?r un???d. (S?? th? ??v??t? below.)
The size ?f th? d?bt is n?t as important as th? ?t?tu? of th? d?bt. In ?th?r words, ?v?n a r?l?t?v?l? ?m?ll bill that winds u? with a b?ll collector ??n harm ??ur ?r?d?t ???r??.
It is ?r?t???l th?t ??u r?v??w your ?r?d?t reports ?nnu?ll?, ?nd m?n?t?r your credit ???r?? ?n a regular b????. (Th?nk ?f it ?? a ?h??ku? f?r ??ur credit h??lth.) Y?u can g?t a fr?? ?r?d?t r???rt summary ?nd score, u?d?t?d m?nthl?, ?t Credit.com. One survey by Credit.com found th?t 10% ?f those wh? reviewed th??r ?r?d?t reports d????v?r?d a collection ????unt th?? didn’t kn?w ?b?ut.
W?ll a Medical Debt ?n C?ll??t??n? R??ll? Hurt My Scores?
Y?u h?v? many d?ff?r?nt credit scores, n?t just a single ?n?. (Ev?n ?m?ng FICO scores, there ?r? m?n? different versions.) Th? newest version ?f th? FICO ???r?, FICO 9 — ignores ???d collection accounts, and m?d???l collection accounts ??rr? l??? weight und?r that m?d?l. V?nt?g?S??r? 3 ?l?? ?gn?r?? ???d collection ????unt? ?f ?ll t????.
But m??t l?nd?r? ?t?ll u?? older versions of ?r?d?t ???r?? that do not g?v? m?d???l collections ?n? ??????l tr??tm?nt. F?r th?t r????n, ??u ?h?uld ???um? th?t ?f ??u find a ??ll??t??n account ?n ??ur ?r?d?t r???rt, it will l?k?l? be v??w?d n?g?t?v?l? wh?n you ???l? for credit, ?n?ur?n?? or ?m?l??m?nt.
S? what ??n ??u d??
B?f?r? ?n? ?f th??? b?ll? w?nd? up in collections, to the extent ?????bl?, try t? be v?r? ?r???t?v? ?b?ut your medical bills. Even if ??u h?v? g??d h??lth ?n?ur?n??, d?n’t ???um? everything w?ll b? taken ??r? ?f. R?v??w ??ur EOBs (Explanation of B?n?f?t?) carefully and ??nt??t th? ?r?v?d?r and/or your ?n?ur?n?? ??m??n? qu??kl? ?f ?t’? not b??ng taken ??r? of.
If you ?r? ??nt??t?d by a ??ll??t??n ?g?n?? ?b?ut a m?d???l bill, ??k th?m n?t t? report ?t ?f you ??? it r?ght away (assuming ??u b?l??v? you owe th? b?ll). Some won’t r???rt if the b?ll ?? resolved quickly, this will help your credit score.
Again: Having a ??ll??t??n account u?d?t?d ?? “paid” g?n?r?ll? does n?t help your ???r??, unless a l?nd?r is u??ng ?n? of th? newer ?r?d?t score v?r???n?. S? ??m f?r removal of th? ?t?m if possible. S?m? agencies w?ll work with you, others won’t; for the sake of your credit score, it is worth trying.
If ??u feel th? ??tu?t??n ?? h?ghl? unfair — ??u n?v?r g?t a ???? ?f th? bill, f?r example — you ??n tr? two th?ng?. On? is to file a ??m?l??nt with th? C?n?um?r F?n?n???l Pr?t??t??n Bur??u. The other ?? to ??nt??t th? original provider and try to g?t them t? ?ull it b??k from ??ll??t??n? ?? ??u can pay them directly. If they d?, th? account will usually no longer b? r???rt?d and your credit score will not be affected negatively.
If ??u ?r? ??nt??t?d b? a ??ll??t??n ?g?n?? ?nd ??u d?n’t b?l??v? you owe th? bill, ??u h?v? th? right under the federal F??r D?bt Collection Practices A?t t? ??k th? ??ll??t??n ?g?n?? to v?l?d?t? th? d?bt. You ?l?? h?v? th? r?ght under th? Fair Cr?d?t R???rt?ng Act to d???ut? ?t w?th th? credit r???rt?ng agencies r???rt?ng the ????unt.
First th?ng? f?r?t: d?n’t g?t d????ur?g?d. It w?uld be ???? t? ?t??h ?w?? ??ur m?d???l b?ll? in a drawer, ?r ??t th?m f?r b??k ?n a shelf to collect du?t, th? f??t is that these bills w?n’t d???????r. And m??t ?m??rt?ntl?, ??u are mu?h, mu?h m?r? l?k?l? t? r????v? f?n?n???l ?????t?n?? ?f you work with the ?r?v?d?r b?f?r? th? b?ll ?? ??nt t? a collection agency. Lu?k?l?, there ?r? many ?t??? that ??u ??n t?k? t? h?l? ??ur situation ?nd ??t?nt??ll? ?v?n l?w?r ??ur ?ut?t?nd?ng b?ll?!
S?t U? a P??m?nt Pl?n
Regardless if you were able to n?g?t??t? a l?w?r ?v?r?ll balance ?r n?t, ?r?v?d?r? kn?w th?t a huge m?d???l b?ll br?k?n d?wn ?nt? ?m?ll, manageable ???m?nt? ?? much m?r? l?k?l? t? b? ???d ?ff, so call th? ?r?v?d?r and ask ?f th?? can set up ?n interest fr?? payment plan. It’s ?m??rt?nt to ????k t? th? r?ght ??r??n and l?t th?m kn?w of ??ur ??tu?t??n, and th?t you’re trying to pay ?ff ??ur d?bt but l??k th? income t? d? so r?ght ?w??.
T??: Keep in m?nd th?t ??m??n? wh? is simply ??m??th?t?? t? your ??tu?t??n ??n’t h?l? ??u – b? ?ur? t? speak to ??m??n? higher up in th? billing d???rtm?nt d?r??tl? f?r the most ?????t?n??.
Th? bottom l?n? is th?t m?d???l emergencies ?r? n?v?r planned, but ?r? ?lw??? costly. Lu?k?l? f?r you, th?r? ?r? countless r???ur??? ?v??l?bl? to help you n?g?t??t? and ?v?n lower ??ur bill, ?? w?ll ?? ??t u? payment ?l?n?. D?n’t l?t ??ur b?ll? overwhelm ??u. A? dim ?? the situation m?? seem, ??u can w?rk your way out of ?t!
If you feel the need to have a credit repair company have a look at your any financial case, you can reach out to us today!
If you feel the need to have a credit repair company have a look at your any financial case; you can reach out to us today![contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Website’ type=’url’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]
Wondering what credit repair is all about? Credit repair is a process of correcting inaccuracies, redundancies and unverifiable information on your credit report, generally you could say that this process is aimed at fixing past mistakes or rather a bad credit report which was disoriented for whatsoever reason. Guess you are already thinking if it is possible to fix a credit report? Well, my answer is a yes and it is no magic neither are the claims to clear your debts. Most often reports sent by credit agencies could come with errors, studies have shown that report 79% of credit report sent have form of error or the other, another has shown that 1 in 5 reports sent have errors in them that could be systematic or some sort of mix up. These when accumulated over a period of time could accumulated into very large sums (even up to hundreds of thousands of dollars pending significance of the found error and how long it has been). These and others factors bring us to the need for a credit repair.
And are you by chance also wondering if it is legal? Of cause yes, it is legal to do a credit repair. Credit repair leverages on the accuracy, fairness of a credit report as well as if it can be substantiated which is in line with the law. Summarily the Federal Fair Credit Repertory Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer agencies but you know, the truth is, many consumers do not know of these rights and privileges that ought to be respected. Let’s suppose there is an item is found on your credit report sent by the credit bureau that cannot be verified, then it must be removed.
How can this be removed? Through the process of credit repair. First and foremost, the credit report has to be thoroughly checked for any abnormalities then and if found, a dispute letter for the abnormal or unverified item is created and sent to the credit bureau for confirmation which could take a period of 30 days (45 days for special cases). This whole process could be tedious and the waiting period could also be frustrating but you must be persistent because it is worth it when you see the outcome and the effect of the result on your credit score. If items are not removed from client credit report, you will have to send follow up letters to the credit bureau reiterating the dispute and reason behind it. One may have to send these follow up may have to be send several times. This process like I said earlier the to and fro process could be tiresome but with the help of a credit repair company such as Fresh Start Credit Repair (FSCR) the whole stress of writing and following up will rest on FSCR. In this case, all you will be needing will sending duplicates copies of necessary document (documents relating to the dispute) which will be needed in the event that the dispute reaches a law court.
Many of us really do not know how credit bureaus calculate credit scores since there are several different lines of credit variations, but I will like to say that they are calculated based on 35% payment history, 30% amount owed, 15% length of credit history, 10% inquires/recent decision and 10% types of credit used, and without a the help of professional that has a full knowledge of this, and how to go about it will be very difficult to comprehend the credit report at FSCR all the professional help needed on how to calculate your credit scores and help you fix all errors on your credit report.
Looking at the procedure of credit repair, the process and how tasking and demanding it is, why don’t you try a credit repair today to make sure that your credit report is perfect? Why not leave it in the hands of a good credit report company that knows the law and also how credit scores are calculated and handle, why not visit us at FSCR and plus the fact that we will give you an opportunity to get free legal advice on how to go about your credit report and repair. Just give us a call and that report of yours fixed.[contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Website’ type=’url’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]
Today’s internet scene is awash with information on how to retire early and with ease; and it has fast become the dream everyone hopes to experience. The plan is to be able to save enough while you are still working to be able to enjoy that dream retirement, it is quite simple. But if you have some credit or debt issues, you may still find yourself in a mess.
Before you become the next victim, please be aware that debts and credits can rob you of every penny you have saved and turn your retirement into a living nightmare. For obvious reasons, you need to address all issues that have to do with your credit report and records of debts.
Carrying Debt into Retirement
In earlier times it was unheard of for anyone to work throughout his/her youth and then retire in debt, as a matter of fact it was unimaginable, but in more recent times it seems to be happening on a consistent level and that is of no coincidence, something has obviously changed. People no longer care about the concept of retiring debt free and that is largely due to the fact that the level of resentment related to it has dropped massively; therefor proving that the rise of debt among retirees is directly proportional to the consequences/resentment attached to it.
According to the CFPB statistics surveying 2001 to 2011, the mortgage debts owed by Americans aged 65 and above has risen to 35% at an average of approximately $43,400 to over $79,000 within the decade, and obvious signs show that there will be an increase.
What these statistics represents is that people are no longer very careful to live debt-free, they now don’t even care to retire free of debts. To imagine that you will labor all your productive days and then live your old age in debt; it used to be a taboo, but not anymore!
One thing that can considerably lower retirement options is mortgages. Normally, you are meant to have a wide range of options as your retirement closes in on you but, taking a mortgage may affect that, leaving you with very few options. For instance, selling your home for the purpose of cutting down expenses, that might prove difficult, because you’ll have to get extra funds from elsewhere which might end up being your savings, considering the fact that, that will leave you indebted to something you won’t enjoy, that’s not advisable. You may just have to buy another house that is equivalent to your previous house.
Debt Means You’ll Need More Retirement Income
When you are in debt, you can’t actually claim to be earning the full worth of your pay because a certain percentage will be deducted on a regular bases to cover for the debt. So while taking your mortgages makes sure you have calculated the full implications it will be having on your retirement portfolio.
Retiring with debt will mean that you would have to live below the budget that you had crafted out initially, if it’s a huge budget you shouldn’t have much problems with that, but if it not, you might be in for some trouble. As a retiree you are already subjected to a restricted budget and no longer have the privilege of ostentatious spending, and believe me when I say you do not want to make that worse by carrying debts over to your retirement.
That will have a major impact on the amount of money that you’ll need to have saved for retirement. For instance, if you had planned to have the recommended safe withdrawal rate of 4% of your retirement portfolio each year, to make sure you never run out of money, and have budgeted for an income of $4,000 per month, that means you will need to save up an arithmetic of $4,000 X 12 months, divided by .04, which will result in a portfolio of $1.2 million ().
On the other hand, if you happen to require a monthly income of only $2,800 – which is enough to take you by (without any debt of course), meaning that you will only need to save up a the equivalence of ($2,800 X 12 months, divided by .04, which will give you a retirement portfolio of $840,00). Which are less than the previous option and much better also; considering the fact that you will be saving the sum of $360,000 less for your retirement portfolio. Making the job of saving for retirement much more easier and feasible
Credit Problems Can Limit Your Retirement Options
A lot of times people tend to retire solely to the financial aid of what they have saved up which in its own way is quite advisable and very advantageous, it might also not be sufficient. As humans we can only be able to give an attempt in presuming what the future holds, but we can never really give an accurate prediction of what will happen. So, assuming that the money you have saved up will be enough for you might just end up being a flawed assumption. It is for this reason that people are advised to make other investments that will bring forth some returns much later in the future just in case their savings fail them.
The problem with saving for your retirement can be complicated. If you do not happen to be very wealthy, allowing you to save up a huge chunk of money you will only enable you to buy the basic things that you’ll need; it will be incapable of making huge purchases like a new car, house or whatever might cost you a few thousand bucks, else you will get broke. Forcing you to take other loans or mortgages, this may end up spinning off to become a burden to your family due to your inability to pay; that is if you are lucky enough to be granted one. That is could be difficult especially in the post-Mortgage Meltdown world, where mortgages are harder to get in general. With credit problems, it can be
One more problem is should you decide to move into some kind of high class housing arrangement. If credit qualifications are required, your application for residency may be rejected.
Fix Your Credit and Debt Problems Before You Retire
So to what good is all this talk if you are not given to solution to avoiding these ugly occurrences? If you are working hard to accumulate enough money to be able to retire; you should also mind the fact that you are in debt. Make advances towards improving your credit profile in order to settle your debts. Make sure that you acquire assets; especially real estate and other fixed assets so as to reduce the pressure you will face later on in your retirement years.
If you fear that you are not equipped enough to make take this steps or that you do not have the time to plan them; acquire some professional help. Besides as you get older, options become fewer, and your intellectual abilities dimes. So if you plan to lower your expenses and expand your options; it’s best to address credit and debt problems well ahead of retirement; it’s the only way.[contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Website’ type=’url’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]