Credit Resources

Credit Basics

By March 24, 2018 No Comments

How It Works

It all starts with that three digit number, that little three digit number…your Credit Score!

If you need help with your credit profile and credit score, we can certainly help!  Why go into debt to try an increase your credit score?  No need to open Secured Credit Cards or other bank loans just to establish a credit profile.  Most people that pay Rent do not get credit for that payment!  We report your timely rent payments and help you establish a great credit score.

Having a good credit score can save you thousands, even tens of thousands of dollars, on your largest financial purchases.

Buying a Home

Purchasing a home is probably the largest purchase you will ever make. 

Your credit score will determine not only if you qualify for a home mortgage but also how much you pay in interest rates, closing costs and fees.

Consider this. If you had a credit score of 740 vs. a score of just 620, you could save over $200 per month on your mortgage payment.  Having a superior credit score can save you money on your mortgage…lots of money! On a 30-Year Mortgage that’s savings of $72,000 over the life of that loan.

Purchasing a Car

Your credit score determines how much you pay in interest for a car loan and can dramatically impact how much you pay over the life of the loan.

An applicant with a 700 credit score qualifies for a much lower interest rate than an individual with a 600 credit score….the additional cost over a 5-year loan could be $15,000 or more!

Credit Cards

When you have a low credit score it’s nearly impossible to qualify for a credit card.

Even if you do qualify the bank or finance company will charge a much higher interest rate making credit very expensive and much harder to pay-off in a timely manner.

Often your only option is to apply for a secured card where you have to deposit your own money for the credit card.

Insurance Premiums

Insurance companies also look at your credit score as part of the underwriting process and assessing risk.

The higher your credit score the lower your insurance premiums will be.

Insurance companies believe that a high credit score means you are a better risk and as a result your insurance premium goes down and you save money every month.

Ready to start saving money?

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