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Make Bad Credit a Temporary Condition

It’s true: Millions of Americans have bad credit.  Luckily, it’s also true that millions of Americans build and improve their credit histories and end up with decent, good, or even excellent credit.  Read more about how to live with bad credit in this section of CreditScoreAide.com (but be sure to also read our Credit Repair information to find out how you can make bad credit a temporary condition!).

It’s not fun having bad credit (who wants to be known as the guy or gal who has terrible credit?) Even worse, bad credit is expensive.  People who have bad credit pay more for many things, including: credit cards, mortgages, insurance, car loans, even mobile phone contracts.  Here’s a simple example of how people with bad credit are treated.  Assume you are buying a new home and you need to borrow $200,000.  If your FICO score is 610, here’s the loan you might get (based on rates available in 2008):

  • Interest Rate: 9.454%
  • Monthly Payment: $1,675

Now imagine that you were able to raise your FICO score just 50 points (to 660).  Here’s the loan you might qualify for:

  • Interest Rate: 6.740%
  • Monthly Payment: $1,296

Yikes!  The person with the bad credit score pays $379 more each month!  That’s a total of over $4500 more each year, and over $136,000 more over the life of the loan.  Clearly, it is important to fix bad credit.  And remember, the same thing happens to folks with bad credit who get credit cards, car loans, insurance, and other items such as mobile phones.  It is expensive to have bad credit.

Learn more about dealing with bad credit, and how you can improve your credit score by reading the articles on CreditScoreAide.com.  And, if you want to take some easy steps to improve your credit, call us or contact us for a free consultation to see how we can help you improve your credit.

  • 5 Great (Free!) Guides to Saving Money

    If you have bad credit, it is probably because you have been behind on paying bills in the past (or are currently behind).  In order to build credit, you need to get current on your debts.  One of the most important steps you can take is to start saving or managing your money better.  Here are five great (and free!) guides to help you get started.

    READ MORE
  • Want to Save Tons of Money? Do a Little Credit Improvement

    Have bad credit?  You have some choices.  Either you can continue to take advantage of some of the bad credit financing options available, or you can save money and improve your financial future by improving your credit.  What do you choose?

    READ MORE
  • Debt Collector Tactics—What to Expect (Dealing With Debt Collectors Tip #2)

    This is the second in a series of tips about dealing with debt collectors.  In this tip, learn some of the strategies that collection agents use to harass you and to try to get you to agree to a debt settlement.

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  • Debt Collectors Harrassing You?  Dealing With Debt Collectors Tip #1

    Folks who are in debt and who have bad credit usually end up having to deal with debt collectors.  If you’ve dealt with a debt collection agency, you know this: it is stressful.  Debt collectors are trained to be aggressive and tenacious.  They are like pit bulls… but not as friendly.  This is the first in a series of tips on how to deal with debt collectors.

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  • Looking for a New Credit Card? Scores are Important

    Are you looking for a new credit card?  Whether this is your first credit card, a new credit card after so many years, or just another one of the collection, you are probably looking forward to this new level of financial freedom.  Most stores and restaurants accept credit cards with no questions asked.  Just beware that this temporary financial freedom doesn’t become a restricting debt over time!

    READ MORE

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Credit Success Stories

My credit had always been good, so I was surprised when my refi was recently refused because of a low credit score. It appeared to me that someone else's credit rating was corrupting mine. I asked Credit Xperts [one of CreditScoreAide's trusted partners] to help, and in no time they had the imposter removed from my records and my refi was approved with the most favorable rates available. Credit Xperts really came through for me. Read More