It seems to control your life: from credit card approvals to buying a home, your credit score determines not only what you are eligible for, but your interest rates and your repayment costs. In fact, low credit scores end up requiring people to pay thousands of dollars more than if they had a good score. If you are fed up with suffering from bad credit, then our credit counseling services can help you fix your credit score. This is why credit repair is so important:
What Is A Credit Score?
The credit score was initially brought into play by money lenders, who needed a numerical assessment of the risk associated with loaning a certain individual money. It is essentially a compilation of various factors in your financial history, each weighted in its category according to importance and degree of risk. These risk factors are calculated differently for each credit bureau, but they all essentially contain:
- Repayment History (credit cards or loans)
- Current debts (mortgage, car loans, student loans, credit cards, etc.)
- Length of credit history
- Types of credit
- How often an individual applies for new credit
Your credit score ranges from 350 to 850. The lower the number, the more risk lenders see in lending you money. Typically, this means that they will deny you credit altogether, but it can also mean higher interest rates or lower lines of credit to discourage you from spending. However, higher interest rates mean that you have more to repay than the typical person, making it even more difficult to make ends meet.
Why Your Credit Score Is Important:
As we have stated, companies use your credit score as a way to discern the risk associated with loaning you money. In addition, companies often use it as a fast way to determine an individual’s level of responsibility. This means that a 3-digit number can affect almost everything in your financial life, including:
- Buying a house
- Buying a car
- Renting an apartment/house
- Starting a business
- Getting a loan
- Going to college
- Getting a credit card
- Getting a job
- Getting internet
- Getting a phone
- Opening a bank account
- And so much more
At Empowerment Financial Group, we know credit, and we understand that bad circumstances or misunderstandings, not irresponsibility, are often to blame for a low score. That is why we are dedicated to providing our clients with the kind of personalized credit counseling services that will enable them to get back on their feet with real credit restoration.
Our experience and dedication allows us to help you through even the worst circumstances, including bankruptcy, collections, dispute settlements, FTC investigations, and so much more. Learn more about our credit counseling services and find out how you could save over $30,000 when getting into a $300,000 mortgage when we help you improve your credit score by just 30 points. It’s time to break free from being overcharged on interest or denied altogether. Let us help you today so that you can being increase your credit score.