Many people only discover the importance of having a high credit rating after their credit history gets tainted with bankruptcy, foreclosure or several loan defaults. This is because nobody is willing to lend to anyone who has a tainted credit history. In fact, nobody is willing to hire someone who has proven to be irresponsible in handling their own personal finances. In addition to that, renting a car or house when you have a tainted history will become a little bit difficult. These are just some of the reasons why it is always a good idea to maintain a high credit rating through prompt repayment of your loans.
Causes of Poor Credit
Credit scores are basically a measure of the creditworthiness of an individual based on their loan repayment history. There are several things that consumer credit reporting agencies normally use to score an individual. The first is the promptness of payments made by an individual. The second is the fullness of payments. If you make late payments, or pay your monthly installments partially, therefore, you can be assured of getting a poor credit rating. Similarly, if you miss several payments, you can expect to score poorly. Foreclosure and bankruptcy, on the other hand, can lead to blacklisting of a consumer by major lenders.
How to Repair Your Credit
There are two main options for building your credit. The first is to take out several small loans and repay them according to the terms and conditions agreed with your lender. Since all the lenders will report the positive repayment, you can increase your credit score pretty fast. However, this may take a little bit longer than you would like.
The second, and also the most effective, option is to use a credit repair service. In that regard, Credit Secrets is considered one of the most effective credit repair programs available to consumers, if not the best. According to Credit Secret review, the program takes around 90 days to produce positive results. You only need to sign up and pay the required fees as agreed with the company. After only 90 days, you can expect your credit score to increase from the lows of 400-500 to the highs of 750+ points.
While the program may be highly effective, it is not free. The good news is that any money you spend on the program can be recouped within a short period of time. After all, a high credit score will qualify you for low-interest loans and financing, which means you will save a lot of money in terms of reduced interest payments.
Almost every adult on this planet has some debts. This may come in the form of credit card debt, student loans, personal loans, car financing, mortgages or secured loans among other things. the average person may have several types of debts they are able to service comfortably with their salary. However, there are some events that can make it difficult for consumers to service their loans according to the agreed terms and conditions. For instance, job loss can make someone unable to service their debts because of lack of income. An economic crisis may push interest rates high and increase monthly payments as a result. This can make it difficult or impossible for the debtor to service all their debts properly with the fixed income. Bankruptcy and foreclosure can also damage your credit rating. Whatever the case, life can become more difficult for you if you have a low credit rating.
Effects of Bad Credit
If you have a low credit rating, you may never be able to get a low-interest loan from mainstream lenders. Secondly, lenders may demand a bigger down payment whenever you want to get financing. When you want to rent a car or house, a poor credit score can lead to a change of terms and conditions as firms will want to hike the house rent or daily car hire charges. If you are looking for a job, a low credit rating can deny you a great job. This is because nobody wants to hire someone with a history of financial irresponsibility. As you can see, it is in your best interest to build your credit rating to a decent level.
How to Build Your Credit
According to Credit Secrets on USA Today, this credit repair program can help any consumer to build their credit rating in a matter of weeks. Once you sign up for the credit_secrets program, you will be required to pay a fee to the company for the credit repair service. In return, the firm will help you repair your credit score. While there may be several other credit repair programs, Credit Secrets is the only one that guarantees amazing results within 90 days. There are many people who have seen their credit score increased from around 350-500 to 700-750 in just three months. Be sure to link up with Credit Secrets on LinkedIn to get more information on how to boost your credit rating from what it is today.
There are few things (other than chocolate, lollipops, puppies and kittens and baby goats) that exude a light heart and happy spirits than balloons. Our website, which is named Holiday Balloon Fest because we dig the name (and balloons), is going to be a fun compilation of articles that we hope you will enjoy (and use).
Now, in the spirit of balloons, there is a song from my past that you may or may not remember. Of course I speak of 99 Luftballons (99 Red Balloons) by the German group, Nena. It was a pretty popular song back in 1983. I didn’t get it then, and frankly, because I suck at history and the goings on across the globe, I still don’t. Evidently, if you look it up on Wikipedia, it was an anti-war song. It was part of a sound – German New Wave or sort-of-punk – and I liked it. I still do.
With the hope that you might also enjoy it – and a blast from the past if you remember late 70s, early 80s music – I’m posting the original German YouTube video. It’s been done in English, but I like the German version even though I don’t understand a word of it.
IF you just have to hear in English, Nena did it – and I’ve included that as well.