Cultivating Anew Credit Restoration

Meaning of Acceptance:

Acceptance is the ability to acknowledge and come
to terms with a situation or circumstance without
resistance or denial. It is the act of embracing what
is, rather than what one wishes it to be. Acceptance
involves recognizing the limitations and
imperfections of oneself, others, or a situation, and
finding peace in spite of them. It is a complex
emotion that can be difficult to achieve but can lead
to inner growth, forgiveness, and a sense of freedom.

You might be interested in this article if NAVIENT is your student loan provider...

Student-loan borrowers are getting $100 million in payments after being 'cheated' out of lower bills by a major lender, a federal consumer watchdog says Student-loan company Navient is barred from servicing federal loans in a settlement it reached with the CFPB over claims it mismanaged payments.

Resulting from a lawsuit between Walmart & Capital One, beginning September 10, 2024, Capital One Walmart Rewards Mastercard will be replaced with Capital One Quicksilver Mastercard.

What You Need To Know:
📌the card number will change
📌the credit card history on your credit report will not change
📌the rewards will be transferred to the new card
📌receive 1.5% cash back on every purchase
📌5% cash back on hotels & rental cars booked through
Capital One Travel

Need Assistance With Your Personal or Business Credit?

🔗www.cultivatinganewcreditrestoration.com
📧[email protected]

What Does It Mean To Pivot?

"A person who decides to switch up a specific area in their life often addresses what would benefit and suit their needs. They want to make a substantial impact on their life. Whether a person is pivoting their personal or professional life, they are making changes to affect their well-being."

-www.theguesthouseocala.com

Buy Now Pay Later plans no longer payable with Chase cards from 10/10/24 Chase is advising customers that from 10/10/24, they'll no longer allow be able to pay for Buy Now Pay Later plans with Chase credit cards.

How Voluntary Repossession Affects Your Credit

Voluntary repossession is when someone surrenders their vehicle in order to avoid having it taken from them after falling behind on the payments for an auto loan or lease. It basically amounts to a last-ditch effort to earn leniency from creditors, debt collectors and the major credit bureaus. By saving the collecting party the effort of having to locate and repossess a vehicle, the thinking goes, the debtor might curry some valuable favor – perhaps in the form of forgiven interest charges, more favorable status reports sent to the credit bureaus, or better odds of credit approval in the future. But that thinking is flawed.

While voluntary repossession may provide some modest benefits in certain situations, it won’t do much to help your credit. By the time vehicle repossession becomes a real possibility, the bulk of the credit damage will already have been done, thanks to numerous missed payments and the fact that repossession doesn’t happen in a vacuum, to people in otherwise perfect financial shape. That means other derogatory marks on your credit report are also likely to limit any potential benefit of voluntary repossession.

What’s more, whether you surrender your vehicle voluntarily or it’s repossessed from you, the lender will sell it to help recoup what you owe. If the value of the vehicle is insufficient, you will owe a “deficiency balance,” which will be listed on your credit report and continue to damage your standing. The lender might also send your account to collections or file a lawsuit at this point, either of which would further harm your credit.

Given that it makes little, if any, difference whether the repossession on your credit report has the word “voluntary” in front of it, rushing to hand over your ride is never a good idea. You should instead strategically use the time that you have left to either come up with the money needed to bring your account into good standing or negotiate a settlement with your creditor. Such an agreement might very well include a form of voluntary repossession, but at least you’ll be certain of what you’re getting out of the transaction.

Voluntary Repo Consequences
A voluntary repossession will likely cause your credit score to drop by at least 100 points. This point drop is due to a couple of factors: the late payments that cause the repo and the collection account that is likely to result from it. You can estimate a repossession’s effect on your credit score by using our credit score simulator for late payments and collections.

Point Drop Due to Late Payments

Repossession ultimately occurs because you fell behind on your car payments at some point. These late payments cause the first dip in your credit score, which can be as much as 100+ points, although it varies based on the shape of your credit score before the late payment.

Point Drop Due to Collections

Once your car is repossessed, there’s more damage to be done. Your car will be sold in an auction to recoup some of the money lost. Whatever difference remains between your loan amount and the auction price is yours to repay. Inevitably, this amount will be sent to collections. When the collection account is recorded on your credit report, it can also cause a drop of around 50 to 100 points.

Extended Stay on Credit Report

When your creditor reports your vehicle’s voluntary repossession to the credit bureaus, your loan account (most likely in collections) will be updated with a code to note the repossession as the manner of payment. As a result, the voluntary repossession will stay on your credit report for 7 years, starting on the date when your delinquency is reported to the credit bureaus.

-wallethub.com

Need assistance with your personal or business credit?

🔗www.cultivatinganewcreditrestoration.com
📞228-335-7700
📧[email protected]

No One Is Cheering for Me Louder Than The Girl I Use To Be...Happy Birthday To Me🥳🥳🥳🥳🎊🎊🎊🎊

LETS TALK CREDIT...I TALK BACK!

🔗www.cultivatinganewcreditrestoration.com
📞228-335-7700
📧[email protected]

Cultivating Anew Credit Restoration | credit restoration CULTIVATING ANEW CREDIT RESTORATION specializes in restoring individuals credit report and increasing credit scores.

What is the meaning of being proactive?

If you are proactive, you make things happen, instead of waiting for them to happen to you. Active means "doing something." The prefix pro- means "before." So if you are proactive, you are ready before something happens. The opposite is being reactive, or waiting for things to unfold before responding.

-https://www.vocabulary.com

Changes from Visa mean Americans will carry fewer physical credit, debit cards in their wallets Your wallet may soon be getting thinner.

What is the FCRA?

The Fair Credit Reporting Act is the primary federal law that governs the collection and reporting of credit information about consumers. Its rules cover how a consumer's credit information is obtained, how long it is kept, and how it is shared with others, including consumers themselves.

Under the FCRA, consumers have a right to:

📍Verify the accuracy of their credit report when it's required for employment purposes.

📍Receive notification if information in their credit file has been used against them in applying for credit or other transactions.

📍Dispute and have the credit bureau correct information in their report that is incomplete or inaccurate.

📍Remove outdated, negative information after seven years in most cases, or 10 in the case of some bankruptcies.

Need assistance with your personal or business credit?

🔗www.cultivatinganewcreditrestoration.com
📞228-335-7700
📧[email protected]

https://www.consumerfinance.gov/about-us/newsroom/cfpb-distributes-384m-to-191k-victims-of-think-finances-illegal-lending-practices/?fbclid=IwZXh0bgNhZW0CMTEAAR2Oiv_-rVBqRg309RmDiuPrc8OoGvRJF3OmcBX60-X2X7PLpbujgANpvF8_aem_AXQHOrzCE7WSuL-ZHuRECddhtcC92xf79vukBV0J9d7ynkzjZ_K8JasL7RsXn2OvteTW4pLS8r1oEIaAXsCZUF4h

CFPB Distributes $384 Million to 191,000 Victims of Think Finance’s Illegal Lending Practices | Consumer Financial Protection Bureau The CFPB distributed more than $384 million to consumers harmed by Think Finance from the victims relief fund, which has disbursed more than $1 billion.

✨️ CREDIT TIP ✨️

If you have any past due or charge off accounts, open your mail or email from the creditor/bank/lender and see what settlement options they're offering you. They usually have a lump sum or split payment option that will assist with getting the account out of the negative, therefore improving your credit profile and increasing your score.

Need assistance with your personal or business credit?

Contact Us:
🔗www.cultivatinganewcreditrestoration.com
📞 228-335-7700
📧 [email protected]

https://www.cnn.com/2024/05/11/business/credit-card-late-fees-regulation-cfpb/index.html?utm_campaign=mb&utm_medium=newsletter&utm_source=morning_brew

Judge blocks Biden administration rule capping credit card late fees at $8 | CNN Business A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8.