Low Credit Pro

Medical debt is one of the leading causes behind why someone would file for bankruptcy.

🤓You may want to keep old credit cards open as long as they don't have significant fees. Keeping cards open, even if you don't actively use them, can help boost your credit score by keeping your credit utilization ratio low and keeping the length of your credit history long.

Canceling a credit card can shorten the average age of all accounts, which can negatively affect your score. If your score has already dropped due to o ther negative items, such as late payments or large debt balances, it's probably best to keep the account open instead of closing it.

Your credit limit is the maximum amount of money you can borrow against at one time. Card issuers determine the size of your limit based on a few factors (main one being your credit).

One of the biggest benefits of a credit limit increase is that it can have an instant positive impact on your credit. Increasing your credit limit immediately decreases your utilization. The credit scoring models will interpret low utilization to mean you're doing a good job of managing your credit and keeping spending in check.

**Although a credit limit increase is generally good for your credit, requesting one could temporarily ding your score. That's because credit card issuers will sometimes perform a hard pull on your credit to verify you meet their standards for the higher limit. Hard credit pulls generally knock down your score by up to five points and stay on your credit report for two years.**

Payment History -35%
Payment history defines how consistently you've made your payments on time. This is the most important contributor to your credit score.

Amounts You Owe: 30%
The lower the amount of outstanding debt, the higher the credit score.

Length of Your Credit History- 15%
Your credit history is based on the length of time you've had credit accounts open in your name. A longer credit history can help your credit score. If you've had a credit card open for a long time, it makes good sense to continue using that card responsibly to maintain a good score.

New Credit You Apply For- 10%
Also known as credit inquiries, every time you apply for credit, your score goes down. There is one exception: when you're shopping for a mortgage, student or auto loan, credit scoring models only count one inquiry if your comparison shopping with multiple lenders is done within a 14- to 45-day period.

For example, if you're shopping for a car and apply for financing at three different car dealerships, your score will not decrease three times; it will only decrease once during the shopping window. That could vary depending on the type of loan you're seeking and the credit scoring model used.

Note that inquiries will affect your credit even if you're denied or ultimately decide against the loan or credit card. Each inquiry affects most people's score by less than 5 points and can stay on your report for up to 24 months.

Types of Credit You Use - 10%
Your score can increase if you responsibly use different types of credit, such as installment and revolving debt. Even so, it's not necessary to have many different types of credit in order to have a good score.

Most negative items (late payments, charge offs, collections, etc.) remain on the credit report for seven years. Bankruptcies up to 10 years. That's if you do nothing. On average, credit repair takes about three to six months. Your score should gradually improve throughout the process each time a creditor agrees to make a change in your favor.

🤔Is it better to cancel unused credit cards or keep them?
🔊Canceling a credit card can shorten the average age of all accounts, which can negatively affect your score. If your score has already dropped due to other negative items, such as late payments or large debt balances, it's probably best to keep the account open instead of closing it.

🙌Good news🙌: Credit scores aren't impacted by checking your own credit reports or credit scores. In fact, regularly checking your credit reports and credit scores is an important way to ensure your personal and account information is correct, and may help detect signs of potential identity theft.

WHY RENTAL KHARMA?
📣Average score increase of 40 points.
📣You will see results in 3-10 days.
📣Reports to TransUnion & Equifax.
📣Satisfaction guaranteed.
📣Rental history adds payment history and age to your credit report.
📣No credit check.
📣Add a spouse and you both can build your credit.

💍Getting married doesn’t impact your credit score, but your partner’s credit (good or bad) can influence your terms on a joint loan like a mortgage. Plus, your partner’s credit score could be an indicator of their money habits or financial literacy — things you’ll want to address before tying the knot.👀

Payment History Is The Biggest Credit Score Ingredient: Prospective lenders and service providers are keenly interested in your ability to meet monthly payment obligations, as this provides an indication of how financially responsible you are and whether you can handle additional debt. That’s why payment history is typically the most-emphasized component of consumer credit scores... but that's not all.

There are some guidelines that can help:
1. Don’t get close to your credit limit.
2. A long credit history will help your score.
3. Only apply for credit that you need.
4. Fact-check your credit reports.

Q: What's Credit Repair?
A: When a third party company helps get negative or incorrect information removed from your credit reports. The credit repair company communicates on your behalf either with the credit bureaus or with the company that reported the information to the bureaus. The intent is to have the credit bureaus or furnishers either delete the credit information altogether or modify it in some way that's more favorable to you. Credit repair is legal at the federal level and in almost every state.✅️✅️

Almost 80% of reports contain errors. Errors could mean a claim against the agencies that are reporting it.
🚨Potential claim = potential money.🚨
Federal law gives you free access to your credit reports from the three major credit bureaus: Equifax, Experian and TransUnion. Using the government-mandated AnnualCreditReport.com website is the quickest way to get them, but you can also request them by phone or mail. Until the end of 2023, those reports — which had been limited to once a year — are available weekly to help consumers manage their finances. Find an error? Contact us and we can advise.

Good credit gives you more freedom to qualify for the best financial products that can help you save money and achieve your goals.
**The sooner you start building credit, the sooner you’ll reap the benefits**

If you identify an error on your credit reports, it's crucial to dispute it immediately. Down the line, negative or incorrect identity-related information can affect your ability to get credit cards, loans, insurance and even a job. Don't know how? Check the link in bio for our DIY guide or call us and we'll do it for you!

🚨So much misinformation out there about this🙄🙄: The new schedule of upfront fees applies to mortgages backed by Fannie Mae and Freddie Mac. The new fees will increase costs to borrowers overall by 0.04 percentage point, according to the FHFA. That means a borrower who would have paid a 6.5 percent APR under the old fees would pay 6.54 percent now.

if you have a score of 640 to 659 and borrow 70 percent to 75 percent of the home’s value, you now pay a fee equal to 1.5 percent of the loan balance. Before these changes, the same borrower paid a 2.75 percent fee. On a $350,000 loan, that’s a savings of $4,375.

A borrower with a higher credit score of 740 to 759 would have paid a fee of just 0.25 percent on a loan with a 75 percent LTV ratio. Under the new rules, that fee rises to 0.375 percent. On a $350,000 loan, that’s an extra cost of $438.

The fee schedule doesn’t affect borrowers taking loans backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA).

The takeaway: The borrower with a strong credit score still pays less in fees compared to the borrower with the fair credit score. The reward for stellar credit, however, has narrowed for some borrowers.

Bet you didn't know there were 6 different types of credit cards! Each created for addressing your financial issues *if used correctly*

It's just a fact. It opens doors, saves money, it allows you to live at your full potential. 🏆We can help you get there. www.lowcreditpro.com

A FREE way to help boost your score. Through this method you get the benefit of someone else's credit history without the obligation.
creditscore

'Tis the season go be nice to Customer Service Reps and negotiate!!
🤶🎄🎅🌲.

📣📣Beta Testing version is now live live!

📣STUDENT LOAN FORGIVNESS UPDATE: Studentaid.gov is now accepting applications to help refine the process ahead of the formal launch. If you submit now, it will be processed and you will not have to submit. Super easy process that just asks your name, social, DOB, and email. If they need anything else, you'll be contacted. Otherwise, you'll be notified when it's been approved and any updated balances/payment amounts (if applicable).

There are typically 4 types of debts, and each has its own Statute of Limitations based on the state you're in. The Statute sets out how long after your last payment, or promise to make a payment, a creditor can sue.⚖️
The example I give my clients is that if its outside the Statute, then it's dead💀. The only way to breath🌬 life into a dead debt is by making a payment or a promise to pay. If in doubt, I always recommend consulting with an attorney before making any payments or promises.
In Florida, it's 4 years for a credit card and oral agreements and 5 years for written contracts and promissory notes.

I get so many calls from people who are SHOCKED that they're getting sued for a credit card. 😳😳

There's an UNTRUE assumption that unsecured cards (cards not tied to a specific item) are not able to sue. 📣But they can and they will.📣
I've defended debts as small as $250. So if you have to be strategic with who gets paid because there isn't enough for everyone, just be aware that a lawsuit may be next. However, with the right representation, even the biggest debts can be manageable.

Does Paying Off A Car Loan Early Hurt Your Credit?
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Paying off your car loan early will hurt your credit score, but only in the short term because having an open credit account that you regularly make payments on has a greater positive impact on your credit score overall.
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Most people decide to pay off their car loan early because of the amount of money they save. However, this only applies with a simple and not precomputed interest rate.
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If you are applying for a mortgage loan and need to lower your debt-to-income ratio (DTI) to get approved or qualify for a lower interest rate, paying off your car loan early could improve your chances. Your DTI is the total amount you owe every month compared with your monthly income. Lenders typically like a DTI of 43% or less, but most prefer ratios below 31%.
What’s the Right Decision?

It all comes down to a mix of the topics discussed above. You should consider your credit history, credit score, how much interest you are paying verus how much you would save, your other expenses (now and in the future).

STUDENT LOANS CANCELATION!!

If you went to any of these schools, go and apply for borrower defense on your studentaid.gov account.

40+ reasons why you should be contacting us if you're credit is low.

Client results are in! This is only after the first set of letters and we could not be more proud. Credit Repair is a team effort and with the right team behind you the only limit to your score is you! Call us now for your free consultation.

Beginning July 1, paid medical debt will no longer be included on consumer credit reports.

Most medical collection debt is about to fall off of consumer credit reports Equifax, TransUnion and Experian said in a joint statement they would remove nearly 70 percent of this type of debt.