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Fix Your Bad Credit - GreenPointe Financial 

A Bad Credit Report Can Cost You!

It can result in denied loans or an increase in the interest rates

and insurance premiums that you pay; and can even affect job applications; and promotions.

Credit ratings are used to evaluate your creditworthiness. In

general, lenders look at the amount of debt you carry, your ability

to repay it and your history. Generally, the more debt you have,

the higher risk category you are assigned. If you have a history of

late payments, or more serious problems such as a court

judgment against you or a personal bankruptcy, a lender may

consider you to have a very high risk of default and may choose

not to lend you money.

However, some lenders will accept higher-risk clients at a cost.

According to Fair Isaac and Co. (FICO), the originators of the

credit scoring system, a person with poor credit (a FICO score

below 620) who is accepted for a mortgage may have to pay

hundreds of dollars more in interest charges on a 30-year fixed-

rate term than a person with an excellent rating of 720 or above.

There are also sub-prime loans designed for people with bad

credit. These have higher interest rates and charge more points,

and often there is a higher penalty to repay the loan early.

Borrowers with bad credit ratings need to beware of predatory

lenders who charge exorbitant rates and fees.

Mortgages and personal loans are not the only places you will

pay for a bad credit rating. Insurance companies and auto loan

lenders may use your credit score to help determine your policy

rate or the interest rate of your car loan. Along with your claims

history, some insurers see a poor credit rating as a sign that you

are more likely to claim damages. And if you plan to buy a car, a

poor credit rating could rev up your interest rate to over 200

percent more than that of a person with excellent credit. A

persistent history of missing credit card payments could also

impact your job prospects, as some employers check the credit

rating of applicants.

The good news is that a bad credit rating isn’t permanent; and

almost every bad report can be corrected. While it may not be

quick, if you start the process now, pay your bills on time, pay

down your debt and don’t apply for new credit or debt, your

score will gradually improve and so will your prospects.

 

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