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CreditServices.com
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Do you know how long negative items will stay on your #CreditReports ? Be sure to regularly check your reports and be proactive with any inaccuracies that you notice. 844.488.Credit
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Managing #StudentLoan  debt is becoming increasingly difficult with the widening gap between salaries and debt. What can you do to ensure that your dreams stay on track? CreditServices.com 844.488.Credit
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Pay off your #Mortgage  or #Invest  elsewhere? Placing your extra money in different locations may prove beneficial for your long term financial success. CreditServices.com 844.488.Credit
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Not sure when your #CreditCard  balances report to the #CreditBureaus ? Having this simple information could improve your credit profile! CreditServices.com 844.488.Credit
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Having good credit benefits your #Financial  life in many ways. If you credit is less than excellent, work on improving your profile so you can save money on interest and put your hard earned cash toward #Investments , #DebtReduction , and improving your life! CreditServices.com 844.488.Credit
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Is managing your #Debt  becoming overwhelming? Here are 5 Tips to Help Manage Your Debt!

The average American household carries just over $200,000 in debt, this includes #CreditCards#Mortgage , #StudentLoanDebt , and other obligations. Managing this amount of debt can be an overwhelming thought, so where do you start?

1. Make a list of your debts:
Your list should include the balance, minimum payment, interest rate, and due date for each debt that you carry.

2. Consider the types of debt you carry:
Revolving credit: Interest rates and minimum payments fluctuate based on the balance of each account. Revolving credit is most commonly in the form of credit cards.
Installment: Loans to be repaid in equal installments over a fixed amount of time; student loans, car loans, etc.

3. Assess the risk of your debts:
Installment debts provide security because payments and interest rates are fixed. However foregoing payments on a car or student loan could lead to your wages being garnished and your car being repossessed. Failing to pay credit card debt will not result in repossession, but a collection will damage your credit and remain on your credit report for 7 years. Bottom line: all debts carry risk, make at LEAST your minimum payments.

4. Prioritize:
Pay off credit cards with high interest rates first, avoid spending more and getting less from the money you borrow. The sooner you make extra payments on credit cards the better. Student loans, while carrying a large balance, generally have low interest, making the borrowed money less expensive than higher interest debt.

5. Creativity can pay off:
Establish your bottom line, eliminate unnecessary costs, and perhaps find another form of income. One good way to repay debt faster is doubling down. After paying off your credit card, take the minimum payment that you were already paying towards that, and stack it on top of the payment for the next debt on your list.

Managing your debts and budgeting your monthly payments can be overwhelming and time consuming. Debts can get out of hand when not managed properly, or if you have fallen on a hardship. Make a plan according to your budget and stick to it and you will start chipping away at your debt.
CreditServices.com 844.488.Credit
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What You May Not Know About #CreditScores .....

1. You have multiple credit scores.
Most consumers are well aware that they have a credit score. What some don’t know is that there are actually thousands of credit scores available. They are offered by various companies that use data to evaluate your #Financial  history and provide a risk assessment to lenders.

Don’t concern yourself too much with the exact number that you find as there is no guarantee that your lender will use the same numbers that you found. That being said, right around 90% of lenders use the #FICO  scoring model when making their lending decisions. When you use online scoring models, they can be used to track your progress and changes in your scores, but don’t put too much weight on the number that you see.

2. #CreditReports  are more important than your credit scores.
Your credit reports from Equifax, Experian, and TransUnion (the three major credit bureaus) contain the information that make up those various credit scores. So no matter what credit score you see, the information on your credit reports was used to calculate it. Taking advantage of your right to a free annual credit report at annualcreditreport.com is crucial as it allows you to ensure there are no mistakes on your credit reports. Verifying the information on your credit reports is accurate ensures that your credit scores are reflecting your financial history correctly so you aren’t being judged falsely.

3. Credit can affect employment opportunities, apartment rentals, and insurance.
Employers, landlords, and insurance providers may run a credit check for applicants. This means that your credit history can limit your employment and housing options, and determine the rates that you pay for insurance. Consumer Reports released a study in July 2015 that found insurance rates on average tend to be higher for good drivers with bad credit, than bad drivers with good credit. They also found that bad credit led to higher insurance rates than having a DUI conviction in many states.

Bottom Line:
Your credit history plays a significant role in your financial life. Educate yourself on the information that is used to make these decisions, and get familiar with FICO scores, as they are the most commonly used of any credit scoring formula. CreditServices.com 844.488.Credit
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Want to pay your #Mortgage  off faster?

Paying your mortgage off faster takes dedication. Cutting back on unnecessary expenses and forgoing some of the more exciting things in life might need to be part of your strategy. Putting extra money into your mortgage in order to free yourself from a large amount of debt isn’t for everyone, there are other places your money can be used as well. For those who wish to live debt free, here are 4 tips that can help you!

1. Bi-weekly payments:
Splitting your monthly payment in half and making that payment every two weeks will result in 13 monthly payments in 12 months. This tactic alone will allow you to pay your mortgage off about 3 years early.

2. Lump sum payments:
Making a lump sum payment once a year (preferably more often) will help speed up your amortization schedule by lowering the principal of your loan, in effect also lowering your total interest payments.

3. Put windfalls of cash toward your mortgage:
Tax returns, gifts, bonuses, and money from salary increases are all great opportunities to lower your mortgage principal and get out of debt quicker. Even small amounts can chip away at your principal and speed up the process.

4. Round up mortgage payments:
If your monthly mortgage payment is $1,040, round this up to $1,100, you won’t really notice the extra $60 per month, but your savings will be huge. Combine this with bi-weekly payments for a more powerful impact. Splitting the $1,040 in half to $520 and rounding up to $600 payments made every two weeks will result in even bigger savings!

Get creative! Paying your mortgage off years early takes dedication and some creativity. Find ways to make some extra money if you need to, and always look for new tactics to pay your mortgage down quicker. Combine different methods for an even greater impact. CreditServices.com 844.488.Credit
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Paying Too Much for #AutoInsurance ? Check Your #Credit

In most states, credit history has a large impact on what you pay for car insurance. In some states, your credit history has more impact on your insurance rates than your actual driving record.

Consumer Reports released a study in July 2015 that found insurance rates on average tend to be higher for good drivers with bad credit, than bad drivers with good credit. They also found that bad credit led to higher insurance rates than having a DUI conviction in many states. But people with bad credit aren’t the only ones affected. Those with “good” credit can still pay hundreds more per year for insurance than consumers with “excellent” credit.

-Insurance scores are different from the credit score that lenders use.
Your credit score is used to assess the probability that you will pay a loan off on time, while the insurance score will be used to determine your likelihood of filing a claim. According to insurance companies, drivers with poor credit are more likely to file claims than drivers with great credit.

While FICO reports are still partially used in the calculation of your #Insurance  score, they don’t use all of the information, so your FICO score won’t completely determine the outcome.

-Raising your insurance score.
Similar to your credit score, there are some very important aspects of the calculations that need to be done in order to maximize your score.

-Pay all of your bills on time.
Like your #FICO  score, payment history is the most heavily weighted factor of an insurance score. Always pay at least the minimum payment on your bills each month. Late payments, collections, financial judgments, and bankruptcies have a significant negative impact on your score. The later the payments are, and the more that you owe past the due dates, the lower your score is going to be.

-Keep your credit card balances low.
Your credit utilization is an important aspect of your insurance score, just as it is for credit scores. Pay off as much of your balances as possible each month and monitor your credit card spending. If you are near your limits on any of your cards, paying these down should be a priority, not only for your scores, but for the interest that you are paying each month.

-Don’t open new accounts too often.
Immediate retail discounts can be tempting, saving money is always a good feeling. Your credit score is impacted by a drop of 5-15 points each time you apply for new credit. Your insurance score is calculated a little differently, pursuit of new credit makes up 10% of your score. Calculating the effect of each inquiry isn’t as exact as your FICO score, but just the same, don’t open too many new accounts.

The bottom line for both scores is generally the same. Pay your bills on time, keep your balances low, and don’t apply for too much credit. Do these things and your insurance rates should reflect favorably.

Check your credit report.
Many credit reports are riddled with inaccuracies, which can really hurt your score. Whether applying for insurance, or new lending, make sure that you are being judged on accurate information.

CreditServices.com 844.488.Credit
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