Not Even Congress Can Get Your Creditors on the Phone
By Mike Wayman
Perhaps this post is a bit different from the rest. The reason is that this story needs to be heard. I think one of the reasons that so many people get scammed in the credit repair industry, the debt consolidation industry and in the loan industry is that the providers of credit, the people that extend debt and loans stop caring about you completely when you experience a hardship.
The moral of the story is that we are important to our creditors only when we make our payments on time. If we experience a hardship, or, as I like to say it, if life happens to people, then there is no one to talk to on the credit provider level that can help. What this causes is the client seeking solutions elsewhere. Perhaps the best way to clean up the financial services industry is to regulate it more. Not necessarily regulate it more in terms of what they offer or how they conduct business, but how they respond to customer care when financial hardship arises.
Good, Average And Bad Credit- Where Do You Stand?
By Mike Wayman
Credit scores can help you understand your personal credit power. As someone with good credit, which people generally agree is anywhere from 720 on up, you qualify for lower rates on loans, purchases, and can receive gifts like miles and other bonuses. Having good credit makes it possible to buy cars and homes with financing. If your credit is too low, your can be denied access to this type of financing, or be forced to using much higher interest rates, which isn’t exactly fair to you, but the lender makes the decision.
With good credit, you can get approved for any kind of financing. With a high score like 850, no one will have trouble lending you money. Some lenders do not require high credit scores, but look out for specific activity on your report. If you believe your credit is low, it may be enough for a car loan or home repair loan.
Having a score between 600 and 700 is considered to be fair or good. Anything below 600 is considered poor credit. Taking the time to manage your credit report to clear out any old outdated activity can help you build your credit. Over time you can improve your score, which helps you to get access to money you may need for emergencies or unexpected expenses.
