5 Perks You Can Land If You Have Great Credit Scores

Everyone loves earning perks, benefits, and bonuses, right? Credit card reward programs, brand loyalty programs, and even grocery store discount cards are built upon this very concept. However, while most people can easily recognize the value of a credit card rewards program there are still many consumers who do not see the value of having high credit scores in the same light. That is a costly mistake.

The truth is that great credit scores can help you to score a lot of awesome perks. Check out the list below to help you start viewing the potential value available to you by maximizing your credit scores.

1. Saving with lower insurance premiums.

When you have excellent credit scores you can secure lower interest premiums. You may not be aware of this fact, but insurance companies routinely check credit scores when you apply for a new policy. In fact, your credit scores can even be more important than your driving record when it comes to determining how much an insurance company will charge you for an auto policy.

Earning great credit scores can pay off every single month in the form of money saved on insurance premiums. If your credit has improved since you took out your current insurance policy then it would be very advisable to talk to your agent or shop around to see if you now qualify for a better price on your insurance coverage.

2. Saving on deposits.

When you open a new utility account it is often common practice for the utility provider to check your credit in order to determine whether or not you will be required to put down a deposit for service. As a result when you apply for new electric service, gas service, cable service, or internet service having less than stellar credit scores can cost you. Additionally, when you apply for a new mobile phone account your credit will again be consulted not only to determine whether or not you will be required to put down a deposit for service but to also see whether or not you qualify for a new account at all.

3. Saving interest costs every month.

Did you know that financing a home with a questionable credit rating could realistically cost you nearly  $85,000 extra over the course of the loan? Purchasing a home with a credit score of 620 could cause you to pay an extra $235 per month on a $300,000 mortgage compared to what someone with a credit score of 740 would likely pay for the same loan. Over the entire course of a 30 year mortgage that is an extra $84,600 you would pay - a pretty expensive penalty for not having great credit scores.

If you have already overcome credit issues and have rebuilt great credit scores then you should take a look at your current loans (i.e. mortgage, auto, credit cards, personal loans, etc.). You may just qualify to refinance some of those loans at a lower rate and save yourself a bundle on interest.

4. Saving on vacations.

Having great credit enables you to land better credit card offers. Many credit cards offer exciting perks such as 0% interest on purchases for 12 months, generous airline reward miles which can be redeemed for free airfare, or even 0% financing with a specific resort or cruise line. However, the most attractive credit card offers are generally reserved for those consumers who have excellent credit scores. Achieving excellent credit scores can open the doors for you to cash in on some amazing vacation deals.

5. Saving face.

If you have ever applied for financing in the past and been turned down then you probably can recall a vivid memory of the red hot embarrassment which crept its way up your face when you heard the words, "I'm sorry, but your application was denied." Simply put, bad credit can be very bad for your self esteem and your sense of self worth, especially if you are the primary bread winner for your family. It is well worth the hard work required to build better credit scores just for the pay off of the added confidence you will receive once you know you never again have to worry about being turned down due to bad credit.

Earning Better Credit

It is completely possible to start earning better credit right away. However, just because it is possible does not mean that the process is easy. Earning better credit takes a solid plan, hard work, consistency, and patience. In fact, it is very advisable to seek the help of a reputable credit professional.

CLICK HERE to schedule a no-obligation credit analysis with a HOPE4USA credit expert. Our team can help you build a plan to achieve the better credit you deserve - either on your own or with our help every step of the way. You can also CLICK HERE to download our free HOPE4USA Credit Repair Tool Kit. 

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

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Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Fix Your Credit, Fix Your Life

Your first step towards the credit you deserve!

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Credit Repair Tool Kit

Get your copy for FREE today!

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Michelle Black is an author and leading credit expert with over 13 years of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, and a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, budgeting, and identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here. 

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The Fastest Way to Improve Your Credit Scores

Smart consumers know to be skeptical of any "fix your credit quick" promises. However, there certainly are real, actionable credit steps that you can take to see a fast improvement in your credit scores. In this short video HOPE4USA.com Credit Expert, Michelle Black, will show you the most actionable way to improve your credit scores in a hurry.

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Will Checking Credit Hurt Your Credit Scores?

There are dozens, possibly even hundreds of credit related myths floating regarding the subject of credit scores. As a credit expert I spend a large portion of my time debunking these myths and educating consumers, Realtors, and even loan officers about the real impact which various actions will have upon a person's credit scores. Out of the many, many myths I encounter on a weekly basis one of the most frustrating credit misconceptions that I hear repeated is the idea that checking your own credit will harm your credit scores.

Let's set the record straight right from the beginning. There is a 0% chance that the action of pulling your own personal credit reports for review purposes will damage or hurt your credit scores in any way, shape, or form. In fact, you could even check your own credit reports 100 times per day if you desired and doing so would not have any negative impact upon your credit scores whatsoever. The reason this particular myth is so frustrating is because it deters many consumers from doing the very thing - checking their credit - which they should be doing on a regular basis.

What Are Inquiries?

Whenever you or anyone else pulls a copy of one of your credit reports a record of the credit pull is placed on the report. This record is known as an inquiry. Inquiries are placed upon your credit for multiple reasons, but perhaps the most important reason is so that you as a consumer can know who has had access to your credit. (Credit Tip: keeping an eye on who has accessed your credit reports can be an effective tool to help you monitor for potential identity theft.)

Hard Vs. Soft Inquiries

Inquiries which do not have any impact upon your credit scores, such as those which occur when you pull your own credit reports and those which occur when a creditor prescreens your credit before sending you a credit card offer, are known as soft inquiries. Not only do soft inquiries have no impact upon your credit scores, but they are also only visible to you when you pull a copy of your consumer credit report. If a lender pulls a copy of your credit report no soft inquiries will appear on it.

Hard inquiries are those which do have the potential to damage your credit scores. A hard inquiry can occur when, for example, a credit card issuer pulls a copy of your credit reports to review as part of an account application. Of course, not all hard inquiries will damage your credit scores - that is a myth as well - but they do at least have the potential to do so. (To learn more about how hard inquiries are calculated into your credit scores you can read "How Many Points Will an Inquiry Lower My Credit Scores?")

Why You Should Check Your Credit

Now that you know it is safe to check your own credit reports it is important to understand why you should check your credit reports. Credit report errors occur much more often than most consumers realize. In fact, the FTC released a study in 2013 which estimated there to be around 40 million errors on the credit reports of US consumers at the time.

Of course you have the right to expect accurate credit reports. You are even entitled to accurate credit reports under the Fair Credit Reporting Act. Yet, it is ultimately up to you and you alone to monitor your credit and to ensure that errors do not occur. When errors do occur then you have the right to dispute them - either on your own or with the help of a reputable professional.

Thankfully, you also have the right to access a free copy of each of your 3 credit reports every year at AnnualCreditReport.com. There are also many credit monitoring sites which all you the ability to view all 3 of your reports and your credit scores together conveniently. Here is a link to some of my favorites: CLICK HERE.

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

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Credit Cards

Compare the credit card offers below to determine which cards are right for you.

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Credit Repair Tool Kit

Get your copy for FREE today!

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Meet Your Team

Helping Our Clients Stand Up to “Credit Bullies” Every Day!

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Michelle Black is an author and leading credit expert with over 13 years of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, and a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, budgeting, and identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here. 

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Beware of Phantom Debt Collectors

If you have ever been in the unfortunate situation of receiving a call from a debt collector, especially a third-party collection agency, then you are all too familiar with the stress and fear that such calls can introduce into your life. Obviously you will never find a consumer who enjoys receiving collection calls and many collection agencies are known for their unsavory collection tactics. However, in the spirit of fairness it is worth pointing out that sometimes legitimate collection agencies are vilified due to the actions of illegal or phantom debt collectors.

While not all collection agencies behave badly, there are many bad apples in the industry who do routinely use scare tactics and even illegal methods in an effort to collect outstanding debts. However, there is a brand of criminal debt collectors who are much worse. Phantom debt collectors, as these criminals are commonly called, are illegitimate "companies" who actually make up debts that were never really owed in the first place and try to frighten people into paying these phony debts.

How Phantom Debt Collectors Operate

Simply put, phantom debt collectors are scam artists - often very skilled scam artists. These scam artists will call unsuspecting consumers and try to convince them to pay debts which are not actually owed. Often these phantom collectors are armed with information acquired through identity theft so, even though they may reference an account which you recognize, the scam artist will try to convince you that the loan is due or that you owe more than your legitimate balance. Additionally, while all phantom debt collection scams are a little different, these scam artists will always try to convey a sense of urgency and will generally threaten serious consequences if you do not pay immediately via a credit card, debit card, or wire transfer. Obviously these practices are 100% illegal.

Recognizing the Difference

Unfortunately the phantom debt collection scam is probably not going away any time soon. In fact, the CFPB recently shut down a massive phantom debt collection scam which was utilizing robo-calling technology (enabling them to prey upon thousands of victims) in April of 2015. Due to the fact that phantom debt collection scams have become so common it is important to understand how to protect yourself from these would-be-predators. Here are 3 tips.

1.      Debt Verification
When a collection agent calls you regarding a debt that you are not sure whether or not you owe remember that you have the right under the Fair Debt Collection Practices Act (FDCPA) to request a verification of the debt. If the person on the phone refuses your request then the call is likely a scam.

2.      Call Your Creditor Back Directly
Received a call from someone claiming to represent a creditor with whom you do have a relationship? Remember you can always hang up and call the creditor back directly at the number on your statement to ensure that the person you were speaking with is truly affiliated with your creditor.

3.      Check Your Credit Reports
If someone calls you attempting to collect a debt that you do not recognize then pulling a copy of your 3 credit reports is a wise idea. You can pull your three reports for free each year at AnnualCreditReport.com or, if you have already accessed your free reports, you can always get a copy of your 3 reports + 3 scores online from a reputable credit monitoring service like those found here. When you pull your reports you should verify whether or not the account which was mentioned to you over the phone actually appears on your credit. If the account does not appear on any of your credit reports then the call could possibly be a scam. 

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Credit Cards

Compare the credit card offers below to determine which cards are right for you.

---

Credit Repair Tool Kit

Get your copy for FREE today!

---

Fix Your Credit, Fix Your Life

Your first step towards the credit you deserve!

---

Michelle Black is an author and leading credit expert with over 13 years of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, and a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, budgeting, and identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here. 

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3 Steps to Negotiate a Pay for Delete Collection Settlement

Negotiating a "pay for delete" settlement with a collection agency is no easy task. 

Trying to convince a collection agency to offer you a payment for deletion settlement agreement? Here are 3 tips from HOPE4USA credit expert Michelle Black that might help.

Negotiating a pay for delete settlement agreement can be very tough, but not impossible with these 3 tips from HOPE4USA credit expert Michelle Black. 704-499-9696 HOPE4USA.com

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