Why are Credit Scores so important?
Your Credit Score tells a lender very quickly and efficiently how likely you are to default on a loan. The lower the Credit Score, the higher the interest you will have to pay - because the lender has to take on more risk to lend you money based on your past credit history.
“Stop accepting Rejection as a way of life”
Contact (CIS) to increase your Credit Score today so the next time you apply for a Mortgage loan, insurance, credit cards, or even a new job you will be confident about your Credit Status and Scores.
ALWAYS PAY ON-TIME (or early) -Always keep your CURRENT accounts in good standing by remembering to make at least your minimum payments ON TIME. One 30 day late can cause your credit score to go down an average of 30-60 points.
ESTABLISHING CREDIT- If a Merchant/Lender asks you to establish at least 2-3 positive lines of credit, you need to do so, as soon as possible. It takes at least 30-60 days for the new trade line(s) to show up on your credit reports, as a positive payment history. CIS can assist you in obtaining a secure credit card, which we recommend. The Credit Card has NO annual fee, NO interest rate and it will never report as a negative trade line, if you ever cancel the card.
GOOD CREDIT HAS ITS REWARDS- The higher your credit score, the less you’ll pay for
a mortgage etc. For example, take the cost of a $200,000, 30-year, fixed-rate mortgage/loan. Here’s a snapshot of what borrowers with varying credit scores nationwide were charged, on average, for this loan: The difference in cost between the highest credit score and the lowest score eligible for that loan is a whopping $478 a month, or $5736 a year—which adds up to $172,221 over the life of the loan. To find out what different loans will cost you—depending on your credit score and what state you live in.
EXAMPLE: Credit Score; Monthly Payment; Total Interest Paid Over 30 Years
scores rate payment total money paid
720-850 - 5.793% - $1173 - $222,141
700-719 - 5.918% - $1189 - $227,888
675-699 - 6.456% - $1258 - $253,008
620-674 - 7.606% - $1413 - $308,671
560-619 - 8.531% - $1542 - $355,200
500-559 - 9.289% - $1651 - $394,362
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CIS can provide you with a credit report only if you are a signed up client! Where to Obtain a Copy of Your Credit Report | |||
Credit reporting agencies don’t share files, so you’ll need to contact each reporting agency to make sure the information about you is correct. The three major credit reporting agencies are: In some states, you don’t have to pay to get a copy of your credit report. Under a new Federal Law, you have the right to receive a free copy of your
credit report once every 12 months from each of the three nationwide consumer
reporting companies. To request your free annual report under that law, go to annualcreditreport.com |
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What to Do If You re a Victim of Identity Theft |
| If your cards, bills or identification have been misused to open new accounts in your name, file a complaint with the Federal Trade Commission. Call toll-free 1-877-ID-THEFT (1-877-438-4338); TDD: 202-326-2502, or visit www.consumer.gov/idtheft. |
Are you ready to get the process started?
and see your brighter future unfold
creditimprovementservices@gmail.com
