Hey everybody—meet Jake. While trying to buy an engagement ring for his girlfriend so that he could make the move, he was denied the option of financing because his credit score was a disappointing 580-points. He never imagined that the big moment would have to be delayed because of bad credit. He just assumed that his financial situation was pretty solid. I mean, sure, he had some debt to pay off—just like everyone else—but he was at least feeling financially stable enough to settle down. Being so pumped for the moment and determined to hurdle the obstacles associated with bad credit, Jake urgently googled, “How do I get out of debt in Philadelphia?”
That’s when he found a reputable agency with more than twenty years of experience. After filling out a contact form and receiving a free consultation, he signed up for 3 months of credit counseling services in Philadelphia. Although all of Jake’s student loans definitely weren’t paid on time and he certainly had more credit cards than he actually needed, the credit repair experts performed an extensive analysis of his report and discovered questionable information that was allowed to report falsely and erroneous by the 3 major credit reporting agencies. The professionals quickly investigated and addressed the distorted information, as well as provided him with crucial advice on how to avoid credit complications in the future.
They told him:
• Make sure you pay down credit cards every month. Don’t carry a balance over 30% and take steps to get rid of your revolving debt as soon as possible.
• Never assume that new credit inquiries will help your score. Each time you apply for credit, your score is going to be reduced by 3 – 5 points. Don’t apply for a new credit card just to take advantage of a pointless promotion—it’s not worth it.
• You must be strategic when you apply for credit. If you’re trying to get a home loan or an auto loan, you can apply with a plethora of different banks, but why? Being turned down by just one should be a big enough sign to speak to one of our professionals.
• Every year, call your bank and request a higher credit limit. This is one of the most expedient ways to improve your credit score.
• Always avoid maxing out your credit cards. If this is something you have trouble avoiding, request a higher credit limit or divide your debt among other credit lines so that no more than 40% is being used.
After three months of credit counseling services, Jake’s credit score increased significantly and he knew how to make more financially-sound decisions in order to protect his credit score and avoid problems in the future. With more stability and a score that accurately reflected his conscientious financial decisions, Jake bought the ring and was able to get down on one knee…
She said Yes.