Improving Your Credit Is More Crucial Than Ever Before
With our economy still struggling to rebound, banks are requiring higher credit scores to lend.
The key factors that banks are continuing more credit restrictions are: 1.
Consumers' behavior is far different than ever before, lets' hope it doesn't get more reckless.
Lenders know that a vast majority of consumers don't care about re-mediating their mortgage or debt, which creates more credit restrictions to all.
Example: Our past client recently contacted us about improving his credit scores; he currently has a 680 mid credit score, and was declined for an equipment loan for his business.
The lender required a 700 mid score, and weren't interested in funding him with credit scores less than the 700(s); which resulted to no new dump trucks for his business.
Lucky for us, clients and potential clients who do contact us are concerned about their financial landscape that needs trimming; we work together on correcting credit and reducing their debt.
Reckless credit behavior was uncommon back in the day, now a foreclosure or strategic default that appears on a credit report is considered common.
Is having bad credit the new norm? 2.
More Foreclosures and Charge Offs Expect even more Foreclosures and Charge Offs because of the true unemployment rate, fewer wages and 46 million Americans are on food stamps.
Banks are struggling too, they take proactive outreaches to assist their customers in foreclosures and late payments, but a good percentage of their customers don't care.
A lot of consumers get frustrated with the banks because of missing faxes that were sent, miscommunication and the overall documentation the lenders require.
Is this all worth it? Yes, indeed.
You know who to contact if you're frustrated with your lender.
Maintain Your Credit in Tip-Top Shape Don't give up on your credit; focus on repairing your credit; it is your tangible asset for life! If you give up on your credit, it's like giving up on a healthy diet and gaining even more weight than you started off with.
Gaining extra weight (debt) doesn't feel good or look pretty, does it? Even if you had a setback, make it temporary and get right back on track.
Get to the finish line, restore your credit and reduce your debt.
There are proactive options that your lender has in store for you, that can assist you with your debt, just ask your lender.
The choice is yours, you decide.
The key factors that banks are continuing more credit restrictions are: 1.
Consumers' behavior is far different than ever before, lets' hope it doesn't get more reckless.
Lenders know that a vast majority of consumers don't care about re-mediating their mortgage or debt, which creates more credit restrictions to all.
Example: Our past client recently contacted us about improving his credit scores; he currently has a 680 mid credit score, and was declined for an equipment loan for his business.
The lender required a 700 mid score, and weren't interested in funding him with credit scores less than the 700(s); which resulted to no new dump trucks for his business.
Lucky for us, clients and potential clients who do contact us are concerned about their financial landscape that needs trimming; we work together on correcting credit and reducing their debt.
Reckless credit behavior was uncommon back in the day, now a foreclosure or strategic default that appears on a credit report is considered common.
Is having bad credit the new norm? 2.
More Foreclosures and Charge Offs Expect even more Foreclosures and Charge Offs because of the true unemployment rate, fewer wages and 46 million Americans are on food stamps.
Banks are struggling too, they take proactive outreaches to assist their customers in foreclosures and late payments, but a good percentage of their customers don't care.
A lot of consumers get frustrated with the banks because of missing faxes that were sent, miscommunication and the overall documentation the lenders require.
Is this all worth it? Yes, indeed.
You know who to contact if you're frustrated with your lender.
Maintain Your Credit in Tip-Top Shape Don't give up on your credit; focus on repairing your credit; it is your tangible asset for life! If you give up on your credit, it's like giving up on a healthy diet and gaining even more weight than you started off with.
Gaining extra weight (debt) doesn't feel good or look pretty, does it? Even if you had a setback, make it temporary and get right back on track.
Get to the finish line, restore your credit and reduce your debt.
There are proactive options that your lender has in store for you, that can assist you with your debt, just ask your lender.
The choice is yours, you decide.
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