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loan Archives | Ovation Credit Repair Services

Don’t be Blindsided by Credit Charges

By | Credit Cards, Credit Repair

credit-chargesA credit loan seems like a quick, easy fix for your financial needs, but after factoring in charges and hidden costs, it usually becomes anything but a simple fix. It always needs to be repaid and if someone is less than diligent about making responsible payments and forgetting  about accompanying costs of big-ticket items, his or her credit score will bear the repercussions.

Many people struggle with calculating the comprehensive costs of using their credit card(s). But, there are always definite costs:

Routine Credit Costs

  • Interest-rate/Late fees: The most obvious cost of using a credit card is the monthly rate at which you’re billed for its use, which will vary pending your credit score. If you’re negligent about paying on time, you accrue late fees and your interest rate increases.
  • Assumed fees: these include activation costs, inactivity charges, cash-advancement charges, and balance-transfer charges among others.

 

Covert Credit Costs

There are many charges for credit card use that aren’t as easily recognized, as well as subsidiary costs of major purchases that we conveniently forget in our excited rush to get what we want. Some of these subsidiary costs include:

  • Maintenance fees: After you buy a home or car, you’ll have yearly ownership costs, such as registration dues and property taxes—not to mention upkeep costs, that you’ll most likely charge.
  • Closing costs: The final price of your new digs doesn’t include the price of home inspection, title transfers, etc.
  • Cancelation fees: A lot of credit users aren’t aware of or don’t fully understand the financial repercussions of canceling a card. There can be a charge to close a credit card.
  • Unexpected rate increases: A creditor can increase rates at will.
  • Trial periods: Consumers may opt for a free limited-time offer for a service but not cancel by a due date, resulting in a bill later.

Being aware of these extra costs associated with ownership and credit purchases will help you to fully contemplate your spending decisions; and hopefully prevent you from a damaging credit score.

 

Get Help

The better your credit score, the better your loan offers and the less your interest rates will be, so it’s worth the time investment to learn how to improve your credit knowledge to make better credit decisions. And, we can help!

A credit repair agency, like Ovation Credit Repair, can help you manage your credit loans and strengthen your credit score. Contact us for a free consultation.

Fresh Start: Make Sure Your Credit Repair Efforts Count.

By | Credit Laws, Credit Repair, Credit Reports, Credit Scores, Fraud Protection, Save Money

Have you been turn down for a loan recently because your credit score is too low?  Don’t worry – it is very common.  It is also becoming very common for lenders to try to sell you on their own special credit repair programs.  Credit repair can be an extremely rewarding and beneficial experience if done the right way.  If you are seeking a fresh start and intend to embark on the credit repair journey, make sure your efforts count.

So how do you make sure that your credit repair efforts count?  For starters, be informed. If you do a little research, you will find many articles discussing credit repair.  You’ll see many articles that claim that you can do your own credit repair.  This is absolutely correct – you do not have to have assistance.  If you do a little more research, you’ll see that credit repair involves procedures that appear simple on the surface, but become more and more complex as the process unfolds.

Make sure your credit repair efforts count by only working with a professional that truly specializes in credit repair. How will you know?  Consider the following:

How long has the entity been offering credit repair services? It doesn’t matter how long an entity has been selling credit reports, or giving credit reports away for free, or making loans, it only matters how much experience the entity has when dealing with credit repair.   Ovation Credit Services has been addressing credit repair and credit report repair issues exclusively since 2004.  Ovation has extensive disputing experience – we have dealt with everything that you can imagine when it comes to credit reports and credit repair.

Does the entity have any expertise in credit repair? Claiming expertise is not enough.  Ovation Credit Services was founded by attorneys that understand the laws and regulations involved with credit repair.

Can you verify the credit repair services offered? Do a search on the company’s name on Google.   What do you see?  Can you find any information specifically addressing the credit repair services offered?  If you are considering spending money on credit repair services with a company that does not have a definitive and verifiable presence in regards to credit repair, save your money.  It is better spent paying towards debts.

Check the Better Business Bureau profile. If the company does not have a profile, has a poor rating, or does not list credit services and/or credit repair as a service offered, save your money.  Companies that offer synthetic secondary credit repair services as an alternative to their primary service rarely disclose these services to credible consumer protection type entities such as the Better Business Bureau.

If you are really looking for a fresh start, and you are considering hiring a credit repair company to assist you, be sure to hire a company that truly specializes in credit repair.  That is the best way to ensure that your credit repair efforts will truly count.

 

Rates Are Low, But Can You Get a Mortgage?

By | Credit Repair, Credit Reports, Credit Scores, Debt, Fannie Mae, Home Buying, Homeowner, Loan, Mortgage, Real Estate, Your Credit

Mortgage rates are bouncing off of 40 year lows.  Seems like the best time to buy a house or refinance.  Not so fast – there is a catch.  You have to qualify first!

Before the recession, qualifying for a mortgage was not much of an issue.  The overall standards were pretty low.  If you had a low credit score, you could still qualify for financing.  Your credit score did not necessarily determine if you qualified more so than the rate that you qualified for.   People with higher credit scores received lower rates and people with lower credit scores received higher rates.  But just about everyone qualified for something. 

The lending environment today is vastly different.  Only those that meet the highest qualification standards can get financing.  According to the Federal Reserve, about seventy five percent of those that apply for financing are qualifying.  Of course, the number of those applying for loans has decreased significantly. 

According to Fannie Mae and Freddie Mac, the average credit score for loans that they finance has risen to 760.  It was 720 just a few years ago.  For FHA loans, the average score has increased to 700 from 660.

The subprime market has just about disappeared altogether.  Before the recession, subprime lenders routinely made loans to borrowers with credit scores below 620.  Today, it is very difficult to find lenders willing to make these loans. 

If you are thinking about financing, you should check your credit score.  If your score is below some of the qualifying averages, take proactive steps to improve your credit scores.  Remember, about eighty percent of the credit reports contain errors.  With a little bit of effort, you might find that you do qualify for a loan at the current rates after all.

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