Low Credit Scores Can Cost You More Money For Your Insurance Policies

A negative credit report can cost you serious money in more ways than you would probably think. It seems like a seriously unfair practice, but it is more or less legal for insurance companies to factor in your credit score when determining your insurance premiums. Auto and homeowners insurance companies are now taking a closer look at their customers' credit ratings, the idea being that consumers with poor credit are actually more likely to file insurance claims. (Pay off old bills and improve your credit scores)

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What is Re Aging a credit account?

Re Aging a credit account is a way to improve your credit report and your credit scores. This approach is helpful only if you have had a short term problem, like a layoff and now you are back on your financial feet again. What is re-aging? When a creditor re ages your account they take off from your credit account negative information surrounding your late payments. Your account will go from delinquent to good standing. Your credit score should go right up again. Sometime just changing one item can have your credit score go up over 100 points.

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Consumer Credit Counseling for Good Credit, Debt Settlement for Bad Credit

With many alternatives for getting out of debt, you need to do your homework before you choose a method. Typically, consumer credit counseling or CCCS is a great alternative for someone with great credit. But, debt negotiation is probably better suited for paying off bad credit accounts.

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Buy Now Pay and Pay Later

Credit Card companies are not your friend. They are in business to make money off of you. If you can't pay cash don't use them. Emergencies can be the exception. Buying expensive cars that you have to devote a huge amount of your time to pay back doesn't make much sense. Do you really need it or do you want it? I would rather be debt free and not have to go to bed every night and worry about how I can pay for all of the things that I owe. As a former loan officer I don't know how many people that I met with that could not buy a home because they were driving big expensive cars. It just is not worth it to drive a fancy BMW and not own a home.

It's sad but I remember talking to one couple that made less than $4000 a month and had a truck payment of nearly $1000. This didn't take into account gas and insurance. They couldn't figure out why they were broke every month. I couldn't figure out why they thought they could buy a home when they were barely making it as it was. I drive a 10 year old car with 95000 miles on it. It's paid for and runs. I'm happy. New cars are fun when you drive them off the lot, the first payment letter will cure you of that.

Alternatives to bankruptcy

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