Having bad credit feels like your life is ruined. Nobody will give you a loan, apartments are harder to apply for, cars and houses are more expensive. It will feel like the only way to dig yourself out is to take on even more debt or apply for high-interest loans digging yourself deeper into a credit hole.

It does not have to be this way. At Shamika Saves I can help advise you on ways to escape your credit debt, repair your credit, and get you back on the path towards being in the positive credit realm. For over 10 years I have studied and learned the art of credit.

Allow me to help you better understand your credit, which credit collection practices are fair, and what you can do to start working your way into better credit. There is no need to be afraid of looking at your credit score anymore and you should not allow debt collectors to harass you into repayment.

What Is Credit?

Credit is exactly what it sounds like. It is how much credit you have as a buyer. When you sign up for a credit card, or take out a loan, and you consistently pay it back on time that puts you in a positive credit realm.You have given proof, or credit, to your name that you are someone trustworthy enough to pay it back in a timely fashion.

However, if you are someone that has late payments consistently, doesn’t pay your bills, and frequently lets your unpaid debt get sent to collection agencies then you fall into bad credit. Someone with bad credit will struggle to make larger-scale purchases and when they are able to it is usually associated with a heavy down payment, or at a very high-interest rate.

Your credit standing is represented on a 300 to 850 scale with a credit score of 300 being the lowest and 850 being the highest. The higher your credit score the better interest rates you’ll have on loans and you’ll have a far easier time making large purchases that require a credit check.

If you are unsure of your credit standing you are entitled to one free credit report or when a company takes adverse action against you such as denying an application for a loan, insurance, or even employment. Now remember, credit scores aren’t free, so if you are interested in seeing where you stand, you will have to pay for it, only credit reports are free.

The Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act (FDCPA) is a law that went into place in 1977. It is meant to protect consumers whether you have good or bad credit, this booklet can be used as a tool to assist you with educating yourself on your rights as it pertains to credit reporting. It is also useful in making you become more aware of your rights. Such as what to do when a debt collector calls you at times considered unusual for example before 8 a.m. or 9 p.m. of your local standard time. They cannot contact you at your place of employment. A debt collector can not continue to speak with you if you inform them about your representation by an attorney. Any violation of these rules, you have the right to sue the debt collectors for $1000 per occurrence.

These are just a few examples of what the FCRA does to protect you from debt collection agencies and I can help you fully understand this to a level where you won’t have to be afraid of them anymore. They shouldn’t control your life and you shouldn’t be afraid to answer your phone. These are strict rules and regulations that debt collectors must follow and I will teach you how to make them abide by them.

Raising Your Credit

Of course, if you’re in poor credit standing then the first step you will likely want to take is fixing your credit. To repair your credit you will first need to work on the process of paying off all your bills and any debts that are due. Your scores can not go up as long as you have debts due, but once you have paid them you’ll immediately notice an improvement.

Another method to repair your credit is through the process of finding any mistakes that might exist on your credit report. If there are false charges you were unaware of, or charges that you feel are not correct, you can always challenge them. After contacting a credit reporting company about the charge you are challenging, they must respond to you within 30 days.

Raising your credit scores is about knowledge. I can help teach you the best practices and methods for raising your credit scores back up to good standing and doing so on your own.

Confused about your credit? Are you unsure of where you stand with your credit but have a sneaking suspicion that it is not the best? The following describes signs that you may need your credit repaired.

The sense of being in debt is disturbing, unsettling. It can often leave you feeling alone and vulnerable. The reality is that settling debts and finding debt advice can motivate you to take a financially positive step and regain control, but how do you go in the right direction to take the first important step?

What Factors Lower My Credit Score?

Firstly, let’s understand the different factors that can lead to bad credit. Here are the typical pitfalls that can damage your credit:

  • Not checking and knowing what’s on your credit report
  • History of late, missed or no payments
  • Maxing out credit cards resulting in a high credit utilization ratio
  • Ignoring notices from lenders regarding your account
  • Going default on a credit account
  • Not disputing mistakes and errors on your credit report

7 Signs That You May Need Your Credit Repaired

What are the consequences of damaged credit? Are you unsure of where you stand with your credit but have a sneaking suspicion that it is not the best? The following describes 7 signs that you may need your credit repaired.

Increasing Interest Rates

Credit card issuers also increase interest rates because of your credit report information. If you are late in making payments to other creditors, or a new collection account appears on your credit report, you may receive a letter of an interest rate increase. Repairing your credit will help to ensure that your credit cards and loans get the best interest rates.

Constant Debt Collection Calls

When debt collectors begin to contact you, it means that your creditors started trying to get you to pay your bills. These collection accounts appear most likely on your credit report and impact your ability to get credit cards and loans accepted. Credit repair means paying off or disputing these collection accounts from your credit report because they are not yours.

A Low Credit Score

A credit score of under 720 is considered sub-prime these days. When your credit score is below 650, then you probably need to fix your rating. If you don’t know your credit score, it’s a perfect time now to check where you are standing.

You Hesitate To Check Your Credit Report

“I don’t have time.” “I don’t know how.” Poor credit will lead you to make excuses for checking your credit report. When the true reason you don’t want to review your report is that you’re scared to see what’s on it. The sooner you test your score, the better you will be able to work on producing a credit report of which you are proud.

Landlords Won’t Rent to You

Landlords also check credit. Bad credit will prevent you from entering a rental property, especially a larger complex of flats. Some landlords can be lenient about one or two late payments but serious delinquencies would turn down your application. Boost your credit history before you start searching for a new rental to save yourself rejection and the humiliation that comes with it when applying for an apartment.

Rejected Credit Card Loans

Lenders generally don’t want to lend to someone who’s had a past of not making payments on time. However, if you received a denial letter for your credit application recently, it entitles you to a free copy of your credit report to see what might be affecting your chances of approval.

Utility Company Asks For A Deposit

When you move, it’s likely you’ll have to set up utility accounts — gas, water and electric. If the utility company asks you to put down a deposit, they likely already pulled your credit report and categorized you as someone who has the potential to miss or make late payments.

What I Do

At Shamika Saves, I help you better understand the credit repair process. I can give you advice on what steps you should take based on your situation. I’ll teach you about what happens when you don’t pay your bills. Yes, you know it eventually ends up in the hands of a debt collector, but what’s the process that leads to it reaching that debt collector and how can you be better prepared? Not only that, but I will also teach you to evaluate your situation carefully, to decide what is your best option going forward.

Do not continue to live with bad credit. Call me today at 1-800-216-8129 or send us a message online to schedule a consultation to repair your credit. We’ll work through this together and get you on the path to great credit.