<![CDATA[HM Credit Solutions - Blog]]>Fri, 13 Sep 2019 00:49:39 -0700Weebly<![CDATA[HAVING GREAT CREDIT IS MORE IMPORTANT┬áTHAN EVER.]]>Tue, 09 Apr 2019 20:13:11 GMThttps://hmcreditsolutions.com/blogfbclidiwar2ypq5dh_winjesnp4a3cffgjyalaf4d_zib9dsspinxpvgcls4gqbv6pg/april-09th-2019A BAD CREDIT SCORE IS EXPENSIVE! 
You probably not aware of how much this cost can add up to your overall payment amount In many cases it can be thousands of dollars. 

Having BAD CREDIT is equal to HIGH INTEREST RATES, the additional money you pay for MORTGAGES, CAR LOANS, CREDIT CARDS and INSURANCE - compared with those with GOOD CREDIT SCORE. Can reach the six figures over 30 years!

According to FICO on a MORTGAGE loan  having bad credit score  can be ( 620 points to 659 points)  your interest rate can be from 5.3% to 4.7%. 
having a GOOD Credit Score can be ( 700 points to 850 points ) your interest rate can be  from 3.9% to 3.7% or less.

According to FICO on a CAR LOAN with a bad credit score ( 500 points to 619 points)your   interest rates can be from 17.1% to 16.0%. 
Having a Great Credit Score Can be ( 690 points to 850 points ) your  interest rates can be  from 5.8% to 4.5% or less.

On Credit Cards its l bit difference. For example, If two people with the same credit card. Both had a debt of $2,200 over  the span 30 years. But the person with good credit had a interest rate of 9% and the person with bad credit had an interest rate on 20%, the person with  the bad credit will end up paying  more that $7,000 over 30-years period.

More and more employers pull your credit report when applying for a job.
Because many of them see a risk in employing a person with bad credit.  An employer might find you unreliable because of your negative accounts .This  can also be true with career promotions. For example, people in the armed forces may not be able to get clearance for classified documents and areas due to bad credit, therefore blocking potential advancement.

<![CDATA[What is the value of a Good Credit Score?]]>Mon, 01 Apr 2019 23:27:45 GMThttps://hmcreditsolutions.com/blogfbclidiwar2ypq5dh_winjesnp4a3cffgjyalaf4d_zib9dsspinxpvgcls4gqbv6pg/what-is-the-value-of-a-good-credit-score​Credit scores are inescapable. You will have one if you’ve ever taken out a loan, got a credit card, or bought anything on credit. But why should you have a good one?
Banks and retailers use credit scores to establish whether you are going to pay back a loan. In other words, how trustworthy you are and what the likelihood is of them getting their money back. From buying a new car to getting a mortgage, you need a good credit score to get you lower prices on things like insurance and the cost of debt.
People with poor credit scores can find it very difficult to secure loans. This can make buying a house impossible or getting a new car. Even being able to get a mobile phone contract can be made more difficult by having a poor credit score. If you have a good history of paying back loans and being good for your credit, people are more likely to lend to you and your credit score will improve. This is a virtuous cycle that means that you will be able to have access to the world's financial system. A poor score can exclude you and make your life very difficult.
The benefits of a good credit score include: low interest rates on credit cards and loans, a better chance of getting a loan or a credit card, better negotiating power when it comes to negotiating the terms of any loan, higher approval limits, better insurance, and avoiding security deposits on utilities. The days of being able to avoid having a bank account, and therefore credit score, are over. Our financial system works basically on trust, and your credit score is a large part of that.