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Is it possible to negotiate the rate you pay in interest on your credit cards? If you carry a balance on your credit cards, the answer to this question could save you a lot of money in interest.

What Is an APR?

Generally, credit cards charge cardholders an annual percentage rate (APR). This APR is how the credit card company charges you for the privilege of using their card. The percentage amount can vary. Some credit card companies charge more than others, and often the APR you are charged is based on your credit score.

It is important to know how much the APR is on your cards. Even lowering your rate a few percentage points could save you thousands of dollars.

Why Is My Credit Card Interest Rate So High?

Interest rates vary by card. But, more than that, they are based on the risk the credit card company is taking by issuing you credit. Just like any other lender, they need to weigh how much of a risk it is that you will not make your payments on time and in full. Where loans for large items have your house or your car as collateral in case you default, credit companies do not have any real-property items to use as collateral.

This is why many credit card companies’ interest rates are often higher than those of banks and other lenders. If you have a low credit score, you are a higher risk to the company; therefore, your interest rate is likely higher than those with excellent credit scores.

What is a good credit card interest rate?

What Is a Good Interest Rate?

After climbing for 20 straight weeks this summer and spring, the current national average credit card APR is a little more than 18%. The average changes often, so it is a good idea to do your research when looking for a competitive APR.

Can You Lower Your Credit Card Interest Rate?

Generally, the answer to that question is, no, you cannot. However, there are always exceptions. Primarily, when you have a higher credit score, you are a better risk for the lender. And the less risk you are, the lender realizes they can make more money off of you without fear.

Therefore, you can go to them and let them know you are unhappy with their high interest rate. Let them know you may move on to another lender. They might reply with a counteroffer or another program that they can offer that has a lower APR because they would like to keep your business.

This has the potential to work only if your credit score is above 680. If it is below that, you will most likely be stuck with your current interest rate until you can improve your credit score.

How to improve your credit scrore

How to Improve Your Credit Score

If your goal is to lower your interest rate, you first need to increase your credit score. Your score is derived from information contained in your credit report. The higher the number, the better your score.

Here are a few ways to improve your score over time:

Conclusion

It is unlikely you will be able to decrease your interest rate, but it is not impossible. Do everything you can to increase your credit score, and once you do, contact your credit card company. Let them know you want a better APR. If you are not a credit risk, there is a possibility they will honor your request.

The worst that can happen is that they say no. Nothing lost; nothing gained. But, if they say yes, it could save you thousands in interest. It never hurt to ask.

Ascent Network

A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States. It is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, Indio, and Thousand Palms.

Charge-offs, late payments, bankruptcy, and defaulting on loans cause you to have bad credit. It is no secret that the longer you continue having bad credit, the more money it costs you.

Each time you take out a loan or swipe your credit card, there is a system in place that tracks and keeps a score. Your credit score, whether bad or good, comes into play whenever you want a loan, and it affects your insurance premiums.

How Bad Credit Costs You

Here’s a look into how much bad credit costs you.

Mortgages

A bad credit score is detrimental because it prevents you from qualifying for the best mortgage rates. This means you pay more over the term of your mortgage. What may seem like a slight difference in interest rate adds up to thousands of dollars over the repayment period.

Credit Cards

A credit score below 580 only allows you to secure credit cards that require a minimum deposit of $100 to $200 to open a credit account. In addition, applying for the card is likely to cause your credit score to go down more because applying for a new card creates a hard inquiry on your credit report.

Auto Insurance

Your bad credit score negatively affects your auto insurance premiums because you are viewed as a high-risk borrower and more likely to file claims. A person with a credit score of 800 or higher pays approximately $1,297 a year, but someone with a credit score of 579 or lower pays $2,717 a year. Clearly, having a bad credit score could potentially cost you $1,420 a year when paying your auto insurance.

A Bad Credit Score Can Affect Career Opportunities

Affects Career Opportunities

Career advancement is everyone’s dream as it comes with better pay. But before employers entrust you with more responsibilities, they may pull your credit reports to ensure you are someone who is responsible, especially if the new position comes with financial responsibilities.

How Fast Does Credit Repair Work?

Credit repair is a process that takes time and effort, but results are usually noticeable within three to six months. The length of time varies from one individual to another, depending on how much damage has already been done to their credit reports and what has already been done to correct it.

Here’s how you can repair your credit:

Credit Restoration vs. Credit Repair

There is a lot of confusion surrounding the terms “credit restoration” and “credit repair.” Both involve correcting errors on your credit report and taking steps to improve your credit score. But there are some key differences between credit restoration and credit repair.

Credit restoration entails removing negative items from your credit report. You do this by negotiating with your creditor or disputing the information through the Fair Credit Reporting Act (FCRA) by proving identity theft or demonstrating that the item is inaccurate.

On the other hand, credit repair is the process of taking action to improve your credit score by paying off debts and maintaining a good payment history.

What’s the Difference Between a 600 and 620 Credit Score?

A credit score is a snapshot of your creditworthiness, and credit lenders use the credit score to make very important financial decisions about you. But is there a difference between a 600 and 620 credit score?

Here’s how VantageScore views your credit score:

This is how FICO views your credit score:

Does Credit Repair Hurt Your Credit Score?

Does Credit Repair Hurt Your Credit?

No. Credit repair actually helps you improve your credit score by removing negative information from your report and replacing it with positive information. Your FICO score, for example, will improve by a few points as a result of a clean slate on your report.

Final Thoughts

Bad credit costs you your financial freedom from getting auto loans, mortgages, and getting promotions. If you have a poor credit score, you can still improve it in a few months.

A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in California in Huntington Beach, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.

Will Lenders or Credit Bureaus Help With My Credit Repair?

If you have a bad credit score, the best thing to do is to look into credit repair. However, you may be unsure whether a credit bureau or lender can help you. Here’s a look at when each organization can help you with your credit repair efforts.

Who can help you repair your credit?

There are a few different avenues to explore when it comes to repairing your credit. You can either go through a credit repair agency, work with your lenders or repair credit yourself.

Credit repair companies work with your creditors and credit bureaus to ensure the information is up-to-date and accurate. They also guide you through the process of disputing inaccurate entries and checking if there are fraudulent accounts. In addition, they also offer credit monitoring and advise you accordingly.

You may also be able to work directly with your lenders to try and remove negative items from your report. However, it can be time-consuming, and you may feel you are not getting results.

Another effective way to repair your credit is taking measures into your own hands. This includes paying off debt, disputing credit report errors, and maintaining good financial habits. Even though it takes some time and effort, it’s usually the most successful approach to improving and having a good credit score.

Is it worth paying someone to help with credit repair

Is it worth paying someone to fix your credit?

Credit repair can be tricky and time-consuming, so you might wonder if it’s worth paying someone to help you. Well, you can save money if you have the time and patience to do it yourself. But if you’re not comfortable dealing with the complexities of credit repair, it might be worth paying someone else to do it for you.

There’s no guarantee that paying someone will actually improve your credit score. If you are to pay for credit repair services, use credible credit repair companies because fraudulent companies make things worse for you. How can you tell apart credible from fraudulent agencies? Fraudulent agencies:

A legitimate credit repair company will only offer to help remove inaccurate information from your credit report that may harm your credit score. Remember, credible credit repair companies can’t do what you can’t do on your own.

Can a lender fix your credit?

Yes! A lender can fix your credit if you take proactive steps. First, you need to check your credit report for any inaccuracies and dispute any errors you find therein. If you can prove to the lenders that the entry is inaccurate, your lender is obliged to correct the mistake on your credit report.

Using a lender is often more effective than going through a credit repair agency, but it can still be time-consuming and might be difficult to get results.

What is the fastest way to repair your credit?

Repairing your credit is crucial if you want to enjoy low-interest rates when taking loans. To repair your credit to raise your score fast, here are some steps you can take:

Can a credit company help with credit repair?

What does a credit company do?

Credit repair can take as little as three months or longer if you have faced foreclosure, bankruptcy, or a history of late payments. At Ascent Network, our credit repair experts provide credit profile audits to see how they can help improve your credit score. They also help you improve your credit by verifying and restoring the correct entries on your credit report.

Besides credit repair and credit score improvement, Ascent Network offers debt settlement, foreclosure prevention services, debt consolidation, and education loan negotiations. Ascent Network also provides financial counseling so you can take charge of your financial freedom. Why not be among Ascent Network’s clients and have a FICO score increase of 105 or more?

Conclusion

Credit companies and lenders can help you improve your credit scores. If you use a credible credit repair agency like Ascent Network, they will contact the credit bureaus and dispute incorrect information found in your credit report. If you choose to use the lenders, you must be proactive and follow up using the information provided to repair your credit.

A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States. It is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.

How to Stop Debt Collector Calls

If you’re struggling with debt, you may be receiving calls from a debt collector. These calls can be very overwhelming and emotionally draining. You may have wondered, “Can I tell them to stop calling? How do I stop bill collectors from calling my cell phone?”

Fortunately, resources and laws are in place to help you. The Fair Debt Collection Practices Act (FDCPA) protects you from abusive debt collectors, and the law prohibits debt collectors from making harassing or threatening phone calls or using profane language. Read below to learn how to stop debt collector calls.

Your Rights When Dealing With Debt Collectors

The law is very clear on what creditors can and cannot do, and knowing your rights helps you deal with debt collectors. Federal law restricts debt collectors from:

Can You Request a Debt Collector to Stop Calling?

Can You Request Creditors to Stop Calling?

Debt collectors should not contact you for a debt you do not owe. If they contact you regarding a debt, ask them to verify the debt first. They are not allowed to contact you if they cannot verify it.

If they can verify the debt, you may wonder, “Can I tell a debt collector to stop calling?” Yes! You can stop bill collectors from calling your cell phone and harassing you by sending a cease and desist letter telling them to stop contacting you.

Ensure you send the cease and desist letter by certified mail and pay for a return receipt so you are sure the mail arrived, and keep a receipt confirming the collector received it. Once they receive the letter, they will contact you once more via mail to let you know that they have stopped further efforts to contact you regarding the debt and will be considering other actions.

Another way to prevent creditors from calling you is by telling them you prefer to communicate with them through writing. The debt collectors will be mandated to write you letters instead, and you will be able to keep a record of everything said.

What Should You Not Do When a Debt Collector Calls?

If you have a bad credit score, you may receive more collection calls than before. Most of these calls are legitimate debt collectors trying to collect on the accounts they represent. But fraudsters may also be calling, pretending to be debt collectors. To keep you safe, this is what you should not do when a debt collector calls.

You should not give a debt collection company your financial information. This includes your

Debt collectors may use this information to collect from you through a bank levy, wage garnishment, or property lien if the judgement is in their favor. You should only provide basic information concerning your debt.

You should not make a small payment to show “good faith” when a debt collector asks you to. This is because this only extends the statute of limitations. Remember that the clock resets to the date you last made your payment.

You should not admit the validity of your debt, as this also revives the statute of limitations. When you make a promise such as “I know I have a debt and will start paying next month,” debt collectors take it as a separate contract that renews the statute of limitations.

You should not ignore a debt collector’s call as they may be calling to let you know they have filed a lawsuit. Ignoring such a call may warrant a default judgement against you, and you may be slapped with other legal fees.

You should also control your temper when talking to a debt collector so that they may not use it in court, as it will show that you are abusive, thus hurting your chances of winning the lawsuit.

How Can a Credit Repair Company Help?

A credible credit repair company like Ascent Network has the expertise needed to identify errors such as debts that have not fallen off your credit report after the seven-year lapse.  They can also identify errors in your credit report that you may miss and file a dispute with credit bureaus so they can fix the mistakes. This ultimately stops calls from debt collectors.

How Can Ascent Network Help With Debt Collector Calls?

How Can Ascent Network Help?

Debt collectors call when you have a delinquent debt meaning that your credit score also has been impacted negatively. The Ascent Network helps repair credit and communicate with your creditors on your behalf. They let you know which options you should take to improve your credit, which debts have fallen off the statute of limitations, or whether to pay for delete.

A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.

All You Need to Know About Debt Collection

A debt collection company is a company or agency that collects payments on outstanding debts. Debt collectors work for creditors, such as banks, credit card companies, and retailers. They may also be buyers who purchase debt at a fraction of its face value with the intent of recovering the entire debt owed.

If you have defaulted on your payments or any outstanding debt, you may have received regular phone calls and letters from a collection agency trying to recover the debt.

If you are in such a situation, understanding how debt collectors work will help you know how to deal with them. We will discuss all you need to know about debt collection and the debt assistance available to you.

How Debt Collection Works

When you stop making payments, your account is sent to a debt collector, and this information shows up on your credit report as collections. Your credit score takes a hit, and you start receiving calls and letters from debt collectors. But what can you do when a debt collector contacts you?

Reputable debt collectors do not use scare tactics or intimidation to retrieve money from the past-due account. Instead, they should name the original creditor, including how much you owe them. They should also inform you that you have 30 days to dispute the debt in writing if the collection account is erroneous.

If a debt collector contacts you, you have the right to request verification of the debt. If they can’t prove that you are the defaulter, you can ask them to cease contacting you and to remove the collection from your credit report.

Debt collectors work on a commission basis, meaning they only get paid if they successfully collect payments, or they may also charge a fee for their services.

If you cannot agree with your debtor, you can use an attorney to advise you on the best action to take. Credible credit repair companies also help negotiate with debtors on your behalf and also provide financial advice regarding your debt.

What Happens if You Ignore Debt Collection?

What Happens if You Ignore Debt Collectors?

Debt collectors typically contact debtors by phone, email, or letter to request payment. If you do not respond to a debt collector’s request for payment, the debt collector may take legal action, such as filing a lawsuit to recover the debt. If the judgement is passed against you, a debt collection agency may seize your possession or wages to pay for the debt.

Ignoring debt collectors is also detrimental because your debt will keep growing as interest will keep piling up.

When you ignore debt collectors, you may miss validating if the debt is legitimate or not. This may harm your credit score even though the debt is erroneous.

Whether it’s legitimate or not, getting in touch with the debt collector provides more insight into the debt. If it turns out that there was an error in the collection letter, it helps prevent any late fees or penalties from being charged against your account.

N/B: If you receive a court summons regarding your debt, it is wise not to ignore it as it may be legitimate. Unscrupulous debt collectors may fabricate one. However, you should look up the court’s contact information online to confirm the accuracy of the notice. To avoid manipulation from unscrupulous debt collectors, do not use the contact information on the document you receive.

What Debt Collectors Can’t Do

If a debt collector has contacted you, you have certain rights under the Fair Debt Collection Practices Act. For example, a debt collector may not contact you at an unreasonable time or place or use abusive or threatening language.

Debt collectors can not pretend to work for a government or consumer reporting agency. They are also prohibited from publicly shaming you for your debt or collecting a debt you don’t owe.

A debt collector is forbidden from calling you before 8:00 a.m or after 9:00 p.m. If you request in writing for them to stop calling you regarding your debt, they are mandated to honor your wish and stop contacting you.

If you think a debt collector has violated the Fair Debt Collection Practices Act (FDCPA), you can file a complaint with the FCPB.

How Can I Get a Collection Removed Without Paying?

You can remove collections from your report by disputing inaccurate information such as:

What Questions to Ask Before Paying Off Debt Collection?

What Questions to Ask Before Paying Off Collections?

People do many things when they find themselves in financial trouble, such as late payments, but they don’t always think through the consequences of their actions. Before you pay off collections, you should ask yourself these questions:

Our Key Takeaway

You are required to pay your debts on time to have a good credit score. However, if you are late on payments, debt collectors will try to collect the money owed to them. You will receive lots of calls and letters as they try to collect a debt. If you feel they are harassing you, you can write and ask them to stop contacting you or file a complaint. Here at Ascent Network, we help you manage your debts and remove collections from your report to maintain a good credit score.

A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States, and it is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.

Articles

Are Credit Card Interest Rates Negotiable?

September 27, 2022

Is it possible to negotiate the rate you pay in interest on your credit cards? If you carry a balance on your credit cards, the answer to this question could save you a lot of money in interest. What Is an APR? Generally, credit cards charge cardholders an annual percentage rate (APR). This APR is … Continued

Read More

How Much Is My Bad Credit Score Costing Me?

September 22, 2022

Charge-offs, late payments, bankruptcy, and defaulting on loans cause you to have bad credit. It is no secret that the longer you continue having bad credit, the more money it costs you. Each time you take out a loan or swipe your credit card, there is a system in place that tracks and keeps a … Continued

Read More

Will Lenders or Credit Bureaus Help With My Credit Repair?

September 9, 2022

If you have a bad credit score, the best thing to do is to look into credit repair. However, you may be unsure whether a credit bureau or lender can help you. Here’s a look at when each organization can help you with your credit repair efforts. Who can help you repair your credit? There … Continued

Read More

How to Stop Debt Collector Calls

September 6, 2022

If you’re struggling with debt, you may be receiving calls from a debt collector. These calls can be very overwhelming and emotionally draining. You may have wondered, “Can I tell them to stop calling? How do I stop bill collectors from calling my cell phone?” Fortunately, resources and laws are in place to help you. … Continued

Read More

Debt Collection: What You Need to Know

A debt collection company is a company or agency that collects payments on outstanding debts. Debt collectors work for creditors, such as banks, credit card companies, and retailers. They may also be buyers who purchase debt at a fraction of its face value with the intent of recovering the entire debt owed. If you have … Continued

Read More

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