The Truth is Not So Sexy

Last week we looked at the increasing number of credit repair insiders popping up offering to help you fix your credit in 30-60 days so you can get access to new credit to buy your dream home, go on that fantasy vacation and live the good life, the truth doesn’t sell near as well as a sexy lie but I’m gonna give it to ya anyway  😛

 

Here’s another way to look at these types of quick fix finds, those same people who worked for the collection agencies have found a way to create a new income stream now that those debts they were trying to collect are hitting 7 year sunset and their income is drying up. These people who want to “help” you for a small fee are the same jerks who used to call every day, yelling and threatening to ruin your life and are now exploiting you by helping to fix the mess they made of your credit that is preventing you from getting a loan, increasing your insurance rates and making you pay 3 x security deposits when you try to rent an apartment.  What awesome folks they are, I guess at least they are consistent, albeit consistent a-holes.

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I won’t pretend to be impartial on these types of services, I have had too many clients burned by them to ever recommend them without extreme investigation but there are a few good take aways:

  • If your credit score is low, below 720, you should put some energy into increasing it, knowing that it will take time.  On average 9-18 months to see a long term difference in your score.
  • Don’t be dumb, this sounds harsh, sometimes tough love is best.  This country got into a world of hurt being seduced by luxury and glamour, fancy cars, beautiful boats, stunning homes, all slightly out of reach.  With a just a quick loan app we can fix that for you… NO, they can’t! Don’t be fooled by the illusion of a better life with better stuff.  THAT”S how they got you the first time!
  • Look at your true goals, if you goal is to be able to get more credit to acquire new debt I am going to give you the most generous free advice you will ever receive.  Leave your score as is, save yourself the headache + heartache and stay exactly where you are.  The only thing that is worse than were you are now is where you will end up if you get a butt load of new debt you can’t pay off.

 

Want a few free tips on how to take control of your credit?  Check back next week and we’ll look at the best way to get rolling.

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