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A hidden Truth behind Credit Companies

Posted by Percy A Lowe on September 26, 2013 at 7:00 AM

Many people these days are monitoring their credit score range very carefully as there have been many changes in the lending environment that may effect their scores in various harmful ways. If you are not monitoring your credit score after this blog you should be monitoring your credit. If you don't have a credit monitoring services please visit: coveringyouwithwealth for a cost effiecent service. Credit companies can really screw you over with the various tricks that they use. It is important you know exactly what they are doing so you do not get caught up in one their ways to milk you for as much money as they can. Here below is a way to beat them at their own game, but first let's take a closer look.

 

By monitoring your credit score range you will be on top of your credit profile. Several people have noticed credit companies lowering their credit limits which means that their score will significantly decrease if they have any debts carried. This could make it virtually impossible to get a loan if this occurs. Another sneaky technique they do without your consent is to raise you interest rates randomly. This will really screw things up for you in the long run by having to pay thousands more off your debts. That is why you as a consumer need to learn how to leverage your extra income against your out standng debts. Just as well as the time value of money. 

 

What you can do to help prevent this is first ask for a raise in your credit limit. This will look great in the eyes of the credit bureaus. You usually can do this if you've been fairly responsible with your payments. When you credit has been raised your credit profile will automatically raise which makes your credit score range look very good. When your score gets to 750 or better you can actually decrease your interest rate with your credit company and lower your payments! This will save you thousands in the end.

 

 

 


Categories: Credit Reports and Monitoring

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