Navigating how to make the right financial decisions can be one of the most difficult things to wrap your head around sometimes. With more and more transactions being completed behind the scenes, auto-payments, debit and credit card charges, etc, it’s easier than ever to get mixed up or upside down with your cashflow or budget.
It’s crazy because I feel like I’ve been all over the spectrum when it comes to credit scores. I’ve been rock bottom after making questionable decisions and taking bad advice, and I’ve been meticulous about rebuilding my credit and reaping the rewards of being able to save money in the long run because of those efforts.
And it covers basic expenses like buying or leasing a car. I was at a very different spot in regards to credit when I leased my current car. My score & report had lots of bad marks, and I was barely qualifying for the lease at all. What’s even worse is that even though I was able to lease the car, I had the highest interest rate they offered, due to my poor credit. I ended up paying the same amount per month as my last car which was 40% more expensive! Luckily, my lease is just about up and I’m onto bigger and better things.
Speaking of – my wife and I just bought out the lease on her car, with which we were able to leverage our good credit (hers has always been good). Now we’re paying significantly less than we were during the lease period and we’re setting ourselves up to have a car in great shape and paid off, to pass on to our kids when they start driving (which I do not want to even think about).
It really goes to show you that high interest rates, while hard to visualize as a tangible item, are just sucking money out of your pockets, for which you get nothing in return. All it takes is a little care and attention to your credit report to keep it in good shape and you can put that money back into things that you love.
When’s the last time you checked your credit report? Are you vulnerable to a big surprise (and high interest rates) the next time you need to make a big purchase? Be sure to get on top of your score now and fix things that are negatively impacting it, so that you’ll know where you stand in the future. Whether your goal is to repair your credit, remove incorrect items from your report, become more knowledgeable about your credit, start monitoring your credit, or just to get a free credit consultation, the professionals at Lexington Law are available to assist you right now.
The thing is, reporting agencies and credit bureaus make mistakes. Lexington Law has over 183 million total challenges and disputes on behalf of clients since 2004. And they all started with a free credit consultation – which 2 million people took advantage of in 2019 alone.
Be sure to visit Lexington Law to get started or learn more. Stay safe and keep that credit clean!