Category Archives: Credit Repair

How to Stop Your Pet From Ruining Your Credit Score

Posted by Erica Steeves on January 12, 2018
Related image                                     Whether you’re looking to adopt a new pet or you’re seeing the medical bills pile up for your current aging pet, believe it or not, your four-legged family member can take a huge toll on your credit score. For future pets, how you acquire it can sometimes make all the difference with your credit score. For current pets, unexpected medical expenses, vet visits and more can all add up to impact your credit utilization ratio. Here’s a closer look at what you should be mindful of when it comes to pets and your credit score:

Caring for an Aging Pet

Just as aging humans typically need more medical care, the same is true with pets. But while humans likely have medical insurance to cover or help offset expenses, pets usually don’t. And when prescriptions, an increased number of vet visits and medical procedures become more frequent, the costs can really add up. If you don’t have the cash on hand, it could drive you into debt. Here’s how to help manage such costs:
  • Save for a pet emergency fund: Even setting aside $1,000 a year can really help with your pet’s medical bills.
  • Talk to your vet about costs: Just taking your pet to the vet costs money. Speak with your vet to see if they’ll be willing to waive the vet visit fee if you have to take your pet in more than twice a year, for instance. Most vets will work with you this way to retain your business.
  • Look into pet health insurance options: While still fairly uncommon, there are options out there. Before selecting one, be sure that it makes sense for you and your pet’s situation.

Acquiring a New Pet

  • Are you buying or leasing your pet? Yes, leasing, or renting, a pet is a thing – you might just not know that you’re doing it. Many pet stores offer financing plans for their more expensive pets, but what they won’t tell you is that the pet is technically still theirs until you pay it off. Any financing agreement impacts your credit reporting, and while financing a pet could be a good thing in terms of building credit history, it could also be a bad thing too if you don’t stay up with payments or if the pet store is unethical about the process.
  • Speaking of unethical pet stores, many experts state that you should try to use credit cards as payment to adopt pets. Why? Because if something goes awry or the pet store disputes the purchase, you have a paper trail of the transaction. A credit card can help prove that the pet belongs to you. It can also be an ally in your corner if there’s something wrong with the pet in terms of getting a refund if the pet store is uncooperative.
    We love our pets. To many, they’re part of the family. But don’t let your furry family member lead you into financially troubling times.

Top 10 U.S. States With the Highest Percentage of Residents in Debt

Posted by Erica Steeves on December 19, 2017

Top 10 U.S. States With the Highest Percentage of Residents in Debt

best-way-to-pay-off-debt

Did you take out student loans? Do you own a home? Do you have unpaid bills that have gone to collections? Do you have a balance on your credit card? If you’ve answered “yes” to any of these four questions, chances are you’re in debt of some kind. Debt isn’t necessarily a bad thing. For instance, mortgages and students loans are essential for the majority of Americans in order to get the education required to make other dreams (like owning a home) a necessity. However, maxing out credit cards, bills going to collections, and bankruptcies and foreclosures aren’t good things to have on your record. When it comes to debt, however, you’re hardly alone – and debt varies on a state-by-state basis. If you live in Minnesota or either of the Dakotas, for instance, you live in a state where the fewest percentage of Americans are in debt. Elsewhere around the nation, it’s a different story. That said, here’s a closer look at the top 10 states with the highest percentage of Americans in debt.

Top 10 States According to Residents in Debt

The following data is based on a December 2017 report from Forbesaccording to data tracked in 2016:
  1. Louisiana: Louisiana leads the nation in this category, as nearly half of its residents (46 percent) are in debt.
  2. Texas: Just slightly behind Louisiana, about 44 percent of all residents of the Lonestar State are in debt.
  3. South Carolina: 43 percent of all South Carolinians are in debt.
  4. West Virginia: 42 percent of West Virginia residents are in debt.
  5. Nevada: Nevada rounds out the top five, with 41 percent of its residents in debt.
  6. Alabama, Georgia, Kentucky, Mississippi, New Mexico: Though this is a top 10 list, the five states of Alabama, Georgia, Kentucky, Mississippi and New Mexico all tie for sixth place, with about 40 percent of residents, respectively, in debt.

Most Indebted States (By Value)

While the following list considers the percentage of residents in debt, we figured it would be noteworthy to include a separate list of the states where residents are the most indebted. Perhaps not surprisingly, the wealthiest states in the nation tend to lead this list because they’re buying more expensive properties, cars, etc. Unlike the list above, this one isn’t necessarily a bad list – just so long as the residents keep up with their payments in paying down debt owed. Here’s a look:
  1. California: With all that Hollywood glitz and glam, and high coastal property values, the average California resident is in debt at just over $336,000.
  2. Hawaii: Everything is more expensive in Hawaii, which is why the average resident is in the hole about $321,000.
  3. Maryland: The average Maryland resident is about $263,500 in debt.
  4. New Jersey: Though a bit surprising, the average New Jersey resident is some $257,500 in debt.
  5. Washington: Rounding out the top five is Washington, where the average residents is $243,800

Average Credit Score for Home Buyer Mortgage Loans: 2017 Update

Posted by Nikitas Tsoukalis on July 19, 2017

Average Credit Score for Home Buyer Mortgage Loans: 2017 Update According to Ellie Mae’s “Origination Insight Report,” that was the average credit score among home buyers that went the mortgage loan route in April of 2017. Any credit score of read more