Ok so I don’t often rant. Especially in a blog post. But when someone sent me this article (now almost 9 months old) I was disgusted. I felt like I needed to share this with you right away!
An article by Heather Long at CNN Money dropped in January of 2016. The headline “ATM and overdraft fees top $6 billion at the big 3 banks” I will post the link to the article at the bottom of the post! So keep reading…
Now if you’re like me you are probably disgusted at this as well. ATM Fees are often refunded by smaller banks that you might be customers of so I don’t really want to focus on that right now. Even though charging you to access your own money is silly.
What I want to talk about is overdraft fees. The top three banks in the U.S. pulled in over $6 Billion. That’s $6,000,000,000+. But how does this happen? Well the faceless big banks, credit card companies, credit bureaus all spend millions (or more) on getting you the consumer to spend money. After all that is how they make money. Now if you are savvy and many of you are… This doesn’t really affect you all that much. But things can happen and some of us have been there.
If you have ever been in any credit card or other debt you know what I mean. Life becomes hard and it can even be embarrassing to have a ruined credit score, get calls from debt collectors, and to have the stress of debt on your shoulders. But to know that there are companies out there that are spending millions to keep you there and profiting BILLIONS off your pain and your family’s pain. That’s just infuriating. And it should be.
But just getting angry at the big banks is not going to help and its certainly not going to end the suffering. What will help is actually getting motivated, building great credit, and eliminating your debt. And thankfully there is a way to do that without having to sell an arm and a leg!
The Credit Repair Intelligence System and The Debt Free Bible work together to help you build great credit and to get rid of and stay out of debt! Not only that you actually spend less money when you have a great credit score.
Let’s do a quick math problem…
Let’s say you purchase a $200,000 home on a 30 year fixed mortgage at 6% interest instead of 4% (because of your credit score); that 2% is going to end up costing you a total of $88,000 over the term of the loan. Now think about how many “extra” years you’ll have to work to pay off $88,000 just because of an extra 2%. Now this is just one example. But think about everything that is based of your credit score. Car insurance premiums, some jobs you might be applying for, and so much more. You’re throwing money away with a low credit score.
So I’m not saying that you need the Credit Repair Intelligence System or even the Debt Free Bible. I get it they cost money and you might not be comfortable with that right at this moment. But at least get my free e-book! With it I will also periodically send some other reports about your credit and what it means to have a great credit score as well as some ways that you can start to develop better credit.
If you’re as outraged as I am at what banks and credit companies do to keep us in debt to them then you might want to check out our Starter’s Guide. I pay the shipping and handling for you but it’s a great first step to understanding how credit works and how it plays such a big role in your every-day life!
Feel free to shoot us an email email@example.com or give us a call at 1.800.450.1248 to talk with someone about building great credit! We would love to hear how we can help you build a better life, save money, and stick it to the faceless banks, credit bureaus, debt collectors, and credit companies!
Want to read the CNN Money Article?
Did you break any records in 2015? The answer is yes.
Ok well maybe not you personally. But the rest of America made 2015 the most traveled year in recorded history. This has a lot to do with low gas prices and a whole lot of other stuff that matters (but not here and not right now).
So 2015 saw more people traveling and that inevitably means more car accidents. The Senior VP of the Insurance Information Institute, Jeanne Salvatore, notes that “When the number (and severity) of accidents rise, claims costs increase.” This also means that the cost of everything else in the realm of auto accidents goes up. Salvatore says “Everything is costing more – from the size of claim settlements to litigation costs, medical costs to auto repair, which has gotten more expensive because people are buying more new, more expensive cars.”
So you might be wondering at this point why am I here talking about auto accidents in 2015? Well the people that already know why should keep reading but for everyone else let me drop a quick (but important) knowledge bomb on you! Insurance premiums are going up as a result of increased travel and more accidents. And here’s the important part. The rates you get on your car insurance are not just based on driver history. Insurance companies take into account your FICO Score. And you guessed it. The lower your score is the higher your premiums are going to be. Now this isn’t always the case but overwhelmingly happens throughout the U.S.
Here’s the big takeaway. Whether you live in a state that does not allow your credit to affect your premiums or your insurance company doesn’t factor your score you are still wasting money on a bad score. Dan Sater, Nationally Recognized, Credit Expert and our Members-Only Forum Expert notes that having a bad score can cost you almost $40,000 over a 5-year period.
The truth is you need to have a good credit score. But there are so many faceless and greedy companies out there that are actively trying to keep your score low and drive you deep into debt. Don’t let this happen. We don’t want it to happen.
That’s why we created the Credit Repair Intelligence System and paired it with The Debt Free Bible. These two systems work to get you out of or keep you out of debt and to improve your credit score saving you tens of thousands of dollars. Imagine being able to save that money for your children’s college education, or save up for that dream house.
I am not going to lie to you. Building or rebuilding your credit can be hard and tedious. But it really doesn’t have to be. The Credit Repair Intelligence System is proven to work and has helped thousands just like you build great credit to achieve their dreams and save money.
But I understand it’s a big commitment to live a happy and debt free life. I’m not going to force you to be happy or buy your dream house. But I do want you to at least take the first step towards a great credit score. We developed a Starter’s Guide to Building and Protecting Your Credit that details some things you need to know about credit before you start. This guide is normally 50 bucks but I’m giving it away for $14.95 and I’m covering the shipping and handling for you because I don’t want anything in the way of your credit greatness.
To get the Starter’s Guide Just fill out this form and you’ll get free shipping!
You can also start with our complimentary e-book on the 28 Secrets That The Banks and Credit Agencies Don’t Want You To Know.
But if you are ready to completely get rid of your debt and build great credit to live your dream life then you need to get the Credit Repair Intelligence System and The Debt Free Bible. When you buy both you get the DFB for 50% off. You really cant lose since there is a 30 Day Money Back Guarantee. So stop wasting your time (and MONEY).
We all know a low credit score will make everything in the world of finance more expensive because of higher interest rates from lenders due to being considered a greater credit risk (i.e. higher interest rates on car, homes and credit cards). While this may be considered common knowledge by some, it’s truly devastating effects are understood by few.
EXAMPLE: if you purchase a $200,000 home on a 30 year fixed mortgage at 8% interest instead of 6% (because of your credit score); that 2% is going to end up costing you a total of $96,934.11 over the term of the loan. Now, think about how many “extra” years you’ll have to work to pay off $96,934.11 because of an extra 2% in interest?
The part few people talk about is all the other areas in life where a low score will increase your cost of living on an annual basis. For example, in addition to paying more for a car, home and credit cards, a low credit score will most likely have you paying more for the following as well.
1. AUTO INSURANCE. As many as 92% of the 100 largest personal automobile insurers use credit information to underwrite new business, according to a 2001 study by Conning & Co., an insurance-research and asset-management firm.
2. HOMEOWNERS INSURANCE. Many insurance companies see a correlation between low credit scores and increased property insurance claims. Therefore, a low score will result in higher rates.
3. LIFE and HEALTH INSURANCE. Customers who are unable to pay their monthly insurance premium thereby pass along that increased cost to the insurance company whose stuck with the bill… resulting in a loss for the company. Since customers who pay without lapse are more profitable it is felt by many that a low credit score now even affects a monthly life and/or health insurance premium negatively.
One of the more shocking areas where a low credit score will you cost you is in the area of employment. It’s estimated as many as 42% of employers now do credit checks on applicants before hiring them (according to a 1998 survey by the Society for Human Resource Management).
While many employers claim they only do it to “verify” information on your application (such as where you live and where you have worked etc.) we can both assume they are taking the liberty to “have a peek” at how you handle your financial affairs as well. According to the
to Public Research Interest Group (PIRG) as many as 79% all credit reports contain errors — 25% of which are serious enough to cause the denial of credit (according to a 2004 report).
And that’s all the more troubling in light of the increasing impact a bad credit report can have, says Ed Mierzwinski, director of PIRG’s consumer program.
“It’s outrageous that the credit bureaus are claiming their scores are accurate enough to take people’s lives and screw with them like this”.
Remember that nobody else is going to look after your credit for you. The credit bureaus certainly won’t. It’s up to you to make the decision and take action to improve your credit score, your financial well-being, and your life.
Wait what? Why should I Ignore my credit score?
There are so many reasons but we decided to just name the 7 most important.
If you don’t need to buy a car what the point of having a great FICO Score? It’s just kinda silly to put in the effort of building and keeping great credit especially if my girlfriend loves my beat up honda. Its got character!
She has great credit and pays for everything since my credit card only has a limit of $500 a month. I can get used to that!
Looks like we were wrong! You should pay very close attention to your credit score!
To get started right away with building great credit check out our Starter’s Guide To Building And Protecting Your Credit!
Are You The Parent (OR Grandparent) Of A New College Or High School Grad?: A Post From David M. Frees III J.D.
Are you the proud parent of a newly minted and soon to be “independent” adult? Ready to cut the cords and to stop paying their monthly bills?
Well, now’s the time to get ahead of a very dangerous and counter intuitive situation – The FICO credit score. And, this is one area of financial life where what you don’t know can hurt you and your child who is heading out into the world.
And by the way, when they first go out on their own, credit cards seem like a good way for them to pay the bills…. until they have gigantic and unmanageable debt AND as a result a bad credit score.
You see, nobody ever teaches our kids how to build and keep great credit.
And most kids don’t know that their credit score will radically affect whether or not they can buy a home, to buy or lease a car, rent an apartment, get reasonably priced auto or homeowners’ insurance, get a job and more.
That’s right, a good or bad credit score can mean a yes or no on these and many other buying decisions and bad credit or no credit rating can mean higher prices – much higher prices for car, rental, and home mortgage payments and even prevent your new adult from getting a job.
And I don’t know about you but once they move out of your house it’s hard (on both kids and parents) to have them move back in…especially if that could have been prevented with a little good advice and some “credit secrets”.
So let me tell you two stories to help you to understand why teaching our kids (as soon as possible) about how to get and to keep good credit.
Ray told me that he had always paid cash, even for his car and truck, and never had a credit card. He’d never really done anything wrong but……his credit score was only 680. You see that having absolutely no credit history can be just as harmful as a damaged credit history. He just hadn’t done a few things that really mattered.
Now that may not sound too bad, but he and his fiancée didn’t even qualify for a mortgage. His wife-to-be had a better score and could qualify on her own but they really needed their combined income to get the house that they wanted.
Even in the best-case scenario, where they did qualify, their interest rate, and therefore their monthly payment, would have been dramatically higher.
In this case, there was a happy ending.
I knew CR Publishing’s Alex Frees (yes he’s related) and put them in touch with Alex and The Starters’ Guide To Building and Protecting Your Credit.
With a few carefully executed strategies (described in The Starter’s Guide To Building and Protecting Your Credit) he was able to take his score from 680 to over 775. Those kids got their mortgage and their first home as a result of working hard, saving money for a down payment, AND having good credit scores.
So what’s the moral or the story?
Help to educate your recent grads…. before they make credit mistakes…about what to do to build and keep good credit.
Some of the rules are obvious – pay your monthly bills on time – and others are less apparent. For example, did you know that there are good reasons to get a second credit card and some bad reasons that can damage your credit score.
Are you aware that it’s not just how much credit you have available, but how much of the available credit you have used.
Do a few important things right and your score goes up. Miss them, or do them the wrong way or in the wrong order and you can easily damage your score.
Well, if you’re like me – a parent but not an expert on consumer credit scores – then getting your kids access to educational resources like the Credit Repair Intelligence System (a comprehensive guide to building and keeping better credit) and the super inexpensive The Starter’s Guide To Building and Protecting Credit can mean the difference between their life long financial success and independence and that knock on the door where they want to move back in.
Help your new grad to get a better start in life. It’s easy and effective to help them learn…. right from the start…how to build and keep a great FICO credit score.
Enjoy the exciting life of being a parent and grandparent!
Dave Frees, JD
P.S. I promised you a second story so here it is:
I knew another recent grad. He started life with a credit card balance that he couldn’t pay off. That in and of itself isn’t a problem. But, as the balance grew (he was using it to supplement his income) he was also using more and more of his available credit line.
This negatively affected his FICO score and the interest rate on his balance went up…and so did his monthly payment.
The next thing you know he missed or was late with a payment and his score dropped again.
He got another card but did the same thing there (and his interest rate was higher from the start).
It didn’t take long before the rent on his apartment was too much (along with his credit card debt) and he could no longer qualify to buy a new or used car.
Moving back in with his parents was the next step.
All of that could have been avoided with a little advanced help. Help your kids to study up on FICO. To learn more about credit and how it’s computed. And, if it makes sense get them a copy of The Starters Guide For Building and Protecting Your Credit or The Credit Repair Intelligence System.
Debt is not always your fault… But letting it take control of your life is.
That is why we want to help you get your independence from debt this summer! It is often it is hard to pinpoint one area of debt or credit repair to start. That is why when the Credit Repair Intelligence System was created it covered multiple topics. Its just the nature of the beast. Similarly, to building or repairing credit you can’t do just one thing. You often have to try multiple strategies at the same time.
The same goes for fixing debt! There is not one strategy that will fix everything. And experts would probably agree that you often have to use several and combine some strategies to be most effective.
That is why The Debt Free Bible combines 19 different strategies and secrets that are ready for you to discover right now. The Debt Free Bible is over 280 pages of knowledge that is ready to be absorbed.
But be aware…
This is not some fly by the night system. It actually took a little over 2 years and over $25,000 to create it. Our friends at Zodiac Publishing really created something special for the country here.
Just some of the methods can start helping immediately:
• Use the ”Method Matrix” to compare 19 get out of debt methods and pick the best one (page 222)
• Discover how to get one bank pay off another bank with the ”IR Method” (page 163)
• How to use the ”Overflow Method” pay off any debt faster (page 159)
• How to pay off your bills FASTER with no extra money using the ”RR Strategy” (page 167)
• Why the ”LBF Technique” gives you a psychological advantage to become debt free (page 169)
• Why the ”HIF Method” should be used FIRST on debts over 24% interest (page 171)
• How the ”Division Method” and a calculator can get you debt free 8 YEARS SOONER (page 173)
• Pay off your mortgage in only 6 YEARS with the ”AP Strategy”
But using just The Debt Free Bible or The Credit Repair Intelligence System is sometimes not enough. Luckily we are able to provide both for the ultimate debt fighting and credit building system.
Not only that but we are there every step of the way! Our Members-Only Forum, staffed by our Credit Expert Dan Sater (Check Out his Bio), is there for you to access and ask him questions! Having some guidance through the credit building or repair process is what separates us from the other guys. And now with The Debt Free Bible you can build the debt free life that you want and deserve for you and your family.
We are offering total independence from bad credit and debt at deeply discounted prices. Our flagship Credit Repair Intelligence System and Debt Free Bibles are available for you RIGHT NOW! Check Them Out Here! Remember Everything Comes With A 30-Day 100% Money Back Guarantee!
Yes….and in some cases as much as 50 Points And Almost Instantly…But You Might Need To Do A Few Things First
There are many real and mythical credit score “boosting techniques” that are taught and/or tatted. But, according to Rob Ellerman, President of Dispute Suite, Inc. this is the only one verified to work–Raising the credit limit.
Why and how does raising your credit card credit limit work and what are the pros and cons, the benefits and the dangers?
It works because the utilization ratio (the amount of credit you have versus how much you use) accounts for 30% of the overall credit score.
And, if you even moderately bad credit raising your credit limit is often quite easy.
In fact, most people don’t realize that they can get their credit limit increased just by asking their credit card companies. Just call up the 800 number on the back of one your credit cards (be sure to compare the features to determine which card is best for this purpose).
Once connected just tell them that you are “considering transferring their balance from this credit card to another card with a higher limit, unless they were able to raise the credit limit.”
This works quite often if you, as the consumer, have an established relationship with the credit card company. It’s often even more successful if the “utilization of the current card” is low, because the existing credit card company will view the client as a lower risk.
This tactic has consistently proven to raise credit scores almost instantaneously by lowering the utilization ratios.
So the up side is a better credit rating quickly. The downside? Well, you must not start to use the newer limit. If you do, then obviously, your payments will go up, but unless the card is paid in full each month or you keep that new credit amount open your could actually reduce your score and the cost of your credit can go up.
Discipline is key here.