Credit Counseling



Credit Counseling


When your credit is low chances are you want to get it back up to the 700+ range.  It is important because your credit score is looked at when you buy insurance, apply for a job, as well as apply for a home or credit card.  When your score is not what it should be your hurting yourself over and over. 


At NorthEast Financial we have a free credit repair service to help you get back to where you need to be.  There are companies out there that you can pay to help you get things off of your credit report but chances are you can do this yourself (with a little help) for free. 


If something on your report is not correct you can write a letter to the credit companies and dispute it.  Tell them why you are disputing the claim and simply ask them to correct it or remove it.  The credit company has to investigate within 30 days and then give you the results in writing.  If you ask, the credit company will report this inaccuracy to anyone who had received the wrong information.  If the negative information is accurate then time is the only thing that will make it go away.  After 7 years negative information will be dropped from the report and after 10 years a bankruptcy will be dropped from the report.


Even if your score is low you can still obtain credit.  All companies look at the credit score through different eyes.  If you are having trouble with a certain payment you can always call them to work out a payment plan. Most credit card companies will drop the interest rate to a much lower rate and give you a payment plan to help make sure you are making payments on time and raising your score.  Paying down your cards to at least 50% of the maximum will help bring your score up also. 


Most of the time with a little bit of work and moving some money around you can bring your score up and in 6 months to a year be in a much better position to borrow for a home.  Sit down with a professional and have them look at your credit and analyze the situation.  They will be able to make some suggestions to help you get your score back to where it needs to be.


Michael Shea is a loan officer with NorthEast Financial in Middletown CT



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