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Credit Repair Seattle

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Washington’s largest city, Seattle, has been in the “good news” for quite some time now. The economy seems to have been improving in the region for past several years. However, when you go deeper into details, you realize that it is not all that bright and sunny for the households in Seattle. The residents of Seattle might enjoy high salaries, but there are other issues that have started to show up on the skies of this amazing city. Take the example of cost of living that has been going up quite fast, and Amazon choosing the city for its headquarters has fueled that rise even more.

Not to mention, when people are satisfied with their earnings, they like to spend more.

This has shown prominently in the recent rise of total auto-loan volume in the country. Auto debt in the country in the last quarter of 2017 was higher by $64 billion than where it was in the last quarter of 2016. In short, that debt was up by 0.7% in 2017 when compared to the debt in the previous year. To put it in simple words, credit repair issues are not disappearing any time soon because people are not more tempted to make purchases that push them out of their budgets. Seattle credit repair can help you today.

Seattle Credit Repair

When you look at the “good” statistics that show high salaries of the people of Seattle, you must realize that they don’t talk specifically about the low earners or people who have had credit issues for various reasons.

You or someone you love might not be enjoying the best Seattle lifestyle, and the increasing costs of living in the city might just be worsening it for you. Now is the time to hire the right credit repair professionals and join the ones that make it into the happy statistics.

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What Credit Repair Means?

A credit score acts like an indicator light of the health of a person’s credit. Your credit can be in good or bad health depending on how you have been dealing with your debts in the past. Banks and any other lending institutions forward the loans to you only after knowing the health of your credit history. The loan they give you is their investment, and a low credit score means increases the risks associated with that investment.

In simple words, your low credit score tells them that their investment might not be a profitable one. But how do they know about the score? You have TransUnion, Experian and Equifax, three major credit bureaus that keep a detailed record of all the debts you owe and how you have been repaying them. When you are on schedule with your repayments, it boosts your credit score. When you miss your payments or delay them for any reason, they record them as negative events on your credit history causing your credit score to go down.

The Various Components of Credit Score

At this point, it must have interested you to know how you can maintain a good credit score. The good news is there is a lot in your hand to not only maintain a good credit score but boost it too. Take a look at these five components of the credit score.

  • The history of your payments
  • Owed debt/Available credit
  • Types of credits
  • Length of credit history
  • Number and nature of credit inquiries
The major credit bureaus mentioned above are considering these five factors to come up with the final credit score. They are recording your good and bad payments on your credit cards, car loans, home loans, etc. The owed debt or available credit part shows your financial health. If you have used up all your available credit limits, that’s not a good sign. It helps boost your score when you have a mix of many different types of credits.

People who have just received their social security number might think they have the best credit score but short credit history does not favor you much. The longer the credit history, the easier it is for lenders to assess you before forwarding you the loan. Lastly, you want to avoid applying for too many loans and credits because high volume of inquiries is not good for the health of your credit history.

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Components That Make Up Your Credit Score

Now that you know how credit scores can affect you, you may be interested to know how you could maintain and improve your credit score to turn your life around. When it comes to improving and marinating a good credit score, the great news is that there are lots of things you can do to get your finances in control. These are the five key components of your credit score.

  • Your payment history
  • Owed debt or available credit
  • Length of credit history
  • Types of credits
  • Nature and number of credit inquiries
To determine your average credit score, the major credit bureaus consider all of these five variables. Keep in mind that they are record all your positive and negative events whether they are related to your car loans, credit cards, or home loans.

The available credit element indicates your financial health. It is not a good sign if you have exhausted all your available credit limits. If you have a diverse combo of different types of credits, it helps improve your score.

And do not think that you will have the best credit score if you have recently received your social security number as a brief credit history is not favorable.

Last but not least, do not apply for too many loans since high volume of credit inquiries isn’t good for your credit history or your credit score.

All Five Factors of Your Credit History Make up a Percentage of It

how credit scores work?

Recent Inquiries and Credit Card Types

The recent inquiries that lenders make into your credit history can affect it by 10% at most. Similarly, using many different types of credits can boost your credit score by 10% maximum. It also means that each of these factors can lower your credit history by 10%.

Length of Credit History

As stated above, a small credit history is not going to have a positive impact on your credit score. A person who has just received his social security number will not start from a maxed out credit score. The length of your credit history can impact your score by 15%.

Unpaid Debts

This is where things start to get “really” serious. You should try to use only a small portion of the credit you have available from the banks and lenders. Unpaid debts will affect your credit score by 30%. When will it affect your score negatively? When you have used a major portion of your available credit or all of it.

Payment History

The factor with the most serious impact on your credit score is your payment history. When your payments are in good standing, you could boost your score by up to 35%. Even a single missed payment on a debt can leave a huge dent in your credit history.

Impact Of Credit Scores On Financial Products

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Your credit score can impact any credit-related financial products to a large extent.

In fact for loans, mortgages, credit cards and any other transaction in which lending is involved, your credit score will be considered a threshold that determines whether you get the funds or not.

If your credit score lies below 630 you will not be cleared for any funds, you may have to go the credit repair route for this.

How To Keep A Good Credit Score?

 

Lexington Law Firm’s Stories

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You were very professional and willing to help with my situation. Lexington Law does not pass judgement and I can hear the care and concern of my situation. Sympathetic Joshua B

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Results on solving my issues have been excellent. The Customer Support has been overwhelmingly fantastic! Choosing Lexington Law has been by far the best choice I could have made, I look forward to our continued success in repairing my credit.Gail L

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Results have been fantastic! In such a short amount of time, I am so impressed with Lexington Law, I would recommend it any and everyone. We are hoping to have the credit to purchase a home this time next year. The client dashboard rocks, so informative.Andrea P

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