I know my credit score could be better, but so far my 620 score has seemed OK. I don't really see how it affects my life on a day to day basis. So, when a friend with a 670 score started using Lexington Law to improve her credit report and raise her score while she was house hunting, I thought she must be overreacting. Lexington Law is a team of attorneys that specialize in removing inaccurate negative line items from your credit report, raising people's scores on average 40 points in 4 months (though some people report 100+ difference).
I was confused; her score was higher than mine and I thought I was doing OK. Plus, I didn't think 40 or so points could really make that much of a difference. My friend told me I should check out their online calculator, to get a feel for how much my credit score could be costing me in higher interest rates and more. I took a look, and here's what I found (TLDR; I could be saving a TON of money with a small difference in credit):
1. Home Loan Payments
Right now I rent an apartment, and I know that my subpar credit got me denied from several apartments when I was looking to move. But I want to buy a house someday, and I was curious how much my 620 credit score could affect my ability to get a home loan. I used Lexington Law's online calculator, told them my credit score and how many line items are on my report, to see how much more I would really be paying in interest on a typical home loan one day. The results shocked me.
I was absolutely surprised that credit I thought was OK, but not that bad, would cost me so much. But Lexington Law explained exactly how they estimated the payment based on the kinds of loans their calculator assumed I would take out (30 years fixed), my FICO score and more, so I knew that it was legit.
2. Buying A Car
Right now I'm still driving around in my grandma's old Honda Civic, but it's clear that all the years and miles haven't been good to it, and I'm going to need to buy a car in the next few years. So I used Lexington Law's calculator to see how much my credit would cost me at the auto dealership.
I honestly had no idea my meh credit score made this much of a difference, or that as little as 60 points could make this much of a difference for my financial life. But again, I trusted their calculator because they explained exactly how they calculated the number.
3. Personal Loan Or Credit Card
Emergencies happen to everyone, and I wanted to know if I would be able to get a personal loan or line of credit if I was injured and couldn't work, needed money to pursue a higher degree, etc.
I can't imagine how devastating it would be to be burdened by such a high-interest rate, just because of a few little points on my credit report. And if I wanted a credit card, I wouldn't qualify for many options.
After checking out the online calculator, it was clear to me that raising my subpar 620 credit score by just 40-60 points could easily save me $100,000 over the next few decades. I knew I was going to need help, and since Lexington Law's attorneys raise people's scores on average by 40 points in as little as 4 months, I feel like I'll be in good hands with them.
If you're like me and don't know how much your credit score is really affecting you, I recommend checking out Lexington Law's online calculator. After that, if you have peace of mind that your credit score isn't affecting your life, good! But if you're like me and discover that a handful of points could save you a ton of money, Lexington Law's attorneys will give you a free phone consultation to see if they can come up with a plan for you.
Update: Lexington Law is offering our readers free credit repair consultation, which includes a complete review of your FREE credit report summary and score. You can follow this link or call 833-335-5239 to take advantage of this no-obligation offer.
Call anytime between 7am and 11:59pm EST to get your free credit report and score!
Airbnb offers an affordable option for people looking to be more comfortable as they travel.
However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.
And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.
If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.
Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."
just setting up my twttr— jack (@jack)1142974214.0
The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?
Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.
The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.
Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.
Stick To a Specific Strategy or Niche
Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.
First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.
Be Vigilant About Viable Financing Options
While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.
Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.
Master the Art of Finding Good Deals
There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.