Every year at tax refund time we have many clients wisely choose to  invest part of their tax refund check towards achieving a healthy credit report. Wouldn’t you love for 2012 to be the year when you finally reach the higher credit scores you desire? Wouldn’t it be wonderful if 2012 was the year when you were finally able to stop those pesky collection calls and possibly even become a homeowner?

HOPE would love the opportunity to help you reach your goals! You can join the ranks of the 85+ HOPE graduates who have completed the program with credit scores healthy enough to purchase a home in just the last 4 months! Call or email us today to schedule your own personal, no obligation credit analysis with one of our credit experts to see if the HOPE Program is right for you. We can’t wait to hear from you soon!

Why Are Credit Scores Important?
By Michelle Black

So, you likely already know the basic principle about what a credit score is used for and, therefore, why it is important to have a good one.  Whenever you apply for a loan (car loan, mortgage loan, credit card loan, personal loan, etc.) a lender is going to look at your credit score and decide whether or not you qualify.  If your credit score is high enough, you can likely expect to be approved for the loan (provided you earn enough income to qualify). However, a low credit score could result in you being declined for the loan you want or, if you are approved, it could mean a higher interest rate and a bigger down payment.

To put it simply, credit scores (and your credit report) are a type of report card which future lenders get to look at when you apply for a loan.  The “report card” shows lenders a picture of how you pay your bills – on time, late, or not at all.  If your credit report shows that you have a history of paying your bills on time then future lenders will want to loan you money as well since, chances are, you will pay the payments on time and they will be able to earn a profit from you in the form of interest.  However, if your credit report shows that you have a history of paying your bills late or not at all then future lenders will be scared to loan you any more money.  The reason they will be hesitant to loan you more money is because chances are higher that they may not get paid back for their investment, much less make any kind of profit through interest fees.

In our current culture, credit scores impact our lives in many ways.  I already mentioned how you will need a good credit score to qualify for any type of loan.  However, did you also know that your credit score may be used to determine you auto insurance rate and whether or not you have to put down a deposit when opening a new utility or cell phone account?  Plus, it is now a common practice for employers to pull your credit score when you are applying for a new job.  Depending upon the industry in which you work, your current employer may even access your credit report to determine whether or not you are “credit worthy” to remain employed with the company.

Since credit affects so many different aspects of our lives, it is more important than ever to have a healthy credit score.  However, if you find yourself in the uncomfortable situation of having a subprime credit score (a consumer score of 649 or lower) then HOPE would like to encourage you to give our credit experts a call.  Remember, you do not have to feel embarrassed or defeated due to a subprime credit score!  Bad credit scores happen to good people all the time. In fact, over 60 million American currently have a subprime credit score so, if you are in the same boat, you certainly are not alone! You still deserve to be treated with dignity and respect. Don’t ever let anyone make you feel otherwise.

You can make a plan today to start improving your credit scores.  Please contact us via email or phone at 704-499-9696 to learn more about how the HOPE Program can help you to achieve the healthier credit you desire!  Over 85 graduates have completed our program in the last 4 and ½ months with credit scores healthy enough to purchase a home! We would love the opportunity to help you achieve your success story as well.

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Does your job offer credit education classes?  If not, then ask your boss to feature a HOPE Credit Expert at your next staff meeting! These free classes can be tailored to fit into any schedule.  Our experts can give a quick, 5 minute “credit tip” or even an in depth 1 hour training session on how to achieve healthier credit.

HOPE would love to help you give a little something back to your hardworking employees. Please contact us today for more information or to schedule a free credit education class for your company.  Just don’t wait too long – our calendar fills up fast!

Don’t forget: HOPE Credit Experts are available for your next church seminar or school event as well! Clean credit and the peace of mind that comes along with it is a priceless gift! Why not share it with your employees, friends, and family? We hope to hear from you soon!

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Congratulations are in order for a recent graduate of the HOPE Program. We are pleased to report that Ms. Jordan of North Carolina has experienced tremendous improvement in her credit scores since joining the HOPE Program in January.  Here are just a few of the wonderful changes that have taken place for her so far:

Her middle credit score has increased a total of 146 points!
Her credit scores have jumped from the 400s into the 600s!
Her credit scores are high enough to qualify for a mortgage!
13 negative accounts totaling nearly $5,500 have been erased from her credit report!

We are very happy to see these great results for Ms. Jordan and cannot wait to see her become a home owner as well!  Remember, at HOPE our goal is not just to help our members achieve healthier credit, but to teach our members how to maintain healthy credit for a lifetime.  If you or a loved one is facing credit problems of your own we encourage you to give us a call today at 704-499-9696.  Our caring staff is standing by to answer your questions and to show you how the HOPE Program can assist on your journey towards a healthier credit report.

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Recently we have spent a lot of time discussing identity theft and ways that you can protect yourself from this growing crime.  If you have not done so already, we would love to invite you to check out our June blog archives for HOPE’s 10 part series entitled Protecting Yourself from Identity Theft.  Remember, ID theft education is the single most effective way to prevent yourself from being victimized.

Since we have been spending so much time on the subject of ID theft lately, we wanted to share a recent, real life success story with you about a HOPE member overcoming the detrimental effects of ID fraud.  In the interest of privacy we will call this HOPE member Jane Doe.  Jane Doe had one of the worst cases of ID fraud you can imagine. While out of the country for a few years a trusted friend stole the identity of Jane Doe and her husband. (Remember, over 43% of ID theft victims know the person who stole their identity!  http://hope4usa.com/idtheft9/) This so-called “friend” used Jane Doe’s personal information to rack up over 40 fraudulent accounts in Jane’s name. The total debt was just under $120,000 which, of course, he never paid. Ouch! Talk about a nightmare.

When Jane Doe and her husband returned to the country and attempted to apply for a home loan they were in for quite a shock.  In fact, Jane’s once pristine credit scores had dropped to the low 500 range. Of course they were not able to be approved for a mortgage or any other type of financing as a result of the ID theft. Not knowing what else to do, Jane Doe and her husband began trying to fix the credit problems caused by the ID theft themselves. They filed police reports, talked to creditors, but just kept running into dead end after dead end. Finally, they met a caring loan officer who referred them to the professionals at HOPE for help.

Thankfully, there is a happy ending to the story! We are thrilled to report that HOPE has been able to help Jane Doe turn this nightmare situation around. Since joining the HOPE Program around 6 months ago Jane’s credit report has been transformed:

Credit Scores have increased an average of 120 points per credit bureau!
Over 30 of the original fraudulent accounts have been completely erased!
Nearly $114,000 in negative, fraudulent accounts has been removed from her credit!
Jane’s credit scores are now more than adequate to be approved for a home loan!
Jane’s highest credit score is now a whopping 706!

We are so happy to report this fantastic success story to you, and so is our member, “Jane Doe!” With a little more work we are confident that HOPE can help Jane to deal with the final few remaining fraudulent accounts in order to achieve a 100% clean and healthy credit report again – the credit report she truly deserves.

If you or a loved one has experienced identity theft or any other credit issues, please feel free to give our credit experts at HOPE a call at 704-499-9696. Our caring staff is standing by to answer any questions you may have. We would love the opportunity to show you how the HOPE Program can help you to achieve the healthier credit you desire to have!

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