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 Why
do I need Credit Repair?
America operates on credit. Everybody who has a car loan, a mortgage, a credit card, or even a bank account, is at the mercy of the credit bureaus. The computers at the credit bureaus assign a score to your file and this number is used to judge you and your ability to repay credit.
Unfortunately, if your credit is less-than-perfect, you will either
be denied credit or pay much higher interest rates, costing you
thousands of dollars a year. And that's not taking into account
the extra deposits required by cellular phone providers, car rental
companies and utilities. But no American need wait another minute
to start enjoying the things in life they want and deserve.
Here are a few examples of the how much your bad credit
is costing you:
Example 1: Automobile Financing
If you are making payments on a car, you are probably paying between
$5,000 and $9,000 more in interest just for having bad credit. This
added interest shows up every month in a higher payment. Take a
look at a $20,000 car paid over 5 years:
|
Credit
Status
|
Rate
|
Payment
|
Cost
of Bad Credit
|
|
Special Financing**
|
0%
|
$333.33
|
$0.00
|
|
Excellent Credit
|
4%
|
$368.33
|
$2,100.00
|
|
Mildly Damaged
|
12%
|
$444.88
|
$6,692.80
|
|
Damaged
|
20%
|
$529.88
|
$11,792.80
|
|
* Rates current as of July, 2003.
** Several manufactures are currently offering 0% financing
to buyers with excellent credit ratings.
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Example 2: Home Mortgage
Bad credit in auto financing can really hurt, but it is nothing
compared to the cost of bad credit when a home is involved. A typical
home can cost between $50,000 and $130,000 more in interest if you
are buying the home with bad credit, as indicated below. Take a
look at a $100,000.00 Home Mortgage paid over 30 years.
|
Credit
Status
|
Rate
|
Payment
|
Cost
of Bad Credit
|
|
Perfect
|
5%
|
$536.82
|
$0.00
|
|
Mildly Damaged
|
8%
|
$733.76
|
$70,898.40
|
|
Damaged
|
12%
|
$1028.61
|
$177,044.40
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Example 3: Credit Cards
Most of the time you cannot even get an unsecured credit card with
bad credit. If you do, you are generally expected to pay a high
monthly payment or initial fee. Furthermore, the limits are typically
low and the card issuer often asks for a cash deposit.
The Solution...
CIB has created a program that can actually remove inaccurate, erroneous, and negative credit items from credit bureau files. Best of all, the program is 100% GUARANTEED. If your credit isn't improved, you pay nothing.
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