Why is my credit score low when I have never missed a payment?

On-time payments are only one of five main factors affecting your credit. High credit balances, especially on credit cards, can affect your score almost as much as a missed payment. FICO values on-time payments at 35%, and the amount of revolving debt you carry in relation to your credit limit at 30% of your score.

Will paying off my debt raise my credit score?

Reducing debt is the second most important factor in your credit score. Second only to paying bills on-time. The more you lower your utilization ratio, the better your credit score will be.

How much does my credit score really matter?

Having excellent credit is not an essential element of financial success. It is merely a tool that allows you to leverage debt to build wealth. However, if you use credit unwisely it can result in too much debt and a lower credit score, which will make it harder to borrow money when you need to.

December 2020

15 Dec

Stop Focusing on Your Credit Score if You Are Drowning in Debt

Posted Under: Blog , Credit Score , Debt Relief

Everywhere you turn these days, someone is offering to give you a free copy of your credit report and credit...

12 Dec

Why a Credit Counseling Program Takes Longer to Complete and Costs More Than Debt Settlement

Posted Under: Blog , Credit Counseling , Debt Settlement

You pay your ‘regular’ bills on time. But you can only afford to make the minimum monthly payments on your...

09 Dec

Stop, Drop, and Budget! Where Does All Your Money Go So Fast?

Posted Under: Blog , Budgeting , Debt Relief , Financial Education

The budget process often creates resistance. It might feel like a burden or appear to be too hard or overwhelming...

05 Dec

Why it Takes Longer to Restore Your Credit After Bankruptcy Than Debt Settlement

Posted Under: Bankruptcy , Blog , Credit Score , Debt Settlement

Debt has you overwhelmed. Between large credit card balances and only making the minimum monthly payments, you realize it will...

02 Dec

Top Budgeting Tips that Make a Big Impact on Your Wallet

Posted Under: Blog , Budgeting , Debt Relief , Financial Education

The process of creating a budget is really a simple concept. You list your monthly expenses and then do not...

REPRESENTATIVE EXAMPLE OF APR

For example, a $30,000 loan with a 4.99% APR over 5 years (60 months) would result in a monthly payment of $566, with total interest paid amounting to $3,959.97. This could save you thousands in interest compared to higher-rate debt.

ANNUAL PERCENTAGE RATE (APR)

Annual Percentage Rate (APR) represents the annualized interest rate you are charged for borrowing. It is the combination of the nominal interest rate and some additional costs such as fees involved when incurring debt. Our lender offers APRs for personal loans, cash advance loans, installment loans and debt consolidation loans from 4.99% to 35.99%. Since New Start Capital does not directly issue loans, we cannot deliver any specifics or guarantee the APR you will be offered. The APR depends solely on your lender’s decision, based on various factors including your credit score, credit history, income, and some other information you supply in your request. For more information regarding the APR contact your lender.