Helping you achieve your credit goals
COVID 19 Relief
Contact 211 for food, housing, and other essentials needed at this time. If you have a utility payment contact your local utility company and request a payment arrangement for any missed payments, which will be approved at an affordable monthly payment of up to 6 months. Utility companies will not cut off your service which is mandated till May 30, 2020. Remain safe with social distancing and take advantage of all the options your creditors, and banks are providing currently in order to remain financially stable.
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What Credit Card Companies and Banks Are Doing for Customers During Coronavirus
What are banks and credit card companies doing for customers at this time?
- There is a ‘skip-a-pay’ option for credit cards and car loans with your creditor or bank.
- The option to skip a payment one month at a time for up to 3 months.
- Lates will not report to the credit bureaus. For credit cards purchase interest will still apply and for car loans daily interest will remain.
Your Consumer Rights:
During this pandemic you have the legal right with the CARES ACT to take advantage of every offer that is available with your mortgage provider, bank, creditor, and lender. Foreclosures are not permitted under the CARES Act at this time. Do however contact your provider and begin the process of the COVID 19 Relief Assistance.
What should consumers do if they can’t pay their credit card bills/mortgages/loans/etc.?
COVID 19 Assistance Relief is available for mortgage loans. Short term suspension of payments started March 2020. Short term suspension can be anywhere from 30 days up to 12 months. This option is considered a ‘Forbearance’. Interest will be applied with this option to the principle balances, but no late fees will apply to the mortgage loan. Delinquencies will not report to bureaus from March 2020 going forward. If payments cannot be made after the short-term suspension has ended there will be other options. Options will be payments at the end of loan, payments added to principle balance, or loan modification. Details of these options are not available as of yet, but to find out if these options apply to homeowners the best thing to do is to look up ‘Home Preservation’ options with your local bank. Once these options are available these departments will handle any and all requests from homeowners and guide them in the right direction. Foreclosures will not be permitted at this time but do take every primitive measure to remain in good terms with your creditors, and lenders.
What other options do consumers have for staying financially stable during this time?
For credit cards and car loans go online and check to see if the ‘skip-a-pay’ option is available month to month with an upwards of 90 days. No lates will be reporting to the credit bureaus, and no late interest will be applied to the balance. Take advantage of your local food banks for your essential needs, and for families go to your local school district daily assistance with breakfast and lunch for you and your entire family.
What’s happening with interest rates?
Rates are lower than ever. Mortgage Rates with Government backed loans are as low as 3% capping at 3.625% with government backed loans (example FHA loans).
Doesn’t matter how terrible the consumers credit is currently. A consumer can qualify for a refinance with scores as low as 600. Payment history is important so staying on time with payments while refinancing is ideal while qualifying for this type of loan.
What Our Clients Say
I have nothing but glowing recommendations for the service and results achieved at Improve Credit. I have been working with Wanda for close to seven months now and have been unduly impressed by the settlements she has negotiated on my behalf, always working within the budget that I can afford. Wanda is an expert in her field, but also incredibly compassionate a kind listener, who passes no judgement-she is there to help no matter what your situation and credit improvement goals. She checks in with me regularly by phone and email and provides specific instructions each month for exactly what I need to do to attain my goals. I was blown away the last settlement she was able to achieve for me-saving me thousands of dollars and dozens of agonizing & frustrating hours with creditors. If you are looking to settle your debt contact her right away.
– Cassandra Richardson