How Much is Your Credit Costing You?

This post is sponsored by Lexington Law. All thoughts are my own. Lexington Law Disclaimer.

Growing up, there are so many important things that my generation wasn’t taught. They made sure we learned the Pythagorean Theorem but neglected to teach us about financial literacy…. like how to do our taxes, how credit works, different ways to invest, and other useful skills that we actually need to know in our everyday lives.

As a result of this lack of understanding, I made some financial mistakes in my early 20’s. One of the biggest mistakes was not understanding how student loans work. I locked in an interest rate of under 2% at the time. But what I didn’t know is that once I was done with college, the loan holder could sell my loan to someone else and the interest rate could change to something much higher that was outside of my agreement. Medical bills are also sold to creditors, even when you have insurance. It’s so easy for something to be keyed into the computer incorrectly, and left unpaid as a result of a simple mistake, even when you have health care coverage. Monitoring and managing your credit is so important because these things can all add up quickly.

There are a number of simple mistakes that can affect your credit- which is vitally important if you wish to finance an automobile or home or even obtain a loan to start a new business. How much is your credit costing you? Two people can walk into a dealership and purchase the exact same car and end up paying totally different amounts based on their credit because your score will secure a different rate of interest. If your credit needs improvement, Lexington Law can help you get back on track!

At this time in my life, I’m really thankful to have very minimal debt. My credit cards are paid in full. I have a small amount of old medical bills, an auto loan, and that’s it. But even though I’ve worked hard to fix the mistakes of my past, I still feel like I regret not understanding how it all worked at the time. As I work toward my goal of purchasing my first home, I wish I had been taught all of these things at a much younger age so that I could have gone through the process much quicker. It has taken me most of my 30’s to correct the mistakes from my 20’s.

If you’re in the same boat or are interested in learning more about how to better position your credit for life’s big purchases, I’d like to introduce you to Lexington Law. They provide credit management services with many helpful resources along with professionals who are available to help guide you through the process.

Lexington Law’s Community Impact:

Did you know Lexington Law has seen over 182 million total challenges and disputes on behalf of their clients since 2004?

Did you know clients of Lexington Law have seen over 56 million negative item removals on their credit reports since Lexington Law was founded in 2004?

Did you know, in 2019, Lexington Law provided over 2 million free credit report consultations?

Setting Up a Phone Consultation:

This week, I had a phone consultation with Keisha and she was really helpful. We discussed what’s working for me and where I can improve. They’re able to help with items that don’t belong (such as medical bills that were supposed to be covered by insurance). I learned that my credit history is almost 16 years old. I also was able to use their online platform to have a complete overview of all of my open and closed accounts so I can see how each of them are making an impact on my credit.

Your membership with Lexington Law will include access to an account manager via phone, text, or email as well as your online platform.

Credit Library:

Lexington Law also offers helpful articles to learn more about how it works. They have tools on their online platform to help you manage your monthly budget if you have regular employment (it’s a bit different when you are self-employed as payment schedules can be inconsistent).

 

Credit Monitoring and Identity Protection:

They offer credit monitoring and identity protection services as well- both of which are really important in today’s digital economy where your accounts can be compromised through online purchases or even in real life. You are able to set up email and text alerts and can find notifications in your account for any changes that pop up immediately. It’s so helpful to always know what’s going on and have a team of professionals also looking out for you.

The Identity Theft protection service can include insurance, alerts, and lost wallet protection (helping you immediately shut off your cards if your wallet is lost or stolen, which definitely offers peace of mind and quick results)!

 

Money Manager:

Your account with Lexington Law has many benefits including a Money Manager. When you link all of your accounts, you’re able to keep track of transactions, spending, budgets, trends, debts, your net worth, and your financial goals. For those with regular employment who have a steady and consistent income, this is a great way to be able to manage your finances and understand how you receive and spend your money. I am self-employed without a regular paycheck so my income varies each week, but I really love that they offer this tool for those who can use it to work through their budgeting needs! Having everything synced and visually available at the click of a mouse is a great way to get a financial snapshot of your life!

You can access all of your member benefits on a computer or on their app so you always have access to your information.

Setting Financial Goals and Creating a Credit Plan:

I really liked having a real person to talk to to answer all of my questions and assist with getting my goals on track to be ready to purchase my first home. I’ve done a lot of work on my own over the past few years, but having someone with experience in this area is really helpful for finishing up what I’ve already been doing. It’s like going to the doctor for a checkup, but instead you’re getting a financial checkup.

I was able to explain to her what my goals are and work with her to achieve a personalized credit plan. For example, I did explain to her that my auto loan is financed through a bank that I hope to use when I purchase my first home. While my payments are all caught up for this account, she went ahead and marked it as “do not contact” to indicate that that wouldn’t be touched in order to protect my relationship with this lender. (I did have a late payment from the time in 2020 when everything shut down. Lexington Law can also work with your accounts to help obtain late forgiveness if that’s necessary. But I would rather protect my relationship with them for the future, so this was a mutually agreed upon step for my personalized plan.)

Get Started with Lexington Law Today:

Whether you are working on your own financial goals or perhaps looking for ways to set your children up for financial success, Lexington Law is a great place to start with hands-on assistance and a team of professionals to guide you along the way.

Learn more about Lexington Law and sign up to work with their team at https://www.lexingtonlaw.com