Get Paid For Repairing Your Credit Score
- Date: 2007-08-06 - Word Count: 243
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If you've ever spent time doing credit score repair, you may have found it to be a tedious -- even exhausting -- task. Perhaps you even found it hard to stay motivated. But if you could be paid for your time, you wouldn't mind it so much, would you?
The key to self-motivation is realizing that credit score repair, in the end, is money in the bank. You're actually being paid for your time, and at a rather lucrative rate at that. In fact, it may be the highest paying job you'll ever have.
Take this example...
If you boost your credit score to 725, you should be able to finance your home at a rate that's at least 2-3% lower than what you're paying with a sub-prime credit score of, say, 525. This could easily save you $100,000 on a 30-year loan.
Now, divide that $100,000 savings by 40 hours of credit repair work. You actually made $2,500 per hour for your credit repair efforts! And 40 hours of credit rescoring work is probably a high estimate. It doesn't usually take this long to rehabilitate a credit file.
Convinced yet?
Okay, consider this...
Let's say you finance a $100,000 mortgage over 15 years. Here's an estimate of how much interest you'd pay over the life of the loan, based on your credit score.
Excellent: 5.50% -- $47,075 Interest
Fair: 8.25% -- $74,625 Interest
Risky: 9.50% -- $87,960 Interest
An Excellent credit rating ensures that you can access massive amounts of cash, potentially even interest-free.
The key to self-motivation is realizing that credit score repair, in the end, is money in the bank. You're actually being paid for your time, and at a rather lucrative rate at that. In fact, it may be the highest paying job you'll ever have.
Take this example...
If you boost your credit score to 725, you should be able to finance your home at a rate that's at least 2-3% lower than what you're paying with a sub-prime credit score of, say, 525. This could easily save you $100,000 on a 30-year loan.
Now, divide that $100,000 savings by 40 hours of credit repair work. You actually made $2,500 per hour for your credit repair efforts! And 40 hours of credit rescoring work is probably a high estimate. It doesn't usually take this long to rehabilitate a credit file.
Convinced yet?
Okay, consider this...
Let's say you finance a $100,000 mortgage over 15 years. Here's an estimate of how much interest you'd pay over the life of the loan, based on your credit score.
Excellent: 5.50% -- $47,075 Interest
Fair: 8.25% -- $74,625 Interest
Risky: 9.50% -- $87,960 Interest
An Excellent credit rating ensures that you can access massive amounts of cash, potentially even interest-free.
Related Tags: credit repair, repair credit, credit score repair, credit risk, boost credit score
Vincent Pagliani is managing editor of Web Entrepreneur Advisory, an internet marketer's educational resource. Entrepreneur Advisory publishes The D-Word Report: Houdini Method of Credit Repair, the step-by-step insider's guide to credit score repair. Download your free Houdini Method of Credit Repair chapter here. Your Article Search Directory : Find in Articles
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