College Grads and Credit Repair Secrets
Feeling Snowed-Under Your Rising Student Loan Debts and Other School-Related Financial Woes? Learn About Credit Report Repair and Take Back Control of Your Life!
By Rene Tse
With secondary education costs skyrocketing, and the average college student now graduating with nearly $20,000 in federal debt (according to the College Board's Trends in College Pricing), home ownership and long-term financial stability are proving to be a challenge, with many graduates transitioning into the full-time work force with unmanageable levels of debt.
To combat this, many college graduates are forced to tap into credit to survive, with large numbers damaging or even ruining their credit history as they struggle to keep their head above water while they seek employment and after as the average starting pay cannot sustain most while they fight to make it on their own financially, all the while paying back hefty student loan debts.
Because of this, many graduates are son faced with another obstacle. They feel the tightening of the financial vice when they end up with low credit scores and a bad credit history, and cannot get a car loan, obtain a mortgage, or even qualify for a credit card.
It happens all the time. Smart, high-achieving students get stretched too thin, and before they know it, their credit is a mess. And much of the time, it all starts with student loans.
In fact, the cost of repaying student loans has increased substantially over recent years, with variable rates and extended repayment plans the norm now.
Former students who find themselves in a credit crunch, floundering and making minimum payments and perhaps not even all of those on time, can find relief. The secret to doing this is a simple, but rarely disclosed one.
Credit report repairs should be handled by experts who know the ins-and-outs of the complex credit system and who boast a strong track record in this highly specialized arena. That's why more and more students have come to rely on LexingtonLaw.com (also known as the Lexington Law Firm or Lexington Law Credit Repair) to help them start anew, getting payments under control and helping to fix bad credit once and for all.
As Susan Boswell, graduate of the University of South Carolina's MBA program learned, maxing out her credit cards and making late payments quickly led to financial disaster. Boswell, who was making an enviable $45,000 fresh out of school, was strapped with thousands in student loans. Additionally, the rent for her small one-bedroom apartment in downtown Charlotte NC cost her $1200. With utilities, her monthly living expenses added up to just over $1500 a month.
Add to this a car payment, car insurance, the cost of gas for her daily commute, groceries and vet bills for ailing dog Sam and what she considered to be great starting pay dwindled to next to nothing.
Then there were the student loans. No matter how closely she stuck to her strict budget, there just never seemed to be enough money to meet her needs. She got behind on her student loans and eventually credit card payments and before she knew it, her credit score was plummeting with no end in sight.
When her lease was up, Boswell opted to buy a small nearby townhouse. The mortgage payment would be less then her rent, but there were Home Owner's Association fees and insurance to consider. She had received a raise and thought she could swing it. She had also recently made her last car payment.
Excited about the purchase, Boswell felt completely defeated when she learned she had been turned down for the loan because of a poor credit history. She reapplied at other financial institutions and even through mortgage companies. The only approval she received was for a loan with a staggering interest rate.
She had to back-burner the townhouse purchase. It was a great buy and she was devastated. She just knew that she needed to fix credit fast. But how?
That's when a co-worker told her about Lexington Law and how the professionals there had helped him repair his own credit.
Boswell was relieved to know she wasn't alone in this. She had felt so ashamed and so isolated. Worse, she had to tell people she could not buy the townhouse she had been talking about for weeks.
She reluctantly gave the credit repair company
a call, for she still did not believe that there was any way out from under the financial mess she had created.
In a matter of months, Boswell saw some improvement as she worked to fix bad credit. And, in less than a year, she qualified for a loan with a much more desirable interest rate.
Repairing credit had been a journey, she readily admits today, one that reaped tremendous rewards. For she loved her new home and knew she owed the Lexington Law credit professionals so much. They had been understanding and supportive, and immediately put a doable plan into action and helped her stick with it. In fact, it had been so much easier than she thought it would be.
She continued to pay on her student loans and enjoyed bragging about the zero balance on her credit cards, often wondering why classes on credit are not taught in college, for 96% of all college graduates have a credit card and what should be a symbol of independence and maturity quickly turns into a means for living.
Boswell did make sure her little sister did not fall into the same trap, explaining in great detail to her just days before she left for college the intricacies of good credit, and all she learned from her credit counselor at Lexington Law.
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