I just got something in the mail that made me madder than a mosquito in a mannequin factory.
It ought to tick you off, too, and give you some really good reasons to fire your banker. Here’s the scoop…
I just got a bill from our auto insurance company – one of the biggies which shall remain nameless, for now.
They informed us that our premium was jacked up because of information they got from consumer reports.
Specifically, they cited information they obtained on li’l ole me (gasp!) about my “percent balance to high credit for bank revolving accounts reported in the last 6 months.”
Yeah, I know it sounds like gibberish, but here’s what really ticked me off…
I show people how to fire banks and finance companies and become their own banker!
And I walk the talk – we have just four credit cards and pay off the balances in full every month. Three cards are for business expenses and one is for personal, and they all give us points or cash back.
We haven’t applied for any other cards or loans in 8 years.
We’ve never missed or been late on a payment.
The only loan we have is for our mortgage. (I explain why it can make sense to have a mortgage with an outside lender in my best-selling book and on my website.)
And my FICO score is currently 825 (!) out of 850, which is actually considered to be a perfect score!
We don’t lease or finance our cars from outside lenders. We do it ourselves, just as we do our home renovations and other major purchases. We finance the growth of our business ourselves… and we do it all through the magic of loans against our Bank On Yourself plans.
I’ve requested a copy of the report the insurance company based its rate hike decision on. I’ll correct any mistakes on it, and then, of course, I’ll contest their decision and demand a refund.
You can bet I’ll win that argument, or expose the identity of this company and find a new one to buy our car insurance from.
But this experience prompted me to do some research, and I think you’ll be shocked at how many ways your credit report can affect your life…
6 Surprising Ways Your Credit Report Affects Your Life…
- A low score or other red flag can raise ALL your insurance premiums – including life insurance premiums.
- Your score can result in you paying higher interest on auto loans, home loans, charge cards and more. Imagine paying 20% or 30% more on a loan than your neighbor, just because you have a lower score. On a mortgage, it can easily cost you an extra 6 figures! FINRA gives a good example of how even a slightly lower score can cost you big time on a mortgage.
- You can get passed over for a job you really want because of your score.
- You may be required to put down a big deposit for utilities and your cell phone.
- Your score can make or break your chance to rent the home or apartment you want.
- Your score could even affect your love life. According to a survey reported in U.S. News, 9 out of 10 people consider financial responsibility an important factor when evaluating romantic partners. 30% of women and 20% of the men said they wouldn’t even consider marrying someone with a bad score.
And this is in addition to all the other downsides of using outside financing, from having to fill out nosy applications and pledging your first born… to inflexible repayment terms… to the possibility of harassing collection calls and repossession.
You Can Be Your Own Financing Source and Tell Banks and Finance Institutions to Go Take a Hike!
When you use the Bank On Yourself safe wealth-building strategy, you can also use your plan to…
- Gain access to capital when you want and for whatever you want – with no questions asked
- You can pay it back on your own terms and skip payments if you hit a rough patch – with no impact on your score and no late fees or collection calls – ever
- You’ll pay a competitive interest rate on the loans you take, but that interest ultimately benefits you
- Your plan can continue earning the exact same guaranteed annual increase and dividends – even on the money you borrowed (if your plan is from one of a handful of companies that offer this feature)
You can learn more about how Bank On Yourself policy loans work here.
One of the Most Empowering Experiences You’ll Have is When You Become Your Own Financing Source
Not convinced? Read 21 Reasons Clients Love the Policy Loan Feature of Bank On Yourself.
Then take control of your money and finances by requesting your free Analysis now.
You can fire your banker, bypass Wall Street and take back control of your own financial future. But don’t put it off another day! Click this link to get started:
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