Eastpoint Recovery Group, Inc.

  Do you have a balance that you would like to pay in full, but don’t readily have all the funds available? You’re not alone – In this post we will discuss alternatives methods to resolve your past due accounts.   Personal Loan  – Do you have a relationship with a local bank or credit union? If so, taking out a personal loan to pay off your balance may be a great option for you. As of right now, the cost of borrowing money is at near all-time lows. What this means for you is that you can pay your debit off in full, and then make regular monthly payments to your current loan. Many of our customers find this to be viable way to satisfy their accounts.   Utilize an existing credit card  – If you have another credit card that has the available limit, using that to pay off your account can help. Given that your current line of credit will have more favorable repayment options than a delinquent account, this tends to be a viable solution for most. If you have multiple...

  Yes, being aware of what percentage of your available credit is utilized is a big part of maintaining healthy credit. Credit utilization is the amount you owe on your credit cards divided by the available limit on the card(s). A good rule of thumb is to maintain a credit utilization of less than 30%. This shows that you can use your credit responsibly and are not overextended. If you are viewed by lenders as being overextended, you are less likely to be approved for loans, may pay higher interest rates and may be subject to a credit line decrease. This can be problematic. Say for instance you have $10,000 total available on your credit cards and you charge $7,000. This would put you at a 70% utilization… If one of your lenders decided to implement a credit line decrease of $2,000, this would now bring your credit utilization to 88%. This in turn would likely have a negative consequence with regards to your credit rating.

Credit inquiries are necessary when you are looking to take out a loan, or get a new credit card. An inquiry occurs on your credit report when you submit a credit application to a lender. This is the way that they check into your history to see if they will ultimately extend you a line of credit or loan. Just like anything else, in moderation, credit inquiries are not a bad thing. However, if lenders see that you have many inquiries in a short amount of time, it may raise some red flags. The idea is that if you have many inquiries in a short period of time, you are more likely to take on more debt, which in turn could compromise your ability to keep your accounts current. Always take this into consideration when applying for a new loan or credit card.

  It is no secret that COVID-19 has significantly impacted our world in a magnitude of ways. From wearing masks, to working at home, individuals losing their jobs just to name a few. Here at Eastpoint Recovery Group, Inc. we pried ourselves on understanding the unique situation our customers are in and working through those problems toward an amicable solution. While the pandemic has certainly landed some folks in a precarious situation that they are not familiar with, we would like to help. If Eastpoint Recovery Group, Inc, reaches out to you regarding a past due account, rest assure that you are in good hands! The staff at Eastpoint Recovery Group, Inc has well over 100 years of combined experience in helping their customers find their way out of debt. If you have a past due collection account in our office, call in to one of our trained staff members today and allow us to help you the way we have so many others.