The Condition in El Paso, TX
Between the 300-plus days of sunny weather and assortment of cultural and recreational offerings, El Paso, TX is a magnetic city with a diverse population of residents. From the Abraham Chavez Theatre, in all its sombrero-shaped glory, to the Hueco Rock Rodeo annual festival, the area is truly a magnificent place to call home. Economic growth has been fueled by the presence of the University of Texas, Fort Bliss, and the Texas Tech Health Sciences Center, as well as the 70+ Fortune 500 companies that have made El Paso the 4th largest manufacturing hub in North America. But amid all of these exciting elements, comes one very troubling reality: El Paso residents are being crushed by poor credit scores, with an average score of 650. There’s a need for credit repair.
The median student loan debt of $14,715 and credit card debt of $4,935 are just two of the many hard-to-swallow factors that contribute to the regions’ bad credit scores. The FICO® scoring system yields a simple, yet powerful, three-digit number ranging from 300 to 850, and can give lenders and creditors a whole lot of insight about your financial situation. When you possess a poor credit score, it can negatively impact your purchasing power as lenders use your credit report to assess how risky it will be to conduct business with you.
How Does Credit Restoration Work?
Regardless of the choices that ushered you to your bad score, The Phenix Group is equipped with a group of analysts, who specialize in dissecting every facet of your financial picture to remove and correct errors on your credit report. Together with an independent law firm, The Phenix Group gives you the respect and care you deserve, creating a customized credit repair solution that tackles your unique challenges in the most timely and efficient manner possible. Our industry experience has given us the knowledge necessary to expertly negotiate with lenders to help boost your credit score and realize a healthy financial lifestyle for El Paso residents.
When Bad Happens to Good People
Your level of creditworthiness is measured by your credit score. Intentional or not, your financial actions can dictate to a lending institution whether or not you’re someone who is a good investment. Creditors view your past financial behavior, which is collected and calculated into a credit score, as a strong indicator of your future monetary actions – i.e. the likelihood of you defaulting or missing payments. Some items that cause your credit score to tumble into choppy waters include, not making payments on time, your total amount of debt (from credit cards, mortgages, judgments, etc.), the length of your credit history, the number of new accounts opened or credit inquiries made recently, and what type of credit mix you have.
The laid-back lifestyle and wealth of opportunity in El Paso can become problematic if you begin maxing out credit cards or neglecting to pay that stack of bills piled on your bedroom dresser. Bad credit can happen to anyone; especially if you have to undergo an unexpected medical procedure or you’re suddenly laid off by your employer. Juggling the stress of any abrupt, unforeseen life circumstances with your family and financial responsibilities is no easy feat – and it can certainly lead to defaulting on a loan or filing for bankruptcy.
Common mistakes that will lead to bad scores:
- Habitually late on payments
- Filing for bankruptcy
- Having an account charged off
- Defaulting on a loan
- Closing old lines of credit
HERE’S WHAT YOU’LL GAIN!
Landlords, insurance companies, banks, credit card companies, and government organizations will evaluate your score before approving or denying your application. With a bad score, you’ll find it difficult to purchase a new home or get a reasonable insurance quote – and even if you are approved, you’ll face extremely high interest and premium rates. But, there’s good news for residents; you do not need to be defined by your bad scores forever. With The Phenix Group’s credit repair, we can build personalized solutions, from quick fixes to complete rebuilds, to restore your financial standing and improve your score.
Purchase your first home
Own your dream car
Get a business loan with a low interest rate
WHAT OUR CLIENTS
HAVE TO SAY ABOUT US
The Phenix Group is a legally compliant credit repair El Paso company that recognizes how demoralizing it can be to have a poor credit score interrupt your life. If there’s anything we love more than El Paso’s vibrant Mexican heritage and flavorful cuisine, it’s the fulfillment we receive each time we help restore someone’s financial well-being by improving their bad score. Addressing our customer’s credit challenges and watching them make life-changing transformations as they finally obtain that condo or car they’ve been fighting for, is the reason we treat each person with the level of care and respect they deserve.
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