Even when you can still borrow or use credit, credit may cost more than it did before the events occurred which damaged your credit because your creditworthiness has changed to your detriment, not because rates have changed. For vehicle or real estate purchases or leases, for example a higher down payment or increased interest rates reflect increased out-of-pocket costs to obtain credit. Thus, if your credit card interest rate was 10% before the events and subsequently the credit card company has notified you that the rate will increase, this is an increase of out-of-pocket costs. Any increase of out-of-pocket costs will be considered when measuring credit damage. Note: If credit interest rate changes occur because of a general increase of rates, that is NOT credit damage.
Loss of expectancy differs from loss of capacity as it involves predictable and foreseeable future use of credit as distinct from credit capacity which involves the inability to continue to utilize credit as you could before damage to credit. Credit expectancy has to do buy ambien without a prescription with attaining future lifestyle goals, thus there can be loss of credit expectancy when you are unable to purchase the first real property, or upgrade of a vehicle, or obtaining a credit card limit increase as you had expected to be able to do.
Loss of credit capacity refers to the decrease of available credit and/or an increase in the interest rate for available credit, thus an increase in the cost of credit. Factors to be considered when determining whether there is a loss of credit capacity are: Because of the events which occurred, your access to credit such as credit cards, vehicle loans or a lease or mortgage became less available to you. Because of the events which occurred, you became unable to make timely payments and therefore your credit cards were cancelled or credit limit(s) were lowered. Because of the events which occurred, you have been denied credit to purchase or refinance property. If monthly payments have increased or the number of payments effectively increases the amount of credit now ‘affordable’ is decreased. Any or all of these factors may be considered when measuring loss of credit capacity as an element of credit damage.
Right now there are very few credit damage measurement experts because the specialty is still new, dating back only to 1995. As the viability of credit damages becomes better known, it is likely that there will be more qualified experts in the field. You might search the internet or your local library to find others in the field.
Ask your attorney to visit this website and look at the examples of the kinds of cases where credit damages have been recovered. You can also tell your attorney that there is an available MCLE seminar concerning credit damages and how they can be recovered with the assistance of a qualified credit damage expert.