Archive for June 2016
Often it is hard to pin point one area of debt or credit repair to start. That is why when the Credit Repair Intelligence System was created it covered multiple topics. Its just the nature of the beast. Similarly, to building or repairing credit you can’t do just one thing. You often have to try multiple strategies at the same time.
The same goes for fixing debt! There is not one strategy that will fix everything. And experts would probably agree that you often have to use several and combine some strategies to be most effective.
That is why The Debt Free Bible combines 19 different strategies and secrets that are ready for you to discover right now. The Debt Free Bible is over 280 pages of knowledge that is ready to be absorbed.
But be aware…
This is not some fly by the night system. It actually took a little over 2 years and over $25,000 to create it. Our friends at Zodiac Publishing really created something special for the country here.
Just some of the methods can start helping immediately:
• Use the ”Method Matrix” to compare 19 get out of debt methods and pick the best one (page 222)
• Discover how to get one bank pay off another bank with the ”IR Method” (page 163)
• How to use the ”Overflow Method” pay off any debt faster (page 159)
• How to pay off your bills FASTER with no extra money using the ”RR Strategy” (page 167)
• Why the ”LBF Technique” gives you a psychological advantage to become debt free (page 169)
• Why the ”HIF Method” should be used FIRST on debts over 24% interest (page 171)
• How the ”Division Method” and a calculator can get you debt free 8 YEARS SOONER (page 173)
• Pay off your mortgage in only 6 YEARS with the ”AP Strategy”
But using just The Debt Free Bible or The Credit Repair Intelligence System is sometimes not enough. Luckily we are able to provide both for the ultimate debt fighting and credit building system.
Not only that but we are there every step of the way! Our Members-Only Forum, staffed by our Credit Expert Dan Sater (Check Out his Bio), is there for you to access and ask him questions! Having some guidance through the credit building or repair process is what separates us from the other guys. And now with The Debt Free Bible you can build the debt free life that you want and deserve for you and your family.
What Our Lawyers Make Us Say: CR Publishing publishes and provides quality and actionable do it yourself products and information to consumers who want to improve credit and/or to get rid of debt. The articles and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.
FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
The FCBA is really a part of the more extensive Truth in Lending Act and it regulates how creditors are supposed to behave and allows you the right to request large amounts of information regarding your billing and payment history.
One provision of the FCBA is often not utilized because it can be confusing to understand from the general wording. This provision is actually the foundation of a great credit repair tactic.
The provision essentially states that an individual has 60 days to dispute an unauthorized charge. This seems pretty straight forward. However, in the summary of the tactic, we did not request a disputed charge. The tactic that we want to use here involves another provision of the law- the “Information Request”, and this is a broader term that is not restricted by a limited time period.
The FTC summarizes the statute’s prohibitions as: “unauthorized charges; charges that list the wrong date or amount; charges for goods and services you didn’t accept or weren’t delivered as agreed; math errors; failure to post payments and other credits, such as returns; failure to send bills to your current address — provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends; and charges for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.”
As you read the list of requirements the FCBA, just imagine the credit repair possibilities. Consider something like this…
“In compliance with the Fair Credit Billing Act you are obligated to fulfill with my request for documentation to substantiate the reporting of my account to the major credit reporting agencies. Please provide documentation on how you charged my account, how you calculated the interest rate, as well the full accounting history of where you mailed each of my bills. If you are unable to comply, then please remove your reference to this account from every reporting agency you have reported to. Your expeditious compliance is expected.”
The above example from DisputeSuite.com is considered an “information request” and is something no creditor wants to mess with. Creditors are in the business of lending money and not dealing with credit reporting information. So instead of wasting their time with finding all the requested information, they will often simply remove the marking.
While FCBA was created to assist consumers with current account disputes, it is actually very effective with older derogatory marks. No company wants to be accused of breaking the law even if it was a few years in the past. This is especially true of creditors. Creditors are highly motivated to avoid even the hint of a lawsuit or some public embarrassment.
So this is something to keep in mind when disputing with creditors. You will want to ensure all the below stipulations are met, otherwise request they stop reporting the account to the credit bureaus.
• The account was created at your request.
• Every item billed to an account was billed correctly.
• Every statement was created in a timely manner.
• Every statement was sent to the correct address.
• The creditor never ignored change of address requests.
• The creditor never ignored disputed charges.
• Ignored change of address requests, or disputed charges which weren’t facilitated correctly didn’t contribute to negative credit reporting.
• Interest and late fees were computed in accordance with federal law.
• The creditor didn’t break their contract with their customers in any way.
Remember one of the FCBA’s main credit repair uses is to allow you to request broad amounts of information from the creditor on your account history. It is not asking for verification of the account or making a claim—it is asking for a boat load of information.
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but get too many cards or carry balances and it starts to lower your score.
To learn more and how to improve your score read on…
Consumer credit scores clearly take into account the “mix” of credit types and items consumers have on their reports. This part of the credit score is affected by what kinds of accounts a consumer has and how many of each.
The bureaus will score someone higher, for example, if they have an open mortgage, 3 credit cards, 1 auto loan, and a small amount of other open accounts. Low balances and available credit as well as timely payments are also large factors. So having a few cars is beneficial.
But, if a consumer has a ton of credit cards, their scores will be lowered.
If they have several mortgages, their scores will be lower.
Any “unhealthy” account mixes lower their scores.
The preferred number of credit cards appears to be three. This means a consumer will actually have a higher credit score if they have three open credit cards than if they have more or less than three open.
If you have more DO NOT run out and cancel your cards just yet.
Remember, 30% of the score is comprised of balances in relation to credit limit.
So if you have too many, keep your cards open, but focus on having three large balance cards and pay down the balances on time for maximum impact.
Click here to read more about our products and services to help you to get rid of debt and to build healthy credit so that you can have more of what you want out of life.
Your credit score is usually based on five overall factors: 1) credit utilization, 2) payment history, 3) the age of your accounts, 4) the types or mix of credit and 5) credit inquires.
Credit Utilization Rate
Credit usage is, according to many sources, approximately 30% of your credit score1.
Your credit utilization rate, also known as your balance-to-limit ratio compares your total balances to your total credit limits. Generally, the higher your credit utilization (the more you owe vs. the amount of credit available), the lower your credit score will be.
So two key ways to raise your credit score are to pay off your debt as quickly as possible, or shift your balances to a low interest rate card (provided you don’t already have too any cards).
Transferring a balance from one credit card to a new card may add an inquiry to your file, which could cause a temporary but usually small decrease.
However, you if you aren’t taking on new debt and you are increasing your available credit, this should decrease your total balance-to-limit ratio, which may increase your credit score.
Age of Your Credit Accounts
Your credit history accounts for 15% of your credit score1.
Generally, the longer your credit history the higher your score. That’s why it’s important to establish credit early and to make it a habit of paying ON TIME>.
Your credit history is calculated by taking the average the length of your credit accounts and the age of your oldest account.
Balance transfers between existing credit accounts typically won’t impact your score in terms of your credit history. However, when you apply for a new credit card your age of credit will decrease.
Also, if you close a credit account after transferring its balance that can impact your score because it will reduce the overall age of your credit accounts.
Credit Inquires and Why They Matter
New credit inquires make up 10% of your credit score1.
Each time you apply for a new credit card, a “hard inquiry” is placed on your credit report. Hard inquiries from credit card issuers remain on your credit report for 2 years1.
According to FICO, inquires generally only drop a credit score five points or less depending on the other information in your credit report. Too many applications for credit cards can harm your credit score and reduce your chances of approval because it often indicates you pose a higher lending risk.
It’s important to remember that any change in your credit use can affect your score, but over time this could be a positive change. Credit scores frequently move up and down frequently to reflect the information changes within your credit file. Checking your credit score is a good way to keep track of changes to your credit and monitor the impact of positive or negative events.
When considering a balance transfer it’s important to look at the big picture and read the fine print carefully. Understand all the costs involved and think about the cost of the balance transfer versus the long-term cost of carrying high interest debt.
Legal Disclaimer: CR Publishing provides quality and actionable do it yourself products and information to consumers who want to improve credit and/or to get rid of debt.The articles and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.
FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
When you have high interest credit card debt, a balance transfer can be an enticing but dangerous offer (especially in the summer when you want to get away).
If you have a small balance and only one or two credit cards accepting a balance transfer offer and a new card might increase your score…since you now have more available credit.
Click here for more on a better mix of cards and credit.
So you may be able to take that vacation AND in the long run, improve your score.
while a balance transfer can save you money in the short run, it’s important to consider the overall impact of a new card and a higher balance on your credit score.
How a balance transfer will affect your credit score depends on several factors, including:
>The total amount transferred to the new card
>Your new available credit limit as compared to your available credit
>If you’re transferring to pay off a credit account in full, and
>If you close a credit account.
And remember, that closing an account will not remove it from the credit report, so it will be calculated into the score. The closed account can be used to determine length of credit history and also payment history which can be very important to overall score.
Of course, paying off the balance after you transfer may also positively affect your credit score.
So this summer be careful not to open too many cards and avoid increasing your credit card debt BUT consider a low percentage balance offer if you can pay it back fast and you have two or fewer cards. The specifics of how FICO calculates the score are complicated so for more information about balance transfers and your FICO score CLICK HERE to see part two of this article
Legal Disclaimer: CR Publishing provides quality and actionable do it yourself information and products to consumers who want to improve or build credit and/or to get rid of debt. The articles and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.
FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
The short answer is yes. In fact, it can be a great way to avoid late penalties and taking a hit on your credit score while you are on vacation or traveling to an area that you wont have the ability to pay your credit card bills. Many companies and lenders, including Discover and Barclays will allow you to switch your due date as long as it is within that billing cycle.
How is this useful though? In the past if you were traveling you either had to have access to the internet to pay online or pre-pay your statements to avoid any late fees or score penalties. This might still be a great option though because pre-paying statements and getting those balances paid down can free up more spending power without having to worry about going over that magic 30% number we have talked about so many times.
But If you are unable to pre-pay or you know that your budget depends on a check coming in you are able to move that due date and still make on-time or early payments before, during, or after your vacation.
It is important though to stick to your budget each month and especially for your vacation. Be sure to check out 3.5 Tips To Keeping Your Wallet & Credit Safe This Summer before you plan your next summer trip.
Be sure to also grab your copy of our free e-book on 28 credit secrets that banks and credit companies don’t want you to know!
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We have all been there. During the summer or during holidays our credit limits get all used up. We all know that we should really try to keep spending under 30% of our limit each month. Things happen though and sometimes we go over. Yes this can and if you do it often enough WILL hurt your credit score.
Here’s the good news though…
If you have been making regular payments and have a fairly established history on your cards, you can actually ASK for a credit line increase. Increasing your credit line will reduce your credit usage and improve your Utilization Ratio. Thus you will see a relatively fast credit boost. And it will free up some room on your credit line for those budgeted vacation expenses.
Here’s the bad news…
If you don’t practice self control when it comes to your spending, it’s a really fast way to rack up a lot of debt. Now that you got that nice boost in available credit you need keep spending down. And always make sure you are paying your card regularly and if possible paying your entire statement balance each month!
Why you should do this before you travel: Well traveling can be expensive and this might be one of those out of the ordinary months where you spend over 30% of your credit line. If you have been saving though and have the money to pay for your vacation, you now need to have the credit. A boost in your credit utilization can free up your credit line for travel and other vacation expenses while either boosting your score or keeping it where it is now. And that’s a whole lot better than your FICO Score taking a hit when you are trying to enjoy your much deserved family time.
One more thing before you go outside to enjoy the summer weather this weekend… A lot of building and keeping a great score is self control and perseverance. The system is complex and can be confusing at best. But keep at it! Always keep working and never give up even if you feel like you have hit a wall. And remember it takes a lot of self-control to keep that score up.
Keep your card safe during your summer travels.
While the U.S. leads the rest of the world in credit card fraud it can happen anywhere. But that doesn’t mean we should make it easy or let it happen.
Whether you are going to be traveling internationally or domestically it is important to follow a couple safety measures to keep your card out of the hands of thieves and criminals.
One of the most important things to do pre travel is to notify your bank and your credit card issuer of your itinerary. This is especially important if you are going to be overseas and can’t easily reach your card company. Give them where you will be each day. Not only will this protect you it will also prevent their security features from shutting your card down unexpectedly.
You also need to pack smart. Especially when traveling to another country. Chances are you are not going to need every single card in your wallet when you are traveling. The risk is not worth having those cards with you. Generally, you should have your credit card that you have decided to use, maybe a bank card, cash, and maybe a backup credit card. Having extra cards that you are not going to use is just asking for trouble. If you lose your wallet or one of those cards falls out its more trouble that you have on a vacation, you are using to get away from it all… So stop making more trouble for yourself.
A little while ago we wrote about the U.S. switch to chip card. (Check Out That Blog Here) Luckily this is the norm with the rest of the world and has been for sometime now. It is important that while you are traveling in the states and even just with every day purchases that you always take advantage of that little chip in your card. A 2015 study showed that in 2015 the United States accounted for 47% of the world’s credit card fraud while only accounting for 24% of the world’s card volume. With EMV Chips this will go down. So if you have the option always use the EMV Chip Reader.
Protecting your credit shouldn’t be hard. And it certainly doesn’t take paying a company $50/ month for ID Theft Protection. Get the Starter’s Guide for Building and Protecting Your Credit.
If you are ready to unleash your full credit potential discover the Credit Repair Intelligence System.
For sources and to read more on card fraud in the U.S. go to
Read more: http://www.nasdaq.com/article/credit-card-fraud-and-id-theft-statistics-cm520388
But if you plan smart and ahead of your vacation you can have just as much fun and keep your credit and wallet intact.
1) It’s a smart idea to lower any debts well before the planned vacation. – Part of what makes up your FICO Score is Credit to Debt ratio or your utilization ratio. This really means how much of your credit line are you currently using? Paying down your balance frees up more of your credit line to use. Traditionally we should be spending between 10%-30% of your credit line. But remember… Never spend more than you have in the bank.
2) Create a daily cash or credit usage allowance: Having cash on hand is always a good idea. Especially if you are traveling internationally and have a card that charges International Transaction Fees. No matter what method of payment you are using you need to be setting daily spend limits. Basically make small daily budgets within your total budget.
- For example, plan to spend a total of $500 on food for the total trip? Maybe one day you will spend $30 and another you will spend $60 based off what you have planned for those days.
- If you go over your daily cash allowance or credit allowance dipping into the next day is alright but you will have less to spend later on. If you do need to spend over your daily allowance, try to spend that much less the next day to keep the rest of your budget intact.
3) If you ARE going to use a credit card on vacation (domestic or international) it is important to include those charges in your budget planning! When you get back from vacation and you get your card statement you will need to be able to pay for the transaction you made while on vacation. So be sure that in the budgeting process you take into account what your daily card limits are. Make sure you stick to them while on vacation, and make sure you move that money to a savings account or be sure to keep that in your bank before vacation to pay your bills after.
3.5) If you are traveling internationally and you have a card that charges International Transaction Fees you need to add about 5% for each transaction. This is important to take into account because by the end of your trip those fees can really add up and be a problem.
Its important to protect your credit this summer! The Starter’s Guide To Building And Protecting Your Credit can keep your credit in shape.
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