Posts Tagged ‘FICO Score’

7 Steps For Rebuilding Credit

When many people think about credit repair, they think about “ removing negative“ from their credit report. Unfortunately, they stop there. What those people are missing is that there is more to improving your credit score than just removing negative items.

A portion of your score consists of credit utilization, for instance. So while removing negative accounts is great, you’ll be even better off if you can start building positive payment history too.

While many people focus completely on the “historical”aspect of credit repair (i.e. fixing things that have already gone wrong), a much better approach is to not only try to fix things from the past but also work on the future by attempting to rebuild credit.
And how exactly is that done?

Let’s say that you have some late payments, collections, charge-offs, and other negative items on your credit reports. It’s great that you’re attempting to clean up your credit by tackling those things, but there is a lot more that you can do that will help your credit score.
You might do something like…

1. Get a $5,000 or $10,000 line of credit added to your credit report using a merchandise card that reports to at least one major credit bureau. This will raise your high credit limit substantially and may help open the door for pre-approved credit offers.

2. Get a couple more credit cards, such as a sub-prime (high fee) Visa or MasterCard or a secured credit card. Whether you use one type of card or both, make sure that they report to the credit bureaus (as they are useless for rebuilding credit if they do not.)

3. Make regular purchases using your Visa/Master cards and run up manageable balances. Pay them off over the course of 10 months or so, and then do it again. This way you will build positive payment history. Do the same thing with the merchandise card to add to the positive payment history you are building.

4. Be sure to NEVER miss a payment or be late. If you do, you’re working against your goal of rebuilding credit. You must pay on time every time, period.

5. Make sure you are “OPTED IN” to marketing offers based on your credit and relationships with your creditors. This will help insure that you start receiving pre-approved offers as quickly as possible.

6. If you have any existing credit cards that are maxed out or have very high balances, consider moving the balances around or paying off some of the balance so that the usage isn’t so high (though the merchandise card account should help with this).

7. After you have started receiving credit card offers in the mail, pick a good one and apply.
You can also try starting with a department store card as sometimes these cards will be easier to get approved for.

The whole point of this process of “rebuilding” credit is to build up payment history and add new positive accounts to your credit report so that your credit will look better to lenders offering loans and credit cards with better terms. Most people will find that their credit score goes up as a result of their efforts, and in anywhere from 3 months to a year they will be getting all kinds of offers in the mail for better credit cards with lower fees and higher credit limits.

3 Credit Experts Share…

As you and I both know there is a ton of free credit building and repair information out there. But how do we separate or know whats valid, useful information and whats a scam, outdated, or just plain wrong? Luckily thats one of our goals. To find, create, and distribute highly effective and actionable information that you can start using right away.

I asked three very well known credit experts one simple question. “What are 2-3 habits that everyone building or rebuilding credit should have or adopt to be successful.” There is so much content out there that is either out of date, misleading, or simply wrong and on of our goals at CR Publishing is to provide a place for the consumer to get honest and effective credit repair help and information!

Many of you know Dan Sater. Dan has been serving as our “In-House” Credit Expert and answering all of your questions on our Members-Only Forum. Dan has also been in the credit repair industry for over 20 years and has helped thousands of his own clients and members of the CR Publishing Family build and rebuild their credit… Here is what Dan had to say when I asked him “What are three habits that someone should have or adopt when building or rebuilding their credit?”

It is hard to pick only three habits to have in building or rebuilding credit.

MAKING TIMELY PAYMENTS

The first must be to Pay Bills On Time!! If you are currently behind on a payment, you must stop the bleeding and bring that account current. A recent late payment will be devastating to building or maintaining a good credit score. If one has a great score, one late payment can drop their scores by over 100 points. Because this is so important, and we all have busy life where it is easy to forget about making a payment, I recommend that you use your banks autopay system to be set up to pay at least the minimum payment in case you forget to make the payment.

KEEPING CREDIT CARDS OPEN

Don’t close credit cards that you decide you don’t want to use. FICO has said for many, many years that you never, never, never get any benefit by closing a credit card – it can only hurt your scores. From a scoring point of view, any credit line you close will reduce the available credit limits and can lower your credit scores. If you have a number of credit cards you don’t want to use, (and they are paid off) put them in a drawer or another safe place. BUT, you need to take them out once, or better, twice a year and make at least a small purchase to keep them active and ensure that they will continue to be scored by the credit scoring model.

USING YOUR CREDIT EXCESSIVELY

The third bit of advice to build and maintain the best scores is not to charge your credit card balances anywhere near your credit limits. We call this maxing-out your credit cards.Let me impress how important this is for your credit scores. If you have good credit, no lates, collections charge offs or even public records appearing on your credit report, youwill lose a lot of points from your scores. How many points? If you have 5 or 6 credit cards and you max out those cards, you will see a point drop of 100 to125 points! This can take a perfect credit profile with no negatives reporting down from a prime, to a sub-prime rating overnight.

The second credit expert that we asked is Jose A. Rodriguez Jr. Jose is the CEO at Clean Slate Credit Solutionsand has personally helped hundred of people rebuild their credit, keep great credit, and even helps businesses build credit and get financing. Clean Slate’s mission statement is something that proves how dedicated they are when it comes to helping people with their credit. “Our mission is to help you escape credit prison and enjoy life with obtaining the credit you always wanted. With our “5 Plates to a Clean Slate” program, we will help you delete or correct inaccurate or unverifiable information from your credit report and empower you with the knowledge you need to maximize your credit scores.” Now lets take a look at what Jose has to say about building habits to build and rebuild great credit:

1. When building or rebuilding credit, you want to ensure that you are applying for the right cards. You can’t expect to get approved for an American Express or top tier Chase credit card, when your credit score doesn’t warrant that type of approval. I always tell my clients to start small. Get a secured credit card with their local bank or credit union, and possibly with Capital One & Discover who offer great credit builder/starter credit cards. They have to be able to show the top tier credit cards that they are responsible and can handle paying their credit cards on time. So in a sense, prove them selves. Even though they might have to put money down to get approved for credit cards in the beginning, it will be worth it in the long run because it is allowing them to get rewarded with a good credit score as they pay their credit card every month.

2. After getting approved for a secured credit card, you want to ask an immediate family member if they can add you as an authorized user to one or two of their credit cards. Please make sure that you are asking someone in your immediate family and not a friend. It has to be someone that you have an actual relationship with. The credit card that you get added as an authorized user to, should not have any late payments and should not be maxed out. By getting added to this credit card as an authorized user, you are adding the positive payment history and the length of history from when that card was open to your credit report. Imagine of the credit card is 10 years old, has a $10,000 limit and was never late. This would really boost your credit score and help you in the credit building process. I must add that you should never , I mean never purchase tradelines or authorized user accounts from a broker or another company. That is actually illegal since you have no direct relationship with person.

3. Now that you have one or two secured credit cards, and one or two authorized user accounts, (make sure they hit your credit report, usually within a month of applying and getting added), you want to continue to make on time payments and pay more than the minimum payment that is due. It is not necessary to pay off the entire balance, just make sure you do not go over 30-40% of the credit limit. If you have a $200 secured credit card, do not put more than $80 on the card or it can drop your credit score. Around the 6 month mark you paying your secured credit cards, you are going to ask the bank that you got the credit card from if they can switch the card to a regular credit card and return your deposit. Then, you want to apply for a department store credit card like Target or Kohls. Then in less than a year, you will have the credit score needed to apply for the top tier cards, like American Express and Chase.

So with these three steps, I promise you that if done correctly, you will build your credit properly and increase your credit score the right way. Another great tactic is that once you start applying for credit cards and are paying your cards on time & not maxing out your credit limit, you want to ask for a credit limit increase with your credit cards every 8 months. By doing this, it will increase your credit limit which will then increase your credit score.

Derrick Harper Sr.The third expert we heard from was Derrick Harper Sr. of Point Boosters Credit Repair
Derrick was kind enough to hop on the phone with me around 7pm and share some of his amazing wealth of knowledge (you might be seeing more from him later)! He even gave us access to a FB Live Video that answers the question and then goes into some super tactical solutions that you can go and implement right away to rebuild your credit.

[Live Better In 2017] Credit and The New Year

The new year is upon us and that means family time, celebration, and new years resolutions.

This might mean that you have the desire to have better credit and keep more of your own money. Or you might want to buy a house and qualify for a mortgage that fits your budget. No matter what that goal is better credit is often the way to achieve it.

BUT!!!

Almost no one takes action. Even some of our members that paid for a membership to have access to experts and to one of the most effective DIY credit building program out there do nothing!

I too am guilty of this at times. I have purchased marketing software or something before and never used it. One day I will find it and use it and its normally life changing.

Now. I am not saying that you should buy my system. It is not for everyone. It requires a determined individual that actually wants to live a better life. The Credit Repair Intelligence System gives you everything you need to do that. You still need to use it…

It is not for someone that wants a quick solution that will simply buy the product and look at it and never utilize the resources we provide. We have one of the most respected FICO experts in the country at your finger tips and a Dispute Generator (like what the pros use). Thats something that to my knowledge no other DIY credit building system out there offers.

What I will leave you with is this. If you know you need better credit (to buy a house, car, or simply keep more of your own hard earned cash) than you need to act. Give my team a call or email and we will be happy to discuss your options with us or with a member of our trusted credit repair organization network!

I hope everyone has a Merry Christmas, Happy Holidays, and a very Happy New Year.

P.S. If you know you need to get started right away with our highly actionable and proven system then click here. We are excited for you to join the CR Publishing Family and to help you live better in 2017!

P.P.S Have a question or don’t want to do it yourself? Shoot the team an email: Support@CreditRepairPublishing.com or call us 1.800.450.1248 and they will be happy to help!

$6 Billion+ Made Off You and Me. And I’m Not Happy!

How Do You Feel About 6 Billion From You and Me?
I’m NOT happy about what I have to tell you. I honestly looked like this kid getting a bath. Luckily I calmed myself down enough to tell you about it.

Ok so I don’t often rant. Especially in a blog post. But when someone sent me this article (now almost 9 months old) I was disgusted. I felt like I needed to share this with you right away!

An article by Heather Long at CNN Money dropped in January of 2016. The headline “ATM and overdraft fees top $6 billion at the big 3 banks” I will post the link to the article at the bottom of the post! So keep reading…

Now if you’re like me you are probably disgusted at this as well. ATM Fees are often refunded by smaller banks that you might be customers of so I don’t really want to focus on that right now. Even though charging you to access your own money is silly.

What I want to talk about is overdraft fees. The top three banks in the U.S. pulled in over $6 Billion. That’s $6,000,000,000+. But how does this happen? Well the faceless big banks, credit card companies, credit bureaus all spend millions (or more) on getting you the consumer to spend money. After all that is how they make money. Now if you are savvy and many of you are… This doesn’t really affect you all that much. But things can happen and some of us have been there.

If you have ever been in any credit card or other debt you know what I mean. Life becomes hard and it can even be embarrassing to have a ruined credit score, get calls from debt collectors, and to have the stress of debt on your shoulders. But to know that there are companies out there that are spending millions to keep you there and profiting BILLIONS off your pain and your family’s pain. That’s just infuriating. And it should be.

But just getting angry at the big banks is not going to help and its certainly not going to end the suffering. What will help is actually getting motivated, building great credit, and eliminating your debt. And thankfully there is a way to do that without having to sell an arm and a leg!

The Credit Repair Intelligence System and The Debt Free Bible work together to help you build great credit and to get rid of and stay out of debt! Not only that you actually spend less money when you have a great credit score.

Let’s do a quick math problem…

Let’s say you purchase a $200,000 home on a 30 year fixed mortgage at 6% interest instead of 4% (because of your credit score); that 2% is going to end up costing you a total of $88,000 over the term of the loan. Now think about how many “extra” years you’ll have to work to pay off $88,000 just because of an extra 2%. Now this is just one example. But think about everything that is based of your credit score. Car insurance premiums, some jobs you might be applying for, and so much more. You’re throwing money away with a low credit score.

So I’m not saying that you need the Credit Repair Intelligence System or even the Debt Free Bible. I get it they cost money and you might not be comfortable with that right at this moment. But at least get my free e-book! With it I will also periodically send some other reports about your credit and what it means to have a great credit score as well as some ways that you can start to develop better credit.

If you’re as outraged as I am at what banks and credit companies do to keep us in debt to them then you might want to check out our Starter’s Guide. I pay the shipping and handling for you but it’s a great first step to understanding how credit works and how it plays such a big role in your every-day life!

Feel free to shoot us an email support@creditrepairpublishing.com or give us a call at 1.800.450.1248 to talk with someone about building great credit! We would love to hear how we can help you build a better life, save money, and stick it to the faceless banks, credit bureaus, debt collectors, and credit companies!

Talk Soon!
-Alex F

Want to read the CNN Money Article?
http://money.cnn.com/2016/01/14/investing/atm-overdraft-fees/index.html

What Record? I Broke A Record In 2015?

Did you break any records in 2015? The answer is yes.

Ok well maybe not you personally. But the rest of America made 2015 the most traveled year in recorded history. This has a lot to do with low gas prices and a whole lot of other stuff that matters (but not here and not right now).

So 2015 saw more people traveling and that inevitably means more car accidents. The Senior VP of the Insurance Information Institute, Jeanne Salvatore, notes that “When the number (and severity) of accidents rise, claims costs increase.” This also means that the cost of everything else in the realm of auto accidents goes up. Salvatore says “Everything is costing more – from the size of claim settlements to litigation costs, medical costs to auto repair, which has gotten more expensive because people are buying more new, more expensive cars.” 

So you might be wondering at this point why am I here talking about auto accidents in 2015? Well the people that already know why should keep reading but for everyone else let me drop a quick (but important) knowledge bomb on you! Insurance premiums are going up as a result of increased travel and more accidents. And here’s the important part. The rates you get on your car insurance are not just based on driver history. Insurance companies take into account your FICO Score. And you guessed it. The lower your score is the higher your premiums are going to be. Now this isn’t always the case but overwhelmingly happens throughout the U.S.

Here’s the big takeaway. Whether you live in a state that does not allow your credit to affect your premiums or your insurance company doesn’t factor your score you are still wasting money on a bad score. Dan Sater, Nationally Recognized, Credit Expert and our Members-Only Forum Expert notes that having a bad score can cost you almost $40,000 over a 5-year period.

The truth is you need to have a good credit score. But there are so many faceless and greedy companies out there that are actively trying to keep your score low and drive you deep into debt. Don’t let this happen. We don’t want it to happen.

That’s why we created the Credit Repair Intelligence System and paired it with The Debt Free Bible. These two systems work to get you out of or keep you out of debt and to improve your credit score saving you tens of thousands of dollars. Imagine being able to save that money for your children’s college education, or save up for that dream house.

I am not going to lie to you. Building or rebuilding your credit can be hard and tedious. But it really doesn’t have to be. The Credit Repair Intelligence System is proven to work and has helped thousands just like you build great credit to achieve their dreams and save money.

kids with creditBut I understand it’s a big commitment to live a happy and debt free life. I’m not going to force you to be happy or buy your dream house. But I do want you to at least take the first step towards a great credit score. We developed a Starter’s Guide to Building and Protecting Your Credit that details some things you need to know about credit before you start. This guide is normally 50 bucks but I’m giving it away for $14.95 and I’m covering the shipping and handling for you because I don’t want anything in the way of your credit greatness.

To get the Starter’s Guide Just fill out this form and you’ll get free shipping!

You can also start with our complimentary e-book on the 28 Secrets That The Banks and Credit Agencies Don’t Want You To Know.

But if you are ready to completely get rid of your debt and build great credit to live your dream life then you need to get the Credit Repair Intelligence System and The Debt Free Bible. When you buy both you get the DFB for 50% off. You really cant lose since there is a 30 Day Money Back Guarantee. So stop wasting your time (and MONEY).

FICO Scores On The Rise… Lets Keep It That Way!

Can You Say The Same About Yours? I know I can…

FICO ScoresThe Wall Street Journal recently released an article detailing that the number of sub-prime FICO Scores is actually falling and recently hit its lowest point since 2005.

This can have a very interesting affect on the economy as more people have more buying power and can actually inject more money and responsible consumer spending into the economy making it stronger and stronger.

However, it might be a slippery slope. While it’s a good thing FICO Scores are on the rise how do we keep them above the sub-prime rates we have been seeing? It all comes from education. It’s a pretty safe assumption that a bad credit score, whether it comes from unpaid bills or lack of credit history, normally comes from a lack of consumer education.

So…

That’s exactly what we need to keep the levels of sub-prime borrowers below the all time high of 25% in 2005. And we have a proven system that is capable of helping you build and keep your score where you need it!

I’m not say that you need to get our system (that’s proven to work). If you’re content with your credit score right now and you don’t want to build or protect it that’s fine! There is plenty of fun and education materials and videos for free on our site that you can still benefit from.

But…If you are interested in getting and keeping great credit without using a credit repair company and without spending weeks, months, and probably even years of trial and error using “free” out-of-date content you find on the internet then the Credit Repair Intelligence System, The Debt Free Bible, and The Starter’s Guide To Building and Protecting Your Credit are essential.

We did all the trial and error for you and spent a pretty penny doing it. All so you can have the credit score and debt free life that you want to live. So if you are ready to have the life you want and deserve order right now. (I’m even gonna cover shipping when you add the Starter’s Guide to your order).

If you are not ready to do it yourself call us to talk about your options! The consultation is free and can often be the vital first step to better credit and a better life. Call us 1.800.450.1248

Start with our complimentary e-book to find out some of the secrets the banks and credit bureaus don’t want you to know…

Want to read the Wall Street Journal Article:

http://www.wsj.com/articles/consumers-improving-credit-scores-give-banks-reason-to-cheer-1466587801

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.

Does Credit Scoring Hurt Your Brain?

Credit Scoring methods. Why are they so confusing? Read the rest of this entry »