That’s right I’ve held off and at times have been accused of being stubborn (of course that is just one woman’s opinion! ) but we can no longer wait nor deny that Facebook is right behind google for taking over the world!

Ok ok, maybe yes and maybe no, but I do know this… that it surely will be a great place to talk with so many of you wanting to know more about credit scores, debt settlement and what all you can do to improve your credit.  We’ll be adding alot of info and just daily things like testimonials and blurbs from other members that might help you improve your credit situation!

As a matter of fact you need to check out Troy’s email about his credit score jumping from 540 to 712!! CLICK HERE to read about how it’s changed his life!  I hope you’ll join our NCF fan page… you can ask questions, get some answers and learn about all the crazy things the credit bureaus are doing!

See you on facebook!   if you’re a twitter fan follow us on http://twitter.com/HerschelBentley

Be Bold!

Herschel

I just got back from spending a few days in Savannah, GA for my wife’s birthday (I’m not suppose to tell you her age!!) But what a great town.  We stayed at a Bed and Breakfast that was built back in 1862.  There is so much history in that town, so much Civil war history with the big names like General Lee and others who lived or stayed in the area during the war.  The food…WOW that was a really good time!

As I got back into the groove this morning I had several messages and one woman has called me wondering if she should begin the credit repair process with us by asking the question “Is credit repair really needed in my case, I mean won’t my scores go up over time?”

Now I must warn you that I am a bit biased but I do try to give a fair assessment to this question and in answering  this question it might be best to rephrase it and ask a few other questions first.

Now I have to be honest here and tell you that my first reaction at times is to reach through the phone and grab you by the scruff of the neck and shake you like a rag doll to knock some sense in you but I refrain from this immediate knee jerk reaction.

A discussion on a well guarded secret to keep your credit scores suppressed…

One of our consultants popped in yesterday afternoon to drop off a deal (a good thing).  He was telling me of a situation he ran into and wanted to know what kind of an effect it could have on his prospects credit score.

Well the situation was a $110k line of credit which had a balance of 96k.  This particular credit line was rated R-1 paid as agreed.  A perfect rating, right?  or was it?

Unfortunately we see this kind of thing all the time…

Is there anyway to understand the FICO scoring system?

That is the hundred dollar question!  The FICO score created by the Fair Isaac Company is one of the most shall I say “guarded” secrets at the credit bureau’s.  So much so that even senior executives under oath, have sworn they do not fully understand the exact reason for score movements under certain circumstances.

I mean why does one persons credit score who is at 750 drop 15 points with one 30 day late on a charge card and other person’s whose score is at 650 drop 50 points with that same 30 day late?  No other derogatory is reported yet Mr 650 had three times the point deterioration than Ms 750!

Fair?  Well, the truth is that there are so many factors that have been put into this system that the average persons head will spin (even the not so average) like a top trying to figure it out!

Today’s posting will give you the FICO credit score breakdown.   Knowing what to do and the areas to focus on when rebuilding your credit or if you’re looking to increase your credit scores can be the difference between success and failure.

The term credit score usually refers to your FICO score, a number based on a formula developed by the Fair Isaac Corporation, which looks at a summary of all your credit accounts and payment history. Your FICO (credit) score determines your access to and cost of credit. Most lenders use it as the main basis for loan or credit approvals, so the higher the better and the lower the more problems. FICO score ranges from 300-850, and Fair Isaac calculates them for each of the three big credit reporting agencies: Transunion, Equifax, and Experian.

Here’s how your score is determined:

4 important factors about your credit report

If you want to be successful financially, your credit report can be one of the most important tools in your arsenal. A good credit report opens doors to opportunities others do not have, such as getting a small business loan or investment loan.

Protect the following detailed items in your credit report like gold!

1. Personal Information Section: This area discloses things like your names, surnames, known aliases, Social Security number, date of birth, your current address and previous addresses, place of work, name of your spouse, open credit accounts, judicial cases and any public document, like bankruptcy and mortgage execution (foreclosure).

This tells a creditor about your character and habits.  They can make assumptions, like changing your residence every few months might show some instability.  If your employment changes often, this might show a bit of a compromise in your ability to pay your debts.