Credit scores and credit repairs! Click here for more information to get you on the right track!
May 2017
How Credit Score Is Determined Part 1 – Utilization Ratio
Have you ever been denied for an auto loan, or had to pay a high interest rate on a credit card? It may be because your credit score was not high enough. The unfortunate reality is that far too many people don’t know their credit score and the factors that come into play in determining [...]
April 2016
Top 5 ways to make your credit great again
So you’ve found yourself in the position of having not so great credit. Well here are my top 5 ways to make your credit great again. One thing you need to realize is repairing your credit will take time and a lot of patience. Personal finance columnist and author of Your Credit Score, Your Money [...]
Top 5 ways to make your credit great again
So you’ve found yourself in the position of having not so great credit. Well here are my top 5 ways to make your credit great again. One thing you need to realize is repairing your credit will take time and a lot of patience. Personal finance columnist and author of Your Credit Score, Your Money [...]
June 2015
Rental Payments and Credit Reporting
Credit history, scores may improve with bureau changes. According to a study in May by the Consumer financial Protection Bureau about 45 million adults in the US don't have any credit scores. It's a huge issue since your credit scores are used by lenders to determine eligibility for credit and what interest rate you qualify [...]
November 2010
Credit Scores … Real Time?
I talked with a member a couple days ago that was totally frustrated with the credit bureaus and the whole credit scoring process. Hmmmm…sound familiar? Jack’s situation was that he had paid off several bills with a bonus check from work about 10 days ago. He had called the three credit card companies involved and verified he had indeed posted the payoffs which totaled almost $6000. He then had his mortgage broker pull a new credit report thinking he would have the increase in credit score that he thought the payoffs would give. He only needed about 17 points to qualify for this loan but was told that his scores had actually gone down 2 points from a month prior. Well this is what prompted Jack’s call. He was confused and upset that he had read something I wrote previously about how FICO computes credit scores. He thought that by freeing up his credit lines and paying down the debt would help his credit scores. Was he right? […]
October 2010
FICO or FAKE-O credit scores
Experian and Transunion have been playing the game for some time but now Equifax has jumped into the selling of FAKE-O credit scores. They just couldn’t hold off adding this USELESS product to add to their bottom line! Now all three of the credit reporting agencies are in the business of pushing the FAKE credit scores to the unknowing consumer who thinks they are buying their FICO scores. Shame…Shame…Shame is all I can say. I mean really what is the purpose in selling you a credit score that not one single lender cares about? […]
September 2010
FICO provides a bankers view
On occasion, I am asked are things better or worse? When it comes to “credit things” I think a higher percentage of people are trying to tackle their budgets by keeping their spending down to align more with their income realizing the tapping into their homes equity days are over, at least for the time being. Many people are tackling any bad credit they may have incurred realizing that any costs of credit repair are a drop in the bucket compared to just letting any bad credit stay on their credit report for 7-10 years. People are trying to be as responsible as possible to increase their credit scores because the reality is […]
July 2010
Credit scores are in a downward spiral!
Everyone has suspected that the average credit scores have been falling. The economy has given a serious black eye to credit and credit scores and now we know how much! FICO.com has just reported that 25.5% of the US population that use credit now have a credit score of 599 or less. That’s a whopping 43.4 million people in this category. In the past about 15% or 25.5 million have been in this category which means that over the last 2 years there are been an increase of 17.9 million people fall under a 599 credit score which is a whopping 70% increase! Overall 35% of the population are at a 649 credit score or less. What does this mean? Basically, look at the person to the right and look to the left and the dirty truth is that one of the three of you cannot buy a house nor car and are considered unworthy of credit by many lenders and are in need of help with credit repair. […]
June 2010
Does bad credit cost me money?
Really, the better question should be “How MUCH does bad credit cost you? In a word…TONS! Your FICO scores are determined by a number of things but most importantly how timely your credit is paid and the overall amount of credit used as compared to your credit lines available. Of course other factors come into play but these two play the most significant in determining your credit score. Your credit score for many lenders is the biggest factor if your loan will be approved at all and at what interest rate. To give you an example I was speaking to one of our members and he was telling me he had a credit score of 552 and over the last few months had increased his scores to 632. At first you might say not to shabby, an 80 point increase. I agree, an 80 point credit score increase is nothing to sneeze at and certainly looks like some solid credit repair has been under way! […]
May 2010
Is credit repair really needed?
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. […]