repair credit score

August 31, 2011

Credit Repair: Credit Score Secrets

Filed under: Repair Credit Score — Tags: , , , — @ 8:54 am


Credit Repair: Credit Score Secrets

FICO – More Than Meets the Eye

Fair Isaac and Company is the developer of the FICO score, the credit score used by most lenders today. The exact formula is not published, but Fair Isaac offers a breakdown of the categories of influence, and the relative importance of each. The breakdown is a helpful starting point for anyone in credit repair mode who wishes to optimize his or her scores, but it is only a starting point…

Credit Repair and the Logic of FICO

If you are in a credit repair program and aspire to optimize your credit scores it is handy to understand the logic behind the scenes. Fair Isaac is in the business of providing lenders with a measure of the risk they will incur in lending you money. Fair Isaac has spent years analyzing the implications of every measurable behavior and developed a formula to communicate risk with a single number. Here is a breakdown of the components of the FICO score along with some powerful tips you can apply to your own credit repair efforts.

Pay History

Your pay history makes up 35% of your score. Clear enough, but let’s take a moment to understand the implications. A late payment is an indication of financial stress. Financial stress translates into risk of default, and FICO communicates this risk to lenders by reducing your credit score. A lower credit score says, “don’t lend to this person.” But there is more involved. FICO weighs recent late payments more heavily than older late payments. A brand new late payment can send your credit score to a level that no lender will consider. On the other hand, anyone in credit repair mode should be happy to hear that the impact of a late payment fades quickly as time goes by.

Balances – Installment

Your account balances make up 30% of your score. Both installment and revolving accounts are considered. Let’s take a quick look at installment debt before discussing the far more important category of revolving debt. When installment debt, such as a car loan, appears on your credit report FICO sees it as an unknown and drops your score to warn lenders of the new risk. After a few months FICO acknowledges your ability to manage the payments and adjusts your score accordingly. Not a big credit repair concern.

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Balances – Revolving

Revolving balances are tricky and may hinder or help your credit repair efforts more than you think. You can clean up your credit report, pay your bills on time, and still end up with a miserable credit score. FICO puts a huge emphasis on the relationship between your balance and your high credit limit. The latest FICO model acknowledges six balance-to-limit ratios: 20%, 40%, 60%, 80%, 100%, and the deadly over-100% category. The two lower tiers will increase your scores, the middle tier is neutral, 80% is bad, 100% is awful, and as for the deadly over-100% category – I think you get the message.

Credit Repair and Your Balances

People often get a credit card, and quickly use it to the limit. Sounds like fun! Unfortunately, a new account with a high balance is credit repair suicide. The new account warns FICO about unknown stress on your budget, and the high balance says that you are out of control. This may not be the case, but big brother is watching and he doesn’t like what he sees. But there is some good news too. If you take that same new account and keep the balance below 20% of your high credit limit for 6 months FICO will think you are fantastic and reward you accordingly. This is solid credit repair gold.

The Age of Accounts

This category makes up 15% of your score. There are a few credit repair angles here. There is nothing you can do about the age of installment debt; when it’s paid, it’s done. But revolving accounts are a different story. FICO loves old accounts as much as it worries about new ones. Many people start a credit repair effort and cut up their credit cards; a strategic error. Generally you would be advised to keep your accounts open. There are exceptions. If you have lots of established credit cards you should close the inactive ones. There is a bit of a balancing act; too many cards work against your score.

New Credit & Inquiries

This category weighs in at 10% of your score. If you are planning to apply for a mortgage or a car loan soon, or are in a credit repair program and watching your scores, you should minimize your credit activity. New accounts will reduce your score, and an inquiry is interpreted as the intent to open a new account, so FICO will downgrade you to warn prospective lenders that there may be trouble ahead.

Type and Mix of Credit

This is the final 10% of the calculation, and not much of a credit repair concern. FICO does not publish their idea of the optimal mix of credit, but if you really want to know what the perfect 850 credit score looks like, here you go! One mortgage over 5 years old, two car loans more than halfway through their life span, and five credit cards over five years old with balances under 20% of the high credit limit will take you to the summit!

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.



August 29, 2011

Credit Report Repair: Strategy #6 Add Good Credit

Filed under: Credit Report Repair — Tags: , , , , — @ 7:53 am


Credit Bureau credit score improvement can be accomplished by adding “good” credit. The credit bureaus often add incorrect bad credit to your credit reports resulting in lower scores, so add good credit to your scores.
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August 27, 2011

Credit Repair Secrets REVEALED!

Filed under: Repair Credit Score — Tags: , , , — @ 6:59 am


www.AttractiveCredit.com or call 800-605-9085 for FREE consultation. Please rate, subscribe and comment. Thanks! Credit Repair Secrets REVEALED! Visit us on our website and receive a free credit repair and restoration eCourse valued at dollars FREE. Increase your credit score…
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August 25, 2011

What is the quickest way to update and/or repair a credit report?

Filed under: Credit Report Repair — Tags: , , , , , — @ 5:52 am


Question by Ulysses A: What is the quickest way to update and/or repair a credit report?


Best answer:

Answer by Professional Peon
Pay off bad debts, keep no more then $ 100 bucks on a credit card assuming the max is $ 1000 or more. Have 3 or 4 open lines of credit between credit cards, phone contract, school or auto loans. Never have more then 2 credit cards, but preferrably just ane.Make timely payments.



Give your answer to this question below!

August 23, 2011

Credit Liaison Founder & CEO Begins Petition To Ask Congress To Change The Fair Credit Reporting Act To Benefit Consumers First Before Big Business Interest

Filed under: Credit Report Repair — Tags: , , , , , , , , , , , , , , — @ 4:56 am


Credit Liaison Founder & CEO Begins Petition To Ask Congress To Change The Fair Credit Reporting Act To Benefit Consumers First Before Big Business Interest

Credit Liaison Logo

Miami, FL (Vocus) March 17, 2009

Miami, FL March 16, 2009– Tell consumers “Credit Repair” is not a dirty word like the Federal Trade Commission (FTC), Creditors or the Credit Bureaus would have them understand. In the midst of a broke economy and over 1.5 trillion in bailouts with Consumer money, it yet remains hard for Consumers to address their credit issues. “Bad Credit is large business” says Anthony Martinez, Founder & CEO of Credit Liaison, a credit repair company taking the conduct on consumer advocacy. Credit Liaison has pose away a Petition seeking 100,000 signature asking Congress to revise the language of the Fair Credit Reporting Act so that it benefits the consumer better.    

Credit Liaison is leading a first ranging Consumer fight to help hard working Americans with their credit. Aside from the strongest techniques that force Creditors and the Credit Bureaus to delete negative inaccurate information from Consumer credit reports, Credit Liaison is asking Consumers to subscribing the Petition and get Congress to comprehend. “The facts are in and they’re not pretty at all” says Anthony Martinez. “If over 70% of the information the Credit Bureaus report is inaccurate isn’t that abuse? If Creditors re-age items on a consumer credit report for profit isn’t that fraud and abuse? Most Debt Consolidation companies are either owned or affiliated with the Banks who own Consumer credit card debts. They never tell Consumers that they will basically pay indefinitely if they use their services in some cases” says Anthony Martinez. Debt Consolidation companies report Consumers to the Credit Bureaus which actually has a negative effect on a Consumers credit report according to Credit Liaison sources.

“Indeed consumers need to be responsible and pay what they owe, but when over 70% of the information reported on a consumer credit report is inaccurate, what does that really say about the systems that are in place to fix it?” says Anthony Martinez. The legal remedy Congress has in play with the Fair Credit Reporting Act allows for $ 1,000 per violation according to the FCRA. “To a billion dollar industry that’s like throwing a pebble at an iron door” says Anthony Martinez. “Congress needs to make it more equitable for the Consumer. Raise violations to $ 5,000 or $ 7,500 per violation. Respond to acts of inaccurate reporting by Creditors by setting a violation limit whereas if they report more than say 50 accounts inaccurately in any given month, they are barred from their ability to report to the Credit Bureaus for a certain period of time.”

“The Fair Credit Reporting Act is comprehensive and identical confusing to the average American” says Anthony Martinez. “It is only right that they have a venue to turn to when they want to restore or address their credit issues without having to pay a lawyer $ 200 a hour to do so. Indeed every Consumer can repair their credit on their own but they can also fix their cars on their own or do their own hair. Most Consumers turn to the experts to get these things done and so many are now turning to Credit Liaison to fix and ask their credit reports.”

Credit Liaison is a credit restoration company built by litigation expert Anthony Martinez and is dedicated to helping populating fix their credit reports and address their debt problems. He is the President & CEO of Litigation Logic, a litigation support company that specializes in electronic discovery and digital solutions for complex litigation matters. He is also the CEO of Really Hot Music, Inc., an urban sovereign recording calling. As a consumer advocate Anthony Martinez and Credit Liaison as a whole are asking populating to sign their Online Petition even if they are not interested in fixing their credit to help sponsor other Consumers that need it.

Contact:
Anthony Martinez
Phone: (305) 529-7100

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August 21, 2011

Q&A: How Long does it take to repair your credit score?

Filed under: Repair Credit Score — Tags: , , , , — @ 3:51 am


Question by DREA: How Long does it take to repair your credit score?
I’m going to apply as a first-time owner and upon speaking to a mortgager I was told that I had to increase my credit score in order for them to work with me. or have 15% down payment of the home I wish to buy. Does it lull take years before the credit score is improved?

Best answer:

Answer by johnbntexas
1-3 years just kidding – buy things on credit and pay them forth ( early ) – subsidizing off any existent debt – get rid of credit cards you don’t need ( will improve debt to income ratio – also important ) it’s up to you how long it takes ALSO SHOP AROUND FOR YOUR LOAN standards vary a lotALSO A RE PO BOOM IS STARTING -people got loans they shouldn’t have which meaning standards are getting tougher – but it means that taking over existing loans will be easy ( always a good deal cause they will lower the rate to keep from foreclosing)



Add your own answer in the comments!

August 19, 2011

Is there a way that you can repair your credit report by timing disputes?

Filed under: Credit Report Repair — Tags: , , , , , — @ 2:55 am


Question by standman: Is there a way that you can repair your credit report by timing disputes?
I have heard that you can dispute debts at a certain time and that the creditos will not catch it and at certain times and it is cleared from your record. Who can I contact or can I learn how to do it myself?

Best answer:

Answer by Jealous1
You can do it yourself. There is no way of knowing which times the creditors will not catch it. They usually only let it go when they are in the busiest time of the year and you have no way of knowing that. Now also be aware that just because it falls off once when you challenge does not mean that the creditor will not put it back on. The creditor will do this usually if the debt is fairly new, like within the last 2 years.I know this because I have done this myself. And it worked for some of my debt.



What do you think? Answer below!

August 17, 2011

Q&A: how do i repair my credit report and score within a year?

Filed under: Credit Report Repair — Tags: , , , , , — @ 1:51 am


Question by theboyslover: how do i repair my credit report and score within a year?
within the next year i need to be able to take out a living expense loan for graduate school by myself without a co-signer. i have about 8 student loans, all deferred and 2 hospital bills and a credit card on my credit with a score of 576.

Best answer:

Answer by zebj25
Realistically it probably isnt going to happen. First, your credit score is too low. You are in the “poor” credit category. The only way to improve that is to pay off as much as you can and close the accounts. Hospital bills are an easy one, and you must pay them if they are in collections. The student loan required to get paid off because they are probably huge and will dramatically impact your debt to income ratio. Basically, you need to pay off everything, and if it gets account, you may get a high enough impute score to get the loan. Part of the problem is that its also tough to answer this question more definitively because you didnt list your income or the amount of the outstanding loans. In a worst case scenario, grad school may have to wait until you’ve gotten a job and paid down the debt.



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August 15, 2011

Q&A: credit report repair, what is the best way to do this ?

Filed under: Credit Report Repair — Tags: , , , , — @ 12:53 am


Question by silly willy: credit report repair, what is the best way to do this ?
OK, I”ve tried this before and some companioned said they would do it for so much a month. They did little to nothing. I don’t objecting logging on to annualcreditreport.com or one of those, but I want to use one that is REAL. Any helpful suggestions ?? thanks

Best answer:

Answer by boobookittyfck37
go to truecredit.comThey have sample letters that you tin write and send to the individual credit reporting agencies. They also have addresses and other contact info for them.



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August 12, 2011

The Hidden Benefits of Fast Credit Report Repair

Filed under: Credit Report Repair — Tags: , , , , , — @ 11:54 pm


The Hidden Benefits of Fast Credit Report Repair

If you are looking for fast credit report repair, it may depend on your estimate of fast. There are no miracle cures that will as if by magic improve your credit report overnight. While on that point are software programs, consumer advocates, credit repair companies, and loan programs that can assist you to get rid of debt, you must give a concentrated effort.

The first step for fast credit report repair is to determine how bad or good your credit report is. If you have computer access to the internet you can receive your credit scores online for Experian, Equifax, and TransUnion. This can help oneself you to visualize what you want to do to repair your credit.

Every credit score company features a history of every type of credit that you have applied for and received as well equally the ones you have not received. The speediest means to clean up your report is to pay any outstanding debts. It will present that you paid it in full the very next time the reports are updated. It may establish that it personified a slow pay all the same, that is better than being delinquent.

If you cannot afford to pay the outstanding debt on your credit report, maybe a loan would be the resolve. One loan to consolidate total your debt and bills so that you make one payment and are on the direction to having a better credit bureau report. Fast credit report repair hinges on your ability to pay off your debt and only expecting for it to catch up to the credit bureaus to update your file.

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When you have taken in your credit reports and recognize what you are up against, you will receive a better idea of what you have to perform to fix it. You may opt to go with a credit repair company for help to repair bad credit. If so, make sure they are not hardly in the business to get your money and provide no help.

One thing you decidedly want to do is prevent from expecting to file bankruptcy. You wish to have a legal credit repair option and you do not want a rating with the credit bureaus that will forbid you from getting a loan if you need one.

The key to fast credit report repair is pay each your bills on time. Make A Point that loan companies, credit card companies, and any other debt that you hold is paid by at least the minimal on a weekly basis to take the credit load down. Check your credit score often, as often times information will be put on your credit report by accident. You do not desire to have someones debt on your credit file.

If a fast credit report repair company sounds too effective to be true, it in all likelihood is. Hard work, diligence, and control are going to make up the key to starting a whole innovative world of credit. You have to learn that simply because you take a credit card does not mean that you have to spend it to the maximum.

Just remember, it is like gaining weight. It is often better to put it on than to take it off. And So use your credit sagely and you will never have to retain the services of a fast credit report repair company.

If you would like more information on this topic and Fast Credit Repair or if you are in need Credit Repair Help, Beatlands Credit Repair has many credit repair topics and tips that can be very useful.




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