Recent late payments are about the worse negatives you can have on your credit report.
Your payment history is the most important ingredient in compiling your credit score and recent negatives are the worst. They recede in power as they age.
We have found that it is often possible to get 1 or 2 recent lates removed from your credit report, just by asking!
This can get you a 20-50 point boost in just 30 days!
If you would like to get a copy of the letter we prepare for clients who want to use this technique, send a request to howtosolve@getresponse.com OR fill out form on the right.
Look for an email from wealthbuilder2@gmail.com in your inbox. You must click the link in the email to confirm that it was you who requested the information. You will receive additional financial tips in the future that will help you solve your money problems.
Sunday, June 7, 2009
Tuesday, June 2, 2009
Clean Up Your Own Credit Report!
We always recommend that you try to clean up your own credit report. It saves you money and is a good learning process. Click on the link at right and get a free copy of your credit report. You will need it to work with.
Here is a good book on self help credit repair written by the lawyers that we use for people who want professionals to clean up their credit for them. It is free! http://tw6.us/4f
If you would like to discuss your specific situation with me, or have us prepare a Validation Letter or some other credit bureau correspondence call me, Bill Young, at 646-961-3818
Be sure to listen to the radio show where I explain how to Kick The Bank in the Butt and escape from your debts without going Bankrupt!
http://MyMoneyShow.com
Here is a good book on self help credit repair written by the lawyers that we use for people who want professionals to clean up their credit for them. It is free! http://tw6.us/4f
If you would like to discuss your specific situation with me, or have us prepare a Validation Letter or some other credit bureau correspondence call me, Bill Young, at 646-961-3818
Be sure to listen to the radio show where I explain how to Kick The Bank in the Butt and escape from your debts without going Bankrupt!
http://MyMoneyShow.com
Monday, June 1, 2009
5 Credit Repair Surprises!
Here are 5 common mistakes consumers make regarding their credit scores:
My good credit will out way my bad credit eventually
Actually, good credit counts for very little on your credit report! They make money by reporting bad credit, not good credit. You have to deal with your bad credit to improve your score.
Negative Items have to stay on my report for 7-10 years
The law says that negatives should stay on no longer than 7 years, bankruptcies for 10 years. The law does Not say they Have to stay on that long. You can often have negatives removed as part of a negotiation.
Filing a Letter of Explanation helps
Such a letter does little to no good as computers don't read them! They simply report the number they see as your credit score.
Closing old accounts will raise my score
Closing old accounts should be avoided, even if they are inactive or contain negatives! The length of time your accounts have been open are a powerful factor in your credit rating. The older the better. An old negative, beyond 2 or 3 years, has very little impact on your rating.
Paying an old judgment or Charge-Off will raise score
It will probably Decrease your score! If you do not know what you are doing and make a payment on an old account, the date of the new payment becomes the "date of last activity" and now you have either a partial payment on a debt or if you paid it off in full, it will take 7 years from now, not the original date of the debt before it comes off your report!
Always be careful when trying to clean up your own credit. You just might make it worse!
My good credit will out way my bad credit eventually
Actually, good credit counts for very little on your credit report! They make money by reporting bad credit, not good credit. You have to deal with your bad credit to improve your score.
Negative Items have to stay on my report for 7-10 years
The law says that negatives should stay on no longer than 7 years, bankruptcies for 10 years. The law does Not say they Have to stay on that long. You can often have negatives removed as part of a negotiation.
Filing a Letter of Explanation helps
Such a letter does little to no good as computers don't read them! They simply report the number they see as your credit score.
Closing old accounts will raise my score
Closing old accounts should be avoided, even if they are inactive or contain negatives! The length of time your accounts have been open are a powerful factor in your credit rating. The older the better. An old negative, beyond 2 or 3 years, has very little impact on your rating.
Paying an old judgment or Charge-Off will raise score
It will probably Decrease your score! If you do not know what you are doing and make a payment on an old account, the date of the new payment becomes the "date of last activity" and now you have either a partial payment on a debt or if you paid it off in full, it will take 7 years from now, not the original date of the debt before it comes off your report!
Always be careful when trying to clean up your own credit. You just might make it worse!
5 Ways to Clean Up Your Credit Score Fast!
Here are 5 Ways You Can Clean Up Your Own Credit Score, FAST:
Start by getting a copy of all three of your credit reports. This way you will know exactly what the Bureaus are reporting about you and any problems with your Report.
You can get a free copy of your credit Bureau Report by clicking on the link in the top right column on this page!
Late Payments are the worst negative you can have, your record of on time payments is critical.
1- If you have a recent late payment on your report and you are still in good standing with the creditor, send them a letter requesting it to be removed. In this letter you reiterate what a good client you have been and give them a plausible reason you were late that one time and ask them to remove it. Most times they will to help maintain a good relationship with you.
The second most important reporting factor that affects your credit is your "Credit Utilization Ratio." In other words, what percentage of available credit are you using? Believe it or not, anything above 30% utilization begins to negatively affect your credit rating!
2- If you have a card on which you are using more than 30% of the credit limit, call and try to get the credit limit increased, which will lower the credit utilization ratio.
3- Another way to drop your utilization ratio is to pay down debt. X amount of money sitting in a savings account will be put to better use dropping your credit score than earning 2% in the bank!
4- Yet another way to lower your all important Utilization Rate is to Move High balances to lower balance cards.
Check your report to see how many Inquiries you have. These are inquiries by credit grantors. Some you have requested, some you have not. If there are more than 2-3 during the past year,
5-Write the Credit Bureau a letter, challenging several of your inquiries. It is cheaper and easier for them to remove them than fight.
Using these methods can give you a nice Boost to your credit score quickly and with little or no cost!
Learn how Credit Self Help Expert Chris Brisson deleted 19 negative items and boosted his credit score 135 in 19 days!
http://xxxxxx.37days.hop.clickbank.net
Start by getting a copy of all three of your credit reports. This way you will know exactly what the Bureaus are reporting about you and any problems with your Report.
You can get a free copy of your credit Bureau Report by clicking on the link in the top right column on this page!
Late Payments are the worst negative you can have, your record of on time payments is critical.
1- If you have a recent late payment on your report and you are still in good standing with the creditor, send them a letter requesting it to be removed. In this letter you reiterate what a good client you have been and give them a plausible reason you were late that one time and ask them to remove it. Most times they will to help maintain a good relationship with you.
The second most important reporting factor that affects your credit is your "Credit Utilization Ratio." In other words, what percentage of available credit are you using? Believe it or not, anything above 30% utilization begins to negatively affect your credit rating!
2- If you have a card on which you are using more than 30% of the credit limit, call and try to get the credit limit increased, which will lower the credit utilization ratio.
3- Another way to drop your utilization ratio is to pay down debt. X amount of money sitting in a savings account will be put to better use dropping your credit score than earning 2% in the bank!
4- Yet another way to lower your all important Utilization Rate is to Move High balances to lower balance cards.
Check your report to see how many Inquiries you have. These are inquiries by credit grantors. Some you have requested, some you have not. If there are more than 2-3 during the past year,
5-Write the Credit Bureau a letter, challenging several of your inquiries. It is cheaper and easier for them to remove them than fight.
Using these methods can give you a nice Boost to your credit score quickly and with little or no cost!
Learn how Credit Self Help Expert Chris Brisson deleted 19 negative items and boosted his credit score 135 in 19 days!
http://xxxxxx.37days.hop.clickbank.net
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