Credit Repair
Spin The Wheel of Chaos
by Veronica on Jul.15, 2009, under Credit Repair, Debt Removal
Here’s a fun little video I thought I would share with you… it’s interactive and it is much like the “Game of Life”. It depicts just that… how life and all its twists and turns sometimes takes us down the path of financial pitfall. So what are we going to do? Take charge and dominion over our financial lives, I always say where there’s a will there’s a way!
Simple Explanation Of The Credit Crisis
by Veronica on Apr.09, 2009, under Credit Repair
For those of you that are still trying to figure out the whys of the whole credit crunch, here is a video you must see. It will explain in a practical and simple way of how our nation is where it is at. Why are owners walking away from their mortgages, why the lending industry was so non-chalant with lending out money and now they tight as can be. Credit defaults, greedy investors, why we are all affected. Despite all the distress and people’s credit and finances being plundered, we still have a choice …What will you choose to do? Will you be part of problem or part of the solution?
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
New FICO Scoring System Developments In the Works
by Veronica on Feb.15, 2009, under Credit Repair
I was sent this by email from one of our associates, it is good info to forward others as to the severity of credit restoration and what measures should be taken in regards to it. It reads as follows:
I hate to be the bearer of bad news, but I would be irresponsible if I failed to relay the latest developments with the economy and your credit score.
To be brief, there are recent developments regarding your credit score. Specifically, two of the three major credit bureaus plan to adopt the new FICO credit scoring model sooner than originally planned – according to Fox News.
(As you know, the FICO model is the patented mathematical formula that lenders, employers, bankers, cell phone providers, insurance companies, etc. use to calculate your credit score.)
The Fair Isaac Corporation developed a new formula which considers factors – such as payment history and available balance – differently than before.
In other words, somebody with a 600 FICO score under the old model may now have a 550 score under the new model. This change could slash points from your score even without any bad behavior on your part!
Here are some of the highlights you need to be aware of (according to the WSJ):
- The new score further punishes those people who are already considered a credit risk, i.e. the people with a low score
- People who keep high balances on their credit cards will suffer while people with low balances will experience a rise in their score
- The score further penalizes people who have accounts that are past due by 90+ days
- Multiple delinquencies are considered even worse than under the old model
In sum, the new scoring model further punishes you if you already have a low credit score! (And in turn rewards the people with a good score.)
In other words, the new model widens the gap between the “Haves” and the “Have Nots”.
The “Have Nots” will struggle to get new credit, suffer through astronomical interest rates and fees, and have trouble getting jobs in an economy that is already hanging by a thread.
The “Haves” will enjoy lower interest rates, get the best deals on credit cards and loans, and sock away extra dough every month they save from their low interest mortgages.
I do not know of any better time than right now to take a careful inventory of the items on your credit reports. Any questionable item including 90+ day pays, charge offs, collections, judgments, and the like should be disputed and deleted ASAP.
Jack
Your Credit Score is at 400, Now What?
by Veronica on Jan.26, 2009, under Credit Repair
It can be somewhat uncommon, but there are some people out there who have fallen into the depths of the FICO credit scoring system and have gone down, or near, 400 FICO score. What to do now, is the question that is on everybody’s mind and can one come back from a financial fiasco.
If this is you, then you have to get back on track to financial stability. Being at a 400 FICO score means your credit is as bad as it can possibly be and that you have either had bankruptcies, defaulted payments, repossessions and other huge detriments to your credit in the past. No matter what your case may be, there is no situation that cannot be remedied.
So, to rebuild your credit from the bottom of the pit of despair, what do you do? First of all, if you actually still have credit cards… STOP USING THEM, out of sight, out of mind. You don’t need to get rid of them, you just need to pay them down because you can get back into right standing with your creditors and besides no matter what, credit is necessary for purchasing power. Second, cut out all the bills you do not need and or unnecessary spending. This will save you money to start making payments on the loans and credit cards you owe, start off by paying down your high interest cards and highest amounts, working your way down.
Next, sell things you do not need or anything you owe money on. This will prevent the bank or other creditors from seizing the goods and further damaging your credit. Plus, you can use the money to pay off more of your loans and to keep your bills current.
Again, I understand the feeling of frustration and helplessness. It all starts will recognizing there is a problem and knowing that there is a solution. With patience, discipline and a good action plan, you can be back on your feet quicker than you can imagine. Don’t lose sight of your goals, credit is key to getting that dream home, that new car, or starting a new business that you have always dreamed of.
Rodney & Veronica Turner are the founders of “National Credit Partners” where you can change your life and remove all negative items on your credit report or get the latest tools/business credit solutions/teleseminar schedule & events for Real Estate Professionals and the average consumer. We guarantee our credit repair services or we will pay you $10,000.
