There is a lot of information out there about credit......

There is a lot of information out there about credit.

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Unfortunately not all of it is true, here are some common credit myths:

MYTH: When I pay off a past-due account, such as a charge-off or a collection account, it will show “paid” and will no longer negatively affect my credit report.



TRUTH: Unfortunately, paying off a charge-off won’t remove it from your report. In fact, it may stay on your report for up to 7 years after your payment.

MYTH: If I succeed in deleting a negative item, it will just come right back on my credit report.



TRUTH: If we remove an item from your credit report, it won’t come back. All of our results are permanent.

MYTH: There are negative listings, such as bankruptcies and foreclosures, that are impossible to remove from the credit report.



TRUTH: We have had success in removing inaccurate/unverifiable bankruptcies and foreclosures. (Your actual results may vary.)

MYTH: Disputing the credit report is easy and any consumer can do it himself for the price of a few postage stamps.



TRUTH: Yes, you can. Disputing items is easy. Getting results may not. Many of our clients have found that the bureaus are not very cooperative in assisting them to correct the items on their reports. They want to make the process difficult for the consumer, they are hoping that you will just give up, and not pursue them.

That is where we come in. We have many years of  experience in dealing with the credit bureaus. Our job is to ensure they are in compliance with all aspects of the reported information that you request for us to challenge.

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MYTH: By changing numbers in my social security number or by using an EIN tax number, I can fool the credit bureaus into creating a completely clean, new credit file under my name.



TRUTH: This is NOT legal! We recommend that you stay far away from anyone who suggests this method to you.

MYTH: If I build enough good credit, it will offset my bad credit and make me credit worthy.



TRUTH: While this will help in the long run, your negative items will still bring your scores down. Removing the inaccurate information is the fastest way to restore your credit worthiness.

MYTH: I can improve my credit score by closing down some credit cards.



TRUTH: This is not typically the case. You want to keep the credit cards with a long, positive credit history. The longer the account remains open, the better the positive impact is on your scores. Your cards will automatically close down after a long period of inactivity. A closed account is not generating any current history which your scores rely upon.

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Payment History, Credit Cards, Revolving Debt and how it effects your credit scores

Payment History, Credit Cards, Revolving Debt  and how it effects your credit scores

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Payment History, Credit Cards, Revolving Debt and how it effects your credit scores

Q+APayment History is 35% of your scores: How delinquent is the payment? Have you been 30, 60, 90 or 120 days late? Is it still outstanding?

When your credit scores are calculated factoring Payment History, primary consideration is given to the following categories:

·    Recent history- How long ago where you delinquent? Are you still delinquent? Recent late payments can hurt your scores by 100 points.

·    Prevalence- How many obligations do you have? How long have you had them? What percentages of your accounts show late payments?

When calculating your credit scores factoring revolving debt (where your balance can fluctuate) is looked at different than loans/installment debt (where the balance can only decrease).

Revolving debt is 35% of your credit score.
Primary considerations when factoring revolving debt, given in the order of importance:

·    Do you have any active revolving debt that has had charges on it in the last 6 months?  If you have inactive revolving debt with no late payments, you may want to charge a small amount to make it active.

·    If you have balances on your revolving debt over your limit, it is negatively affecting your scores the most.

·    If you have high balances on your revolving debt and are close to your limit it is negatively affecting your scores, even if you have made your payments on time. Lenders do not want to see high balances because it looks to them that you may not have the money to pay any more than the minimum payment.

·    If you get your balance on each revolving account below 50% of its credit limit it will have the quickest substantial effect you can make on improving your credit scores.

·    The next threshold would be a balance below 30%. Ideally you want to have a revolving debt-to-credit ratio of less than 15% of your income. But the biggest impact is when you get each account below 30% of the limit.

·    Remember this is a computer calculating your scores, so $1 over the threshold will not trigger the score change. So take into consideration monthly interest charges.

·    If you have no revolving debt or bad revolving debt you may want to get a secured credit card to start establishing revolving debt or to offset the bad revolving debt.  The credit limit will have no effect on your credit scores. Example it is twice as good to have two accounts with a $200 credit limit and a good payment history as one account with a $400 credit limit and a good payment history.  Remember to keep the balance under 50% of the credit limit.

If you are preparing to purchase a home, it may be better to have cash reserves then pay down too much debt. Once you close on your home you can always use the cash reserve to pay off the debt. Contact your loan officer to consult you on this situation.

The amount of Time Credit Has Been Is Use is 15% of your scores.
The longer you have had an account, the better the score as long as the credit you have has been in good standings.

It is important to look at how long you have had an account and how long it has been on the credit report. The average age of your accounts are taken into considerations when calculating your score. Do not close credit card accounts after you pay them off if they have a good payment history. The positive credit history helps increase your credit scores. You must also use the accounts that you have. If it has been a few years since you have used an account, it may not hold much of a score. Using the accounts you have even if it is just for a small purchase will help your score.

Try to keep the amount of credit cards you keep down to a minimum. Three or four open credit cards are a good amount to have.

Unpaid credit card balances are the worst kind of debt. Pay these down first, before mortgages, installment debt or student loans.

Generally your credit, good or bad will stay on your report for 7 to 10 years. Removing negative items on your credit report has a major impact on your scores.  We hope this information will help you to keep your good credit active while we work on removing your negative credit.

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Payment History, Credit Cards, Revolving Debt and how it effects your credit scores

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Credit Scores: Have you ever wondered how they come up with a three-digit number that can predict whether you're a good or bad credit risk?
Back in the 1980s, a group of credit grantors, Fair Isaac Corporation (FICO) and one of the three national credit bureaus got together to develop a way to help lenders better predict risk and comply with some of the various consumer protection regulations, such as the Equal Credit Opportunity Act.
They set out to develop an automated system that would rank-order the likelihood of a borrower paying on time each month, based entirely on information found in a credit report.
The hope was that such a system would enable lenders to approve more credit cards and loans to more people without increasing their losses, while ensuring regulatory compliance.
The result was a credit bureau risk score consisting of a three-digit number ranging between 300 and 850 that represented the odds of a borrower paying all credit obligations on time, with higher odds of paying as agreed leading to higher three-digit numbers -- and lower future risk to lenders.
Nowadays there are many companies developing and marketing credit scores, yet consumers remain mostly in the dark about how the formulas for these scores originate. And while the fine details of credit scoring formulas are both proprietary and quite complex, a basic underlying knowledge of how scores work can be helpful to anyone trying to manage their credit more effectively.

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What follows is a very general description of how credit scores are developed:

Step 1: Get the data

First, a credit bureau will agree to provide the credit score developers with sets of credit information taken from the credit reports of millions of anonymous consumers, as of two points in time -- typically two years apart -- for each consumer.
While credit scoring can often seem more arbitrary than reality-based, the information used in credit scoring and the impact of that information on a credit score is entirely based on the real-life experience of millions of consumers.

Step 2: Identify the predictive characteristics

Next begins process of observing the various trends and correlations between the first and second sets of credit reports, focusing in on defaults, bankruptcies and other negative credit outcomes, in a search for characteristics among that first set of credit reports that might have predicted some of those outcomes found two years later.
For example, the data might show that consumers defaulting on credit card accounts were found to have comparatively high credit card debt in the years leading up to the default. If so, high credit card balances could be among the various predictive characteristics making up a credit scorecard.

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Step 3: Build the scorecards

Once a reliable set of predictive characteristics has been established, each is weighted according to its predictive value and organized in a scorecard-like grid, with the various weights for each characteristic represented by a number of points that correspond to the attributes of the credit report being evaluated (scored).

Step 4: Calculate the score

Once the scorecards are created, the credit reports are ready to be scored. But within each credit scoring model there are a number of different scorecards, each tailored to a specific credit profile that looks at categories, such as the length of credit history, number of credit accounts, and the presence of negative information, among other factors.
This multiple scorecard system enables the formula to predict consumer credit worthiness within a wide range of different credit experiences that includes people who have never missed a payment, those just coming out of bankruptcy, and everyone in between.
The first step in calculating a credit score is identifying the most predictive scorecard for a particular consumer, followed by compiling the points earned for each of the scorecard characteristics according to the information found in the credit report.

Step 5: Validate the score

Finally, there's that nagging bit of skepticism -- not only among consumers, but also among the score developers themselves at this stage of the process -- that questions whether the score actually does what it's supposed to do.
As one way of validating the scoring formula's ability to accurately predict future risk, a lender will instruct the credit bureau to use the newly developed formula to calculate scores retroactively on some of its own borrowers' archived credit reports, as of the date the credit was originally granted.
This vital step enables the lender to determine the accuracy of the scores through hindsight, such that a successful validation should result in the good performers scoring high and the poor performers having low retroactive scores.

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