Raise Your FICO Credit Score To Change Your Life

 Repair Your Credit and Raise Your FICO Credit Score So You Can Qualify For Home and Auto Loans and Not Pay Double Digit Interest Rates...

From: Kate Rieger, President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Monday 07:19pm

Kate Rieger  You Can Raise Your FICO Credit Score

Credit debt reduction plans start with the basics.  It is important to protect your credit over the long haul, but today your focus is to get qualified for a loan. When you have lousy credit history and poor credit ratings, your interest rates go up. In fact, you may not even qualify for a loan. Here's some basics to understand your Fico Credit Score.

Step 1: Understand Consumer Credit Law

First, we arm ourselves.  In order to stand up to the credit bureaucracy and to debt collectors we have to know what parts of the federal and state laws benefit consumers. 99% of people who dispute their credit reports don’t even understand what laws give them the right to do this.  A solid credit debt reduction program is based in  consumer credit laws.

Step 2: Understand the Credit Report

In order to understand your credit report, it helps to have your credit report available. There are a number of pay services as well as the ONLY government sponsored source,  the Annual Credit Report system.

Which parts of a credit history are most important?

35% - Your Payment History
30% - Amounts You Owe
15% - Length of Your Credit History
10% - Types of Credit Used
10% - New Credit

What is a Good Credit Score?

Credit scores range from 350 to 850. The higher your score, the less risk a lender believes you will be.

Borrowers with a credit score over 700 are typically offered more financing options and better interest rates, but don't be discouraged if your scores are lower, because there's a mortgage product for nearly everyone.

Multiple Credit Scores

Your bank will pull credit reports and scores from all three major credit reporting agencies:  Transunion, Equifax and Experian. They'll probably use the middle score to work your loan application. Ask your lender to explain which FICO score will be used and how they affect your loan application.

Step 3: Understand What Makes Lenders Lend

Before creditors lend money, they need to be assured that the funds will be repaid. In other words, is the prospective borrower creditworthy?

Income & Expenses

Lenders will look at what you earn and your monthly expenses, such as rent, utilities, personal loans, and other ongoing items. The amount left tells them whether you can afford to take on any additional debt.

Assets

Do you have assets that can serve as collateral? Lenders will look for things like bank accounts, savings account, life insurance, cars, stock/bonds, 401K and valuable items such as a house, if you own one.

Credit History

How do you manage debt? If you have credit cards or have borrowed money before, you have a history that shows prospective lenders whether you are creditworthy by revealing details about the amount of debt you already have, how many credit cards you have, and whether you make payments on time.

It's easy to qualify for credit if you have a good credit history, but what if you have never used credit before? This is a common problem for people who just started working, those who work in the home, people who always pay in cash, and those who do not have assets or accounts in their own names. For them, the first step is to establish a credit history.

Common Reasons for Denying Credit

Too little time in current job
Too little time at current residence
Too much outstanding debt
Unreasonable purpose for requesting credit
Cosigner cannot take on additional debt liability
Errors on applicant's credit report
Strict creditor's standards

In general, creditworthiness must be determined on the basis of criteria that relate to your ability and willingness to repay the debt. You cannot be denied credit based on your sex, marital status, race, religion, national origin, age, or dependence on income from public assistance.

If you are denied credit, the creditor must provide you with a written statement of the action and your rights, as well as the reason for denial or how to request the reason.  Are you starting to see how important consumer credit laws are in you credit debt reduction knowledge.

Step 4: Creating Good Credit

When negative items are removed then people see an improvement in their FICO score. How we approach removing negative items is in our Extreme Debt Makeover mantra, our chant,

"Remove the Inaccurate .... Incomplete ..... Unverifiable ..."

Make this your mantra, your chant, your meditation.

"Remove the Inaccurate .... Incomplete ..... Unverifiable ..."

Inaccurate, incomplete and unverifiable information must be removed or corrected, usually within 45 days. Make this is your credo throughout your credit debt reduction efforts.  It is imperative that only valid information is reported in your credit history.

Step 5: Protect Your Credit Report

Now that you've spent hours, money and effort cleaning up your credit report, would it be helpful to know if something negative appeared? Don't just sit back and hope nothing happens. Now that you've got good credit, don't let someone take it away.

Leverage your free credit reports to monitor your reports. Request one from a different credit bureau every three or four months.  If you would like more immediate notification, consider spending about a few cents a day on an identity theft notification and restoration service.

Well, the title is a bit long, but the course has 7 concise lessons that you can refer back to at any time. To start this free, online mini-course, please complete the short form below and you can start immediately -

Yes Kate - I want to start today!

What others are saying...

Hi Kate,

I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your  program is terrific.

You give an awful lot of personal attention that can never come from a computer program.

Thanks for everything - I mean it!

Melissa

Louisville, KY

Dear Ms Rieger,

God Bless You!

You treated me like I was someone important.  I thank you for that and for showing me how to improve my FICO scores. You are truly amazing!

Sincerely,
 

Roberta D.

Jeffersonville, IN  

Credit Rejuvenations Rocks!

Dave

Warmest Regards,