credit: Raise Your Credit Score - Eight Strategies - 06/22/11 07:46 AM
Raise Your Credit Score - Eight Strategies 1. GET RID OF YOUR COLLECTION ACCOUNTS. 2. GET RID OF YOUR PAST DUE ACCOUNTS. 3. GET RID OF YOUR CHARGE¬OFFS AND LIENS. 4. GET RID OF YOUR LATE PAYMENTS. 5. CHECK YOUR CREDIT LIMIT(S) AND EVENLY DISTRIBUTE THE BALANCES YOU ARE CARRYING. 6. DO NOT CLOSE YOUR CREDIT CARDS. 7. OPEN BUSINESS CREDIT CARDS. 8. KEEP YOUR OLD CREDIT CARDS ACTIVE. I hope this helps! If you want to learn more go to my website www.ThriveCredit.com To your success, Jennifer … (0 comments)

credit: Credit Scoring Stats - 04/11/11 05:29 AM
Did you know? 25% of credit reports contain errors serious enough to result in credit denial 79% of the credit reports contained mistakes of some kind 54% of the credit reports contained misspelled, long-outdated, belonging to a stranger, or otherwise incorrect. 30% of credit reports contained credit accounts that had been closed but were incorrectly listed as open. Make sure to take a close look at your or your clients credit report to see what mistakes may be costing them thousands of dollars and the ability to buy a home in a great buyers market. Have a wonderful day, Jennifer - … (0 comments)

credit: Raise Your Credit Score 100 Points in 45 Days - 03/01/11 08:09 AM
How to Raise Your Credit Score 100 Points in 45 Days
Read below to raise your credit or listen to our tips online at http://www.box.net/shared/9msq6sv6cx
 
1. GET RID OF YOUR COLLECTION ACCOUNTS.
Did you know that paying a collection account can actually reduce your score? Here’s why: credit scoring software reviews credit reports for each account’s date of last activity to determine the impact it will have on the overall credit score. When payment is made on a collection account, collection agencies update credit bureaus to reflect the account status as “Paid Collection”. When this happens, the date of last … (0 comments)

credit: Personal Budget Workbook Leads To Success - 03/01/11 05:49 AM
 
Knowing what you’re spending and where your money is going will: eliminate the guessing, make your money go farther, reduce the guilt and stress associated with spending, show you where you are overspending, and show you the possibility for saving.
 
Reasons why you don’t have a budget:
You’re afraid of what you’ll find
You feel too constrained
You never had one that worked
 
Reasons your past budgets didn’t work:
You left things out
You didn’t plan for the unexpected
It was too complicated
You didn’t stick to it
 
 
Following a plan will help you change your … (2 comments)

credit: How Credit Scores Are Determined - 11/03/10 04:47 PM
 
Many consumers know their credit score number, but few understand how scores are determined. As we noted yesterday, algorithms assign weighted values to five key financial factors to derive credit scores. By addressing these five factors, credit repair professionals can help consumers repair their credit and rebuild their credit scores. Having already covered payment history and credit report inquiries, we complete our discussion today.
 
Debt-to-credit ratio. Potential creditors look for a healthy balance between current outstanding debts and available credit, such as unused credit card limits, home equity and bank credit lines. For example, if you have charged $2,500 … (4 comments)

credit: Poor Credit Score Could Damage Your Career - 11/03/10 03:17 PM
 
It’s not unusual for banks and other businesses involved in money management to run a credit check on a potential new hire. Their rationale is that handling all that money on a daily basis might prove too great a temptation for an employee with serious personal financial problems.
 
Over the last few years, however, the practice of using credit checks as an employment screening tool has become more common. Use and potential abuse of credit reports  to help judge a job applicant’s ability to perform on-the-job duties has triggered the concern of the U.S. Equal Employment Opportunity Commission.
(3 comments)

credit: FCRA and Federal Requirement Regarding What Creditors Report to the Bureaus - 09/03/08 04:34 PM
Q & A's for September 2008
 
 
Hello,
 
Regarding a corporate credit card account that was about to charge off and was not yet currently reporting on the client's personal credit report, A bank rep offered a settlement and told my client that the "pursuant to federal guidelines" the bank had to report the business debt charge off as "settled" on his personal account. Is this true?
As I understand it, there is no legal requirement for creditors to report any information to the bureaus.  The only FCRA requirement is that IF the credit bureau reports information that they … (0 comments)

credit: Re: I have been asked this several times - How would you respond? - 09/03/08 04:26 PM
Q&A's for September 2008
 
         
Re: I have been asked this several times - How would you respond?
 
I’m a loan officer who tries to help my clients with their credit and have had several people contact me with fair to good credit and they are going to be late on their mortgage payment due to a higher mortgage payment. They are concerned of their credit score dropping due the late payment. Is there a way to negotiate with the bank once they are 30 to 60 days late to settle for deletion of the late payment before they … (0 comments)

credit: Re: Check System derogs - 09/03/08 04:03 PM
 
Q&A's for September 2008
 
Re: Check System derogs
 
What is the best way to resolve issues when credit reports reflect overdraft issues?
Example: When checks that bounce and the customers are tagged within the Check System on their black list. Is there a way these clients can get back into good standing and get the issues fixed on their reports. Regards Sam
 
Sam,
 
So was the client never overdrawn?  In other words, did they never write any bad checks? If so, it most likely stay on Check Systems for up to 5 years, but you can … (0 comments)

credit: Re: Help with a collection account - 09/03/08 03:49 PM
Q&A's for September
 
Re: Help with a collection account
 
Hello, I have a client that has a collection for a “What’s In Your Wallet” card from 12/07.  Her ex-boyfriend took the card from her without her knowledge from her purse and charged it up.  She didn't recognize it was gone because she never used it.  The bills were going to her mom's house so she never got them.  How can I help her with this?  Does she need to file a police report?   
Thanks  Rick
 
 
Rick,
 
Yes, file a police report and then follow my … (0 comments)

credit: Counting the 7 Years for Removing Accounts from Credit Reports - 09/03/08 03:28 PM
Welcome to this weeks Q&A
 
Question:I have a question sir:To get an account removed due to age ofaccount, is it 7+ years from DLA withthe original creditor or 7+ years sinceDLA with the collection company?Thank you.Reply:For an example like that (acct that went to collection) they should both come off no later than when the original acct went to derog status. Now, having said that, I think we all know that some collection agencies are sneaky and will attempt to report it with a more recent date assigned causing it to stay on much longer than allowed so keep an … (0 comments)

credit: Re: Short Sales - 08/16/08 04:40 PM
 
Daily Q & A's
RE: Short Sales
 
I have a client that sold his primary home as short sale. The second mortgage company, which is a different lender from the first lien holder. The second mortgage has placed a collection of $74,548 on the credit report. Is it safe to say, that if approved as a short sale through the first lien holder, you still run the risk of the second mortgage company coming after you for the balance owed.
Unfortunately yes. 
 
The laws are different in each state.  In some states the lender can come after … (0 comments)

credit: RE: What to due if you get a collection dunning letter - 08/16/08 04:14 PM
Daily Q & A's
 
First of all, what is a Dunning Letter?
Answer: It is an over due letter to the customer which talks about customer over due amount and due date, a reminding letter of missed payment.
 
How do we approach collector's dunning letters?
 
I suggest  to pay the collection if the dunning letter was just received and it is not reporting yet on the credit report.  You have 30 days to pay it after receiving the dunning letter before they report it to the bureaus, that is why it is smart to always jump on these … (0 comments)

credit: Judments reported on the credit report after a Bankruptcy: Daily Q & A - 08/16/08 03:57 PM
 
New Daily Q&A’s
 
Judgment question: If a judgment is included in a Bankruptcy, should the "Amount" for the specific judgment be 0  and should "Status" for the same judgment show "satisfied" on the client's credit report? Reply: Any debt discharged in a BK would have the debt cloaked and a status code included to show that it was "included in BK."  I don't believe a satisfaction is ever filed. 
 
If it does not show included in BK then you need to contact the credit bureaus and have then change it.
 
For more information contact StrategicCreditCoach.com at 877-825-7885
(0 comments)

credit: How the Credit Scoring Model Works on CD Free - 07/17/08 06:51 PM
 
How the Credit Scoring Model Works on CD Free
 
For those who live in California we do LIVE credit improvement and overall financial health seminars for your office and or clients, it is about an hour and a half seminar. Read our testimonials to see how people go wow!
 
If you live anywhere in the US we can send you a Free CD of what we talk about in the seminar. We crammed the hour and a half seminar into only about 25 minutes so that you or a client can listen to it in a car on … (0 comments)

credit: Changes in Credit Score when Collection DLA gets updated... - 07/17/08 06:21 PM
Changes in Credit Score when Collection DLA gets updated...
 
There has been conflicting issues about what happens when a consumer pays off a collection and how after they pay it off their FICO score goes down. Common sense would say if you pay a bad debt off, that this is a good thing.
 
With my clients I've seen on several occasions where someone pays an old collection account and then (all other things being relatively equal) their score goes down because the (DLA) date of last activity gets updated. 
 
So what really happens when you pay off a … (1 comments)

credit: WHY CREDIT INQUIRIES CAN REALLY HARM YOU? - 07/17/08 03:55 PM
 
WHY CREDIT INQUIRIES CAN REALLY HARM YOU?
Have you ever had a client that is purchasing a home start doing credit inquiries during the transaction and next thing you their score is 25 to 50 points lower?
Do you want to know why credit inquiries affect your score so much? Read on.
Every day I’m confronted by one of my client about how they just applied for a credit card, car, mortgage or just about any credit inquiry that you can think of. The thing I tell them is that on our first credit coaching discussion I let them know … (4 comments)

credit: An Encounter with Mr. Doomsday - 07/15/08 07:09 PM
An Encounter with Mr. Doomsday
 
I’ve been going to the same specialty coffee house for years and I have met many people that have become friends, clients and acquaintances.
 
I met a guy a couple of months ago while I was relaxing having a cup of coffee and he proceeded to tell me his grand ideas about his new project that he was going to sell to the affluent, and how he has it all planned out. As a Certified Business Coach, I thought I might give some helpful advice. He listened and agreed with what I had … (0 comments)

credit: Steps to keeping creditors happy and off your back - 07/15/08 05:07 PM
Steps to keeping creditors happy and off your back
 
If you can’t afford to pay your creditors what you owe, paying them at least something will keep them happy and off you back. Be in good communication with each creditor and pay each one as much as you can. Use the worksheet to determine how much you can send each creditor. Send each creditor your budget, the payment, and this worksheet each month, even if they say they won’t accept it.  
 
Determine how much to send each creditor
*First find out how much disposable income you have to … (0 comments)

credit: Tour de France and Your FICO Score - 07/14/08 06:18 PM
 
Tour de France and Your FICO Score
 
I’m an avid watcher of the Tour de France and noticed a lot of similarities in the struggles of life’s finances and the grueling trials of the race.
 
This year during the Tour a racer, Cadel Evans crashed, completely wiped out, slammed against the road at over 40 miles per hour, his flesh being left spread across the road. (Doesn’t this sound like the financial struggles of 2007?)
 
Cadel picked himself up, with knee, shoulder, elbow all bloodied, and got right back on his replacement bike. Any normal person would … (0 comments)

 
Jennifer O'Brien (Credit, Wealth & Success Coaching)

Jennifer O'Brien

Fair Oaks, CA

More about me…

Credit, Wealth & Success Coaching

Address: PO Box 125, Fair Oaks, CA, 95628

Office: (877) 825-7885

Fax: (877) 825-7885

Mission: We educate and coach people looking to improve their credit score and overall financial health so they are able to learn financial disciplines and achieve a more secure future. Vision: To raise the standard of living for all people and inspire them to live their passions and dreams and have piece of mind.


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