Congrats on your new home

Congratulations go out to Tony in New York. Tony signed up to our Standard Credit Repair program for $399 less than 3 weeks ago. He has already used the rapid rescore prodect to increase his score 38 points which allowed him to get qualified for a home loan. We are now working on getting his scores into the 700s. Rapid Rescore Credit FAST

12 Ways to Increase your FICO Score

1. Get current on any past due account

2. Pay down balance on any revolving account which is over the limit

3. Pay down revolving balances below 50% of the limit

4. Pay down revolving balances below 30% of the limit

5. Pay down revolving balances to zero

6. Use (reactivate) any revolving accounts that haven't been used in last 6 months

7. Get added to someone's revolving account as an authorized user and inherit their credit

8. Don't have a credit card? Get one. VISA Secured Credit Card - Reports to All 3 Major Bureaus

9. Don't have an installment account? Get one.

10. Bad Credit? Fight it over and over again until it's gone.

11. Pull your credit report and review for inaccuracies. Get one here: TrueCredit 3-Bureau Credit Report & Credit Score

12. Have a credit expert review your credit report for expert advice. Call me (877) 254-6900

Daniels Testimonial.wmv

Do you have children that are approaching the driving age? Are you kids looking into buying their first car? One of the worst things you can do is co-sign for a an auto loan for your kids because, let's face it, they're probably going to make a couple of late payments. If you don't want those late payments showing up on your credit report then you might decide to pay the auto payment yourself. That's not fun. Paying someone else's bills has never been my idea of a good time. I have a better idea.

There is a better way. Your kids cannot get financing because they have no credit at all. Instead of having them go out and establish credit just so they can buy a car, you can have them piggy back on your credit.

Piggy back on your credit? What the heck does that mean?

If you were to add someone to your credit card or department store charge card as an authorized user, that account and its entire payment history will probably show up on that persons credit report. This will give them instant credit. The best part is that these accounts are not new. New accounts really don't help your credit scores because they lack seasoning. Your credit cards are already seasoned. You can add year and years of history to your children's credit be adding them to you accounts as an authorized user. This process is commonly referred to as "piggy backing".

Once the accounts show up on their credit report, their credit scores will now take into consideration the activity on those accounts and the credit scores will sky rocket. Now your kids can go out and get a decent car without getting ripped off by the auto financing companies. The best part is that if and when you kids make a late payment on their car, it won't affect your credit at all.

The only risk is that once they have been added as authorized users, they are legally allowed to use the account if they are given the card. Just don't give them the plastic and you will be fine. Also, each creditor has a certain element on control that they will give you so that you can determine how much an authorized user can spend on that account. Call you credit card companies to find out more about what the potential risks are but don't tell the customer service agent that you are trying to increase your children's credit scores. They are trained to tell you that it doesn't work. If it really didn't work, I'd tell you because all of y accounts are authorized user accounts and my credit score is still in the 800s.

PS: Thanks Grandma for adding me to you 20 year old credit cards as an authorized user. Now have excellent credit scores and I can finance anything I need to and get great terms and payments.

Warm Regards,

Jack B. Olson

TrueCredit 3-Bureau Credit Report & Credit Score

You're thinking about a BK huh? Well, it will stigmatize your credit for at least a couple of years. Chapter 7 BKs will stay on your credit report for 10 years from the discharge date. Chapter 11 and 13 will stay on your report for 7 years from the satisfaction date. Some creditors will not want to do business with you at all until the BK falls off the report. Many lenders will do business with you after 2 years. Some lenders will do business with you right away. It is possible to have the BK deleted though the credit repair process.

What are your alternatives? You can continue to pay your bills and try to get back on top of your finances. Of course you will have to continue to pay interest on all of your outstanding debt. The interest payments alone might be too much for you to keep up with and let's face it, nobody likes to pay interest. So continuing to pay down your debt only makes sense if know that you can make headway on your debts and actually get the balances paid down.

Consumer credit counseling, debt management and/or debt counseling; these alternatives are not recommended. These types of companies might negotiate with your lender for easier terms in which to pay off your debt. The problem is, your creditors might still report you as being late if you are only making partial payments. They might also report you as being past due which can ruin your credit score just as much as the late payments. Even worse, sometimes the debt management companies will collect your money while your accounts go from late to charged off. When the account has been charged off by the creditor, the debt settlement company will make an offer to pay off the creditor at a fraction of the original debt.

The BK will damage your credit but it is a much better alternative to debt consolidation, debt management or debt counseling. BK might also be a better option than continuing to try to pay down high interest rate credit cards. That is something that you will have to analyze yourself.

***One very important note about BK.

If you decide to file BK, there will be two things that will happen that will hurt your credit score. The first one is obvious; the BK will actually show up on your credit report and reduce your credit score. The second is a bit less obvious; all of your open and active accounts might be closed through the BK. Every account that has a balance will probably be included in the BK. Through the BK process, all of those accounts will be closed. Since only open and active accounts can contribute positive points towards your credit score, you will have to re-build your credit from scratch...with a BK.

If you can, hold on to a few of your open accounts through the BK. Pick your oldest accounts and pay them off completely. This might allow you to salvage some of your credit so you don't have to start all over again. I've seen people with 720 credit scores 12 months after the BK because they had a few open and active accounts that they held on to through the BK.

Warm Regards,

Jack B. Olson

TrueCredit 3-Bureau Credit Report & Credit Score

I'm going to share a secret with you. This is a rich guy technique. This technique can increase your credit score by hundreds of points. Let me fill you in on some background first.

Credit scores basically work by giving you points based on the activity on your "open and active" accounts. Each one of your open and active accounts contributes a certain amount of points towards your credit score. The amount of points generated by each open and active account is determined by the payment history, the balance and the length of history on the account.

Accounts with a better payment history, a lower balance and a longer history will score the more points.

Let me give you a quick analogy before I give away this technique of mine, so you know where I'm coming from. Since each one of your open and active accounts contributes a certain amount of points towards your credit score, I like to think of each open and active account as a player on my basketball team. Some players are going to score a lot of points because they are well tested veterans while other players might not score as many points.

The goal is to establish the strongest possible team for your credit. You don't want just one player on your team, you have to have at least 5 players on your team to maximize your credit score. Furthermore, you don't want a bunch of rookies on your team, you need a team full of all star players who can put the ball in the basket and score lots of points for you. You need a couple of all star players on your team. You need a Kobe Bryant and a Pau Gasol on your team.

So if you evaluate your team of open and active accounts and see that you are lacking depth or history, there is a great strategy that you can utilize. You can basically add very well seasoned, all star players onto your team.

If you know someone who has a credit card or department store charge card, they can add you onto that account as an "authorized user" and that account, along with its entire payment history, will show up on your credit report.

That is the strongest strategy for most people. This can increase your credit score by over 100 points in some situations. I did this for myself on two different occasions. The first time, the only open and active account that I had was my car loan and it was only about a year old. I had a co-worker add me to her Nordstrom account. My mom added me to a HSBC/Orchard Bank account. My uncle added me to a credit card also. Out of the first three accounts I was added to, only two of them showed up on my credit report but those tow accounts increased my credit score from a 620 to a 670.

The next time I tried this, I had a family member add me onto three of her credit cards. These three accounts were between 15-25 years old. Once again, out of the three accounts I was added onto, only two of them showed up on my credit report but those two accounts brought my scores up from a 680 to a 740.

Because of those two accounts, I now have 20 years of credit history on my credit report even though I'm only 29 years old.

If you have any questions about this strategy, please call me at 866-979-1099 (205)

Warm Regards,

Jack B. Olson

THE TRUTH ABOUT CREDIT SCORES

By: Jack Olson

Many people think that they have a pretty good idea of how credit scores work. But do they really? You would be surprised to learn that much of what you think helps or hurts your credit score will actually do the contrary or have no effect at all. There are so many rumors, lies, exaggerations and urban myths, when it comes to how exactly credit scores are calculated. You will be shocked to know that only 35% of your credit score is affected by your payment history. So what about the other 65%? What else besides payment history is affecting my credit score?

Given the fact that credit plays a huge roll in our lives as American consumers, don’t you think that credit education would be a primary concern for our youths? But you don’t learn this stuff in schools. You don’t learn this stuff when you open a credit card.

According to Nellie Mae survey, “21% of undergraduates with credit cards carry balances between $3000 and $7000.”

Credit card solicitors pay colleges "admission fees" to come onto campus, set up tables, and sell credit cards to students.

WHAT ITEMS ARE IN YOUR CREDIT REPORT?

• Indentifying Information (name, address, date of birth, employment information. Updates to this information come from information you supply to lenders)
• Trade Lines (All of your credit cards and other accounts; date that you opened the accounts, your credit limit, high balance, current balance payment history etc)
• Credit Inquiries (Voluntary and involuntary inquires such as: Account Review Inquiries, Hard Inquiries, Promotional Inquiries)
• Public Records and Collections (Collections, BKs, Foreclosures, Suits, Wage Garnishments, Liens and Judgments)

ITEMS THAT ARE NOT INCLUDED IN YOUR CREDIT SCORE

Although this information may be reflected elsewhere on your credit report, it is not taken into consideration for your credit score.

• Your Age
• Race, Color, Religion, Nationality, Sex or Marital Status
• Occupation, Salary, Employer, Length of Time of Employment
• Location of Residence
• Interest rates charged to you on credit cards or other account
• Any item reported as Child Support or Rental History
• Certain Types of Inquiries (consumer initiated inquires or promotional inquiries)

WHAT GOES INTO CALCULATING MY CREDIT SCORE???

· What goes into your credit score can be grouped into 5 general categories

· The impact of each factor can verify due to different credit scenarios

PAYMENT HISTORY (35% of your score)

· Payments made on time (Car loans, Mtgs, retail accounts, installment loans, credit cards etc.)

· Public Records (BKs, Judgments, Tax Liens, Suits, Wage Adjustments)

· Severity of Delinquency (length of time past due)

· Amount past due on accounts or collections

· Time sense delinquency or attachment of public record or collection

· Number of past due or derogatory accounts

· Account paid as agreed

AMOUNTS OWED (30% of your score)

• Amounts owed on Revolving accounts
• Amounts owed on all accounts
• In some rare cases, Lack of balances
• Number of accounts with balances
• Proportion of Balance to Credit Limits on Bank Revolving or other Revolving accounts
• Proportion of Balance still owing on installment accounts

LENGTH OF HISTORY (15% of your score)

• Time since accounts have been opened
• Number of recently opened accounts
• Time since account activity
• Proportion of new credit vs established credit
• Re-Establishment of new credit following adverse payment problems

TYPES OF CREDIT USED (10% of your score)

• Number if various types of accounts following past payment problems
• Number of various types of accounts (Credit cards, Retail Accounts, installment loans, mortgages, consumer finance accounts, etc.)

NEW CREDIT/INQUIRIES (10% of your score)

• Number of recently opened accounts
• Number of recent inquiries
• Time since inquiry
• Time since account opening

Your credit score takes into consideration all of these factors. In some situations, one factor can have a larger influence on one persons credit score. This depends on each individual credit situations and credit history. It is almost impossible to say exactly how much each factor will influence ones credit score due to the limitless possibilities.

ADVICE GIVEN BY CREDIT BUREAUS IN REGARDS TO HAVING AN IMPROVED CREDIT SCORE: “manage credit responsibly over time.”

PAYMENT HISTORY TIPS

• Pay your bills on time (Obvious. New late payments of collections have the large impact on the score. Only 30, 60, 90, 120, 150, 180+ lates report on your credit.)
• If you are past due for any reason, Get Current! (The longer you remain current and pay your bill on time, the higher you credit score will be)
• Paying off a collection or any other type of account will not remove it from your credit report.
• Be careful about closing accounts (this may result in losing valuable credit score points associated with that account)

AMOUNT OWED TIPS

• Keep balances low on credit cards and other revolving accounts (A general rule of thumb here is to keep your balances below 50% of the credit limit or high balance. In most cases it is beneficial to remain under 30% of the credit limit or high balance)
• Pay off debt instead of moving it around. (One of the most effective ways to improve your credit score is to pay down the balances on your credit cards or other revolving accounts. Owing the same amount but having fewer open accounts may result in a lower credit score. Keep as many of your revolving account below 50% of the credit limits of high balance. It may be beneficial to consolidate debt onto one account if you can get two or more account balances below 50% of the credit limit or high balance that were otherwise above that limit.
• Don’t open new accounts to increase your available credit. (This can backfire and actually lower your score. This is most likely due to that idea that new accounts may lower your credit score and add inquiries)

LENGTH OF CREDIT HISTORY TIPS

• If you have a credit history that is not well seasoned, stay away from opening new accounts to rapidly. (New accounts generally bring the scores down temporarily especially if you have a lack of credit or a lack of established credit history. Rapid account build up can be seen as a risk factor.)
• Re-Establish yourself after prior payment history problems. (Opening new accounts responsibly and paying them off on time will increase your credit score in the long term. This may not be a suitable strategy for increasing the scores in the short term)
• Try to avoid Consumer Finance companies when possible. Too many consumer finance companies can be seen as an adverse factor. What is a consumer finance company? It is a creditor known to lend to consumers with less than perfect credit history.

TYPES OF CREDIT TIPS

• Apply for and open accounts only as needed. (Opening new accounts is not a short term solution.)
• It is a good rule of thumb to have 5 open and active revolving accounts along with 2 installment accounts

CREDIT INQUIRIES

A credit inquiry will appear on your credit report when your credit report is pulled. There are many types of credit inquiries. Inquiries must be made with Permissible Purpose. You do not necessarily need to give a creditor or party authorization for them to have permissible purpose.

HARD INQUIRIES (These inquiries affect your credit score. When you apply for a mortgage, auto loan, credit card or other type of account, you authorize the lender to obtain a copy of your credit report. These types of credit inquiries when prompted by your own actions appear on your credit report and will impact your credit score.)

• Avoid an excessive amount of inquiries. (What is excessive? This depends on the depth of the credit profile. 5+ inquiries may be excessive for people with a lack of credit)
• If you are shopping for a mortgage or automobile and you know you will incur multiple inquiries make sure you have your credit pulled within in a short, focused amount of time. Depending on which scoring system you are dealing with, you may have a 15 day, 30 day or 45 day window to shop for and apply for credit for the purpose of obtaining a mortgage of automobile financing thus incurring inquires without the inquiries counting against you separately. The scoring system recognizes that you are shopping and will count the multiple inquires as a singular inquiry if it falls within the allotted time frame.

ACCOUNT REVIEW INQUIRIES & CONSUMER BASED INQUIRIES

• These types of inquiries do not affect your credit score. When you choose to pull your own credit report through an online resource such as TrueCredit.com or Myfico.com it is considered a consumer based inquiry and will not affect your credit score. Also, many of your creditors or collection agencies have the ability to pull your credit report to review your account activity. Credit reports pulled by a prospective employer when applying for employment will not affect your score.

PROMOTIONAL INQUIRIES

• In many cases a company will pull your credit report in order to send you pre-approved credit offers or other promotional offerings. These inquiries do not affect your credit score although there is much non-sense about an increase of credit scores upon prohibiting the ability of creditors to pull a promotional inquiry.
• To prohibit the ability of creditors pulling your credit report for Promotional purposes you must OPT Out by calling 888-867-8688

AVERAGE CREDIT STATISTICS (From Fair Isaac)

• Average consumer has 13 credit obligations
• Of these 13 items, 9 are likely to be credit cards and 4 are likely to be installment loans
• 40% of credit card holders carry a balance of less than $1000
• 48% of consumers carry less than $5000 of debt on all non-mortgage loans
• 37% carry more than $10,000 in non-mortgage related debt
• Typical consumer has access to $19,000 on all credit cards combined
• More than half of all consumers with credit cards carry a balance less than 30% of their total credit limits
• 14% of people are using over 80% of their total credit limits.
• The average consumer’s oldest account is 14 years old.
• 25% of consumers have credit histories longer than 20 years
• 1 in 20 consumers have credit histories less than 2 years old

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Warm Regards,

Jack B. Olson