90 Day Credit Challenge
90 Day Credit Challenge
The 90-Day
Credit Challenge
If You Want to Play the Game of Credit Scoring—Know the Rules to WIN!
Like it or not, your credit score matters. Your FICO score can
determine how successful you are—not just in your business dealings but
also in your daily life.
Every day, decisions being made based on your credit score. If the
score is too low, your higher interest rates could be costing you
thousands of dollars each and every year. Your credit score could
prevent you from getting a new cell phone plan, a new car, or even a
new job.
It’s more important now than ever for you to make sure your
credit score is not only accurate but at an optimal level. Credit
scores can be improved, if you’re willing to commit to the 90-Day
Credit Challenge. Simply follow the steps that I
took—follow the Game Plan. I’ve developed a simple and easy
step-by-step method for getting the most out of your credit score and
for making sense of what may seem extremely confusing.
Eager to win the credit
game?
Let’s go!
The 90-Day Credit
Challenge will:
Teach you how
FICO credit scoring works
Provide tools
to maximize your credit score
Help you work
directly with your creditors to resolve issues, using the sample
letters and forms provided
Show you how
to save money on new or existing loans
Help you
achieve the solid credit rating you are in search of
—and
how to maintain it
About the Author
Jeanne Kelly is a nationally recognized voice in credit
consulting, the founder and president of The Kelly Group Credit
Consulting, Inc., one of the most legitimate and successful credit
consulting companies in the United States. In 2011 she founded The
Credit Owl, an online credit education and coaching service that relies
on the 90-Day Credit
Challenge found in this book (www.TheCreditOwl.com).
Jeanne Kelly lives in New York’s Hudson Valley and is a frequent
business blogger for the Huffington Post
The 90-Day
Credit Challenge
If You Want to Play the Game of Credit Scoring—Know the Rules to WIN!
Like it or not, your credit score matters. Your FICO score can
determine how successful you are—not just in your business dealings but
also in your daily life.
Every day, decisions being made based on your credit score. If the
score is too low, your higher interest rates could be costing you
thousands of dollars each and every year. Your credit score could
prevent you from getting a new cell phone plan, a new car, or even a
new job.
It’s more important now than ever for you to make sure your
credit score is not only accurate but at an optimal level. Credit
scores can be improved, if you’re willing to commit to the 90-Day
Credit Challenge. Simply follow the steps that I
took—follow the Game Plan. I’ve developed a simple and easy
step-by-step method for getting the most out of your credit score and
for making sense of what may seem extremely confusing.
Eager to win the credit
game?
Let’s go!
The 90-Day Credit
Challenge will:
Teach you how
FICO credit scoring works
Provide tools
to maximize your credit score
Help you work
directly with your creditors to resolve issues, using the sample
letters and forms provided
Show you how
to save money on new or existing loans
Help you
achieve the solid credit rating you are in search of
—and
how to maintain it
About the Author
Jeanne Kelly is a nationally recognized voice in credit
consulting, the founder and president of The Kelly Group Credit
Consulting, Inc., one of the most legitimate and successful credit
consulting companies in the United States. In 2011 she founded The
Credit Owl, an online credit education and coaching service that relies
on the 90-Day Credit
Challenge found in this book (www.TheCreditOwl.com).
Jeanne Kelly lives in New York’s Hudson Valley and is a frequent
business blogger for the Huffington Post
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Categories: Credit Score Products Tags: Challenge, Credit
Q&A: What credit score is needed to get home loan?
Question by gaikhur: What credit score is needed to get home loan?
I have 680 credit score and I also would pay at least 20% down payment for $ 150,000 worth of loan if it is approved. I have also one year history of car loan which was paid in time. Please suggest me,would l be eligible to get home loan with low interest rate? Or I have to pay more down payment? Or wait 4-5 months and more so my credit score will be atleast 720 and more ?
Best answer:
Answer by Judy
20% down payment is good, but 680 credit score could be a problem – you’d have better chances if you can get it up to 720.
Add your own answer in the comments!
How to Keep a Perfect Credit Score
A perfect score of 850 may just be a technical perfection since it is very rare to see people with a credit score as high as this. A good perfect score usually includes the following: a mortgage that is over three years old, one or two auto loans that are more than two years old and less than five credit cards with very low balances that are over 2 years old.
Build up your personal credits
If you want to start out by buying things out of credit, you should enroll yourself first to credit card companies so they can already provide you with credit cards. You may need the help of a family member or friend to sign the papers for your first. These companies may also need proofs that you can pay your monthly bills. A good example is a letter of employment from your company.
Avoid delayed payments
Aside from not being able to pay late payment processing charges, paying on time is vital to maintain a good credit score. A single delayed payment can already have a huge impact on one’s credit score and every credit detail matters. If you have billing disputes, you can still pay on time and wait for your disputes to be resolved. Anyway, you will be receiving refunds in case your dispute gets approved.
Maintain a low credit card balance
It is always recommended to maintain a limit of 25% or below when it comes to your credit card balance. By doing so, it will show credit card companies that you are still interested in paying off your debts and is a good borrower. Some of these companies will even maintain or increase your credit limit.
Avoid too many credit lines
Instead of making you look reliable, too many credit lines will show that you don’t monitor and take care of your debts. If you have a credit card that has been inactive for a couple of months, make small purchases out of it or you can just cancel the card. Using them will reflect your capability to purchase and pay the bills on the due date.
Always pay the minimum on due dates
To avoid credit reports, always pay the minimum balance every due date. If possible, pay more than the minimum. Credit reports may lower down one’s credit score. Paying even the minimum balance will show that you are still trying to pay off your debts and is working on getting them paid.
Live within your means
If you own a number of credit cards, it does not exactly mean that you can just swipe them anytime you want and make purchases. Before swiping that cute plastic of yours, ask yourself if you can handle to pay the monthly bills. Don’t take on more debt that you can handle.
Keep revolving balances low
If you are planning to apply for significant loans in the future, reduce your balances at least 60 days in advance of your planned application date. This is because credit bureau balance updates are lagging and the credit scoring model puts major importance on the amount of your revolving balances.
Hire a consultant
If your low credit scores are consistent, it may be time for you to hire a consultant and pay him for credit repair. One’s credit is important and most credit repair services are affordable. Think of it as an investment.
Written by iwizard
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Categories: Credit Score Articles Tags: Credit, keep, Perfect, Score
Understanding Credit
Do you know what really credit is all about? The importance of improving credit? How credit works for us? This is a video talking about everything you have to know about credit.
Shanne Sleder will be discussing the overall background of credit and how people should have a great foundation in regards to credit. This is a understandable video because it will talk about the basics and the things that are crucial in terms of credits.
Also with this video, you will get the chance to improve your credit given to you by a Mortgage planner, Shanne Sleder. Tips and important rationale will be seen in this video for you better understanding regarding credit.
Enjoy and learn more about understand credit!
Categories: Credit Score Videos Tags: Credit, Understanding
Get a Good Credit Score
In my opinion having a good credit score is one of the most important things in life! Anyone can maintain a high credit score no matter how rich or how poor you may be if you learn how your credit score is made up. In this article I will tell you how your credit score is made and what you can do to make your score as high as possible.
35 %- Payment History
The most important thing you can do is PAY YOUR BILLS ON TIME! Even if you are paying the minimum it is better than paying late. Although late payments stay on your credit report for 7 years the effect of late payments on your report lessens throughout the years.
30%- Debt to Credit Ratio
This is the percent of available credit you are using on your credit cards. If you have 5000 dollars available credit and have 2500 dollars charged up your debt to credit ratio is 50% which is not too good! They say you want to keep it below 30% but I think its best to keep it 20% or below. So one of the most important things to do immediately is to pay down your credit card balances. Also do not close accounts you do not use. Keep them open so you have more available credit…but DO NOT USE THEM! CUT THEM UP!
15% Length of Credit History
Having a long credit history helps your credit score so keep old accounts open even if you are not using them.
10% Inquiries
Every time you apply for a line of credit there is an inquiry on your report. Having too many inquiries in a short amount of time is bad. So even though store credit cards seem like a good idea to open because you may get 10% off your purchase it may hurt you in the long run. Inquiries only stay on your report for 12 months so it is easy to fix if that is a negative on your credit report.
10% Mix of Credit
Having a mix of credit (credit cards, home loan, student loan, auto loan etc) is what they want to see on your credit report. It shows that you can handle different kinds of credit.
So the first step in improving your credit score is to get your free report from AnnualCreditReport.com and go over it and see where you need to improve. It is important to make sure everything on your report is correct. If you find something that you believe is false you need to dispute it immediately. Good luck!
Written by CS0621
Categories: Credit Score Articles Tags: Credit, Improving, Score
Improving Your Credit Score
Improving Your Credit Score
Improving your credit score is a lot like sticking to a diet – it takes time and discipline and you will only see results after sticking with it for a significant amount of time. Unfortunately, there are no quick fixes when it comes to credit since so much of the scoring is based on patterns defined over time. Since the collapse of the housing market due to sub-prime mortgages and the banking crisis in America, it is much more difficult to obtain credit in general, never mind if you’ve had credit problems. Correcting issues on your credit report can be time consuming, but with some work you can clear it up and become a low risk borrower once again.
Collections and delinquent payments can negatively affect your credit score significantly. Paying your bills on time, even if you only pay the minimum amounts, is a major factor in increasing your overall credit score. The longer you meet your payments on time, the more your score will improve. Use your credit cards sparingly, but not too sparingly. Even if you pay your bills in full every month, racking up big balances hurts your credit score. On the other hand having a zero balance is not desirable either. Try to remain at no more than 30% of your limit at all times.
Be aware that any collections on your account remain there for seven years, regardless of whether or not you pay them off. After seven years they can no longer negatively affect your credit score, but up until the seven year mark they are there for your potential creditors to see regardless of whether or not you have paid the debt.
Contact a legitimate credit counselor. You need to be careful since there are lots of scam artists looking to take advantage of those who are desperate to improve their credit or to get out of debt. Also look to pay debt off rather than simply moving it around. While many people think they should pay down the debt with the highest interest rate, it’s actually a smarter move to pay the debt that is closest to its limits since one of the factors considered in your score is your debt to available credit ratio.
Do not look to open several new accounts all at once. This will bring your average account age number down and negatively affect your score, particularly if you have only been managing credit for a short while. Any flurry of activity like this will hurt your overall credit score.
Having credit cards is OK, as are installment loans (i.e. furniture, appliance, etc.) and it’s considered a lower risk than someone with no credit cards provided that you are timely with your payments and manage them responsibly. Resist the urge to consolidate your credit card debt onto a lower interest card. It’s better to have a small balance on several different cards, than one big balance.
Written by DuncanO
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Categories: Credit Score Articles Tags: Credit, Improving, Score
When can I start building my credit score?
Question by Benjamin Franklin: When can I start building my credit score?
I am 16 years old and would like to know when I can start building my credit score? What will be a starting credit score? How can I build my credit score to be as high as possible? Thanks. Serious answers only please.
Best answer:
Answer by RantingLover
You can start building your credit when you’re 18 (in the USA at least). You increase your credit score by not going over your credit limits, paying on time, and not carrying a balance on revolving lines of credit (like a credit card).
Edit: You used to be able to be added to another person’s credit card and that would begin your credit history, and yes that could be done at a young age. But FICO does not take into account authorized user accounts any more, so you can’t do that any more.
Know better? Leave your own answer in the comments!
Categories: Credit Score Questions Tags: Building, Credit, Score, Start
How to Raise Your Credit Score
As the world’s economic growth slows to a trickle, many people find themselves struggling to make it. Gas prices have skyrocketed and the price of food is at all time highs. If you have bad credit, obtaining a loan can seem like an impossible task. Fear not! Here are four easy ways to raise your credit score :
1. Pay Your Bills on Time – Of all of the things you can do to raise your credit score , this is probably the easiest and most effective step. Approximately 35% of your credit score is based upon your payment history. Set up an online account with your bank and pay your bills via the internet. This takes about 10 minutes to set up and can save you at least in stamps.
2. Pay Down High Balances First – Your credit score will actually decrease if you have credit balances that exceed 50% of the available balance for that card. Free up some of this available balance and you can raise your credit score .
3. Cut Up Used Cards – If you have a card that you do not use, cut it up BUT leave the account open. Your credit score is composed of numerous items including the percentage of available credit that you have versus the amount of credit that you have used. If you cancel the card, you can actually reduce your credit score. The only time you should cancel your card is if it has an annual fee.
4. Monitor, monitor, monitor – You should check your credit score at least annually. Each of the three major credit bureaus will give you one for free each year. Get your free report from Experian immediately and review it for accuracy. After four or five months get your free report from Equifax. After another five or six months, get your final free report from Transunion. This ensures that you will be able to take the necessary steps to raise your credit score .
These four steps are not difficult to accomplish. You should be able to see positive results in about six months. In addition to following the steps outlined above, visit as many personal finance blogs that you can. These sites can help you Become Debt Free .
Written by chasingthebull
Categories: Credit Score Articles Tags: Credit, Raise, Score
Homebuying Tips on Credit and Credit Scores
Homebuying Tips on Credit and Credit Scores
This Element is an excerpt from Homebuyers Beware: Who’s Ripping You Off Now?–What You Must Know About the New Rules of Mortgage and Credit (ISBN: 9780137020164) by Carolyn Warren. Available in print and digital formats.
The new rules of credit: what you need to know–and do–to get credit today!
For many years, it seemed as if anyone could get credit–and they did. Well, we know how that turned out! In the fall of 2008, that house of cards came crashing down. Today, credit is king. What do you need to know about good credit in the new credit era?
This Element is an excerpt from Homebuyers Beware: Who’s Ripping You Off Now?–What You Must Know About the New Rules of Mortgage and Credit (ISBN: 9780137020164) by Carolyn Warren. Available in print and digital formats.
The new rules of credit: what you need to know–and do–to get credit today!
For many years, it seemed as if anyone could get credit–and they did. Well, we know how that turned out! In the fall of 2008, that house of cards came crashing down. Today, credit is king. What do you need to know about good credit in the new credit era?
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Categories: Credit Score Products Tags: Credit, Homebuying, Scores, Tips
What Your Credit Score Really Means
That mystery is created, in part, by the very agencies who determine the number. Formulas for figuring the scores are kept secret, and the numbers are not readily available; at least not without having to do some work to get them. People often want to know what exactly a credit score is, who is behind it, what things impact your rating and what effect a credit score can have on daily life. Add to that the tough economic times we’re now in, and your credit rating becomes more important than ever. Let’s take a deeper look at what a credit score is and how it affects you.
A credit score is nothing more than an attempt to rank your creditworthiness with an objective number. It used to be that if you wanted a loan you would go into the bank, and if you had a good standing in the community, or if the loan officer had a good feeling about you, you could get a loan. Obviously, there is a flaw in that system; anybody, no matter how well-respected, can be a bad credit risk. So, by calculating the effect of different factors on your ability to repay, the credit agencies came up with a way that seeks to treat everybody fairly.
There are several different things taken into account by the credit agencies when figuring out a score. The good news is that most of them are common sense. The one thing that makes up most of your score is your payment history. Therefore, one of the best things you can start doing (or continue doing) is pay all of your bills on time. Next, don’t owe too much. Your debt-to-income ratio should be at 25% or less. That means the amount you owe should not exceed 25% of your income. Don’t open too many accounts in a short period of time, and don’t close too many either. Only apply for a loan or credit if you really need it. As mentioned, most of these things are common sense and they will always go a long way towards improving your overall financial health.
Is a credit score really that important, after all, it’s only a number, right? Right, but it’s a pervasive number at that. The most well-known example are lenders. They will use your credit score to determine whether or not you get a loan, and if so, what terms you will get. However, your credit score is used by a lot more than just lenders. If you apply for a job, your potential employer may pull your credit report before making their hiring decision. Landlords use credit scores to see who they will rent to. Insurance companies use them as part of their risk assessment before offering you a policy.
There is no doubt that your credit score is important. Now that you have more information on what it’s all about, you can take steps to maintain or improve your score.
Written by Royyan
Categories: Credit Score Articles Tags: Credit, means, Really, Score