lifelinecredit asked:

LifeLine’s founders referred clients to other repair companies for years before realizing that most did absolutely nothing to repair anyone’s credit. The LifeLine team looked at the market and knew they could do better by creating a company focussed on real results for the people who need them. LifeLine’s unique service allows clients 24/7 access to their credit information in a secure environment where clients can also monitor LifeLine’s activities and results on their behalf. LifeLine has created a level of transparency so clients can see the work & results as it progresses. Many of the low cost credit repair firms simply send out a round of challenge letters…and that’s it! A client might see something come off their credit….short-term…only to have it reappear back on their credit after 30 days. We call those soft-offs and it happens all the time….effective credit repair takes time, coordinated effort and a system for long term results. LifeLine has created that system and is here to help all we can get where they’d like to be. Many clients come to us because they have just been turned down for an apartment, a car or a job. Others have been divorced, filed for bankruptcy or suffered a foreclosure. LifeLine can offer options, counseling & an effective strategy for repairing and, in some cases, re-establishing a client’s credit under the right terms. Please visit us at www.tossmealifeline.com or call 678-996-3340 in metro Atlanta or 877-264-3454 nationwide to get …

Vanessa

Ian Webber asked:


Credit Repair and Credit Scores

Credit repair is on everyone’s mind these days. And credit scores are for sale everywhere. There is only one problem. None of these advertised credit scores are the same as the credit scores that lenders use when making credit decisions. Whoa. That’s right. People spend huge amounts of money to buy credit scores which they mistakenly believe are relevant to their life. What the heck is the story? You want to know? Okay. I’ll tell you!

Lenders Use FICO Scores

Lenders use a type of credit score called the FICO score. FICO stands for Fair Isaac Corporation, the creator of this important score. The credit bureaus gather consumer credit data and run their data through the FICO credit score software to produce the scores that lenders use to make decisions.

Avoid Knockoff Scores

If you are starting a credit repair project or plan to get a loan in the near future and want to know where you stand you should purchase your FICO scores. But if you buy your scores from one of the credit bureaus websites you will get the bureaus own proprietary scores. And you will be no wiser than you were before because these knockoff scores can easily be 100 points different from your FICO scores; deceptive for your loan information, and useless for benchmarking your credit repair.

It’s About Money Honey

Alas, the credit bureaus realized they could make more money by creating their own version of a credit score and selling it to the public. If they sold genuine FICO scores to consumers they would have to pay fees to Fair Isaac. Lenders demand FICO scores; it’s a simple fact, they would never settle for less. Consumers on the other hand seem to be clueless. But there is a reason that consumers are clueless, the credit bureaus don’t offer any transparency, just a sales pitch.

Credit Repair and the Right Stuff

It’s all about your FICO scores. If you are going to benchmark your credit repair effort or plan to get a loan these are the only scores that matter. And you can get them online at the website for Fair Isaac Corporation, MyFico.com. The cost is about $50 for all three scores. Now are your ready to hear how these important scores work? Here is a mixture of the information published by Fair Isaac and some practical credit repair tips from yours truly, and I do know a bit about this, so listen up.

Major Credit Repair Weight

Fair Isaac is happy to tell you that the major part of your credit score is based on two categories. These are your payment history, weighing in at a hefty 35% of your score, and your account balances, tipping the scale at 30% of your total score. This is a bare bones fact, and much useful credit repair info is left unsaid, so I guess I’ll say it. If you care about your credit scores you need to focus on your revolving balances.

Revolving Account Bombs

Revolving balances are the lynchpin of your credit scores, and hence your credit repair effort. You can have a decade of perfect credit under your belt. You may have paid off a dozen cars and made every payment on time, but if you run up your credit card balances to the max and then check your credit scores you are in for a rude awakening. Maxed out credit cards will devastate your scores. Do you want some numbers? Okay.  A maxed out card can erase 100 points from your score. An over-limit card can knock 150 points off; it’s a credit repair disaster. But wait, there is more.

Credit Repair Leverage

I don’t want you to feel like this is all bad news. Revolving debt is conversely the most powerful credit repair tool you have at your disposal for pumping up your scores. FICO recognizes 5 different balance tiers: 20, 40, 60, 80, and 100 percent usage. If you are getting a loan in the near future and have the resources to pay your balances under 20% of the limit your scores will be shining.

The Rest of the Story

The other ingredients relevant to your credit repair task include the age of your accounts, coming in at 15% of your score, new credit and inquiries at 10%, and the type, or mix of credit at the final 10%. These remaining ingredients are minor and for most people will take care of themselves as life goes on. I should, however, add that it is valuable credit repair advice to avoid opening new accounts before applying for a major loan, and to keep those inquiries to a minimum. Cheers!

Copyright © 2008 Ian Webber. All Content. All Rights Reserved.



Kristin