The Truth about Debt Settlement – The Worst Possible thing for Your Credit Score

July 25, 2011

Mr. Credit Bankruptcy, Credit Repair, Credit Score Secrets , , Leave a comment

Debt settlement is the worst financial move You can make. By design, the “Debt Settlement Program” destroys Your Credit Score for years. Typically, You save much less money than just settling the accounts on Your own. The first thing You are instructed to do when You sign up for a Debt Settlement Program, is to stop making payments to Your creditors! Not only will that hammer Your Credit Score, but You have absolutely no protection at all! At least with Bankruptcy, Your creditors can not pursue collection activity, call You, harass You, or sue You for the debt You owe. With Debt Settlement, ALL of the above are likely to happen in the first 90 days.

If You are considering a Debt Settlement solution, most likely, You are a good Candidate for a Chapter 7 Bankruptcy. Make sure You at least schedule a Free Consultation with a San Diego Bankruptcy Lawyer before You make any commitments. A good Attorney will also be able to provide Your Credit Score before and after filing.

How to get Your Credit Score…Fast.

July 24, 2011

Mr. Credit Buying Real Estate, Credit Repair, Credit Score Secrets , , , , Leave a comment

If You need Your Credit Score quickly, this is the Video for You. There are Secrets within on exactly how to get a Credit Score, make it a good one and make it all happen QUICKLY. If You already need Your credit for something, then be prepared to be patient. QUICKLY in the world of establishing a Credit Score is less than 60 days. If You go it alone, it will likely take You 6 months!

If You need Your Credit Score, it’s usually because You’re Buying a Home, Car or trying to Rent/Lease something. Just remember, if You are buying a Home, choosing the right San Diego Realtor is incredibly crucial. Unfortunately, there is a tremendous amount of San Diego Real Estate Agents who will move Your transaction forward without having allowed You and Your Lender to secure the proper financing. Should You ever need me to step in, I’m a “click” away :)

Never Close a Credit Card Account if You care about Your Credit Score

July 23, 2011

Mr. Credit Credit Repair, Credit Score Secrets , , , , 1 Comment

If You think closing a credit card account is going to make things better for Your Credit Score, think again. You stand to gain absolutely nothing by closing ANY account on Your credit profile. The Credit Scoring model WANTS to see that You have open and “active” accounts. Many people who really need a Credit Repair Service to help them, start by paying off their Collection Accounts and Credit Cards, then closing all the accounts they have open. This is absolutely the worst combination of things You can do to Repair Your Credit. Paying Your credit cards off is fine, but keep them OPEN. Also, You should never pay off a Collection once it’s reporting on Your credit profile. There is no way it can help Your Credit Score go higher and is likely to cause Your credit score to go much lower. In my opinion, this “glitch” in the Scoring Model system is not an accident.

How Student Loans affect Your Credit Score

July 22, 2011

Mr. Credit Credit Repair, Credit Score Secrets , , , , Leave a comment

Most likely, You do not completely understand exactly how student loans affect Your Credit Score. This quick video details how you can maximize your score around the student loans. The big thing with Student Loans is to not make assumptions.  They will never “automatically” go into deferment.  Check Your Credit Report often while You have Student Loans.  Whatever You do, do NOT go back to College just to not have to pay back Your student loans.  Remember, Student Loans are a debt that You will never be able to get away from…  No matter what, You’re going to have to pay them back, so be VERY careful how You spend this money. Your Credit Score won’t bail You out on Student loans :)

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