Your Credit Score Secrets

By Amy Pedersen

Although companies can give you advice and try to provide tips to repair your bad credit, even the Federal Trade Commission has stated on their website that anything a credit repair company can do for you, you can do for yourself. And think of the money you will save! Self credit repair is one of the only sure fire ways to repair your bad credit and make sure it stays that way.

Without the proper education and understanding of your credit score, it can seem like an impossible task. However, if you were to sit down and take a good look at credit repair and decide for yourself what it is your credit is lacking, self credit repair is not that difficult.

It may take a real conscientous effort to fix your credit, although not making any effort is probably what got your bad credit on it’s way to worse in the first place.

Self credit works very well for most people. It is amazing what one can do with effort and the power of knowledge. It is easy to do and with the times we live in, with the savings rate below 0 and people having more and more need for their money, it is vital to raise your credit score. And vital if you ever plan to have any savings in the future.

Start with getting your three credit reports for free from all of the major credit bureaus. It is free once a year and available online or over the phone. It is amazing that the average person I speak with has not yet even heard about this service yet.

You can obtain all three of your credit score reports, or one from each of the large credit reporting agencies by simply logging on or placing the call. Although because of course the credit reporting agencies make A LOT of money by selling yours and of course anyones information, they are not exactly marketing the whole “YOU CAN GET YOUR CREDIT REPORT FOR FREE” thing with any hugumongous effort.

Simply knowing that you can obtain your report now and learn more to help you on your way to credit repair is important information to any consumer out there. Anyone who wants more money in their pocket each month. Think of it, lower interest rates, more credit offers, 0% down offers, all just for putting in a little effort and finding out more about how to repair your own credit. Think of the money you could save by raising your credit score.

Even the average home loan can save enough money to make people stand up and take notice. For example, at a rate of 20.75% you spend $81k+ more on your home over the course of the loan than with a good credit score and a lower interest rate of 5.75%.

Think of what you could have done with that extra money each month or even total. $81,000 would buy a terrific pool, probably a waterfall and perhaps for $81k+, a nice cave similar to the Hugh Hefners Estate or perhaps a Gold Inlaid pool as Hearst Castle displays indoors.

You would be saving $6,780 yearly, you could even put the new pool on credit! Raising your credit score can have a profound effect on your finances and your financial portfolio. Self credit repair has become more and more popular with people learning more about their scores and how scores are calculated.

Self credit repair can be done and without much effort, a very small investment of time and it will definetly be the highest paid work you have done in a long time.  I would personally love to see the extra $6,700 a year raise on my next paycheck. But since that doesn’t always come when you need it, self credit repair is the best thing for your finances and wallet.

Finding out more, educating yourself and using simple tools and techniques can get you on the fast track to a better credit report score. It can be done for most people in a matter of a few months and can be done with virtually no money and without having to turn to costly debt reduction companies or credit repair schemes.

As everyone has noticed, the mortgage lending industry is playing a whole new ball game these days. With the savings rate currently where it is, it is no wonder. The savings rate has not been at this level since the Great Depression and still people need a place to live. When it comes to obtaining the right interest rate and getting the right home loan these days, one has to pay close attention to their credit score. Credit reporting and credit score numbers play a huge role in the game and in which type of loan you are offered.

By raising your credit score and repairing any problems on file with the credit bureaus, you can present yourself with more options and save a lot of money in interest rate reduction. The average home loan of lets say, 200k with a rate of 20.75% will cost interest of $81,360 more than the EXACT SAME LOAN with a rate of 5.75% which will cost $81,360 less- Time to splurge and get that new swimming pool with the money you will have saved over the course of your loan.

 You will also find yourself qualifying for different types of loans, higher loan amounts and better offers all over from lenders who want your business. The mortgage industry is hungry for your business right now and they will compete to get the loan from the right consumer with a high or higher than average credit report score. When raising your score, there are several options open and different ways to go about credit repair mostly depending on your current score and debt ratio.

When it comes to credit repair, the way to approach it is different for someone with a score of 550 than it will be for someone with a score of 700 who wants to raise it to a 750. It is also different in the way to go about credit repair when it comes to the varying debt ratios of consumers.

Your debt to credit ratio is going to have a large impact on your credit score and it will also have a Huge impact on how much lenders are willing to lend you. The lenders find debt to credit ratios important, especially with the current mortgage scares. Lenders do not want to find buyers whose credit and debt show that they cannot possibly afford a home right now and who already have too much on their plate.

FIxing your credit and raising your credit score is easy to do by yourself if you know how. If can be done in as little as 90 days and sometimes less, depending on circumstance. But it will have a huge impact on the home loan that your lender offer you. Get the right education and fix your credit now, with simple letters to credit bureaus and the right approach, it is easy to realize that the laws and credit scoring system was written to help the consumer, not the credit bureaus. It is silly to let these credit agencies bully us into thinking we have no control over our scores. It is simply lack of knowledge and education that keeps people from taking the simple way out and raising their credit score.

With simple techniques, calls, letters and planning, most people can raise their credit score quickly. It is simply not knowing where to start that keeps them from doing it and it is sad to think of all of the money lost in high interest rate loans. Save yourself that $81,360 over the course of your $200k loan and renovate that garage, put in the new hardwood floors or replace your kitchen with the money that was saved on your home loan, with only a little effort in credit repair.

It is the highest paid work you will do in years and well worht the effort. Order a simple credit book or guide today and for a small investment of your time and effort, you can fix your credit score and obtain that home loan of your dreams today.

Consumer Publishing Group has created one of the most comprehensive credit repair manuals available, called The Credit Secrets Bible TM. The Credit Secrets Bible has been in print since 1994 and has just been reprinted and updated…..it is absolutely essential if you are serious about fixing or improving your credit. To learn more about the Credit Secrets Bible, visit the Credit Secrets Bible Website here:

CREDIT SECRETS BIBLE

Author: Amy Pedersen, is penned as Your Credit Score Secrets featured Credit Insider whose articles provide insider tips and insightful knowledge of the credit industry. Her article topics range from the nature of credit reports to the underlying problems facing credit scoring and the laws which support credit report repair done by the average person.

When at a wine tasting event last week, I was speaking with an underwriter from a large insurance personal lines company and was surprised to hear that lenders and their role in credit repair schemes is a popular topic around the water cooler. Being  featured more and more in the news, these large banks and private lenders are stepping up to the plate to help the average American and stop these credit repair schemes. Even though they seem to stem from the mortgage industry itself.

Take a hypothetical situation as I will outline below about somebody with a low credit score and it does not seem as “hypothetical” anymore but “average” in todays market. With the savings rate at a level that it has not seen since the great depression, it is no wonder.

Brian Paltery was living in Florida and trying to buy a home  for $420,000. He was happy where he was and wanted to settle down. Living only a short distance from Fort Lauderdale, he wasn’t complaining much. When he approached a lender to get the home loan that he needed. He discovered that it was not as easy as he thought. Even with his long standing employment record and great income, many things came up when his credit report was pulled.

And Brian was shocked. He had thought he had paid all his bills on time and was happy with all of his answers on his credit applications. When they pulled his credit, he found himself to be the victim of not only identity theft in several different ways, but also that his wife had not always paid his television and phone bills on time.

Brian had options of course, as anyone finding themselves with a low credit report will find. He could spend the time to educate himself and spend the time necessary to fix his credit score or pay someone to do it for him. Brian had two kids and a full time job and just didn’t know where to go. Unfortunately for him, he chose to take the easy route and pay someone because he felt it would take too long for him to do it.

After paying upwards of $1,300 of fees, he did receive a higher score and was able to obtain that loan perhaps a couple of months sooner. This kind of practice however is finding a definite opponent and is seriously worrying most people currently in the mortgage industry.

Enough to make the industry shake in its boots, lenders have found that these practices will do nothing more than create another high impact home loan loophole. Federal regulators are saying currently that they are on top of things and looking into it with a very quick reaction.

Even the Fair Isaac Corp. FICO, the creator and producer of the algorithims that run the credit scoring system, have announced plans to do something about this new and growing credit scheme practice. It has been said that they will change the current scoring system for credit in a way that will prevent this problem.

It’s really unfortunate that Brian didn’t understand that with the proper credit repair education, books, programs, etc. , he could easily raise his credit score in only a matter of months and obtain that interest rate that he needed for his new home loan. And the lenders were definetely more intereated in him once his credit score was raised to a higher rate.

Credit Repair Schemes will hopefully find a reputable enemy in the mortgage and credit scoring industy and be put to a halt. Although this is wishful thinking, hopefully at least something can be done about this practice or we will end up with more people buying homes that they certainly cannot afford.

Alhtough thing worked out for Brian in the end, with a little education and the right book, it is easy to fix your own credit score and raise it to the score you have in mind. Saving you a ton of money yearly once it is at a high level of 700 or above, your credit score plays a huge role in your finances and financial freedom. You can do the same thing that these credit repair companies do but for yourself. Using a very small budget of less than $100, and that includes the book, and all of the postage for letters to the credit bureaus, one can raise their credit score in only 90-120 days.

It simply takes a little education and the right person whosing you the way to raise your credit score now before the game changes and Fair Isaac Corp., FICO changes the way they calculate credit scoring once again. Its time to save yourself money and get those interest rates you deserve and say you did it by yourself.

Consumer Publishing Group has created one of the most comprehensive credit repair manuals available, called The Credit Secrets Bible TM. The Credit Secrets Bible has been in print since 1994 and is absolutely essential if you are serious about fixing or improving your credit. To learn more about the Credit Secrets Bible, visit the Credit Secrets Bible Website here:

CREDIT SECRETS BIBLE

Author: Amy Pedersen, is penned as Your Credit Score Secrets featured Credit Insider whose articles provide insider tips and insightful knowledge of the credit industry. Her article topics range from the nature of credit reports to the underlying problems facing credit scoring and the laws which support credit report repair done by the average person.

It seems like with today’s prices, the economy, the flooding disasters, and the crime in America, us consumers are forced to educate ourselves and become more financially literate or else lose money. In addition to paying more for your credit cards, home loans or auto loans, you will most likely receive financial discounts on things such as homeowners insurance, life insurance and even automobile insurance by improving your credit score.

When asking friends at the lastest wine tasting I attended, only 8 out of the 10 had an idea of what their credit score number was. And out of the two people who I questioned who did give me a number, one of them hadn’t seen the credit report in over a year and the other woman had only last seen it in the last 2 months.

The man who hadn’t seen it in over a year simply assumed that nothing much had changed and that things were progressing as normal. He had no idea how ever changing and flowing the mathematical averages and scores can be on each individual creditreport.

And there are three different major agencies reporting at any one time. Each one displays a different number for each consumer. So unless you really are in the “know” and check your credit score monthly, like a good financial planner, you most likely don’t really know what your credit score really is.

 Your credit score can cost you a fortune of your savings each month. When it comes to the average home laon for instance, it is staggering when one realizes how much they can save simply by lowering their interest rates and mothly payment.

If you take for instance, a $200,000 loan with say a 5.75 fixed rate over 30 years and the same loan fixed rate, 30 year and change the rate to 20.75%, it is going to cost you an additional $81,360 over the term of the loan. Credit Score repair is the highest paid work you could ever do. Imagine making an additional $81k each work in bonuses at your job!!

When it comes to credit repair and raising your credit score, most people can see an improvement within 90 days and many see their score raise as much as 200 points in this time…..only 90 DAYS!!

Now think about your retirement, those golden years when you relax and finally get to live your life the way you want to. Then think about how many extra years that you may have to work in order to pay off the additional $81k if you ignore your credit and don’t raise your credit score and request a better interest rate from your credit card companies, loan officers, etc.

Debt reduction and elimination is just around the corner and fixing your credit score, raising your score and lowering your interest rates is the first step in taking control of your financial future and making it brighter.

Consumer Publishing Group has created one of the most comprehensive credit repair manuals available, called The Credit Secrets Bible TM. The Credit Secrets Bible has been in print since 1994 and is absolutely essential if you are serious about fixing or improving your credit. To learn more about the Credit Secrets Bible, visit the Credit Secrets Bible Website here:

CREDIT SECRETS BIBLE

Author: Amy Pedersen, is penned as Your Credit Score Secrets featured Credit Insider whose articles provide insider tips and insightful knowledge of the credit industry. Her article topics range from the nature of credit reports to the underlying problems facing credit scoring and the laws which support credit report repair done by the average person.

Copyright 2008 All Rights Reserved: Amy Pedersen

Even though it seems that as Americans we “have it all” and that we enjoy apparent abundance in all facets of life, many consumers are now finding that they have new and massive financial problems of a size and nature that they have never seen before. Houses are being lost, good credit is being destroyed and families and financial plans are being torn apart.

We use to be a “land of opportunity, with people flocking to our country to live the American dream but truthfully this “land of prosperity” does not paint a pretty picture anymore when you turn on the news. With the savings rate being where it is today, it is true that most Americans are living paycheck to paycheck with things like bankruptcy, poverty, excessive debt and credit card ruin looming in their mind.

What is it that we are missing? It turns out, what we all lack seems to be AN EDUCATION!!! We are rich in “buying power” but we are bankrupt in the knowledge category. We consumers lack the education needed to make the right decisions and to use our financial intelligence to get us ahead of the game.

This issue is only compounded by the fact that most people don’t seem to be aware of how uneducated they really are. Usually the need for learning comes too late and the damage to our credit or financial plan is already done. By the time that most people start to realize what they don’t know about their credit score, they have already suffered damage to their score and need to do some major “re-planning”.

Your Credit Score and Understanding your Credit Score become epically important. When it comes to the savings you find monthly by raising your credit score, people are pleasantly surprised. Imagine being “pleasantly surprised” about anything financially related these days!!

For most people, credit repair and/or restoration should be step number one on the ladder towards a brighter financial future. Improve your credit score, remove any negative items and start bringing down your interest rates and raising your score today for more money in your pocket tomorrow.  Just take a look at the following example:

Home Loan in California:
Principal: $200,000
5.75% rate
30 Fixed Loan
$1,167.00 / month
$14,004 / year

COMPARED TO BAD CREDIT LOAN: 

Principal: $200,000

20.75% rate

30 year Fixed Loan

$1,732.00/mo.

$20784 /year

This amounts to a savings of over $6,780 yearly and over the period of the loan it would amount to a savings of over $81,360 !!!

Lets go buy that new Sports Car and take a SPIN!! Most people have never even THOUGHT to Calculate the savings or amount of money they are essentially THROWING OUT each month by not being educated about their credit report and score.

What are all of us Americans thinking and what are we going to DO about it??!! Think about being able to GIVE YOURSELF A RAISE in your monthly income each month, without having to work twice as hard at your current job in order to get the next raise or overtime hours. FIX YOUR CREDIT YOURSELF and find yourself on the road to a better financial future.

Consumer Publishing Group has created one of the most comprehensive credit repair manuals available, called The Credit Secrets Bible TM. The Credit Secrets Bible has been in print since 1994 and is absolutely essential if you are serious about fixing or improving your credit. To learn more about the Credit Secrets Bible, visit the Credit Secrets Bible Website here:

CREDIT SECRETS BIBLE 

 Copyright 2008 All Rights Reserved: Amy Pedersen
Author: Amy Pedersen, is penned as Your Credit Score Secrets featured Credit Insider whose articles provide insider tips and insightful knowledge of the credit industry. Her article topics range from the nature of credit reports to the underlying problems facing credit scoring and the laws which support credit report repair done by the average person.