Category Archives: Credit Repair Tips

FICO “Balance and Burden” Key

FICO “Balance and Burden” Key This Essay is aimed at the more advanced Student of Credit Repair In the familiar pie chart that breaks down the importance and weight of the various components of your FICO credit score the second most important category after timely payments is called “Capacity Used” or sometimes “Credit Utilization”.  Many

Low Credit Credit Cards Examined

Low Credit Credit Cards Defined Low credit credit cards, known in the industry as “fee harvester” cards are starter credit cards for those trying to establish new credit or re-establish a better credit picture from a low score caused by a damaged track record. For most analysts anyone with a FICO score below 660 is

Credit Card Limit Increase Considerations

When is a Good Time to Apply for a Credit Card Limit Increase? Getting a credit card limit increase is a much better way to gain access to new credit than applying for a new card.  With a credit card limit increase there is no penalty for a new inquiry.   The credit card company’s own

Credit File Fraud Alert Before Security Freeze

Credit File Fraud Alert Less Drastic than Credit File Security Freeze Many consumers are confused about the pros and cons of a credit file fraud alert versus a credit file security freeze.  Let’s take a look at what is similar and what is different about these two avenues of self protection against identity theft and

New FICO 9 Credit Scoring Model Imminent

  FICO 9 Credit Scoring Model Coming This Summer FICO plans to roll out it’s next generation FICO 9 Credit Scoring model on an as yet unspecified date this year.  It has been 6 years since FICO 8 superseded previous versions of the widely used FICO credit scoring system.  Medical debt will have less negative

HIPAA and Medical Debt Collection

  HIPAA and Medical Debt Collection UPDATE, AUGUST 2014….   FICO 9 will not count paid medical debt against consumer credit scores and unpaid medical debt will do less damage.  This major change will affect many people’s credit scores for the better.  But many mortgage providers are slow to adopt new changes.  Some mortgage providers use

Consumer Financial Protection Bureau Report Card

Consumer Financial Protection Bureau Report Card UPDATE  Since the CFPB started investigating credit card practices in July of 2011 new categories that have been added include mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collecting, payday loans and money transfer services.  The CFPB has recently announced even

Debtor’s Legal Rights

Debtor’s Legal Rights Consumers are protected from abuse by credit reporting agencies, debt collectors, predatory lenders and others who prey upon the gullible and weak by a variety of laws.  Some of these laws are more well known than others.  Federal Laws usually supersede State Laws when there is a conflict. State Laws sometimes provide

Credit Scoring Measures Borrower’s Trustworthiness

What is Credit Scoring? Everyone knows there is such a thing as credit scoring.  What is credit scoring?  Who decides what it is?  How is credit scoring Measured?  How often does credit scoring change?  What information is in it?  What information is not in it?  Can I manipulate it?  Why is credit scoring important? Let’s

Online Predatory Loans Breaking State Usury Laws

Online Predatory Loans Online predatory loans are legally distinguishable from “Payday Loans.”  Payday loans are high interest very short term loans designed to fill an immediate need.  They are the subject of continuing ongoing debate between those who would outlaw them completely and those who see them as a legal means for coping with dire

Debtors Suing Debt Collectors Successfully Turning Tables

  Debtors Suing Debt Collectors Successfully Under FDCPA Debtors suing debt collectors.  Is this a man bites dog story?  More and more debtors are taking advantage of their rights under the Fair Debt Collection Practices Act of 1977 and going after the collectors.  The hunter is becoming the hunted! The mouse is chasing the cat.

Deceased Debtor’s Credit Card Account Responsibility

  When Credit Card Holder Dies The question of a deceased debtor’s credit card account responsibility comes up often. A  review of the possible scenarios ahead of time should be helpful to people before they are vulnerable.  Emotional turmoil around the time of death of a loved one is not conducive to making a decision

Student Loan Payments First Wise Financial Choice

Student Loan Payments First for Financial Triage I’m aware that student loan payments first drags down your entire financial picture.  I know that getting ahead in life while carrying the student loan debt burden is like swimming against the tide. How are you supposed to fund that start up you’ve been dreaming of?  What about

Credit Score Fundamentals Beginner’s Guide

  Always Pay Credit Cards and Loans on Time No credit score fundamentals beginner’s guide can start without emphasizing the importance of timely payments.  Recent late payments hurt your score in a big way.  You also incur penalties.  Make at least the minimum payment if you possibly can.  If you can’t do that call and

Equifax Loses Court Judgment Numbering $18.6 Million Dollars

Equifax Loses Court Judgment Numbering $18.6 Million Dollars Equifax loses Court judgment numbering $18.6 Million Dollars awarded by a Federal Court Jury in Oregon.  Evidence showed that plaintiff Julie Miller spent 2 years trying unsuccessfully to get Equifax to fix mistakes on her credit report. Ms Miller first realized that something was amiss in 2009