credit repair: My Credit Scores Need Anger Management Class!! - 03/09/10 06:41 AM
My Credit Scores Need Anger Management Class!! Have you ever done something just to spite someone? Sure, we all have. Somehow it makes people feel a little better to act like a jerk or dis somebody.  Well I'm here to tell you that getting mad at creditors and not paying your bills out of spite will hurt nobody but yourself!
There's a good chance that the mega bank with 40,000 employees won't feel that spiteful sting when you decide to hurt them by not paying your bill(s). However, your credit can take a beating, now and for years to come.
First the situation hurts your ego. So … (8 comments)

credit repair: Credit Scores? What to do in Your Scenario ... - 01/14/09 07:46 AM
I'm sharing this great testimonial that I recieved last night because I know many people are in the same boat. The questions regarding credit scores are numerous, varied, and frankly getting them answered correctly makes a HUGE deal regarding many other areas in life.  Maybe you can find the same helpful information below in the credit score links.
"I am very grateful to you for taking the time to help me (fix my credit) even though I am doing the work. The fact that you have laid out the steps for me to follow is the best thing that anyone has … (8 comments)

credit repair: Credit Scoring - Inquiries (6 of 6) - 10/30/08 08:38 AM
I feel like a broken record, but Inquiries are one of the most misunderstood factors of the credit scoring model. Inquiries count for 10% of your overall credit score.  An inquiry is a check on your credit.  There are two types of inquiries, soft and hard. 
A soft inquiry is one that does not hurt your score.  Such examples are job credit checksinsurance checks, or credit card "pre-approved" offers. A hard inquiry is a credit check that does put a ding on your score.  Such an example would be a credit check by a mortgage lender, an auto dealer, or a credit card company … (1 comments)

credit repair: Credit Scoring - Mix of Accounts (5 of 6) - 10/26/08 02:33 PM
One of the 5 main catagories in the credit scoring model is the mix of credit accounts.  The mix refers to different accounts such as mortgages, auto loans, installment loans, and credit cards.  A person's mix of accounts represents 10% of their overall score.   
It is preferable to have a mix of accounts such as installment loans and 3-5 credit cards.
Having more than 3-5 credit cards is fine.  Technically you could have as many as you want.  One thing you have to keep in mind though with having so many cards is the effect it has on your credit history and inquiries … (2 comments)

credit repair: Credit Scoring - History (4 of 6) - 10/25/08 03:54 PM
Your credit history accounts for 15% of your total credit score.  History does not refer to payment history.  History is the evaluation of the timeframe that your accounts have been open and active, as in how many months or years.
Longer Credit History = Higher Credit Score
Long Credit History Paid As Agreed=Positive Impact To Credit Score

TIPS

 
Why you should never close a credit account ... 
Never close a credit account, especially if it has a long payment history.  This can negatively impact your credit score because the history aspect of your credit profile will be made shorter. 
Authorized User … (5 comments)

credit repair: Credit Scoring - Balances (3 of 6) - 10/24/08 05:15 PM
One of the most misunderstood areas of a credit score is the "balances" part of scoring.  I say that it is misunderstood not because it is complicated, but because people tend to have no idea why their credit score is low, when in fact they are carrying very high balances on their credit lines, a common factor in a low credit score.

I've seen credit reports where people were never late on a payment, yet their scores were in the 580's.  That isn't exactly a score to get excited about.  The credit scoring model views such a person as a … (3 comments)

credit repair: Credit Scoring - Payment History (2 of 6) - 10/23/08 10:44 PM
The most important factor regarding your credit score is your payment history.  Your ability to pay your accounts on time reflects 35% of your credit scores.  The credit scoring model certainly wants to know that you are paying your accounts as agreed.  The last 6 months are the most important time frame.  As time goes on older accounts and reportings have less weight to your score.  Although many factors come into play, a very recent hit to your credit could drop a score 50+ points
A credit report will usually show at minimum these catagories; 
Past Due 30-days late 60-days late … (2 comments)

credit repair: Credit Scoring - What Makes Up My Credit Score? (1 of 6) - 10/22/08 07:23 PM
I've worked with clients all across the board.  Some who had "perfect" credit, and some who upon seeing their credit report, found themselves a second job (fixing their credit).  I'll help you understand what makes up a great credit score, and how to alter any situation to improve the credit scores.
Let's lay some ground-work. 
Three bureaus evaluate your credit scores
Equifax Trans Union Experian Credit scores will be different among the three bureaus because not all creditors report your data to all three bureaus.  Even if your data was reported exactly the same to each, the three credit bureaus don't use the same model to evaluate … (6 comments)

credit repair: Collection Accounts and New Car Loans - Did YOU know? - 10/14/08 10:21 PM
I just finished another one of my Credit Scoring Seminar classes tonight, and after countless times doing this, I still chuckle.  Where do people get their knowledge of credit scoring?  This specific class was great and intelligent so this isn't directed at them. But really, who ever told us that doing the following was good?  Especially while applying for financing ...

Pay Off Collections - NO NO NO!  This is almost always a bad move.  Paying off a collection account often brings down one's credit score.  Why?  Because it brings the collection "current" - which looks like you just had the collection put … (1 comments)

credit repair: Understanding the Keys to Credit Scoring and Buying a Home - 09/17/08 03:09 PM
These seminars are designed for the public, but I would highly encourage professionals to attend (with or without their clients) as I promise you will learn something important.
Understanding the Keys to Credit Scoring
Some of the topics covered in this seminar:
How a credit score calculated How to boost your score 100 points in 45 days Top 10 things to NOT do When you should hire an expert to restore you credit, and who to hire Common credit misconceptions that really damage a score To preregister for Understanding the Keys to Credit Scoring, simply call my cell and leave a message at … (4 comments)

 
Richard & Carol DeGrace, Mortgage Loan Officers NJ 609-209-3700 (1st Colonial Community Bank | Bank - New Jersey)

Richard & Carol DeGrace

Mortgage Loan Officers NJ 609-209-3700

Cherry Hill, NJ

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