How to have immaculate credit in the US

Discussion in 'Chit Chat' started by Matt24SPFL, Feb 20, 2007.

  1. I put this together using a credit repair seminar I attended, an audio cd, and a consultation with a credit repair company and tons of trial and error. Enjoy :)

    7 Steps to a 720 Credit Score

    I. Keep credit card balances under 30% of the limits.

    Example: $10,000 credit limit.. NEVER let balance go over $3,000

    You have 4 options:

    1) Ask Credit Card Company to increase your limit

    2) Transfer funds to different cards

    3) Open another credit card (never open multiple cards in 6 month span)

    4) Pay the debt

    II. Have at least 3 revolving credit lines.

    Have at least 3 credit cards at all times of Visa, AMEX, MC, Discover

    Banks and Bureaus like to see that banks have given you credit and you haven't used it even if you don't plan on using the entire limit.

    18-24 months of no use the card becomes inactive!

    Secured Credit Card will be given to ANYONE! (Make sure it reports to all bureaus and make sure the secured card converts to a normal credit card after 18 months)

    Do NOT close ANY accounts!

    The oldest cards with HIGHEST credit limit have THE GREATEST impact on your credit.

    III. Verify accuracy of your reported credit limits.

    Credit limits are not reported because CC companies want to protect you as clients, they do not want you to be stolen away by another credit card company. If your credit report isn't showing your proper limits your utilization rate will be out of wack. This accounts for 30% of your credit number!

    IV. Have at least 1 installment loan on your credit.

    Installment loans are auto, leases, furniture, and personal property

    This is vital if you are in the rebuilding phase of your credit; HUGE impact.

    V. Remove all errors from credit.

    85% of Americans have an error on their credit report.

    25% of the credit reports have an error that stopped them from getting a loan.

    Concentrate on high priority errors that have happened in the past 24 months

    Types of errors to fix:

    Incorrect limits

    Duplicate listings of collections or past due accounts

    Accounts in the last 24 months

    VI. Negotiate for a letter of deletion before paying a bill in collections.

    Your recent payment history is more important than your PAST payment history. Stop paying bills until you can pay them in full! A letter of deletion is a letter that states "This collection for Mr. or Ms. Jones should be deleted from the credit report"

    ***A paid current collection is worse than an unpaid collection past 24 months*** (If you pay an old collection it reinstates the collection and makes it active)

    When negotiating your deletion letter determine whether it is in the collection phase or the charge off phase.</O:p>

    If in collection n

    Never admit any guilt! For two reasons:

    1) Admission restarts limitations by the creditor

    2) Not likely to get letter of deletion because you're admitting debt

    Say things like "I realize I have been late, it's my fault" "I'm calling regarding this account number, it shows that it is a charge or collection and I am concerned because I am careful about my credit"

    Once you do negotiate the debt you need to write

    "By cashing this check you agree that account number is paid in full AND you will provide a letter of deletion" (This is called a "restrictive endorsement")

    Make copy of check and send through certified mail.

    3 possible answers from collections

    1) Yes

    2) No

    3) Only provide you with letter of payment

    Hang up before you say "yes" to 2 or 3!!! Call back another day until you are able to get a commitment to a deletion letter and have it faxed to you immediately.

    Don't get angry! Don't let them talk to you about payment plans or your responsibilities.

    If you have a charge off do the following:

    1) Send verification form and letter to verify that the debt is yours

    2) Send validation letter to prove account belongs in collections (proof of late payment, copy of original signed agreement)

    If this does not happen within 30 days the item will be removed off your credit!

    Collection Companies may only contact you from 8am-9pm, must respect your right to contacted in writing only, and must be honest with you.

    VII. Create a structured plan to protect your credit.

    10 points:

    1) Create budget—Write down and log your expenses! Account for every penny! Write down everything in your monthly expenses. It is better to be a realist than an optimist!

    2) If in debt live like a rich person—Be frugal. How much money do you have left at the end of a month?

    3) Use technology to keep bills current—Many banks offer online payment options, make use of it!

    4) Review monthly statement—Each month review them and make sure you're not exceeding 30% utilization rate, look carefully at all charges, this is where identity theft starts!

    5) Pull credit once every 6 months—Inquiries hurt your credit ONLY when you go to multiple locations and have your credit pulled. Look for late payments and misreported credit limits.

    6) Use same name when applying for credit—Same first, middle, and last name each and everytime!

    7) Avoid being cosigner—This is critical to your credit! It has the same impact on your credit in either event!

    8) Keep accounts active—It does no good to tuck credit cards in drawer and not use them, eventually cc will show inactive and it takes away from the average age of your accounts. Even if you have to pay a utility bill on your CC, DO IT.

    9) Protect credit during and after divorce—Refinance your home and cancel ANY joint cc accounts!

    10) Review steps regularly!

    The 3 Credit Bureaus contact information:

    Equifax Credit Bureau
    ..:namespace prefix = st1 ns = "urn:schemas-microsoft-com:wtf:ffice:smarttags" />P.O. Box 740241
    Atlanta GA 30374-0241
    (800) 685-1111
    (770) 612-3200

    P.O. Box 9701
    Allen TX 75013
    (888) 397-3742

    Trans Union
    Consumer Disclosure Center
    P.O. Box 2000
    Chester PA 19022
    (800) 888-4213

    To Apply for a Secured Credit Card contact:

    Joseph Duncan
    Wells Fargo Fox Hills Office

    5899 Green Valley Circle
    Culver City, CA 90230

    Tel: 310.568-0292 (Direct)
    Fax: 310.641.3817


    Kristin Koptyra
    Citibank Pasadena-Garfield Financial Center

    315 E. Colorado Blvd
    Pasadena, CA 91101

    Tel: 626 585-3645
    Fax: 626 449 6684
  2. Geez Matt...your helping people get in shape, repair their credit...What's next? " How to pick up trashy women in your neighborhood. 5 easy steps by Mat24" LOL:D
  3. LOL!!

    Step 1
    If you hesitate you masturbate. Walk right up to her like you're Brad Pitt.

    Step 2
    Make a semi-cheesy comment about how you like her 'positive aura'

    Step 3
    Use a neg hit. Example: "That's a nice dress you're wearing, did your grandmother buy it for you?"

    Step 4
    After she hits you on the arm b/c you busted on her say with a calm, cool, collected voice "I love me too"

    Step 5
    While she's laughing wondering why the hell she feels the way she does about you, grab her and and invite her to a more private place so you two can 'hang out.'

  4. Im gonna try that on my wife tonight!
  5. **Disclaimer** I cannot guarantee positive results with a wife...

    haha, lemme know how good the bj is tomorrow, k?? :)


  6. I smell a book deal-oh wait, nobody reads books now, but yeah-infomercial booty, is what this is.

    Actually, picking up trashy women would be helpfull. I mean , *ahem*, it would sell well, potentially.
    Particularly, after the alabami sex toy debacle.
  7. maxpi


    Credit is the greatest, especially when you are too old to get another job and know you are going to be axed, forced retirement city is what I'm talking about. It is not like you need a credit rating at that point, right? Spend until you cannot make the minimums and then get axed, if you keep the total on any one card under, maybe, $30k, they will not be able to afford to take you to court, all they can do is call you on the phone forever, and if just one of them screws up once and crosses the legal line you can sue them and clean up even more. Believe me, you won't feel guilty about it when you look at how the lenders and banks and all have used the legal system in the US to not fix the identity theft problem. You will sleep better too, no more worries about making payments. Tune in, turn on, drop out sort of, I don't recommend the turn on part though or at least don't overdo it. :)
  8. Max out your credit card to open your trading account. Then use a balance tranfer check to tranfer the whole balance when the bill comes in to pay off that credit card. Then use another balance tranfer no fee check to pay off the other card. And then keep tranfering balances with no fee back and forth every month until you decide to pay it off in full. You can do this forever and never pay a cent of your bill. :D