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InvisibleEnlilMDiscord
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Credit Repair 101 - A Survey Course * 9
    #20289833 - 07/18/14 06:07 AM (9 years, 6 months ago)

This course will teach you the basics of obtaining, understanding, and most importantly, improving your credit reports so that you look better to potential creditors.  In this course, we will cover the various different positive and negative factors affecting your creditworthiness as viewed by different lenders.  Also, we will discuss long and short term techniques to raise your credit scores.  Finally, we will briefly discuss the more advanced or "black belt" techniques which are used to repair the more stubborn negative indicators on your reports.

First, let me start with my own qualifications.  Some of you know that I am an attorney, but what you may not know is that I was also dirt poor.  I have lived in a house with the power, water, and gas shut off.  I've pumped water out of a swimming pool to take showers.  All of that is decidedly in my past, but as many of you know, credit reports are all about the past.

This dark part of my life did some real damage to my credit.  My credit reports contained pretty much every negative that exists...tax liens..bankruptcy...collection accounts.  You name it, I had it.  Today, however, I have a FICO of over 800 (If you don't know what that means, you will.  For now, just accept my representation that it's really good).

My path from total credit loser to AAA credit wasn't fast or easy...but it did teach me a lot.  Now, I intend to share some of that information with those of you who perhaps have made some mistakes in life and still would like an opportunity to buy a house, a car, or get a job that requires good credit.

Welcome to Credit Repair 101.


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InvisibleEnlilMDiscord
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Re: Credit Repair 101 - Lesson 1 [Re: Enlil]
    #20289857 - 07/18/14 06:22 AM (9 years, 6 months ago)

Lesson 1: How creditors see you.

The first thing to understand when trying to improve your credit is that you're not dealing with reality...you're dealing with perception.  Creditors are never going to interview you, get to know you, or ever even meet you.  They don't know what you look like, and they have no idea if you're a good guy or a bad guy.  They are blind to all of these factors.  Instead, they see only a small slice of you...and even that is usually inaccurate.  Lets take a look at what creditors see:

1.  Your credit history as reported in your reports
2.  Your income
3.  Your length of time at your job and residence
4.  The type of work you do/industry you're working in.

From the above (primarily #1), they decide how much of a credit risk you are.  The important thing to take away from all of this is that they don't know anything else about you, so NOTHING ELSE MATTERS.  Put another way, all you have to do is make sure these four things look good, and you're a good credit risk.  It doesn't matter if you kill puppies, rape nuns, and set fire to public libraries...If you have these four factors going for you...you're a good credit risk.

IF THE CREDITORS CAN'T SEE IT, IT DOESN'T MATTER. 

All of this seems intuitive, of course, but it's important to remember this as we go through the details of your credit reports later.  I don't want to get ahead of myself, but let me give you an example of how this comes into play:

One of the factors in determining creditworthiness is the average age of credit accounts.  The longer, the better.  Lets say you have a Citibank account that you stopped paying on two years ago, and they sent to collection.  That hurts your credit, obviously.  But most negative items can only stay on your credit report for 7 years.  So what happens in 5 years when that Citibank account can't report negatively anymore?  The answer is that the negative portions are deleted from your credit report, but the account stays....Leaving you with an old account with no negative information whatsoever. 

The creditors see an old account (good for your credit) and no negatives on it (also good)...This account that you probably never paid and stiffed Citibank for thousands of dollars is now a POSITIVE mark on your credit...all that changed was time.

Next lesson - How to see what creditors see.


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Edited by Enlil (07/18/14 06:42 AM)


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InvisibleEnlilMDiscord
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Re: Credit Repair 101 - Lesson 2 [Re: Enlil]
    #20289887 - 07/18/14 06:32 AM (9 years, 6 months ago)

Lesson 2 - How to see what creditors see.

As noted in the last lesson, creditors only get a small slice of information about you from which to determine your creditworthiness.  Managing/improving that slice is the key to credit repair.  Before you can do that, however, you have to see that slice of information and find out what it says.

There are three major credit bureaus that compile credit information.  All major creditors rely on one or more of these bureaus when processing your application for credit.  They are Experian, Equifax, and Transunion.  Each of these companies maintains a credit file on you, so you need to get a copy of each of these credit files.

Luckily, the federal government has chosen to heavily regulate these companies, so they are required to give you a free report every year.  Depending on your state's laws, you may be entitled to more than that, but federally, you know you can get at least one free report per year.  The place to get your free report is:

https://www.annualcreditreport.com

Don't be fooled by other sites.  The above site is the ONLY federally authorized site to get your free annual report.  There are tons of sites with similar names that will sell you a report, but the above site is the only place to get your free, federally required report from each of the three bureaus.

Your homework is to obtain a credit report from Transunion, Experian, and Equifax. 

Next Lesson - Reading and understanding your reports.


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Edited by Enlil (07/18/14 06:44 AM)


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InvisibleGilgamesh18
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Re: Credit Repair 101 - Lesson 2 [Re: Enlil]
    #20299693 - 07/20/14 08:16 AM (9 years, 6 months ago)

What if I don't want to mess around with all this and just pay cash for everything? Personally I wish to avoid any kind of credit card or debt at all costs.


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InvisibleEnlilMDiscord
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Re: Credit Repair 101 - Lesson 2 [Re: Gilgamesh18] * 2
    #20299722 - 07/20/14 08:26 AM (9 years, 6 months ago)

That's doable, but it's much harder to buy a house or car that way.  Also, in an emergency, it's good to have the option if you need it.  When my dog needed two knee surgeries last year, I was able to immediately say yes and get that done.  If I had to wait for the cash, that might have taken awhile.

There's zero reason not to build a good credit history even if you don't want to be in debt.  If you have a few cards with no annual fee, you can use them for recurring debts (like a cable bill or phone bills) and pay them off every month.  It costs you nothing extra, and you're building credit at the same time.  After a few years of this, you're in a good position if you want a home loan or something.

Also, this is outside the scope of this course, but debt isn't necessarily a losing proposition.  Having excellent credit allows you to take advantage of lucrative possibilities you couldn't otherwise.  For instance, the house three doors down from me is being foreclosed and is likely to sell for 1/2 of its value.  I could purchase that house no problem and flip it for a hefty profit.  Without credit, I had better have the cash to put a serious down payment on it.


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Re: Credit Repair 101 - Lesson 2 [Re: Enlil]
    #20299787 - 07/20/14 08:56 AM (9 years, 6 months ago)

I was looking at an analysis of my credit score. It listed these as negative factors, which doesn't make sense to me.

Quote:

On average, you are using 13% of the credit limit on your credit cards and other revolving accounts. This only includes accounts that have the credit limit or highest balance reported, are open or have a balance, and have been recently updated by your lender.




Quote:

Your first credit card (or other revolving account) was opened 19 years and 1 month ago.




Enlil's edit: Sorry about the edit...I'm new to how this forum works.



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Edited by Enlil (07/20/14 09:31 AM)


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InvisibleEnlilMDiscord
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Re: Credit Repair 101 - Lesson 2 [Re: Sun King]
    #20299883 - 07/20/14 09:30 AM (9 years, 6 months ago)

Those positive and negative factors are based on whatever scoring model the site is using.  Generally, they calculate your score and see what factors, if changed would make the most positive effect on your score, and those are listed in the "negative" column, and vice versa for the positive.  If those are the things hurting your score the most, you likely have very good credit.  13% utilization is very good, of course, but 5% is better.  19 years is good, but 30 is better, etc...

Short answer: That's good news.

Caveat: I don't put a lot of stock in that kind of information.  It's important to remember that every creditor uses their own scoring model for making decisions, so if you want to maximize your chances, you'll need to look at the actual data and not the interpretation of the site you purchased it from.


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Re: Credit Repair 101 - Lesson 2 [Re: Enlil]
    #20299950 - 07/20/14 09:44 AM (9 years, 6 months ago)

Here are my scores for the last three quarters
Equifax      Experian    TransUnion
786          770          806
793          780          806
810          787          812

I want to learn to keep them high. I got pre-approved for a home loan and had a balance increase of 20% or more due to buying a stereo. I always pay in full every month.

I also have kept my credit limit low on purpose. I guess raising my credit limits will help my score.

I also want to get an amazon credit card. Will adding cards hurt my score?


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InvisibleEnlilMDiscord
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Re: Credit Repair 101 - Lesson 2 [Re: Sun King]
    #20300218 - 07/20/14 10:29 AM (9 years, 6 months ago)

Raising limits can help your score because it reduces your utilization ratio, and most of the time you can do so without an inquiry, so there's no reason not to.  Getting a new card may or may not dip your score, depending on how it changes the average age of your accounts and how many recent inquiries you have.

Keep in mind that your scores are only numbers and mean very little out of context.  If those are FICO scores, they're very good.  If they are some other scoring model (called FAKO scores in the credit repair community), they may not be as good.  FICO scores only come from Fair Isaacs.

I can see we're getting into lots of terminology here.  I guess it's time I start explaining some of this shit a bit better.  I'll post another lesson or two tomorrow.  I'm busy packing today.


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Re: Credit Repair 101 - Lesson 2 [Re: Enlil]
    #20300289 - 07/20/14 10:43 AM (9 years, 6 months ago)

Those are FICO scores. The loan officer said those scores will impact the amount of money I can get for a home loan. If I remember correctly.


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Re: Credit Repair 101 - Lesson 2 [Re: Sun King] * 1
    #20300777 - 07/20/14 12:27 PM (9 years, 6 months ago)

You got them from myfico.com?  If not, it's not likely they are FICO scores.  The word "FICO" is like Kleenex.  People call all tissues Kleenex, but only ones manufactured by Kleenex are actually Kleenex.  Lots of people use the term FICO to mean any credit score.


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Re: Credit Repair 101 - Lesson 2 [Re: Enlil]
    #20301090 - 07/20/14 01:20 PM (9 years, 6 months ago)

They are not from myfico.com. I guess they are made up numbers that don't mean anything. :shrug:

I got a free year of credit monitoring from ITAC Sentinel, that's where the numbers are from.


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InvisibleEnlilMDiscord
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Re: Credit Repair 101 - Lesson 2 [Re: Sun King]
    #20301283 - 07/20/14 01:59 PM (9 years, 6 months ago)

They mean something...What they mean, however, can only be derived by comparing it to averages using the same scoring model.  For instance, the scoring model used by ITAC says "The ITAC Sentinel® scores are provided specifically for consumers to help them understand their credit. Lenders use many different credit scoring systems, and the ITAC Sentinel scores are not the same scores used by lenders to evaluate your credit."

More important than the actual number is the percentile if it gives you that.  Usually, it will give you a score and say something like "your credit is better than xx% of consumers". 

Generally, FAKO scores run higher than FICO scores, but the important thing to remember is that NO SCORING MODEL IS UNIVERSALLY USED.  FICO is the standard and is used by many creditors, but even with FICO, there are different models designed for different types of credit.  FICO has scores more suited for mortgage applications, and scores more suited for credit cards...

Don't get hung up on the score.  The score is useful in terms of figuring out if your credit is improving or not, but don't lose sleep over reaching some magic number.  That is really only useful if it motivates you or in the rare case that you know what scoring model the creditor uses and what score they look for.

As an example, the highest possible FICO score is 850.  Very few people will ever achieve that, and among those who do, it's generally fleeting since many things can make the score dip.  Still, anything over 750 looks very good to creditors, and I seriously doubt that any creditor differentiates between someone with an 800 and someone with an 850.  Both are excellent.


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Re: Credit Repair 101 - Lesson 3 [Re: Enlil]
    #20304973 - 07/21/14 08:29 AM (9 years, 6 months ago)

Lesson 3 - Reading and understanding your credit reports.

Now that you have your three reports in hand, it's time to start looking them over  Each of the three bureaus use different formats, so you're going to have to navigate them all individually.  Also, if you purchased your credit reports from a third party, they will likely be merged into a "3 in 1" report that may or may not be easier to read or as complete.

In any case, credit reports are divided into sections.  The order of the sections will vary, but I'll go over the sections below.

1. Personal information -  This will include name(s), addresses, date of birth, etc.  Employer information can be found here, but it's usually outdated.  The stuff in this section isn't particularly important, and is mostly used for identification purposes.

2. Public records - This section includes things that are filed at a county recorder's office.  Bankruptcies, Liens, Judgments, etc. can be found in this section.  Not every judgment will end up here, though.  Generally, only judgments to collect unpaid debts will show up here.

3. Credit accounts - This section is the meat of the report.  This will include all credit accounts you have or had in the past.  Credit cards, mortgages, car loans, personal loans, student loans, etc. will be found in this section.  Often the section is divided by type, ie. installment loans, revolving credit, mortages.  This portion will be the one that you'll pay the most attention to, so I'll come back to it after we cover the other sections.

4. Collection accounts - This section contains information reported by collection agencies.  These accounts are, by definition, negative information.  It's also possible for collection accounts to end up with the credit accounts, depending on how the report is structured.  We'll deal with this below as well.

5. Inquiries - This section will list everyone who got your credit report in the last two years.  It will be divided into two categories.  The first will be "hard" inquiries.  These are inquiries created when you fill out an application and the potential creditor pulls your credit report.  These inquiries become a part of your file and show up to everyone else who pulls your credit report.  Excessive hard inquiries can lower your credit rating because it looks like you're applying for a lot of credit in a short time. 
The next category of inquiry will be "soft" inquiries.  These are people who saw your credit report, but not in response to an application.  For instance, if you have a Citibank card, they might check your credit every year to determine if you should get a limit increase.  That would be a soft inquiry.  Soft inquiries do not show up when others check your credit.  They only show up when you check your own credit.  As a result, they don't have any effect on your credit score (remember:  If they can't see it, it doesn't matter)

6. Creditor contact information - This section should list contact information for every creditor listed on the report.


Now you need to look at the credit accounts and find out the details.  For each credit account, it should have basic information like when the account was opened, the current balance, the monthly payment, and the "status" of the account.  Status will be something like "open - pays as agreed" or "account closed by consumer".

Also, account can have a payment history.  It will look like a chart with an entry for every month over the last 7 years or less.  For each month, there will be a status for that payment.  The payment can be listed as on time, 30 days late, 60 days late, etc.  There are other statuses possible as well, and the report should show a legend of what the symbols mean. 

Many reports separate information into "potentially negative accounts" and "positive accounts".  It's helpful to a point because it helps you find the worst accounts, but don't assume that an account in the "positive" section isn't hurting your score.  It absolutely can.  A maxed out credit card with no late payments will show as positive, but it does hurt your score.

I recommend that you go through the report with a eye on the details and determine which accounts are hurting you.  Make a list.  Here are things you're looking for:

1. High balance on a credit card in relation to the limit.  Anything over 35% is something to be concerned with.  The higher the percentage, the worse it is.

2. Late payments on an account

3. Accounts listed as "closed by credit grantor"

4. Accounts listed as "charged off" or "sent to collections"

5. Any collection account, paid or unpaid.

6. Any public record

Once you have this list, you can begin the process of planning how you're going to mitigate the damage to your credit.  We'll go over each of these in later lessons, specifically discussing the damage they do and steps to reduce or eliminate that damage.

Important note:  The list should contain information about when the account will fall off of your credit report.  Some reports list when the information will fall off, but that isn't required by law.  Any collection account should have a date listed as "date of first delinquency" or "DOFD".  Some won't.  7 years from that date, the account legally has to fall off the report.  For late payments, list the date of the first missed payment.  For public records, list the filing date.  There isn't any important date on maxed out cards, so don't worry about that detail.

Next Lesson - Dealing with late payments


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Re: Credit Repair 101 - Lesson 2 [Re: Enlil]
    #20311071 - 07/22/14 01:24 PM (9 years, 6 months ago)

Discover card has my FICO listed at 614

I have no negative marks on my credit file except for high utilization.
My average of of account is 1 year and 4 months.

I currently have 7 open credit cards.
I have 1 credit card that is closed due to financial hardship (GE gave me a payment plan) - They cut my interest from 28% to 17% for closing the account
I have 1 credit card closed because I never used the card.
I have 1 two year note that is paid off from the bank.
I also have 22k in student loans at the moment and only half way through college.

So, I have just over 6k in cc debt at this time. My plan is to go to school half-time this fall semester and get a job to pay off all my debts.

-----


I have some experience with late cc payments. I have always paid my late payments within the 30 days to avoid any negative marks on my file. In my experience, Capital  One will refund late fees most of the time. All other cc companies ESPECIALLY GE will  not grant late fee refunds. I am excited to read the next lesson.


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InvisibleMasked
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Re: Credit Repair 101 - A Survey Course [Re: Enlil]
    #20357228 - 07/31/14 07:30 PM (9 years, 5 months ago)

Very good thread Enlil.

I very much need some help.

I know here in Canada, I also deal with transunion and equifax.

I have been less then great with money and also very poor in the past.  I'm trying to get back on track because I'm sick of renting and would like to buy my own house.

For that I would like to be approved for up to $300,000.

I suffered some identity theft, to add to my already horrible credit(fuck my life :lol:).

It seems impossible to get a copy of my credit report without paying money.  It's like this thing is shrouded in secrecy.  So I was curious if that site you linked is applicable to Canadian residents and if it is federally regulated in Canada to provide one free report a year?

I need to systematically rebuild it.  I'm saving a down payment for the house over the next 5 years.  And in the meantime, I need to make it shine.  But I also will need a small loan for a vehicle.  Mine is on my last legs.

I make a very good wage and tried to get approved for a vehicle 7 months ago at a dealership FAMOUS for getting anyone approved.  They brag about it on all their radio adds.  I even had a trade in.  Granted, I had only been at my job 10 months at that time.  I got declined.

After that request was sent in was when I started getting calls from collection agencies for debts that weren't mine.  That's when I realized that in 2010, I had a douchebag pretending to be me and applying for credit, opening cell phone accounts and letting them go to collections, you name it.  I've since got all these things dealt with and removed.  And I went ahead and got approved for a capital one mastercard, 300 dollar limit, to help rebuild my credit.  I use it a lot and I am always paying it off.

Am I on the right track?  Next, I'm hoping to apply for a vehicle.  This time, not a new 40,000 one, but a used 10-15000 one.


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Re: Credit Repair 101 - Lesson 2 [Re: Masked]
    #20383969 - 08/06/14 05:41 PM (9 years, 5 months ago)

Enlil,

what would you suggest for someone who has good credit, and, in their lifetime, is sure to incur lots of student debt.

Surely the best idea is to get a job!

But, hypothetically, what if I couldn't find a decent paying job? How can I keep my credit up, and my payments down?

I heard about consolidation, but I don't know much about that.

The method I use now is to pay off the loans with the highest interest rates first, and then move on to the next. But, again, what happens if I don't make enough to even make the base payments?

What is your input?


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Edited by XUL (08/06/14 05:42 PM)


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Re: Credit Repair 101 - Lesson 2 [Re: XUL]
    #20384127 - 08/06/14 06:05 PM (9 years, 5 months ago)

Quote:

XUL said:
Enlil,

what would you suggest for someone who has good credit, and, in their lifetime, is sure to incur lots of student debt.

Surely the best idea is to get a job!

But, hypothetically, what if I couldn't find a decent paying job? How can I keep my credit up, and my payments down?

I heard about consolidation, but I don't know much about that.

The method I use now is to pay off the loans with the highest interest rates first, and then move on to the next. But, again, what happens if I don't make enough to even make the base payments?

What is your input?





If they are government loans then the IBR program if not than I have no idea


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Re: Credit Repair 101 - Lesson 2 [Re: blackdust]
    #20385706 - 08/06/14 09:55 PM (9 years, 5 months ago)

Quote:

blackdust said:
Quote:

XUL said:
Enlil,

what would you suggest for someone who has good credit, and, in their lifetime, is sure to incur lots of student debt.

Surely the best idea is to get a job!

But, hypothetically, what if I couldn't find a decent paying job? How can I keep my credit up, and my payments down?

I heard about consolidation, but I don't know much about that.

The method I use now is to pay off the loans with the highest interest rates first, and then move on to the next. But, again, what happens if I don't make enough to even make the base payments?

What is your input?





If they are government loans then the IBR program if not than I have no idea




They are government. I will check IBR out and report back.


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Re: Credit Repair 101 - Lesson 2 [Re: XUL]
    #20386117 - 08/06/14 11:24 PM (9 years, 5 months ago)

Quote:

XUL said:
Quote:

blackdust said:
Quote:

XUL said:
Enlil,

what would you suggest for someone who has good credit, and, in their lifetime, is sure to incur lots of student debt.

Surely the best idea is to get a job!

But, hypothetically, what if I couldn't find a decent paying job? How can I keep my credit up, and my payments down?

I heard about consolidation, but I don't know much about that.

The method I use now is to pay off the loans with the highest interest rates first, and then move on to the next. But, again, what happens if I don't make enough to even make the base payments?

What is your input?





If they are government loans then the IBR program if not than I have no idea




They are government. I will check IBR out and report back.




Ah!

Interesting indeed. I will remember this for sure! In fact, this could help me out immensely.

Thank you for the information.

https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service#what-is-the-public


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Currently the Korean Language thread is analyzing a Korean Pop song. The song and lyrics can be found on the following page.

http://www.shroomery.org/forums/showflat.php/Number/20660261/fpart/9/vc/1#20660261


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