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Tag Archives: FICO

Step One – Crawl before you walk!

The first step in starting to repair your credit is to begin collecting the copies of credit reports from the various bureaus otherwise known as a CRA’s. After obtaining the three credit reports from Experian, Equifax, and Transunion start making evaluation of your financial position. You can dispute anything and everything that is negative but start with your personal information.

You will need to thoroughly review your reports. Each CRA (credit reporting agency) is it’s own entity and they do not do business together. Often times you will have variations of the same item on each report. Any item that is potentially negative should be disputed and the CRA. From here the bureau(s) check with the creditor to begin the investigation process.

It’s very imperative that you know what your report actually reflects. Next step is ‘Understanding how to read your report’.

GC

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Let’s get everyone up to speed – Background

Good morning everyone!

When I was working at Port of Subs prior to graduation. I went into my local Wells Fargo to establish a Student Checking account with the bank. Therefore no matter where I go in the Nation I will have access to a branch to make my deposits and withdraws. Wells Fargo at the time had a College Credit Card that they said I qualified for. I accepted that line of credit with $700 limit not knowing anything about what my credit report looked like; better yet not knowing my scores. The reasoning for me doing this (not just out of excitement) is because I knew credit was a big deal! I was eager to establish it at an early age.

Was I irresponsible? Yes! Did I fail to do as I so sternly said I wouldn’t? Yes. Did I have to fight them on the collection later? Yes. It was a snowball effect from there.

All of life’s necessities are based upon how you manage your finances and how you deal with creditors. In the eyes of a lender you have to be in a ‘three piece suit’ in order to be approved or even looked at. Even if you are a qualified borrower perhaps the strategy you are utilizing is not working. Do you understand the criteria for lenders?

In my position when I started working with Jantzen (my current employer) I had poor credit. It could have very well been due to derogatory items on my report. I had the company do a hard pull to see just where I was at. I ran into a lot of snags with the credit monitoring services I was attempting to use. They ‘could not locate my report’. The problem with that is; I did not know what was on my report specifically, especially since I had never viewed it. All the questions they ask you about your addresses, your creditors, account(s) that are new, and mortgages… I had no idea. By allowing the company I work for pull my credit I was capable of locating the report itself.  From there on out I was able to start utilizing a monitoring service for any further repairs or references to updates.

When I initially pulled my report, like I mentioned, I had poor credit. My credit score was a 580 from Experian! This was the first time I had ever viewed my report, not just in detail, but PERIOD! I wasn’t surprised at what appeared on the report. I was very much surprised by how that one collection account had affected my score so dramatically. I had to do something about this. I always wanted good credit, but I failed to maintain the one chance I had at proving my stability. The creditors viewed me as ‘High Risk’. I couldn’t establish credit any further (at least that’s what I thought).

Now I will proudly say that I have good credit. Through the trial and error process of repairing my credit I have become very familiar with how I think the algorithm works. Again, it’s an algorithm therefore nobody can really tell you how the score is determined. I again though will state that I have successfully pulled myself out of the rut I CREATED FOR MYSELF.

Now I am here to explain to you how to do it yourself! In case you, like me, did this exact same thing.. Or something similar?

GC

 

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Now here’s what we do – Credit Repair!

Hello everyone!

I hope you are all doing well! I left off explaining how I got to where I am today through my employment. The reason for my prior posts was to give you more insight on my blog and me as an individual. I want to explain to you the struggles I have experienced in the ‘Real World’. The path I pursued was a rocky one but I didn’t give in to the pressures around me. Whether that be the lack of employment, attending school full-time, or doing the daily with friends and family.

The hardships I experienced through transitioning from NV to UT were money oriented. I explained to you that I was lacking work and through that bills start piling up. Sound familiar? It was harder and harder for me to make my minimum payments. I could barely pay rent on time with a bi-weekly check, how could I manage to pay my credit card debt?!

I came out of this rut when I started work for Jantzen and learned a lot from him as a entrepreneur. First things first though, credit! Credit has a lot to do with the ‘Real World’. I hate to say this but your credit is like your fingerprint now. I’ve known businesses to use your credit report for hiring purposes. Of course you can’t get a car unless you have fairly good credit either, or even a home without money down. That concern isn’t just yours as a poor credit client; it’s a lot of people’s!

Nobody jumps for joy when they are denied or declined credit. I failed to understand this in the beginning when I put myself in the position I will later explain.. As for you perhaps there is still hope!

So how can you get everything you need with a poor credit score? The answer is simple. Do not run from you problems, handle them accordingly, and do your research! It’s important that you understand how the ‘Real World’ works. My purpose is to educate you on how to navigate through the messy process of credit repair.

CG

 

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Introduction – The Credit Goddess

Hello,

As you already know I am constantly growing, editing, learning, and adapting to my environment. There’s a lot I’ve been doing in the past months and I will be catching you up on every last bit of it. I’ve always understood that ‘Knowledge is Power’. I would like to share what I’ve learned when it comes to the ‘Real World’.

CG

 

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