Austin Real Estate Daily - Forum: Ask a Credit Expert

Kevin Bown on Payoff Car

Mon, 08 Sep 2008 14:17:43 +0000

Guys,

I have an open car loan specifically because I thought that having an open, good "non-real estate", revolving account would help my score.

Any speculation about how it would affect my score if I paid it off?

Thanks!

on Increase my credit score?

Thu, 21 Aug 2008 12:48:43 +0000

I agree Josh; my maturity has changed from my college days. It was way too easy to get a credit card back then and even easier to max it out. I know there are people out there who have had bad credit their whole life. Fixing your credit is not an easy process even if you use a credit repair service. Those who make the commitment to this process and to change the behavior that got them their bad credit deserve a "second chance" don't you think?

Josh Flores on Increase my credit score?

Thu, 21 Aug 2008 11:46:03 +0000

I think all of that is great information, but as the saying goes, “You can lead a horse to water, but you can't make him drink.” Please don't take this the wrong way but in my experience as a loan officer, I find that the number of clients who need this service versus the number of clients who take advantage of this service is way off. The point you ask?? Correcting credit from a technical stand point is the first step, but it takes a financial paradigm shift inside you as an individual to truly repair and move forward positively. My words are not meant to sound negative, but rather a positive kick in the butt!

In today's mortgage enviroment credit is more important than it ever has been. So make it happen! Good Luck. Oh yeah, and call me if you need a great loan officer, call me!

Jay Espinoza on Authorized user

Wed, 20 Aug 2008 09:12:58 +0000

Great Question!

Well, it's still in place and no word when it will go into affect. It's been lingering for approximately two years now, it all started when the Credit Bureaus' caught on to what the consumers were doing to help increase their scores immediately and once everyone caught wind of it, it was taken advantage of. I would recommend that a consumer should establish new credit of their own since it does take at lease 6 months before the new open account begins to help in a positive way. You never know when being an authorized user will no longer be allowed and when that happens, all credit scores will drop. 15% of a credit score is based on history of open credit.

A great website to help establish new credit is www.creditcards.com, depending on your scores will determine what credit cards to apply for.

Good Luck!

Kevin Bown on Authorized user

Tue, 19 Aug 2008 13:47:46 +0000

Jay,

Being added as an authorized user was a way someone could increase their score. I had heard that might go away. What is the current status of this? Is it still in place? Will it go away?

Thanks!

Kevin

Jay Espinoza on Increase my credit score?

Tue, 19 Aug 2008 11:40:49 +0000

Hello Jim, that is a great question. Your credit score is determined by the information on your credit report, and each account on these credit reports contains many details. Ensuring that these details are reported in a fair and accurate manner is essential to get the credit score you deserve.

Part of Turnkey Solutions service includes disputing inaccurate information on your credit reports. More importantly, Veracity helps you identify and boost “positives” in your data, which can also increase your credit score.

Credit Repair FAQ - The Rest of the Story…

The Federal Fair Credit Reporting Act (FCRA) says a credit bureau (CRA) must investigate and verify, upon request, the completeness and accuracy of information on your credit reports. The FCRA therefore provides consumers the legal right to dispute inaccurate, incorrect, or misleading information on their credit reports.

The credit bureaus are given 30-45 days to investigate the credit dispute. If the bureaus determine they’ve been reporting inaccurate information, or if they are unable to verify the item, they either correct or remove the item in dispute. The bureaus then supply the consumer (you) with updated account information, usually in the form of fresh credit reports.

Helping you navigate these laws and increase your credit score is part of the Turnkey Credit Solutions credit repair service. Negative report information that is inaccurate can be disputed and removed. Removing this information can increase your credit score significantly.

Deciphering credit reports and choosing which information should be disputed can be challenging. Turnkey Credit Solutions specialists have analyzed thousands of reports, and they can quickly help you identify areas of potential concern. Whether you’re dealing with duplicate information, paid accounts that still show an unpaid balance, or a collection account that keeps “resetting” the date of last activity, we can help. Correcting such problems can increase your credit score dramatically.

Studies show that most credit reports have inaccuracies. It is your right to demand accuracy on your credit reports, because inaccurate reporting falsely modifies your “risk” as seen by potential lenders or creditors. If your credit reports are inaccurate - and left that way - you could pay artificially higher interest rates on credit cards, your mortgage, vehicle loans, and more.

Get back on track: let Turnkey Credit Solutions help you find and understand the details that influence your credit score, good and bad. We’ll help you create a strategy to increase your credit score and get the quality financing you need.

on Increase my credit score?

Tue, 19 Aug 2008 10:45:05 +0000

I have some dings on my credit from my college days and am now interested buying a house. I know the better my credit score is the better the interest rate I will get. How can credit repair increase my credit score? Thanks