1.  Only 1 of Us Cares About Our Credit

Sadly, I have seen many times where couples do not share the same credit goals. When one person in a relationship cares about their credit score and the other one does not, it can lead to frustration and outright anger. It may seem like an odd conversation but being on the same page with your significant other and having common credit goals can prevent future relationship issues.

2.  We Cannot Do What We Want in Life Due to Our Credit

Bad or impaired credit regularly holds couples back from doing what they want in life. I often hear couples say things like, all we do is work and try to do the right things, but it is just not working. A common example of this is when a couple desires to purchase a home but they cannot qualify due to credit issues. If you find yourself in this situation, work on repairing your credit rather than fighting about it.  I have seen many couples regain control of their credit scores from hard work but have yet to see any couples improve their credit scores by fighting about them.

3.  My Significant Other Missed a Payment and it Ruined My Credit

Couples often have joint accounts and at times, they do not even realize it. If your spouse misses a payment on “their” car note and you are a joint holder, you missed the payment as well. It is very important to know what obligations belong to you and have systems in place to ensure timely payments are always made.

4.  They Promised to Pay if I Co-signed

Co-signing for anyone comes at a great risk. I have heard enough horror stories that I would be able to write an entire book about the risks of co-signing.  First understand, if someone needs a co-signer, it typically means they have bad credit or other credit issues and need to use your credit to get approved for a loan.  Having bad credit does not make a person bad, it just makes them a higher risk to a bank.  I have seen many good people who experienced credit issues for various reasons who later had a co-signer for a debt that never missed any payments.  While these kinds of stories are great, it is the other outcomes that are not. Co-signing for a debt makes you responsible for the payments and debt if the other party does not pay. At times, co-signers are not even aware that the person they co-signed for failed to pay which makes it difficult for them to protect their own good credit. My advice is, if you ever co-sign, be involved with the debt to ensure the payments are being paid as agreed.

In conclusion, enjoy the relationship you are in and do your best not to let these 4 Credit Score Relationship Busters impact you.

For those who need it, Credit Repair help is available

If your credit needs help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

It seems every year we have clients who encounter damage to their credit score(s) over credit issues related to the holidays.  Below are a few of the top holiday credit score killers we often see.  Do your best not to let the hustle and bustle of the season ruin your credit score.

Don’t miss any payments

For many, the holidays are hectic.  Be like Santa and make your own list. Add all your monthly payments on a list and, if needed, check it twice to be sure you make all your payments on time.  Going 30 days late, even on the smallest of payments, can cause havoc to your credit score.

Don’t open unneeded credit

It seems more common than ever these days for a retailer to ask you to open a new credit card.  Quite often retailers offer perks, like discounts, if you open a new credit/charge card with them.  In this situation, take a second and weigh the pros and cons of saving a few dollars.  The pro would typically be to save a few dollars, but the con may be the result the new account will have on your credit score.  Opening new credit often causes your credit score to decrease in the short run due to a hard credit inquiry as well as lowering your average age of credit.

Paying with cash vs. a credit card

The answer to using cash over credit cards, or vice versa is tricky.  Below are options to consider what would work best for you.

Benefit of using a credit card:

Credit cards provide more safety to the consumer than cash.  Think about it, if you lose your credit card while shopping, you can get a new credit card mailed to you.  If you lose your holiday bankroll of cash, you may be out of luck.  At times, credit cards may offer you extended warranties on purchases as well as rewards for using their cards.  Using a credit card may make it easier to return items, especially when you lose the receipt.  Keep in mind, heavy use of a credit card can lead to lower credit scores due to increased credit utilization so be careful.

Benefit of using cash:

In one word, “Budget”.  Like anytime you plan to spend money, it is best to do so within your budget.  By using only cash, it is easier to stay on budget because when you run out of cash, you are done shopping.  On the other hand, credit cards have a way of getting out of hand.  Many consumers I talk to have experienced the shock of opening a post-holiday credit card statement to find out they spent so much more money than they thought they did.  From a credit standpoint, using all cash will not have any impact on your credit score.

Lookout for scams and thieves

 Sadly, scammers and thieves don’t take breaks over the holidays.  Consumers often are at more risk over the holidays.  If carrying cash, do so in smaller quantities and don’t flash envelopes full of cash. When placing packages in your car, try to put them in your trunk or cover them up for less risk of an auto break in.  If you are making any donations to help others, do your homework and make sure that your donations are going to a real cause and not to a scammer.  Just be extra careful to protect yourself and your loved ones.

Conclusion

I hope these credit score tips help you make good decisions over the holidays.  These tips will help you improve your credit score and personal safety during this very busy time of the year.

For those who need it, Credit Repair help is available

If your credit needs help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

When I first learned of this recently passed Act, I felt nothing but sadness that this act is needed.  I have been in the credit and lending business for more than 30 years and I never once considered how credit damage would impact a survivor of human trafficking.  I applaud congress for creating this Act to help these survivors.

I expect these survivors already face many issues with getting their lives back on track. It is nice to see that negative, derogatory credit reporting would not be a hurdle for them too.  By having their negative credit reporting removed, a human trafficking survivor will have a much better chance to build a solid credit history, one that they alone are responsible for, and have greater financial opportunities.  Better credit allows for more financial security and opportunities including employment opportunities, rental housing and future lending.

Proposed Credit Reporting Change

The CFPB, Consumer Financial Protection Bureau, is in the process of finalizing a proposed a rule change that will have a major credit reporting impact for a certain group of consumers.

The proposed rule change will apply to survivors of human trafficking.  The rule change will require the Consumer Reporting Agencies, also known as Credit Reporting Agencies, not to report any negative information on a survivor’s credit reports during the period they were trafficked.  The CFPB is proposing this rule change to implement the requirements set by Congress based on the recently enacted Debt Bondage Repair Act.  Changes to the credit reporting system like the this proposed one are very rare.

How can survivors of Human Trafficking repair their credit?

At this time, the CFPB just concluded accepting public comments on this proposed rule.  They are now working out the details for what documentation survivors will need to submit to the Credit Reporting Agencies.  The Credit Reporting Agencies will be required to mask, or block, any negative reporting that occurred during the period the survivor was trafficked.

What Credit Reporting Agencies will this apply to?

This Rule will apply to all the Consumer Reporting Agencies.  Most consumers think of the “Big 3”, Experian, Equifax and TransUnion, as the only Credit Reporting Agencies.  This is not the case as there are many Consumer Reporting Agencies that house and sell consumers’ data.  It is important that survivors work with all the Consumer Reporting Agencies to ensure their consumer files are cleared of any negative data during the time they were trafficked.

My Takeaway After Writing this!

As a father, husband, and friend to many, I have been blessed to not have this heinous crime impact me or my loved ones.  I can only imagine that anyone who is evil enough to enslave another human would also abuse their finances in every way possible.  My thoughts go out to anyone who is or has been part of any human trafficking and I hope they can find the freedom, safety, security and happiness they deserve.

Credit Repair Help Is Available

If your credit needs help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

After working with, and helping, thousands of consumers overcome credit issues, I can tell you that bad credit is nothing to joke about.

Credit Rules Are the Same for Everyone

Sadly, good people often find themselves in a credit situation which is hard to get out of. For many, maintaining a high credit score already has it challenges. But for those who had any type of a credit issue, regaining control of their credit score can be overwhelming.

Think Before Joking or Judging Others

In my line of business, I often hear people make unkind remarks about people that have less than stellar credit. I hope these remarks are made in a joking fashion rather than in a judging way. I help good people daily who have had some sort of life changing event or other mishap that led to credit issues.  Often, people needlessly feel embarrassed when they have credit issues.  These people do not need to be judged or joked about, they need solid credit advice and credit repair help to get them back on track to a better credit score. Credit reporting/scoring is a big system, and it does not take much to incur credit damage. Each one of us is one event or mishap away from having our own credit issues.

Aprils Fool Day Tip

If you have never had credit issues, count your blessings. If you ever hear of someone who has/had credit issues, understand that there is often a lot more to the story so be kind and do not judge.

Credit Repair Help Is Available

If your credit needs help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

It is important to understand that every credit repair company sets their own pricing.  In fact, one of the reasons Cure My Score was started in 2008 was due to pricing issues within the industry.  Over my many years in this industry I have seen pricing all over the board.  I have seen quite affordable programs, like our $89 monthly unlimited credit repair, and very expensive programs.  Interestingly enough, I have not seen where a consumer would benefit more from an expensive program.  One thing is for certain, if you are looking into hiring a credit repair company, understand 100% on how their pricing works before engaging their services.

Who WILL benefit from Credit Repair?

Answering this question based on the services offered at www.curemyscore.com and our 14 years of experience, our clients who are most successful and receive the most value:
1. Follow their Custom Game Plan and advice from our team.  Credit education is a key part of why our clients succeed.
2. Collaborate closely with our team who is dedicated to helping all our clients.  Credit is unique for everyone, so we encourage our customers to be active with our team.
3. Take responsibility for their credit.  We provide every tool we can to help our clients but at the end of the day, our clients’ actions will determine how successful they are with their credit repair efforts.

Who WILL NOT benefit from Credit Repair?

Answering this question based on the services offered at www.curemyscore.com and our 14 years of experience, the consumers who get very little help or value from any credit repair service:
1. Have a pattern of missing future payments and/or experience new derogatory credit events.
2. Do not want to listen and learn how to improve their credit.  Credit scoring is complicated, and we do our best to educate each client what steps they need to improve their score.  A consumer typically will not benefit if they do not follow the advice and education they are given.
3. Blame everything and everyone else for their credit issues.  Some consumers want to blame the credit system for not being fair.

Credit Repair Advice

Like it or not, if you want to borrow money now or in the future, there is an exceptionally good chance your credit will be used in that transaction.  For those who feel that the credit system is unfair, they would still greatly benefit in taking the actions they need to improve their credit rating and score.  If you choose to work with a professional credit repair company, understand their program, billing, and fees to get your money’s worth. Follow the credit advice you get and be sure to stay current on all your future financial obligations.

CREDIT REPAIR HELP IS AVAILABLE.

If your credit needs help, take action.  There are a lot of resources available on steps to improve your credit.  You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help.  By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.  Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

Every consumer should be very careful on providing the numerous free credit/lending websites their personal information.  So many consumers fail to understand that with the exception of annualcreditreport.com, most, if not all, of the free credit/lending providers are actually marketing companies.  These marketing companies use your personal information to make you credit offers; they then make money when you apply for and/or open new credit.  Seeing that I educate consumers on how to improve their credit, I subscribe to a number of these free sites purely to understand how they operate so I can better warn consumers of some of their pitfalls.  I now get MANY emails daily about applying for loans, getting out of debt, how to better manage my money and how my credit score changed.  REALLY? I have an A+ credit score and I have no revolving debt.  I have ZERO need for these companies’ advice.  Since I know better, these marketing companies don’t make money off of me.

At Cure My Score, we often have clients who complain about having unauthorized credit inquiries.  At times, they fear their data was hacked and an ID Thief was trying to steal from them.  Perhaps all they did was unknowingly  apply for credit?

Below is a photo from an email I received today from one of these free web marketers.  I cut off the bottom of the email where in part,  it displayed my entire name, address and the month and year of my birth.

As a consumer, I have a number of issues with this email, as well as with the many other similar emails I get daily.

• I never asked for, needed or requested money from this site. I find it odd asking me if I still need money.  I assume they want the catchy question in LARGE PRINT as well as the email subject line.
• If I were to click on any dollar amount in this email, whether by accident or out of curiosity for more information, they will consider that single click as an application. They may instantly send my personal information to up to 5 lenders who can then obtain my credit and solicit me with loan offers.
• In the fine print of this email it discloses “In order to provide you with an expediated loan process, we are submitting the following information to our network of lenders:”, they then display my name, address and birth date.
• In the super fine print it states “By using 1-Click and clicking on a loan amount above, you consent and agree to the following:”; part of this consent is agreeing that to up to 5 lenders may obtain my credit report or other infromation from the credit bureau(s) about me.
• The email itself provides a great deal of my personal information. If my email were to be hacked, I would not want a hacker to have access to this email containing my personal information.

I don’t want a marketing company to send my personal information to their “network” of lenders.

I don’t know if this network of lenders will make hard credit inquiries which will hurt my credit score nor do I know what they will do with my personal information.

Let me be very clear, if I want to borrow money for any reason, I will choose the bank I want to deal with and inquire about any loan options that serve my needs.  If I then decide to request a loan, I will take the few minutes that it takes and apply for it and knowingly give consent to have my credit pulled.  I will know what bank I am dealing with and who I am choose to share my personal data with.

If you provided your personal information to any of these free websites, you have the option to contact them and unsubcribe to their services.  Some of the free websites that give your regular access to your credit reports can be beneficial if you are in the process of repairing your credit.  If this is the case, consumers should be very careful on what links they click.

CREDIT REPAIR HELP IS AVAILABLE.

If your credit needs some help like this client, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

I decided to write about this due to a recent conversation I had with a company claiming they can get any credit repair company to report as “the best” on internet search engines. What struck me as odd is they didn’t have any questions related to the credit repair company success rate or services, they said all that was required was to pay them!

In full disclosure, I am the President of Credit Education for CureMyScore.com. Without a doubt, I believe Cure My Score offers the best credit repair services to help consumers regain control over their credit. It’s not placement on the search engine that makes me feel this way; it is what Cure My Score does every day to help their clients repair their credit.

Let’s face it; there are many credit repair companies to choose from. I actually know quite a few good ones and I know many that are not worth a penny of your hard earned money. When choosing a credit repair company, choose one you feel comfortable with. Make sure they have REAL credit education because it is all but impossible to master your credit until you understand how it works.

My advice is when choosing a credit repair company (or any company for that matter) rely on more than just a search engine placement before hiring them.

CREDIT REPAIR HELP IS AVAILABLE.

If your credit needs some help like this client, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

3 Credit Score Killers To Avoid Over The Holidays

As they say, tis the season! But for many, the season comes with some major credit score declines.  Lower credit scores lead to higher interest rates and denials.  Credit scoring is complicated and many consumers cause credit damage to their credit score without even knowing it. It is important to understand some basics to ensure you don’t end up hurting your score.

1.  Will that be cash or charge?

Paying for your purchases with a major credit card has some advantages over cash. Many credit card companies provide extra protection or extended warranties on items you purchase using their card as well as reward points and cash back.  Using credit allows you not to carry large sums of cash which will prevent you from losing it or becoming a victim of theft. The downside to using credit cards is it causes an increase in your credit utilization rate which leads to a lower credit score. Another downside is that it is harder to stick to your budget leading you to big bills come January. We all know how fast those charges add up.

2.  Would you like to open a new credit card and take 5% off?

Let’s face it; all retailers want you to use their cards allowing them to make more money. Opening new credit cards, for most, is not healthy to their credit score. New credit cards come with credit inquiries and lower your average age of credit both of which lower your credit score in the short run.

3.  How did I forget to pay my car payment?

We all live busy lives but this time of year seems to be the busiest. A simple mistake of forgetting to pay a bill can lead to a 30-day late payment which will cause havoc to your credit score. Keep your bills organized and avoid this mistake at all cost.

Follow these tips and stick to a budget this holiday season to avoid worrying about a lower credit score or excessive debts in the near future.

CREDIT REPAIR HELP IS AVAILABLE.

If your credit needs some help like this client, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

Working with so many credit repair consumers, I often hear crazy stories like this one where a man’s covid test could cost him a whopping $75,600.  One thing for sure, he felt like he should have a higher credit score.

Why the Covid-19 test could cost so much?

Imagine the excitement of buying a new home for your family then all that excitement turns to frustration.  I recently spoke to a client that is currently going through this.  He found out that his previously excellent credit score dropped significantly due to a $55 paid medical collection that was recently added to his credit report due to a Covid-19 test he took.  His lower credit score caused his interest rate to be approximately .75% higher on a $500,000 mortgage.  This higher interest rate caused his payment to increase by $210.00 per month.  Paying $210.00 more per month for 30 years, he will have to pay a whopping $75,600 more in interest.  That is one expensive Covid-19 test.  I did not ask him, but I hope his test was at least negative.

Why did his credit score drop so much?

Based on my 30+ years of experience working with consumers credit, I can say the major drop in his credit score was caused by this new collection.  A collection like this is considered a major derogatory in the credit scoring world.  This client found it hard to believe that such a small medical bill, that he felt he was not responsible for, could cause such havoc in his life.  In speaking with seasoned Loan Officer Dana DiVecchio, from Holland Mortgage Advisors, his reaction was “this is crazy, never in my 30 years’ experience with credit reporting and lending have I seen such a thing”.   Crazy or not, this is reality, and this consumer will be faced with a large amount of financial credit damage.

Why did the collection even exist?

After speaking to the client, it sounds like the bill was in error.  He had very good insurance and was under the impression that that the Covid-19 test would cost him nothing.  Sadly, many consumers find out the hard way that errors often occur between medical providers and their insurance providers.  Often, these errors result in third party debt collections being added to a consumer’s credit report(s).

Credit repair help is available.

If your credit needs some help like this client, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

Like it or not, credit cards have a big impact on your credit score, so it is important to understand how this all works.  As an educator of credit for a credit repair company, I often teach consumers how to open credit and effectively use it to help them improve their credit scores.

Many companies will close your credit cards if you don’t use them.

Banks issue credit cards to consumers to make a profit from them.  If a consumer does not use their credit cards, the banks stand no chance of collecting their interest charges, hence no profit.  It costs the banks money to keep credit cards open so most require some activity on the card to keep it open.  Notice I said they require activity, you do not have to pay them interest where they make a profit, to keep your credit card open.  Banks know that they will eventually make a profit off the average consumer if they are using their credit cards.

How often do you need to use your credit cards to keep them open?

Based on my 30+ years of experience working with consumers and their credit, I can say there is not an exact answer to this question.  In my experience, most banks will keep credit cards open if they see activity at least once a year.  Personally, I try to use my revolving credit cards at least once every 6 months.  As an example, I recently went to a department store and bought a tee shirt ($10 or so) with their credit card purely to keep activity on the card.  Once I received the statement, I paid the bill in full and will repeat this process in 6 months or so.

Why do credit score models care about my credit cards?

Credit scores are designed to predict the risk of a future payment default.  The higher the score, the lower the risk; the lower the score, the higher the risk.  Credit cards give consumers fast access to credit so in times of financial trouble, a consumer can lean on a credit card to get by rather than defaulting on a current payment obligation.  Therefore, consumers who have open credit cards with low to no balances relative to their credit limits do well in this category of the credit score.

Your actions determine if your credit cards stay open.

At the end of the day, you can’t force your credit card company to keep your credit card open.  Banks can close a credit card if they choose to.  By keeping regular activity on your credit card, you are giving the credit card companies a reason to keep the card open.  My advice is to keep all your credit cards active.  If you have one that you have not used in a while, I suggest you dust it off and go make a small purchase to generate a statement.

Credit repair help is available.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.