Billy Alt - Monday, February 04, 2019
Bad Credit Can Cost You 7 Figures... A bad credit score costs money – in many cases it could be over $1 million. That’s right over seven figures. If you have bad credit, the additional money you pay for things like mortgages, car loans and insurance, compared with what others with good credit pay, can be hundreds of thousands of dollars over a 30-year period.
When that same money is spent or invested wisely, that number could easily rise to more than $1 million.
Here i
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Billy Alt - Wednesday, November 08, 2017
BECAUSE IT’S BIG BUSINESS…
Credit score formulas are highly complex and are closely guarded industry secrets, but they all do the same: predict the likelihood of you paying back a debtor on or ahead of time.
FICO Score - There are 49 different FICO scores, each with different calculations. FICO scores range between 350 and 850, with 850 being a perfect credit score. All of the versions of the FICO score use your credit files from each of the major credit r
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Billy Alt - Tuesday, June 27, 2017
With the Removal of Civil Judgements and Some Tax Liens, what will the credit reporting changes do to credit scores?
Not as much as you would think.
As you probably already know, the "Big 3 Credit Bureaus" are making required changes to the criteria used to report a tax lien and/or civil judgment.
It is anticipated that already reporting tax liens and/or civil judgments that do not meet the new criteria will be removed from the 3 consumer credit reporting age
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Billy Alt - Monday, June 26, 2017
With the Removal of Civil Judgements and Some Tax Liens, what will the
credit reporting changes do to credit scores? Not as much as you would think.
As you probably already know, the "Big 3 Credit Bureaus" are making required changes to the criteria used to report a tax lien and/or civil judgment.
It is anticipated that already reporting tax liens and/or civil judgments that do not meet the new criteria will be removed from the 3 consumer credit reporting agenc
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Billy Alt - Tuesday, October 25, 2016
So what is an inquiry on your credit report?
Credit inquiries are requests by a legitimate business to check your credit. With that being said, there are two different types of inquiries. We have soft inquiries then we have hard inquiries. There are a couple of simple differences in the two. Soft inquiries come from things such as credit monitoring or identity theft protection. These are normally from credit monitoring sites such as creditkarma.com, Experian.com, myfico.com, e
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Billy Alt - Friday, May 13, 2016
FICO FACTS from Billy Alt, President 700 Credit Repair-
Your Credit Mix determines 10% of the FICO Score
FICO Scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It's not necessary to have one of each, and it's not a good idea to open credit accounts you don’t intend to use.
The credit mix usually won’t be a key factor in determining
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Billy Alt - Wednesday, October 07, 2015
Amounts owed
WHAT IS A HIGH AMOUNT OWED?
FICO overachievers, 720 plus scores, keep an average balance between 1% and 3%, anything over 50% is too high according to FICO. If you are currently at 100%, get below 100%. Then 70, 50, 30, 10... Know when your lender reports. If you pay your balance in full when you get the statement, you are always reporting a maxed or high card. The creditors usually send in the balance and payment history 10 days before the statement closes or at the
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Billy Alt - Thursday, September 24, 2015
Most business credit cards do not report to the personal credit report unless the person pays the card late. Given that fact, any debt carried on these cards does not hurt the credit score if it is not reported. You can carry credit card debt on these cards without hurting your credit score. Just apply for business credit cards now to start building this segment of your credit.
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Billy Alt - Thursday, September 24, 2015
Closing a credit card can hurt your credit score, since doing so effects your debt to available credit ratio. For example, if you owe a total credit card debt of $10,000 and your total credit available is $20,000, you are using 50% of your total credit. If you close a credit card with a $5,000 credit limit, you will reduce your credit available to $15,000 and change your ratio to using 66% of your credit. There are caveats to this rule: if the account was opened within the past two years or if y
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Billy Alt - Thursday, September 24, 2015
Charge-offs and liens barely affect your credit score when older than 24 months. Therefore, paying an older chargeoff or a lien will neither help nor damage your credit score. Chargeoffs and liens within the past 24 months severely damage your credit score. Paying the past due balance, in this case, is very important. In fact, if you have both chargedoff accounts and collection accounts, but limited funds available, pay the past due balances first, then pay collection agencies that agree to
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