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Credit system changing July 1

As of July 1, tax liens and civil judgments will no longer impact a person’s credit score, as calculated by the three major credit agencies: Experian, Equifax, and TransUnion. This change to the credit-scoring formula is a result of a settlement between the credit-scoring bureaus and thirty states: States said…

You never have to carry a balance

According to a survey from the financial website NerdWallet, nearly half of Americans (41 percent) think that a person has to carry a small balance on his or her credit cards from month to month in order to have a great credit score. But this is untrue. Your credit score…

How credit impacts homeowner insurance

In many states, homeowners with fair credit pay about 36 percent more on their homeowner insurance rates than those with excellent credit, and homeowners with bad credit pay more than double. This comes from an article in the New York Times and was based on rate-comparison quotes. And the gap…

Removing a Bankruptcy From Your Credit Report

I host Question & Answer sessions for students who need help rebuilding their credit score. Removing a bankruptcy from a credit report and rebuilding credit after a bankruptcy are both frequently asked questions on these calls. Below is one of the many questions I received and my response. Question: Can…

Errors After Bankruptcy

About 50% of our post-bankruptcy clients have an error on their credit report and with these errors, your credit score will not improve.  Here is how we can help you fix it: Step 1:  Order Your Score In our 7 Steps program we discuss ordering a FICO score, however, since we are…

What Should I Do If I’m Deeply in Debt?

One of my friends just told me that he owes $68,000 in credit card debt. He’s 26 years old. And he has that feeling in the pit of his stomach—you know that feeling. He can’t ever truly relax because he’s so worried. All these questions start racing through his head……

How Can I Get Credit Cards If My Credit Score Is Terrible?

If you have bad credit, it’s critical that you have and use three to five credit cards. The only way credit bureaus will reward you with a high credit score is if you prove that you can responsibly manage debt. This means: Having at least three credit cards, keeping them…

My Wife Won’t Sleep in Our House, by 720 Credit Score

After renting for years, my wife and I just bought a house. It’s our ideal house—exactly what we were looking for in the exact neighborhood we wanted. We have dreams of raising our children there, and we smile thinking about the birthday parties, sleepovers, and graduation celebrations that will fill…

What Are the Credit Cards You Recommend for People With Good Credit?

We went out there and researched the best credit cards on the market, consider things like interest rates, rewards points, fees, and the like. You can see our recommended list of credit cards for people with strong credit here. And keep the following in mind: 1. In our program, we…

How Many Credit Cards Should I Have?

Question: “How many credit cards should I have if I want to earn the best possible credit score? I receive a lot of credit card offers in the mail. Should I apply for them?” Answer: Having the right number of credit cards is a big part of your credit score. Ideally, you…