Author: Philip Tirone

This is one of the tricks for raising credit scores that most people don’t know about …
It’s calling “authorized user.” If you become an authorized user on someone’s credit card, your credit score will increase as long as that credit card is in good standing.
In fact, I’ve seen people’s scores increase sixty points just by becoming authorized users.
The catch is that you must meet certain qualifications to become an authorized user: you must choose the right person and the right credit card. Read this article about becoming an authorized user to see how to qualify.
Sincerely,
Philip Tirone
P.S. If you have a bad credit score, and you have fewer than five credit cards, I strongly suggest that you become an authorized user!
P.P.S. I’ve been working on an exciting project for people who have been wronged by the credit bureaus. Keep your eyes peeled… I’ll be releasing it soon.

Listen to this interview to learn some great information on what to do when you are considering bankruptcy.

In last week’s post, I told you about how I do odd things to get exposure to people who can inspire me and help me make important shifts in my life…
My point was this: If you want to change your financial circumstances, you could consider surrounding yourself with people who are going to help you get out of debt, fix your credit score, or increase your savings. By getting exposure to these people, you will naturally be exposed to ideas, habits, and activities that will help you change paths.
These people come in all shapes and sizes. You could decide to start having a weekly conversation with your sister- in-law, who is a master at budgeting and living on a shoestring. If you are a mortgage broker who just can’t make ends meet, you could find a mortgage broker who figured out how to make money in this economy.
Or you might want a mentor who can help you make other important shifts in your financial life or even in your career…
So if you are looking to meet with the Zig Ziglars, Ken Carters, and Rick Carusos of the world, I thought I’d pass along a strategy I use.
It’s called the 7 Magic Words, and I’ve used the strategy to get in front of all sorts of people…
So what are these seven magic words that will help you get exposure to the people you need to meet?
Here they are:
“What can I do to support you?”
These seven magic words open all sorts of doors.
Let’s say you are an employee at a large company. You want to have lunch with the head of the company, but he’s a busy man, and you are just one more face in the crowd.
Imagine what would happen if you sent your boss an email that said something like this …
Dear Steve:

What can I do to support you?

I want to be a superstar employee— someone who is with this company for many years; someone who becomes an integral part of the team. So what can I do to contribute more to the company?

Can I take you to lunch and find out more about you and your ideas for the company?

I know you are busy, and that your time is important. This week, I have $25 in disposable income. I know it isn’t a lot, and it certainly won’t compensate you for your time, but I’d be happy to donate it to a charity of your choice if you could spare an hour for a lunch meeting. And if you don’t have time for lunch, maybe we could grab coffee and talk for 15 minutes.

Sincerely,
Jason
If you promised to give your last $25 to your boss’s charity, do you think he or she would take notice of you? And do you think he or she would be willing to consider you for a raise or promotion when a spot opened up? I know I would!
Of course, if you are up to your neck in debt, you might not want to donate $25 to charity. No problem—let your boss know that you’ll donate five hours to a charity of his or her choice! Or do something—anything—to let your boss know that you are driven and want to move your life forward.
As always, let me know your thoughts by leaving a comment below!
– Philip Tirone

Did you see the horrifying 60-Minutes special on how you have been a victim of the credit-scoring bureaus? Even if you want to build a 720 credit score, the bureaus are standing in your way!
I say that the 60-Minutes report was horrifying because it revealed just how corrupt the system is. People like you are being taken advantage of by the credit-scoring bureaus, who have no interest at all in helping you build a 720 credit score.
In fact, the credit-scoring bureaus are negligent when it comes to protecting people’s rights.
When I founded 720 Credit Score dot com, I wanted to help people fight the system. I’ve exposed a lot of the rules of credit scoring so that people can build a 720 credit score, despite the secrecy of the credit-scoring bureaus.
And over the past few months, I’ve been working with attorneys on another way to fight the system …
A system that practically reaches into your pockets and steals your hard-earned money by imposing artificially high interest rates…
I’ve been working with attorneys because it has come to my attention that you might be able to sue the credit-scoring bureaus.
The credit-scoring bureaus are required by law to make a reasonable attempt to protect your credit file. But guess what?
Their attempts are pathetic. The lower your credit score, the more money made by the credit-scoring bureaus’ clients (banks and credit card companies)! So there is a good chance that the credit-scoring bureaus have artificially lowered your credit score due to their negligence.
Please keep your eyes peeled because in the coming weeks, I’m going to show you how to fight back…
If you want to watch the 60 Minutes episode, click here

Call me crazy, but I once sent a  seven-day bowel cleansing formula to  President Clinton. He looked  unhealthy at the time, and I was a  concerned citizen …
Another time, I convinced billionaire  Rick Caruso to have coffee with me. I  got Coach Ken Carter (of the 2005 film  Coach Carter starring Samuel  Jackson) to meet with my staff  members and me. And when I was 23,  I persuaded Zig Ziglar to have lunch with me.
I did all these things because I believe  in getting exposure to big thinkers— people who can help me shape my future.
In one of my posts emails, I  suggested that if you are struggling  with debt or credit problems, you could  “change your physical environment so  that you are more likely to create the  psychological shift necessary to fulfill  your financial goals.”
I got several requests asking for more  information about how to do this if you  are deeply in debt, can’t get credit, or  are having to start over from scratch.
So I thought I’d pass along an idea that has worked for me …
Get physical exposure to people you admire.
If you start talking to other people who have been in your circumstances, and who are now living a life you admire, you will get at least a few ideas for changing your circumstances. Plus,
you will build a supportive network of people who are on your side … who want you to achieve your goal.
I know that financial problems can be embarrassing, and you might not want to reach out to people for help. But you can save yourself from years of pain if you decide to reach out to a few strategic (and trustworthy) people who will give you ideas for changing your finances and your future.
So whom should you get exposure to? Basically, you need to find people who have “been there, and done that”—people who have successfully moved past obstacles to find success and financial stability. This might be your sister-in-law, a local businessperson, or a good friend.
Or, you might want to reach even farther outside of your social circle, especially if you are deeply in debt, unemployed, or starting from scratch.
You could start looking for people who can pull you up, a few mentors or advisors who can help you make radical shifts in your situation.
That’s what I did when I got Zig Ziglar to have lunch with me. And that’s what I did when I brought Coach Carter into my office.
So how did I do it?
Well, you’ll have to wait for my next post, but I’ll give you a hint …
I used Seven Magic Words.
Until then, post a comment below and let me know your ideas for getting physical exposure to people who can help you change your circumstances.
– Philip Tirone

From time-to-time, I give tips that extend beyond the subject of how to build credit and how to have a 720 credit score. Here’s a hot tip from a friend of mine who is a bankruptcy attorney …
Never pay off your debt by using a retirement account, education savings account, Roth IRA, IRA, or 529 plan.
Too many people who are in a financial crisis liquidate these accounts, and then turn around and declare bankruptcy. But guess what? These plans, intended as long-term savings vehicles, are protected from bankruptcy, so you would be far better off declaring bankruptcy before tapping into this accounts.
That’s right: You can declare bankruptcy and still hold onto all the money in your retirement, education savings, Roth, IRA, and 529 plans.
Of course, if you are in debt, your bank is going to try to strong-arm you into withdrawing money from all of your accounts. When this happens, just remind them that under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, you are legally protected from paying any debt using these accounts.
As always, I encourage my readers to be strategic about their debt-repayment plans. Sometimes, when faced with a mountain of bills, emotions and anxiety take over, and we tend to make rash decisions.
Remember that your goal is to create a long-term plan for financial stability. Try to resist getting caught-up in the short-term anxiety. Take a deep breath, and make a plan to protect your future.
Lastly, if you are struggling with your debt, it’s important to know all your options…  and don’t put this off!

• Is debt consolidation right for you?
• Is bankruptcy an option?
• What other things are possible that you might not know about?

As you know, I don’t handle debt negotiations and I’m not an attorney. However, I know the best people in business!
If you would like an introduction, click here and answer some basic questions, and I’ll get you an introduction ASAP.

There’s a lot of talk about the new scoring model called VantageScore. Proponents say that it will boost your score and help people with no credit history build a strong credit score.
Here’s the bottom line: don’t even clutter your mind.
Now… the back-story for those that want it:
Until the majority of lenders are using a new scoring model, the FICO score will remain the main credit scoring system out there.
As of right now, major lenders like Fannie Mae and Freddie Mac are not using VantageScore. In fact, I have never met a single lender who does use VantageScore.
When deciding whether to extend a loan to you, your potential creditors want to know how risky you are. Currently, the model they use to determine your creditworthiness is FICO, and almost exclusively FICO.
So if you want to qualify for a loan, or if you want to qualify for better terms on your existing loans/credit cards, you must follow the FICO model and demonstrate the behaviors that will boost your FICO score.
Ignore everything else because it will not make an ounce of difference if you lender is not looking at it.  All it will do is paint an unrealistic picture of what loan terms you can expect.
I want you to focus on reality. And the reality is this: Almost every lender out there relies on FICO and only FICO when determining a credit score.
If you have any questions about how the credit-scoring models work, be sure to leave a comment on my blog.