Why Not Wise Credit

06/22/2018

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What is a " CHARGE OFF, " and what does it mean?

“CHARGE OFF" means that the credit grantor wrote your account off of their receivables as a loss, and it is closed to future charges. When an account displays a status of “charge off,” it means the account is closed to future use, although the debt is still owed.

The credit grantor may continue to report the past due amount and the balance owed. If you pay the account, the status will reflect as a “paid charge-off.”

How Long Does a Charge Off Remain on a Credit Report?
The charged off account will remain on the credit report for seven years from the original delinquency date of the account, which is the date of the first missed payment that led to the charged-off status.

Charged Off Accounts May Be Sold to a Collection Agency
Most lenders sell their charged off accounts to a collection agency for a percentage of the account’s value. In that case, a new account will be reported from the collection agency that owns the debt.

You can no longer pay the original lender, which is no longer associated with the account, but must deal with the collection agency. Again, if you pay the debt, the status will be updated to “paid collection.”

Both the charged off account and the collection account will be deleted at the same time based on the original delinquency date of the debt.

Thanks for asking!!!

06/03/2018

WHAT IS A GOOD CREDIT SCORE?
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As you’re building your credit, it can help to have a specific goal in mind. Here’s a breakdown of what’s typically considered a “GOOD” credit score.

Most score ranges go from 300 - 850, and generally, scores between 700-749 are labeled “GOOD,” while 750 and above are labeled "EXCELLENT”.

Whether you’re applying for a credit card or buying a home, these three-digit numbers can go a long way in determining whether a lender will do business with you.

Keep in mind that a specific score isn’t a guarantee for approval — it’s just one of the things that a lender considers.

05/06/2018

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LOWER YOUR CREDIT CARD UTILIZATION....

There are several ways to change your balance or available credit. This can help you improve your credit utilization rate and your credit as a result.

Pay down your balance early - Decrease your spending - Pay off your credit card balances with a personal loan - Increase your credit limit - Open a new credit card - Don’t close unused cards

So, if you have a $5,000 credit limit and spend $1,000 during your billing period, your credit utilization rate will be 20 percent ($1,000 divided by $5,000 – multiply that number by 100 get the percentage.)

If you have several credit cards, you can combine the balances and divide that number by the combined credit limits to find your overall credit utilization rate.

05/04/2018

I CAN SAVE YOU $1000'S !!!

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$79

05/03/2018

www.whynotwisecredit.com

The Fair Credit Reporting Act does protect your rights.

One of your rights is to be able to view your credit report and to dispute inaccurate, out of date, incomplete, and unverifiable items.

You may obtain one FREE credit report each year from Experian, Equifax, and TransUnion via www.AnnualCreditReport.com or you may contact the credit bureaus and purchase a copy of your credit report.

Suspicious activity or accounts you don't recognize can be signs of identity theft. Review your credit reports to catch problems early.

05/03/2018

www.whynotwisecredit.com

Let us help get your CREDIT SCORE back on track!!! So you can start living the life YOU WANT!!!

04/27/2018

www.whynotwisecredit.com

How to calculate your APR

To calculate how much interest you’ll be charged, you’ll need to know your average daily balance, the number of days in your billing cycle and your APR.

Let’s say you have a travel rewards credit card and an average daily purchase balance of $1,500 at the end of your 30-day billing cycle. You also have a variable purchase APR of 15.99 percent.

Here’s how to calculate your interest charge (numbers are approximate):

1. Divide your APR by the number of days in the
year.
0.1599 / 365 = a 0.00044 daily periodic rate
2. Multiply the daily periodic rate by your
average daily balance.
0.00044 x $1,500 = $0.66
3. Multiply this number by the number of days
(30) in your billing cycle.
$0.66 x 30 = $19.80 interest charged for this
billing cycle.

The math requires some work, but the concept is simple: Carry a balance, and you’ll pay interest.

Credit card companies generally give you at least a 21-day grace period between the purchase date and when the payment is due. If you pay off your balance in full and don’t have any cash advances outstanding, you won’t be charged interest on new purchases made during this interval.

04/27/2018

www.whynotwisecredit.com

AUTOPAY YOUR WAY TO A BETTER SCORE!!!

1. Get a card to increase your total credit limit.
2. Put a small monthly bill on it -- like your Netflix
subscription or gym membership.
3. Set up autopay and let that card chill for best
results.

04/18/2018

WHY NOT WISE CREDIT
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04/18/2018

Understand the Basics of Credit
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As you start to build credit, you should understand the basics of how it works.

Your credit report – maintained by credit bureaus Experian, TransUnion, and Equifax – contains data on your current and past debts, payment history, residential history, and more. This data is supplied by many of the lenders, creditors, and businesses with which you hold accounts.

The information contained in your credit report determines your credit score. Higher credit scores are more attractive to lenders and creditors. The factors that influence your score include:

*Payment History
*Average Age of Accounts
*Credit Utilization Ratio
*Account Mix
*New Credit