Red Zone Business Services

11/25/2022

09/22/2022

Bad money habits keep people broke rather than changing their situation. For example, one bad money habit is not having a budget. Having a budget tells your money where to go. It's meant to give you control over your money, not make you feel restricted. By creating a budget (along with other tips from this list), you can have greater control over your money, know what bills/expenses you have coming up, and not feel anxious every time a bill comes due.

09/20/2022

People often wonder about credit repair. Credit repair fixes the errors on your credit report...inaccurate information. Credit repair specialists begin by reading through your credit report and then comparing the information between the three major bureaus looking for discrepancies. From these discrepancies, specialists look for information that is erroneous, outdated or untrue. All information on your credit report must be accurate, verifiable, and timely. If not, it must be corrected or removed from your report. This is how credit repair specialists are able to remove items from your credit report.

Do you see any discrepancies in this report that should be investigated?

09/18/2022

This is an example of a credit report deletion. The customer was late on their Merrick Bk account. The item was disputed and then deleted.

Did you know that you can request a "Good Will Deletion" from a creditor if you have an excellent payment history and then only one or two late payments? Many times a creditor will remove a late payment from your credit report if you send them a letter requesting a "Good Will Deletion", explaining why the payment was late and promising to be on time in the future. (You must normally have a history of on time payments with them for them to honor your request.)

On time payments makes up 35% of your credit score. By removing a late payment, you can boost your credit score quickly.

How many late payments do you have on your credit report?

09/02/2022

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09/02/2022

Your credit utilization rate, sometimes called your credit utilization ratio, is the amount of revolving credit you're currently using divided by the total amount of revolving credit you have available. In other words, it's how much you currently owe divided by your credit limit.

In a FICO® Score☉ or score by VantageScore, it is commonly recommended to keep your total credit utilization rate below 30%. For example, if your total credit limit is $10,000, your total revolving balance shouldn't exceed $3,000. Generally, a low credit utilization ratio is considered an indicator that you're doing a good job of managing your credit responsibilities because you're far from overspending. A higher rate, however, could be a flag to potential lenders or creditors that you're having trouble managing your finances.

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Credit Repair

08/31/2022

Need help on your credit?

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08/31/2022

The three main types of credit are revolving credit, installment, and open credit. Credit enables people to purchase goods or services using borrowed money. The lender expects to receive the payment back with extra money (called interest) after a certain amount of time.

✅Revolving Credit
A line of credit is one type of credit that comes with a capped limit and can be used up until you reach the predetermined threshold. It may include regular minimum payments, but usually, there is not a fixed repayment schedule. An example would be a credit card as there is a capped limit (the credit card limit), and you can keep using it until you reach such a limit (then over-limit fees apply). Another example would be a HELOC (Home Equity Line of Credit).

✅Installment
Installment loans are another type of credit that includes a fixed payment schedule for a specified duration. An example of an installment loan would be a car loan — you are required to pay a set amount of money at a recurring interval (ex. $280 per month) until the loan is paid off in full. Other examples include mortgages, student loans, and term loans.

Open Credit
Open credit is a type of credit that requires full payment for each period, such as per month. You can borrow up to a maximum amount, similar to a credit card limit, but you are required to pay the funds borrowed in full at the end of each period. An example of this would be a cellphone bill — you can make phone calls, send text messages, and use data each month, and at the end of the month, you are required to pay for the services you used (including any additional usage fees). Another example would be a utility bill (such as electricity usage in your household).

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08/30/2022

Payment history is the record of a borrower’s payments on their credit accounts and other debts. As the most important factor when calculating a consumer’s credit score, payment history accounts for 35% of a FICO Score calculation and is treated as extremely influential under the VantageScore qnd Fico Score model. A strong payment history can’t guarantee a high credit score, but it is a necessary part of building a healthy credit profile.

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Credit Repair

08/30/2022

Building credit for the first time

There are many ways to build credit. But there are some important things to keep in mind with any path you choose: Remember to use credit responsibly, spend within your means and pay bills on time. Together, these habits can help you build credit from scratch.

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08/27/2022

Credit tips of the day!

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