Baby Boomers Credit Repair

06/02/2023

04/05/2022

Conscious Planet - , a global movement envisioned by

07/16/2020

Most people when checking their credit reports think the only negative items in the credit reports are the ones with balance and that is not true.
When you get loan or a credit card, you make a promise to the creditor to pay that back in Payments on Time. Now if you don’t pay on time or you pay less than what you were supposed to pay or you never Pay It is all considers to be a breach of your contract and will be reported as late pay, paid for less or as a Charge off or collection.
And like when going to dentist or a doctor ,you may have different problems with their own pains which These pains in your credit reports are the credit score drops which is different for each items depending on the time of the delinquency and your overall credit profile.
But usually the newer the delinquency which could be only $1 can drop your score more than a $10,000 which happened years ago.
If you have any questions regarding credit repair, please contact me for a free consultation.

07/05/2020

Charge offs and Credit repair
Most people think if an account says “charge off” in the credit reports, they are off the hook and they Do not owe the money anymore.
However, charge off is an accounting term which means the creditor has taken off that debt from their Active balance sheets and books and they will get a tax write off for that.
However, you still owe that money.
Creditors usually after 6 months or so mark the account as charge off give it to a collection agency or Sell It to a debt buyer, that is when you start getting calls from collection agencies or debt buyers.
Your chances to pay less or even deleting that account gets better when in hands of debt buyer who Bought the debt for pennies on the dollar and you may have more chances to settle that for smaller Amount or even delete that from your credit reports.
If your credit is bad or need credit repair contact me for free consultation

Credit Counseling Service

05/27/2020

Benefits of Authorized user Credit Cards

Many clients ask about pros and cons of adding or being added to another person’s credit cards Portfolio which we call authorized user credit cards

If you do not have enough trade lines or short or noncredit history or you have very high Balances which Brings your credit ratio to your credit limit up ,it is always recommended that you ask a relative to add You to one or two of their credit cards.as long as the added credit cards are older credit cards and have Zero or low balances. older, we mean it should be old enough not to reduce Your average credit card History length and low balance not to mess up your ratios.

The relative calls their credit card issuer and by giving them your information, they add you on.

The credit card can go directly to their address so, you cannot use it.

You (added person) are not responsible for any payments

By following the guidelines, there is no negative consequences unless the owner messes up that Credit Card by paying it late which will affect you, and by calling a credit repair company you can fix that. some Creditors or some versions of FICO may not consider That Authorized user credit cards in their scoring Algorithm.

There is no risk for the person who helps you if they do not give you:

The physical credit card so you can do purchases

Full account number and address and name of the owner

And they have not authorized you to do online account management.

05/07/2020

Corona virus effect on Mortgage and Car loans

Because of corona if you ask the creditors to delay your payments, they cannot report you as late to Credit bureaus.

However, I have heard some mortgage companies reporting Forbearance on the mortgage reports.

So, before asking for forbearance make sure they do not put on comment section of credit reports Under Forbearance.

There are 3 major loans on your credit reports (not counting student loans or other small Loans)

Credit cards, Car, and Mortgage loans.

Under the stimulus deal the late payments are not reported, but after Corona they want their money and if you are late, they will report it.

You must decide what is more important to you in the future if you are short in money to pay back These payments.

Each industry has their own credit score system which stresses that industry’s interest.

For example, if you have a car related or mortgage related negative issue in your credit reports, you will Have a hard time getting a car or mortgage loan or they will charge you more in interest.

So, if after Corona you need to buy a car or get a mortgage loan, do not mess up those 2 categories.

Therefore, if you were late on your credit card payments ,however it will kill your score ,but it is better To be late on your credit card payments than car or mortgage loan specially if you need to get those Type Of loans after Corona.

Credit repair companies can help you with above negatives in your credit reports.