New Life Credit

01/25/2023

01/25/2023

🚨 Here’s Some FYI’s

5️⃣ Credit Myths

Myth 1️⃣
•Debt is Debt: all debts are not equal!

Myth 2️⃣
•Checking your credit report will
hurt your credit score. FALSE . If you are checking your own credit, then it won’t hurt you. However, if you apply for credit application then that gives you an inquiry. An inquiry will drop your credit score.

Myth 3️⃣
•Closing a Credit Card will help your
Credit Score. FALSE. Closing a credit card hurts your credit score. Keep them open.

Myth 4️⃣
•There is only one Single Credit Score. FALSE. There are thousands of score models. Lenders check your credit score for various reasons ,and each formula
looks at your credit history.

Myth 5️⃣
•Better Job , Better Score. No way no how . 😂
Your job title and income have NO DIRECT effect on your credit!

06/06/2022

🗣HARD INQUIRIES!

Inquiries stay on your credit report for 24 months from the date a company pulls your report, however they only affect your credit score for 12 months from that date.

Inquires are 10% of your credit profile.

There are three different ways to challenge your hard inquiries:

1️⃣: Challenge the inquiry with the credit bureaus by way of an inquiry dispute letter. (Slide 2)

2️⃣: PHONE SCRIPT (Slide 3) - Call the credit bureaus and dispute the inquiry over the phone. This method is more favorable for Experian over the other bureaus and may take you having to make multiple phone calls to land on the right rep to adhere. When one rep says no, call back.

3️⃣: Challenge the inquiry directly with the creditor. This is sending a letter to the company that pulled your credit.

🚨DISCLAIMER: Never challenge inquiries tied to an account or company you do business with.

06/03/2022

A Shift is about to happen in my life and I'm More Than READY!! 💪🏿💪🏿🔥🔥

06/01/2022

Charged off account should never be reported as “OPEN” on your credit report.

In order for an account to be charged off, it has to 1st be closed by lender, then written off as bad debt.

This is a common reporting mistake.

You can challenge this by similar writing a letter to the credit bureaus

“To Whom It May concern,
The following account was charged off by (original creditor/company) on (Month, year it was charged off), as of (todays date) this account is still being reported on my credit report as “OPEN”. This is a misrepresentation of my credit obligations and is causing monetary damages. I am requesting this account be deleted from my credit report if this is not corrected within 30 business of this letter”

Something along those lines, if not updated within 30 biz days, follow up and demand deletion.

05/29/2022

I have been told so many times " I disputed my collections online but it didn't work "🤦🏿‍♀️

Credit Tip💡:Never dispute things on your credit online🙅🏽‍♀️This system was created by the bureaus for their benefit only, NOT YOURS! You have certain rights under the FCRA but when you dispute online you are agreeing to certain arbitration clauses where you basically give up the right to ever enforce those rights😧🤦🏻‍♀️😩 You will never be able to sue for noncompliance & you'll also prevent the creation of a paper trail which is also very important when repairing your credit. I can't stress the importance of this enough! Beware, Beware, BEWARE!
Contact me @ 903-809-8725!

05/25/2022

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05/24/2022

Credit tip Tuesday ‼️

𝗗𝗢𝗡’𝗧 𝗦𝗘𝗧 𝗨𝗣 𝗔 𝗣𝗔𝗬𝗠𝗘𝗡𝗧 𝗣𝗟𝗔𝗡 𝗢𝗡 𝗢𝗟𝗗 𝗗𝗘𝗕𝗧𝗦
⠀
Everyones debt has a statue of limitation (SOL) After 7 years, the default listing will be erased from your credit report. However, the period varies according to states; in some states, the time is 3-6 years. Once the SOL expires on the debt, creditors or collectors can’t 𝗹𝗲𝗴𝗮𝗹𝗹𝘆 force you to pay. If you make a payment on your debt (even if the SOL expired )you are restarting that debt clock and it will keep affecting your score - meaning the credit bureaus will continue to profit off of you 😒