Bad Credit Strategies Part 3: Removing Late Payments

35% of your credit score is made up of your payment history! Lenders want to know how often you paid your credit account on time. This is the most important factor of your score and is designated with a heavier percentage to reflect that. If you have very few accounts reporting monthly payments, 1 lateContinue reading “Bad Credit Strategies Part 3: Removing Late Payments”

Bad Credit Strategies: Part 2 Public Records

What do public records on credit reports include? First, lets establish that a public record is information about you that are on file with courts. Information that you are not allowed to hide, hence the name “public”. Here is a list of different types of public records: Birth/Death records Marriage/Divorce records Tax Liens Arrests recordsContinue reading “Bad Credit Strategies: Part 2 Public Records”

Does FICO’s new scoring model affect student loans or mortgages?

You will soon see a change in your credit scores. Expect these changes to go into effect summer 2020. For some, scores will take a dive, while others will rise. The new scoring model does not target people with existing mortgages or student loans. It instead targets your payment habits, with credit cards in particular.Continue reading “Does FICO’s new scoring model affect student loans or mortgages?”

Bad Credit Strategies: Part 1 Charge offs

What is a charge off? A charge-off or “chargeoff” is the declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors will make this declaration at the point of six months without payment.Continue reading “Bad Credit Strategies: Part 1 Charge offs”