Make a Contribution to Remove NSFW Ads

Cyba Secrets 2 - Your Credit, Fix it!

CybaCipha

CybaCipha

Rising Star
Platinum Member
Your Credit, FIX IT!!!!

Here is some information to help you out.​

You don't need personal credit to do this business. But the better your credit is the more options you have.

1. You need to go to www dot myfico dot com and order your full credit reports with the scores. Myfico is the only site that gives you the official FICO scores. Anything you get from another site is estimated (FAKO score).

2. Review your credit reports and look for errors. Highlight them all.

3. Look at my "Fix Yo Credit" thread on how to fix your shit.

http://www.bgol.us/board/showthread.php?t=328089

There are 4 credit bureaus now.
Transunion
Experian
Equifax
Innovus

Nowadays everyone uses your credit scores.
Insurance companies - low credit scores means you might file more claims.
Credit reporting agencies - sometimes report incorrect information.
The Auto industry - need to make sure you can afford that car.
Medical information bureaus

Download and read the FCRA (Federal Consumer Reporting Act)
Join www dot creditboards dot com if you have alot of shit on your credit that you need to get fixed.

Things you need to know.
The longer you have had credit the better.
If you have a mix of credit (car loan, mortgage, credit cards) you will improve your score.
Your payment history will affect your credit score a great deal. The more you are late, the worse your score will be.
Too many credit inquiries will hurt your score.

If you have a savngs/checking with the same bank you have a mortgage with, you might be screwed. Don't be late on your mortgage, the bank may have the right to take money out of your bank account if you are late. Check the fine print of your mortgage papers. You know that 50 page document you got at closing? Read it.

What do you look for when reviewing your credit report?
Date reported
Last Active/Opened
High Limit/High Balance
Past Due Dates / no of times past due
Balances
No of months reviewed
Personal info - is it correct?

Pay down your debt to under 50% of the total credit line. This will boost your credit score. Some people say 30%.

If you get a credit notice - Respond immediately (listen to the jawns in the link ^^^ top of thread)
If you get a judgement - Reduce your w-2 income.
How?
- take out a loan against your 401k, you pay it straight from your paycheck, thus your pay is reduced every period.
- increase your witholding. Taxes and witholding come out first before anything else, thus reducing your pay every pay period. You get it back when you file next year.
- Quit your job. Instead of being an employee become a contractor and have them pay you or your LLC with a 1099. You 1099 can pay you minimum wage.
- Filing bankruptcy can stop a garnishment of wages.
- answer the foreclosure to stall it. You get to stay in the house longer and work your plan.
 
Show thanks, visit my other threads.

If you want to make money online go to the business threads and search for Making money online.

Class of cash
http://www.bgol.us/board/showthread.php?t=340060

Inbox Dollars
http://www.bgol.us/board/showthread.php?t=340588

If you want IT education and certification go to my IT education thread. That shit is at least 10 pages.
http://www.bgol.us/board/showthread.php?t=264478

AND I posted a terabyte of PORN just so you ignant ninjas hear me!
http://www.bgol.us/board/showthread.php?t=333485

FOR MY STOCK AND TRADING LIBRARY
http://www.bgol.us/board/showthread.php?t=344332
 
More Credit tips

Ways to Bump up your score.
1. Become an authorized user - Get your mom, dad, grandma or whoever (make sure they have good to great credit and are never late) to sign you up as an authorized user under one of their cards.

2. They do not have to give you the card and they only have to use it once. You will get a boost to your credit in 90 days.

3. Their good or bad credit will be reflected on your score.

4. Your bad credit will not affect their score. One way street!!

How They Screw you!
1. If you are late on your Mastercard, Visa can jack up your interest rate!:eek: (Universal Default)

2. Forced Arbitration - read your fine print. You can't take them to court.:eek:

3. All of a sudden you gettin charged annual fees on a card you haven't paid annual fees on in 10 years!!!! :eek::eek:

4. Try to have your payments in the day before they are due. Once again read the fine print. If your payment is due on April 5th at 10:00am and your check gets there on April 5th at noon. You will be charged a late fee. :eek::eek:

5. Unauthorized charges - watch those rebate checks you THINK you getting. You will get crushed cause "BY CASHING THIS CHECK YOU AGREE TO BE CHARGED $9.99 for the next 12 months for WHATEVER!" :eek::eek:

6. Overlimit fees - They have raised their fees!!! BEWARE!! :eek::eek:

What to do:
If I get a collection notice? Respond immediately and don't admit its yours. Ask for proof that it is you.

If I get a judgement? filing bankruptcy can prevent or stop garnishment of your wages. Talk to a lawyer.

If I get a foreclosure notice? Answer it and you will stall it and avoid summary judgement. Talk to a lawyer.
 
How long does it stay on my credit report?
Bankruptcies - stay on your credit report for 10 years!

Tradelines - stay on your credit report for 7 years.

Inquiries - stay on your report for 2 years.

Positive items stay on forever.​

What do I do now?
1. Opt out by calling 1-888-5OPTOUT

2. Get each of your 4 credit reports and credit scores, Myfico dot com gives you the real score.

3. Dispute everything in writing. Don't dispute positives, they will get deleted. :smh:
A. Any reason is a good reason
- wrong balance
- wrong status
- wrong credit limit
- you weren't late that month
- not mine
- wrong amount
- wrong original creditor
- wrong balance
- wrong date of last activity
- wrong charge off date

B. Keep it to the facts but don't give too much information. End the letter with "if you can't verify it, please delete it."

4. Go to hxxp://www.proquo.com/ - to remove your name from mailing lists.

Other tips
1. When you answer the collection calls, ask them to ONLY communicate with you in writing per the Fair credit Reporting Act.

2. Learn the statute of limitations for your state.

3. Don't close any accounts. Maybe recent ones but if you've had a credit account for a while do not close it. The older the credit account, the better off you are.

4. Don't give personal information to collectors.

5. Don't call from your home phone or cell phone. You only THINK your number is blocked! :eek::eek:
 
Last edited:
CybaCipha-Great info bro!!! I have a few years for my chapter 13 to come off. I will be in your ear bro.
 
got a question for you Cyba:


I have $8700 balance on a BoA $10000 credit card (2 yr old card; 5% promotion till Sept; 15% Fixed APR) with US AIrways. I received a letter from them stating that they were going to transfer my card to a Mastercard with Barclays Bank at 12%variable.

My original plan was to pay off most of BoA card by Sept but now I really don't have that choice because of this switch. I want to open a new card, transfer the balance @ 0% for 12mths APR, pay off the $8700, then cancel the card.

I've been looking at a couple of banks and at this point, I really don't care who I go with as long as it's 0% balance transfer for the next 12-15 mths. I don't plan on ever using the card and will probably pay it off by April next year.

Do you think this strategy( i.e. open new card, don't put any charges, pay off balance then cancel card.) will greatly affect my scores?

I'm 690-707. I plan on purchasing a home next summer.
 
consiglere said:
got a question for you Cyba:


I have $8700 balance on a BoA $10000 credit card (2 yr old card; 5% promotion till Sept; 15% Fixed APR) with US AIrways. I received a letter from them stating that they were going to transfer my card to a Mastercard with Barclays Bank at 12%variable.

My original plan was to pay off most of BoA card by Sept but now I really don't have that choice because of this switch. I want to open a new card, transfer the balance @ 0% for 12mths APR, pay off the $8700, then cancel the card.

I've been looking at a couple of banks and at this point, I really don't care who I go with as long as it's 0% balance transfer for the next 12-15 mths. I don't plan on ever using the card and will probably pay it off by April next year.

Do you think this strategy( i.e. open new card, don't put any charges, pay off balance then cancel card.) will greatly affect my scores?

I'm 690-707. I plan on purchasing a home next summer.
Click to expand...

1. Don't close any credit cards that are not store cards. IMHO

2. NEVER be late on a payment.

3. Get your balances to less than 50% per card. Some people say 30% but you should be fine at 50%. i.e. on you 10,000 card NEVER have more than 5000 balance on it.

4. As far as transfering ... I'm not sure unless I look at your WHOLE credit picture. With a 700 credit score you don't want it to drop if you are getting a home next summer. Your score will drop everytime you get new credit. I don't know how long it'll take to get back up or how fast it might rise.

Good luck
 
-Never missed a payment
-Card is about 2 yrs old.
-I have 2 Credit cards. The other one is 5 yrs old, 8.5 APR, $4000 bal, $10000 credit limit.
-It's not a store card. It's with US Airways

I have to act fast because come June, I'll be looking at a high balance with about 15-17% APR
 
consiglere said:
-Never missed a payment
-Card is about 2 yrs old.
-I have 2 Credit cards. The other one is 5 yrs old, 8.5 APR, $4000 bal, $10000 credit limit.
-It's not a store card. It's with US Airways

I have to act fast because come June, I'll be looking at a high balance with about 15-17% APR
Click to expand...

1. Don't cancel the card.

2. Never be late, never miss a payment.

3. Do a balance transfer but get it to below 50% utilization rate as soon as possible.

Your score will drop in the short run but in the long run you might do better as long as you follow 1,2 and 3 above.

Look at my other credit threads for the Credit audios and forms to clean your credit report. You should be over 750 by next summer.
 
You must log in or register to reply here.
Back
Top