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Cyba Secrets 2 - Yo Credit, Fix it - Tips and Tricks

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
 
good drop

personal q...

i got stuck in a shitty auto loan and recently sold the car to get out of the payments... the auto lender said it will appear on my credit as if i paid for the car

will the fact that i didnt go thru with the entire 5 yr payment plan affect my score in anyway, or will paying off the car be a plus in itself

also... ever since i copped that car, i been slackin on my credit card payments, n eventually found myself damn near maxed on 2 cards (about $2,000 each) and using 1 smaller card n 2 store cards (paying and using regularly)

i recently paid off the 2 big cards in full n closed the accounts, n plan to do the same with the 3 smaller ones

every1 is tellin me i should have kept the accounts open :hmm:
i know myself and if i kept em open i would have used em... how will my credit be affected if i dont owe shit, but dont use it (student loans aside)

u expect me to read and answer all that shit proof
 
phillyphilly said:
Yes, post more. :yes:

You know, your posts may get lost in the shuffle. Ever considered doing a website with all your stuff in one? :D
Click to expand...

www.cybasecret.com

Coming soon... I just don't have the time to post all this stuff AND get my shit setup. I'm waiting on a couple people to get back to me on Logos and such. With all the heat that I drop I'm hoping some of the photographers will donate some pictures and some of the graphics designers will donate some artwork/logos etc. We shall see fam.
 
Freedom Of Chat said:
good drop

personal q...

i got stuck in a shitty auto loan and recently sold the car to get out of the payments... the auto lender said it will appear on my credit as if i paid for the car

will the fact that i didnt go thru with the entire 5 yr payment plan affect my score in anyway, or will paying off the car be a plus in itself

also... ever since i copped that car, i been slackin on my credit card payments, n eventually found myself damn near maxed on 2 cards (about $2,000 each) and using 1 smaller card n 2 store cards (paying and using regularly)

i recently paid off the 2 big cards in full n closed the accounts, n plan to do the same with the 3 smaller ones

every1 is tellin me i should have kept the accounts open :hmm:
i know myself and if i kept em open i would have used em... how will my credit be affected if i dont owe shit, but dont use it (student loans aside)

u expect me to read and answer all that shit proof
Click to expand...

Never close your oldest cards. Your credit score is made up of many items. 1. One of which is credit history. The older your credit history, the higher your score.

2. Never owe more than half your credit balance. Some people / websites say 30% but I don't know if it makes a difference. ex. If your credit limit is 10,000 never owe more than 5,000.

3. Pay your shit on time every month. Even if you pay the minimums or less than the minimums ... pay your shit on time every month. Some people disagree with this but it works for me when I've been tight in the past.

4. Listen to the credit repair jawns at the top of this thread.
 
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.
 
Last edited:
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:
How to Deal with Zombie Debt

Collecting old debts - even debts for which you are not legally responsible - is becoming a very profitable venture. Companies can buy those debts (sometimes referred to as "junk debt") for pennies to the dollar, then go after the people who they think are most likely to pay up. A phone call can turn into badgering, harassment, threats to sue, and other inappropriate (and sometimes illegal) actions. If you ever get a collector asking you to pay up on a debt that's "come back to life", here's how to make sure your rights aren't violated.

source:
hxxp://www.wikihow.com/Deal-with-Zombie-Debt
 
Zombie Debt con't:

1. Do not acknowledge the debt. If you're not sure whether you actually owe the debt, don't say anything that could indicate that the debt is yours, and certainly do not agree to make any kind of payment. Doing this can give the company the legal right to collect the debt, which they might not have had if you didn't acknowledge the debt.

2. Don't fall for any traps.

* illegally "re-aging" debts (reporting the old debt to the credit bureaus as if it's new)
* promising to wipe off a red checkmark on a credit report
* bait-and-switch credit card offers (they tack on the balance of the zombie debt)

3. Get it in writing. Ask for proof that you owe the debt, like the credit card agreement you originally signed, along with an account history. If they don't have that proof then they don't have the right to take action against you. Again, make sure you don't acknowledge the debt. Keep repeating: "I want to see evidence of this debt in writing. I do not acknowledge this debt."

4. Check the statute of limitations to make sure you're not responsible for the debt anymore. The statute of limitations essentially defines how much time you can go without paying a debt before a collector's right to collect through the court system expires. Every state in the US has different rules and exceptions regarding when the time period officially begins, how long it lasts, and what can "revive" the statutory period, so you really do need to check the laws or consult an attorney in your own state. Until you can do that, however, keep the following in mind:[1]

* Even if the statute of limitation expired, agencies can still try to collect the debt; they just can't do it through the court system. (If your debt was discharged through bankruptcy, they can't attempt to collect it at all.)
* Moving to a different state, even temporarily, can affect the length of your statutory period.
* Do not allow the collector to convince you to make a payment to "show your good intentions" (such as if you're on your way to court). This can "reset" the statutory period and essentially bring the debt back from the dead.
* If the statute of limitations has expired, and you don't meet the criteria in your state for extending it, send a letter to the collectors stating those facts.

5. Write a letter explaining that you are not responsible for the debt, you do NOT acknowledge it, and you demand they stop harassing you or you will take legal action. If you've done your homework and you know that you are not responsible for the debt (such as if your statute of limitations expired and you don't meet the criteria in your state for extending it, or you declared bankruptcy), send them a letter through certified mail and get a return receipt. If you've filed for bankruptcy, send them your discharge order with your letter. If they insist on taking you to court, be prepared to tell the judge that you notified the collector in writing that the statute had expired.

6. Watch your credit report carefully. They might try to report the debt or taint your credit history. As mentioned earlier, collectors could post an old debt as if it's new, or lie about the date of delinquency (in an attempt to start a new statutory period). Dispute any questionable entries with the credit bureau and the agency. Again, asking for proof of the debt as advised earlier can make their claims invalid.

source:
hxxp://www.wikihow.com/Deal-with-Zombie-Debt
 
Improving your Credit Score Legally

This is a couple years old but has some good information.

Code: 
http://static.scribd.com/docs/h2cc9qkhx8u.swf?INITIAL_VIEW=width
 

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