How To Improve Your Credit Score - Part 2 - Fix Your Credit

37
Part 2 – Fix Your Credit Copyright Fix My Credit University ™ WWW.FIXMYCREDITU.COM

description

Want to know how to improve your credit score? You're in the right spot. In terms of how to fix your credit, do it yourself credit repair is the best choice. This 4 part presentation will show you how to rebuild credit, how to raise your credit score, and even build credit from scratch. Learn about credit ratings, credit history, credit repair, what is a good credit score, what is a bad credit score, and so much more! - From Fix My Credit University www.fixmycreditu.com

Transcript of How To Improve Your Credit Score - Part 2 - Fix Your Credit

Page 1: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Part 2 – Fix Your Credit

CopyrightFix My Credit University ™

WWW.FIXMYCREDITU.COM

Page 2: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Fixing CreditStarting point

Page 3: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Know Your Score

Page 4: How To Improve Your Credit Score - Part 2 - Fix Your Credit

What You Are Looking For

•Very Poor300 – 575•Poor576 – 640•Fair641 – 700•Good701 – 750•Excellent751 – 850

Page 5: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Make The Grade

Credit Grade(A – F)

Page 6: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Fixing CreditCategory by Category

Page 7: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Open Credit Utilization

The greater the balance you carry each day…

The lower your credit score and grade becomes and the further in debt you get. Interest

rates are designed to keep you in

debt.

Page 8: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Action Items…

- If it is tax time, use your tax money to pay off your

credit cards.

- Ask a friend/family member for a loan and

pay them a lesser interest rate.

Page 9: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Percentage of on Time Payments

Pay bills on time.

Pay bills early.

Credit score and grade increases.

Page 10: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Action items…

- Call your credit card company and ask for

forgiveness and to have the derogatory marks

removed.

- Setup auto bill pay on all of your loans / credit cards

/ monthly bills.

Page 11: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Average Age of Open Credit Lines

Years

Good credit history

High credit score

/ good credit grad

e

Page 12: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Action items…

- Do not close old credit accounts.

- Do not open up new unneeded credit lines.

Page 13: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Total Accounts

Total AccountsAverage age of

open credit lines

Page 14: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Action items…

- Only open lines of credit you will actually use.

- Do not close old credit accounts.

Page 15: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Hard Credit Inquiries

Hard Credit Inquiries = BAD

Student loans

Auto loans

Mortgage loans

Page 16: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Action items…

- Do not apply for multiple mortgage/auto loans etc.

at one time.

- Do not apply for many credit cards at one time.

Page 17: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Derogatory Marks

Derogatory Marks

Credit Score / Credit Grade

Page 18: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Action items…

- Call creditor and ask for them to remove the

derogatory mark.

- Send the Credit Bureau a Credit Dispute Letter to

have said items disputed with the creditor.

Page 19: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Fixing CreditStep by step…

Page 20: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 1

Figure out your debt to income ratio.

Total recurring

debt / Gross income

Page 21: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 2

Call your current credit card companies and request higher

limits.

Page 22: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 3

Throw every available penny at student loans/ credit card

balances.

Page 23: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 4

If you need to open a new line of credit, search for great rewards

cards that offer incentives. (cash back, airline miles, etc.)

Page 24: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 5

Sign up for a credit reporting service.

(example: Credit Karma)

Page 25: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 6

Review your credit history for any errors.

Page 26: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 7

Set all of your monthly payments to auto bill pay.

Page 27: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 8

Use each of your cards each month sparingly and pay them off

automatically via auto debit.

Page 28: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 9

Pay your bills early.

Page 29: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 10

Over pay on loans such as auto/mortgage/student.

Make sure to pay

down the principle!

Page 30: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 11

If you are looking for a mortgage loan, get it done quickly. Typically

within 30 days.

Page 31: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 12

Do not co-sign on any new loans.

Page 32: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 13

Shred sensitive documents.

Page 33: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 14

Arrange for your credit cards to send you electronic bills and

statements via email.

Page 34: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 15

If you owe the IRS come tax time, pay them.

Page 35: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Step 16

Relax

Page 36: How To Improve Your Credit Score - Part 2 - Fix Your Credit

Part 3…Action plans to build healthy credit from the ground up.

Page 37: How To Improve Your Credit Score - Part 2 - Fix Your Credit

• If you want a guide to hold your hand through the process of fixing your credit score, check out Fix My Credit, Build My Credit.

• Save money on expensive credit repair services and do it yourself!

WWW.FIXMYCREDITU.COM