With all the talk about negative turns of the economy and the jobs market the question for personal credit is raised – How Important is it to Have New Credit? This is a great question, so let’s take a look at what is required for positive credit to affect your FICO score. The ratio for your credit scores consist of the 5 factors that are: 35%:  Credit History 30%:  Balances (or Debt Ratio) 15%:  Length of Credit 10%:  New Credit 10%:  Types of Credit Used (or Mix of Cred...

What is the Statute of Limitations? Statutes of Limitations: A statute setting a time limit on legal action in certain cases.   How the Statute of Limitation Affect Your Credit and Finances The above definition describes in detail what the statute of limitations (SOL) is.

Sounds great but is the right move? There is a new sales method in the Credit Restoration industry. They call it the Pay –Per-Deletion model and pride themselves on a client not paying until items are removed from their credit reports.

Do you have a question about Credit that you would like answered? Leave me a comment and I will reply back with an answer for you!

February 24, 2011 President Obama announced new policies regarding Federal Tax Liens. Some of the highlights of these changes are: No Federal Tax Liens will be placed for amounts under $10,000 No Delinquent balances under $10,000 will be reported with the credit bureaus A consumer who makes a payment arrangement with their tax lien and makes their 1st payment as an auto-debt will be able to get the tax lien removed from their credit report. This policy is retroactive which will affect al...

Recent changes in underwriting guidelines with Fannie Mae, Freddie Mac and FHA now prohibit a loan to be closed with accounts labeled "Consumer Disputes This Account".  If you are running into this issue reporting on your credit report it can be very frustrating to remove this information.  Below we have made a detailed list of how to rapidly remove these accounts in dispute on your own.

30% of your credit scores are determined by your balances. So let's take some time to understand this aspect of your credit report and how it can affect you.   Understanding Your Balances: FICO® will calculate the ratio of your available credit to your balances when determining your scores.

The Credit Guys 6 Steps to Credit Success   1.  Evaluate: Our Credit Consultants review balances and credit limits, determining if new credit needs to be established, identifying accounts believed to be inaccurate, and determining how to pay off the negative debt.   2.  Establish: Often times new, positive credit will need to be established to maximize our clients FICO® scores. We offer tools from Secured Credit Cards to large Unsecured Lines of Credit for clients who need to...

Better Business Bureau: Pay for Play? The Better Business Bureau, one of the country's best known consumer watchdog groups, is being accused by business owners of running a "pay for play" scheme in which A plus ratings are awarded to those who pay membership fees, and F ratings used to punish those who don't. To prove the point, a group of Los Angeles business owners paid $425 to the Better Business Bureau and were able to obtain an A minus grade for a non-existent company called Hamas, named af...

As the mass chaos of Black Friday rapidly approaches you can already see people starting to lose their minds. Kids throw fits at the sight of their favorite toy, grown men beg their wives for the new Xbox Kinect and wives across the nation take the weight of pleasing everyone on their wish list on a limited budget.  It is no wonder that the lure of 20% can cause the strongest of men to wait in the cold at 3:30 in the morning! To help you maximize your 20% savings&nb...

Each year, thousands of people around the world fall victim to identity theft… the assumption of their identity by others in an attempt to empty their bank accounts, establish fake lines of credit in their name, or to take advantage of current lines of credit and max out any credit cards that they might currently have. Luckily, there are some simple steps that you can take that will help you to avoid identity thieves and keep your personal and financial information private. The tips provided bel...

If you have ever been contacted by a collection agency, you know that it can be an unpleasant experience. A collection agency can turn simple acts, such as checking the mail or answering the phone, into dreaded tasks. However, it is important to know that there is a law in place intended to protect the people that collection agencies contact.

Each year, thousands of people around the world fall victim to identity theft… the assumption of their identity by others in an attempt to empty their bank accounts, establish fake lines of credit in their name, or to take advantage of current lines of credit and max out any credit cards that they might currently have. Luckily, there are some simple steps that you can take that will help you to avoid identity thieves and keep your personal and financial information private. The tips provided bel...

Credit cards work to make tremendous revenues to credit card companies, banks and retail sales. They do not however work the way they used to work for the customers that temporarily possess them. Many years ago when credit cards were invented and I was a young boy they were a means to finance household items considered necessary.

If your teen left home tomorrow, would they need credit repair in a week? Would they be able to buy groceries in a month? Would they have to come back and live in your basement, hiding from their creditors, up to their eyeballs in credit card debt?

Living beyond financial means and incurring large amounts of consumer debt are increasing among individuals and families. Whether your income is large or small, creating a budget and adhering to it, will allow you to avoid debt and make better choices about needs and wants. When you create a family budget it is not so much the size of your income that determines success, but the way it is spent.

Today's culture has seen an unmatched rise in the number of people who file personal bankruptcy. With the amount of consumer debt at an all-time high, a growing number of people feel that this is the best option for them so they can start over with their finances. The only problem with this idea is that it does not change a person's behavior.

Children have vast amounts of purchasing power (billions) either directly or indirectly. Yet, even with all this influence and direct purchasing power, children are rarely taught about money… and more importantly the managing of money. I for one used to be as guilty as the next parent when it came to making it a point to teach my kids about money and money management skills.

Are you having problems with debt? Are you afraid to answer the phone because it may be an angry creditor calling? Do you have problems getting from one paycheck to the next?

I thought this storm was over...When are banks going to open their eyes and realize their lending practices are outdated and causing their own failure - Oh yeah, we keep bailing them out with our tax money... http://www.prnewswire.com/news-releases/bank-repossessions-hit-record-high-100751614.html