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Do you know what affects your credit score? In this video interview with Mike Doyle from White Jacobs Associates, Brian Spitz finds out what comprises your credit score, how to pay your credit card and how to pay your other debt to maximize the positive affect it could have on your credit. Watch now to find out how YOU can improve your credit card yourself!
Credit is Power
Screen Shot 2014-06-19 at 11.56.13 AMMike: I’ve been doing credit restoration for eight years. We’re White Jacobs, a consumer service company. We’re lawyer backed. We help people who have questions about credit. We give free consultations.
My goal is increasing knowledge about your credit score because credit is power. If you do not have a good credit score in this environment, you’re being taken advantage of. You’re paying more for your house insurance, car insurance, car loans and home loans.
So my goal is increasing your knowledge about your credit and then to increase your score. I’d love to talk to you any time about doing that.
What Makes Up Your Credit Score
Credit it made up of mainly two things. The installment loan, where you have set monthly payments for a certain time and then the loan is paid off. And the other type is revolving. Like a credit card. It goes up and down.
Those two are very important to building your credit. The longer you have a credit card, the more it helps your credit score. Never charge more than about 20% of your credit card.
Mike: Any time you do, it will hurt your score. But you need both of those. Brian, it’s not the size of the card. It’s the fact that you have a credit card that you never charge more than say 10% on. And you never miss a payment.
Mike: You never, a fifteen dollar payment that’s thirty days late can decrease your score thirty-five to forty points the first day.
How to Pay Your Debt to Positively Affect Your Credit
Brian: Wow! And that’s one of the things that I learned, as I’ve learned more about credit. And what I would do is I would use my credit card some, but then I would pay them off. Pay them down before the bill closes. Is that helpful or is that a myth?
Mike: That’s helpful, as long as you pay it before they report to the credit bureaus.
Mike: And since (unclear), I would never suggest paying more than 30%, having more than 30% on your cards or have more cards. Don’t do that till you have more available credit.
Mike: They take all your available credit. So you may have two cards. One may be maxed out but it’s a small card. The other one offsets that, so it really does not hurt your score.
Mike: That’s one thing we need to talk about. Any time you have a credit question, give me a call.
Brian: And they can reach you at?
Mike: At 214-240-4538.
Brian: And WhiteJacobs.com.
Mike: WhiteJacobs.com, yes. That’s my cell phone. I do a lot of traveling, so I’ll talk to you 24/7.
Brian: Right. And that’s a Dallas phone number, but you handle cases nationwide.
Mike: Nationwide. Yes, sir, we do.
Brian: And the laws for credit are pretty much the same throughout the country.
Mike: Absolutely. We know credit guidelines and we help enforce those laws.
Brian: Well, so installment loans and credit cards, revolving debt. And again, installment loans are things like car loans. What are some other examples of installment loans that might be easy for someone to get if they have challenges with their credit?
Mike: Go to the bank and if you do not have any credit, go to the bank and get a secured loan. An installment loan and pay it back. But at least pay it back on seven monthly payments.
If you do an installment loan and you pay it for seven monthly payments, it’ll be in your history for ten years. Good credit is on your report for ten years. Bad credit for seven years.
And if you make six payments on an installment loan, there will not be any credit if you pass the sixth payment.
Brian: Right. Excellent information. So this is a great start. Again, visit WhiteJacobs.com. Call Mike Doyle if you have any questions about credit or credit restoration. I know there’s a ton of people out there who claim they can fix credit or who offer all kinds of services, but it’s really hard to find somebody reputable.
At Big State Home Buyers, we really want to work with reputable people and help our clients find the right resources to meet whatever their needs are. So visit us today at BigStateHomeBuyers.com.
Give Mike Doyle a call. Visit them at WhiteJacobs.com.
And again, your phone number is?
Mike: 214-240-4538. 4538.
Brian: Excellent. Thanks very much.
Are Car Loans Revolving Debt, What Affects Your Credit Score | Houston Video With Credit Specialist.
Take More Financial Obligation To Eliminate Debt
So try to pay off the loans which have greater rates of interest. Dedicate an area of your budget for settling financial obligations. Some individuals however, believe the other method round.
What Affects Your Credit Score | Houston Video With Credit Specialist, Find latest explained videos about Are Car Loans Revolving Debt.
Financial Obligation Removal Is Definitely Possible With Professional Help
First of all, you need to stop getting debts. This may also consist of motorcycle, quads, precious jewelry, or furnishings. That’s the secret to becoming debt free.
There are 2 types of debt, and some very reliable methods to eliminate them. That’s what this article has to do with: what secured and unsecured debts are, what personal bankruptcy is, and how to submit to effectively release all your significant debts. This guide defines essential terms in order to make the process much easier.
If it is a Secured Debt, such as a automobile, home or home , the item worth is held as security for the debt. The product can be seized by the lender and offered to satisfy the debt if you pass away while cash is still owed.
You would not have actually paid back any debts in genuine as you would have used borrowed money to repay borrowed money. However, all your confusing charge card calculations will come to an end. You will have to deal with simply one lending institution, one loan account and one due date.
The method this mode of insolvency works is relatively simple in style and idea. It can be thought about a type of liquidation personal bankruptcy. That suggests that all properties that are not exempt will be sold (liquidated) and all cash produced from the sale will then go to those debtors that are owed money. Certainly, there is more to the procedure than this however that is the most simplified explanation of how it works. Then the individual that has submitted for personal bankruptcy protection will be Debt Free, if the liquidation leads to a complete benefit of all financial obligations owed.
When you close an old line of credit, it is understood that you might not manage it properly and your credit report will take a hit. Second of all, you may have skipped payment on a particular charge card account or you might have collected Revolving Debt on an account.
When listing your debts on your worksheet, document the limit of each charge card or other type of debt and include these amounts as much as get your total possible debt. You can discover information about your limitations on your statements. This will reveal you the overall possible quantity of financial obligation you might have. Are you at the top of your limits? Or could you go further deeper into financial obligation? In either case now you understand how bad it can get.
Of course, the something you need to do is stop excess spending, and begin living within your means. You need to find out to live on what earnings you make – and alter your spending practices to keep you out of debt.You can do this. It will take effort to minimize debt (and finally get rid of debt), and might be trying sometimes, however the end outcome is a debt-free life. And a debt-free life is well worth any small sacrifice you may need to endure. Start today!
The lender can settle the arrearage by offering your collateral. I understand you may be thinking, “What does he indicate by ‘advantage’, my financial obligation is eliminating me”.
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