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Ask Me Credit Repair Questions


 
 


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section The Money Spot
  
 3 months ago '19        #1
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crawlingtulip 1 heat pts
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Ask Me Credit Repair Questions
 

 
Greetings BX fam, I started a credit repair company in California recently. I want to test my knowledge and get a feel for some questions people would like to know about how their credit works and how to improve it. Drop a question below if I don't know an answer I will bring it to my mentor and get it answered for you!
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117 comments
 

 3 months ago '11        #2
default28 8 heat pts
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i have 7 credit cards, all almost maxed out. my credit score's pretty low. i make minimums per month. i tried getting a loan to consolidate it all but they never get approved.
cant think of my question yet
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 3 months ago '04        #3
jsmooth-117 15 heat pts15
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$14,805 | Props total: 19374 19374
Congrats on starting your business OP. You may already know this, but different states have different laws. So if you’re giving advice on BX, please be sure to account for any given state laws .
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 3 months ago '08        #4
Foolish 7 heat pts
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I got three credit cards but only use two.

How often should I ask for credit line increase?

Would it hurt me to have more credit cards?

Max age of credit card is 2 nd a half years.

But student loan debt from about 7 years ago
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 3 months ago '10        #5
eightytyson06 39 heat pts39
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If someone has an 799 credit score with and adds someone with a 500 credit card as an authorized user what type of jump should the later user expect just a basic question
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 3 months ago '05        #6
Danger Zone 60 heat pts60
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 default28 said
i have 7 credit cards, all almost maxed out. my credit score's pretty low. i make minimums per month. i tried getting a loan to consolidate it all but they never get approved.
cant think of my question yet
I see why they never get approved

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 3 months ago '19        #7
crawlingtulip 1 heat pts OP
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 default28 said
i have 7 credit cards, all almost maxed out. my credit score's pretty low. i make minimums per month. i tried getting a loan to consolidate it all but they never get approved.
cant think of my question yet
Debt Uitlization is 35% of your score. What you need to do is find the card with the highest intrest rate and pay that off first. In order to do this you will use "Velocity banking". I will post an example a*suming your income is $1500 and you have $1200 in expenses. In order for this to work you take your entire income and pay down the balance then use your credit card for your expenses using the freed up balance. I demonstrate a simple formula below

Example: Card 1 is maxed out at $5,000 with an interest rate of 25%. Your monthly income is $1500 and expenses are $1200 leaving us a spread of $300

Step 1: Calculate Monthly Interest
*Debt x Interest = Total Interest
5000 x 25% = 1250 (Total Interest)
1250/12 = 104.16 (Monthly Interest

Step 2: Calculate Total Months To Pay Off Debt
Debt/Spread
5000/300 = 16 months

Step 3: Calculate Out Of Pocket Cost
16 months x 104.16(Monthly Interest)
Total Cost= $1736

In summary my method will cost you $1736 in out of pocket cost (Monthly interest for carrying the debt) and will take 16 months to do so.

If you need serious help feel free to reach out
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 3 months ago '19        #8
crawlingtulip 1 heat pts OP
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 jsmooth-117 said
Congrats on starting your business OP. You may already know this, but different states have different laws. So if you’re giving advice on BX, please be sure to account for any given state laws .
My guy! I appreciate it. I am mostly giving out general advice unless they state their location, but I will be sure to stress this to those unaware.

 3 months ago '19        #9
crawlingtulip 1 heat pts OP
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 Foolish said
I got three credit cards but only use two.

How often should I ask for credit line increase?

Would it hurt me to have more credit cards?

Max age of credit card is 2 nd a half years.

But student loan debt from about 7 years ago
You can ask for a credit increase but they may not give you one depending on how often you use your existing lines of credit. Credit card companies will automatically increase your credit if you utilize it often. One method to get this to happen is with "velocity banking" Use one card to pay your monthly expenses then use your total income to pay off that card. The credit lender will see you constantly paying off more than the minimum which will make them more likely to extend more credit to you. My girlfriend was able to accomplish this in about 3 months but results may vary.

More cards cannot hurt you but you want to avoid applying for too many cards too often since inquiries hurt your credit score. If you want another card you can apply for an opensky credit card. They do not check your credit (no inquiries) but they report to ALL THREE credit bureau at the end of the month. Also look into myjewlers club they will extend a $1500 credit line to you that reports monthly to the credit bureaus after signing up $100 then spending at least $100 in jewlery.

Open Sky -
My Jewlers Club -https://www.myjewelersclub.com/

 3 months ago '19        #10
crawlingtulip 1 heat pts OP
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 eightytyson06 said
If someone has an 799 credit score with and adds someone with a 500 credit card as an authorized user what type of jump should the later user expect just a basic question
It is hard to say to be honest. A lot of factors on the 500 credits profile could affect it. If i had to give a ROUGH estimate I would say anywhere between 50-100 points.

 3 months ago '16        #11
Aztlan 141 heat pts141
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 default28 said
i have 7 credit cards, all almost maxed out. my credit score's pretty low. i make minimums per month. i tried getting a loan to consolidate it all but they never get approved.
cant think of my question yet
You should contact consolidated credit.

They'll basically shut down your accounts as they'll enter into a direct agreement with all of your creditors.

They'll give you a really low interest rate and will be your best bet to save money in the long run.

 3 months ago '19        #12
crawlingtulip 1 heat pts OP
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 Aztlan said
You should contact consolidated credit.

They'll basically shut down your accounts as they'll enter into a direct agreement with all of your creditors.

They'll give you a really low interest rate and will be your best bet to save money in the long run.
Bingo, then use the velocity banking formula I posted earlier to pay down the debt and keep your out of pocket cost low.
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 3 months ago '10        #13
eightytyson06 39 heat pts39
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Experian boost yay or nay

 3 months ago '19        #14
crawlingtulip 1 heat pts OP
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$87 | Props total: 130 130
 eightytyson06 said
Experian boost yay or nay
what is your goal by doing that

 3 months ago '13        #15
EL GATO NEGRO 
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i got no credit what so ever never even used it when i check credit karma it says N/A

whats the best way to start building credit?
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 3 months ago '10        #16
eightytyson06 39 heat pts39
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 crawlingtulip said
what is your goal by doing that
No goal just heard it brought up on a podcast seemed like a good way to build credit. Scenario for someone with bad, average, and good credit would you recommend getting a secured card, small personal loan, or go experian boost route



But yo good luck how'd you get into it and what's the cash like? Is it hard to find people


Last edited by eightytyson06; 05-15-2019 at 09:16 PM..

 3 months ago '19        #17
crawlingtulip 1 heat pts OP
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 EL GATO NEGRO said
i got no credit what so ever never even used it when i check credit karma it says N/A

whats the best way to start building credit?
Get two primaries and build up at least 6 months history. I recommend Open sky for the secured card since there is no credit check and they report monthly. I also would get a my jewelers club account to get the $1500 credit line.

Open Sky Card Secured Card - $200 Credit Line|$200 Deposit | no credit check | reports monthly
My Jewelers Club - $1500 Credit Line | $200 Deposit ($100 Membership + $100 purchase)

After 6 months you will have two tenured accounts and only 1 inquiry.
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 3 months ago '19        #18
crawlingtulip 1 heat pts OP
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$87 | Props total: 130 130
 eightytyson06 said
No goal just heard it brought up on a podcast seemed like a good way to build credit. Scenario for someone with bad, average, and good credit would you recommend getting a secured card, small personal loan, or go experian boost route



But yo good luck how'd you get into it and what's the cash like? Is it hard to find people
Open Sky Card Secured Card - $200 Credit Line|$200 Deposit | no credit check | reports monthly
My Jewelers Club - $1500 Credit Line | $200 Deposit ($100 Membership + $100 purchase)

After 6 months you will have two tenured accounts and only 1 inquiry. Also get rid of any negative reporting accounts in the mean time.

--

I got into the credit repair business because alot of people I know are financial illiterate and I want to educate and help people get out of bad situations. Sounds mad corny but Ive been trying to help people ever since I was a kid and this is just another avenue to do so.
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 3 months ago '17        #19
yousabitch 1 heat pts
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 crawlingtulip said
Open Sky Card Secured Card - $200 Credit Line|$200 Deposit | no credit check | reports monthly
My Jewelers Club - $1500 Credit Line | $200 Deposit ($100 Membership + $100 purchase)

After 6 months you will have two tenured accounts and only 1 inquiry. Also get rid of any negative reporting accounts in the mean time.

--

I got into the credit repair business because alot of people I know are financial illiterate and I want to educate and help people get out of bad situations. Sounds mad corny but Ive been trying to help people ever since I was a kid and this is just another avenue to do so.
I own a credit repair business as well. My Jewelers club gives a $5000 credit line. Are you attending credit fest?
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 3 months ago '06        #20
philly337 28 heat pts28
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 Aztlan said
You should contact consolidated credit.

They'll basically shut down your accounts as they'll enter into a direct agreement with all of your creditors.

They'll give you a really low interest rate and will be your best bet to save money in the long run.
 crawlingtulip said
Bingo, then use the velocity banking formula I posted earlier to pay down the debt and keep your out of pocket cost low.
Are they a debt settlement company? If so, that's terrible advise...

 3 months ago '19        #21
crawlingtulip 1 heat pts OP
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 yousabi*ch said
I own a credit repair business as well. My Jewelers club gives a $5000 credit line. Are you attending credit fest?
Typo, it is 5000 and no ill be out of the country in June. I was trying to go

 3 months ago '17        #22
yousabitch 1 heat pts
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 crawlingtulip said
Typo, it is 5000 and no ill be out of the country in June. I was trying to go
oh ok..I'll be there i attend a few events a year

 3 months ago '19        #23
crawlingtulip 1 heat pts OP
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 yousabi*ch said
oh ok..I'll be there i attend a few events a year
Heard Mark Clayborne was going to do an event IN Las Vegas soon. Was hoping to attend that one. On a webinar right now with him

 3 months ago '15        #24
LegendLouch 
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 default28 said
i have 7 credit cards, all almost maxed out.my credit score's pretty low. i make minimums per month. i tried getting a loan to consolidate it all but they never get approved.
cant think of my question yet
How u n*ggas sleep at night?
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 3 months ago '17        #25
yousabitch 1 heat pts
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 crawlingtulip said
Heard Mark Clayborne was going to do an event IN Las Vegas soon. Was hoping to attend that one. On a webinar right now with him
im on the webinar right now too ..i missed credit con in vegas last month smh





 


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