Keep your cool, your cards and your credit

admin • September 26, 2013

The holidays are long past and the dust of new year has settled, but many people are still facing the familiar new hangover of elevated card balances.

Many of my clients ask me this time of year, “What is the best way to handle paying down my credit cards, and in which order?” It doesn’t matter if your limit is $500 or $5,000- if your limit, it affects your score for the same reason you are better off to start with the smallest card and start from there.

Remember, a credit card at its limit can cost up to 30 points off, the smallest ones first to get a quick score increase.

Every year many consumers get into credit card disputes with their creditors over purchase or charge backs. If this happens to you, don’t get upset and close your account because of how your credit card company is handling your dispute, it will be you who loses.

I can tell you how many clients get upset with the credit card company and say, “I’m going to teach you, you just lost a valuable customer, close my account.” And then they find out their credit score dropped 15 percent because they closed a credit card that carries credit history.

A closed account with a balance can drop your credit score up to 45 points. So keep your cool and keep credit. Until next time good credit to you.

Red light camera tickets a credit risk

By admin • October 2, 2013
Red light camera tickets a credit risk – About a month ago I started getting calls from banks and mortgage companies that their loans all over Albuquerque were falling through for auto and mortgage loans. The reason? Years of red light camera tickets recently went into collections, all at one time, and thus put on the credit reports of Albuquerque consumers. Sure enough, I had many clients come in to have meetings to see if they were credit ready wise. Scores were knocked down between 35 and 45 points for each collection entry for these red light tickets.

Keep lease judgments off credit history

By admin • October 2, 2013
Keep lease judgments off credit history – I have seen many cases on my office of consumers with judgments on their credit reports due to early termination of a lease. In many cases the lease was walked out on due to a hostile living environment. Whatever the case, there are things to get this mark removed from your credit history.

Don’t let someone else’s credit problems slow you down

By admin • October 2, 2013
Don’t let someone else’s credit problems slow you down – Cross-referencing of others on your credit report – credit information that erroneously shows on your report because another person shares identical or similar name – can cause great financial hardships and has become an epidemic. I get one to two cases of cross referencing, and if the person you’re being cross referenced with has negative credit history, this will completely shut down your ability to get A+ credit.

Your own personal credit FAQ

By admin • October 2, 2013
Your own personal credit FAQ – I get a lot of questions at Credit Rescue Now, Where we counsel consumers about financial landscape and how to make sure their credit remains strong and sound. I thought it would be helpful to put together a list of frequently asked questions and answers. I hope this information is helpful.

Take care of your credit while renting

By admin • October 2, 2013
Take care of your credit while renting. People know what major financial step home ownership represents, but we often overlook the financial and credit implications of renting an apartment or home. There are some important things to consider.
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