Baby Boomers Credit Repair

Benefits of Authorized user Credit Cards Many clients ask about pros and cons of adding or being added to another person’s credit cards Portfolio which we call authorized user credit cards If you do not have enough trade lines or short or noncredit history or you have very high Balances which Brings your credit ratio to your credit limit up ,it is always recommended that you ask a relative to add You to one or two of their credit cards.as long as the added credit cards are ol...der credit cards and have Zero or low balances. older, we mean it should be old enough not to reduce Your average credit card History length and low balance not to mess up your ratios. The relative calls their credit card issuer and by giving them your information, they add you on. The credit card can go directly to their address so, you cannot use it. You (added person) are not responsible for any payments By following the guidelines, there is no negative consequences unless the owner messes up that Credit Card by paying it late which will affect you, and by calling a credit repair company you can fix that. some Creditors or some versions of FICO may not consider That Authorized user credit cards in their scoring Algorithm. There is no risk for the person who helps you if they do not give you: The physical credit card so you can do purchases Full account number and address and name of the owner And they have not authorized you to do online account management.

Corona virus effect on Mortgage and Car loans Because of corona if you ask the creditors to delay your payments, they cannot report you as late to Credit bureaus. However, I have heard some mortgage companies reporting Forbearance on the mortgage reports.... So, before asking for forbearance make sure they do not put on comment section of credit reports Under Forbearance. There are 3 major loans on your credit reports (not counting student loans or other small Loans) Credit cards, Car, and Mortgage loans. Under the stimulus deal the late payments are not reported, but after Corona they want their money and if you are late, they will report it. You must decide what is more important to you in the future if you are short in money to pay back These payments. Each industry has their own credit score system which stresses that industry’s interest. For example, if you have a car related or mortgage related negative issue in your credit reports, you will Have a hard time getting a car or mortgage loan or they will charge you more in interest. So, if after Corona you need to buy a car or get a mortgage loan, do not mess up those 2 categories. Therefore, if you were late on your credit card payments ,however it will kill your score ,but it is better To be late on your credit card payments than car or mortgage loan specially if you need to get those Type Of loans after Corona. Credit repair companies can help you with above negatives in your credit reports.

Credit repair in Coronavirus environment We have to always look at the half glass full concept even in Coronavirus epidemic situation So, this time maybe a good... time to do credit repair and bring your credit scores up if the money is not an issue Since many collection companies in need of cash in these times it maybe a good idea to start settling your bad debts which are charged off and reflecting your credit negatively. Doing the settlement of these debts now may save you some money due to the company’s cash flow problems. Just make sure to get a settlement letter which includes deleting of that item. I still recommend using a professional credit repair company who does not charge you advance fees to do the above. See more

Since most of us are home waiting for this virus situation to be over and kind of not much to do I Thought It may be a good opportunity to look at your credit, ...enhance or fix it. Specially if we owe too much on Our credit cards or have a collection or two or charge off in our credit Profile. Usually even if your credit Is good, having high balances (over 30% ratio to your limits) brings Your credit scores down and you don’t get the best interest rates when you apply for loans. Many of us are getting tax refunds and the Stimulus checks, it may be a good idea to use these monies For reducing our debts and fixing our credit By negotiating and settling those accounts or handling our Collection account., but the key word is our Financial situation in this virus situation is ok and we are Not depending in these monies for our daily Living. I still recommend using a professional reputable Credit repair company who does not have upfront fees. See more

Credit Repair and Coronavirus You are right, there is no connection. I just wanted to get your attention. These days due to corona, we all quarantined at home a...nd waiting I thought this may be an opportunity rather than complaining start doing stuff at home. Fix the broken pipe, paint the corner wall, the roof Maybe read the book you didn’t have time to read, play with your children at home. Reflect, I always wanted to restart my meditation practice and now there is time for me to do that. Also talking about credit repair, if money is not an issue work on your credit. Also, however I am not a financial advisor, because of this virus and stock market down, it maybe opportunity for some of us to buy some of these good stuck at bottom out prices. So, in short and being positive and relying on law of attraction (whatever we think or give our attention will happen) Lets all think about good possibilities on health, wealth ,joy, prosperity and healing of the nations. See more