My name is Rose Jones business women and entrepreneur with a back ground in mortgages.
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'Before you either write a check or use your credit card to pay you need to know how to do it. Ok so now you have been contacted by either the creditor or a collection company, ** note** there are two different ways of handling this.
If its the creditor and its within the statue of limitations you can either settle it for less them or pay it in full. Now the original credit can work that out as they still hold the debt and a lot of times they have their own collection department within the 120 to try and collect. I love it when I can deal directly with them as 95% of the time you can get a deletion letter as the are the holder of the debt. Your going to make a deal with them asking them to delete it from the account if you pay it either way, they can as they are the ones who put in on the file to the bureaus anyway.
Past the 120 days its most likely in the hand of a collection company, they may have been calling or have written you. You have some choices if you have not previously spoken to them and given your information to them which would start the debt from that point. Now they can hold the debt as well, each state has a statue of limitation any where from 2-5 yrs, they really start calling when it gets to that point.
You can settle with them if your trying to move on and how desperate you are to clean up your credit, how large the debt is and your funds. So you 1st need to check your credit report gather all your information on that debt, is it yours? keep in mind it needs to be proven to be and how much time do you have to fight it. You can answer the call and if you do never give personal information, you name is fine you do not need to give them middle names we are not helping them prove this date. They by-law have to say, "This is a call from a debt collector", at that point listen, they will go into asking for your social Security number, ** Do not give it** they might ask for your full name, they should have it so ask them what they have not giving any middle names, let them at that point know that your not understanding why your receiving this call and if they need to please contact you by mail, letter form. If they ask for the address let them know since your calling this number you should have it, bid them a great day and hang up.
If they write you, write them back certified mail requesting proof of the account they are showing, you want when the account was opened, any late payments they say you had when it was closed and the original creditor and contract with a wet signature. 90% of the time they can't supply it because they bought the account and they buy them in batches, I have seen most debts are way out of the statue of limitation and they go through old files which I call ZOMBIE DEBT and try to trick you into reviving the debt by speaking to them.
**Note by law a collection does not have to send you a PAID DELETION letter as it must come from the original creditor, problem is they sold the debt so the collection company now who owns it. I have found that they will depending on how you paid it post it on the bureau as "paid settled for less them" or " paid as agreed". Paid as agreed to who, couldn't be to the original debtor as they show on the report lates and discharged, and by law once again this collection company can't change the reporting.
So Now you need to or want to settle, Start low, never start high as you can always move up a little but never backwards, know how far you are willing to go and stick to your guns. Ask them to send you all the information's to your e-mail before you send any money. ** Note you have no credit card** so your not going to be paying over the phone, never ever let them into your person bank account or pay with a card as its your word on payment in full against theirs. Tell them I will send a certified check, work that out as far as them receiving it and don't forget to write in the memo PAID IN FULL.
** Take a picture of the front of the check and back, the envelope and certified mailing receipt for your records drop it in the mail. Good luck to you all and if you have any questions any questions call me 702 325-3861
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Don't let so called credit repair company's tell you that just removing items will get you into a home or auto today, its not true. Credit is based on history 1st and how you pay your bills, its going to take time a lot of time.
You must rebuild your credit, correcting items that are wrong such as names, addresses and if an account is really yours. An account can be out of the statue of limitations meaning in your state guide lines and you can have to many inquiries. All of these things can bring down your score so all of these items can hold you back.
Pull that credit report and go over it, start disputing the items not yours with back up, do not dispute on line but in letter form certified. When you buy a car know your score before you go in and tell them not to shot gun your credit. Stop applying for credit cards you know you do not qualify for, you can go on line and find a card best for your credit score and you have a better chance on getting it.
Always pay before the due date and if not paid off down to at least 30%.
Always ask when applying for anything what the interest rate is and always read the fine print, an hour of reading is better then a life time of pain.
Credit Karma is not an accurate score reporting company, remember you get what you pay for but it gives you an idea what's on the report.
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Interest rates are down below 2.9% today as I write this, and its a great but are you really getting the best deal, it depends on who you ask.
Here in Las Vegas house were selling like hot cakes, we were once again in a bidding war and they are saying its a housing shortage. My question is this, is it really and if so, will and if the market crashes what happens to the price of homes because there will be a flood of foreclosures.
Now this is what I see, yes if you could get into a home its a great thing especially at a great interest rate but there are a couple of thing you need to look at. Because the rates are low everyone may not qualify for it, it depends on your credit of course FHA is the way to go. I look at and listen to both sides of the coin, the 1st side is yes I'm going to get a low rate but a much smaller home for my money so in the future will I be upside down because at some time the rates will rise. You will then have people who may not want a smaller home at a higher rate.
Let's take an example.. I pay $300.00 for a home that in normal situations would give me a home at about 2300 a square foot average. Today with low rates it would be about 1700 a square foot, so now you have sacrificed footage for a rate, is that smart? I'm not saying not to buy I'm telling you what's going on.
You need to think about this and why and ask yourself, is this your 1st home and are you a 1st time home buyer, are you single and how long will you stay in that home? There are reasons to buy such as it may be better then renting an apartment and maybe your going to rent it out later making an additional income, in that case your as they say golden. Remember home purchasing is something that is suppose to start you on your way to wealth.** You never buy the highest priced home on the street and intend to make money when you sell ** Some people might think, I got a great rate "lol" but did you get great footage that's my question.
So to sum it up let me know if you think because the rates are great are you getting the best deal.
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Yes this was a train rack we didn't see coming, unemployment the loss of income and wages decreased to a point that you can't survive on. This is leaving all or at least most of us in positions we never thought we would be in. Bankruptcy's are soring for business and personal, so the question is where do we go from here and is a Bankruptcy the right thing to do?
As I stated before its up to you and how fast your want accomplish your ultimate goal. I get a lot of questions now on how to purchase a home if you file a Bankruptcy. To begin I'm not a lawyer so you need to contact one, but from what I have been reading you can in certain circumstances. One might be if your renting and with rents going up purchasing could very well be approved, but the payment must be the same as the rent you now pay, down payment will be required and the interest rate will be higher. Not sure for re-financing a home but if the new payment is less, you may be able to but you will not be pulling money out and this would be to help you lower a payment and save money. Make no mistake you need to contact your Attorney and the trustee who will then contact the court and give you a go ahead, this may not be easy.
Most people in a Chapter 7 will need to wait for up to two years to be able to purchase. FHA is good about lending with low scores but they will want to see on time payments for two years. Understand that I have seen client's come out of a bankruptcy and end up making late payments on new credit, not good.
So now its time for you to make a decision and get back on track, your other options are once again, Debt Consolidation, Settling your debt your self and or Credit repair.
If you have questions I have answers call today 702 325-3861
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This is something that I have touched on before but today I would like to tell you how to take the steps to better credit. Now please understand its going to depend on what your credit is like, there are some worst then others. There are some that need to file a Bankruptcy and others who may need to pay off bills and either way its a starting point. If your paying off debt are you paying in full? if so you will need to get a letter promising once the payment is made it will be deleted, I'm a stickler for that you want them to send that to your e-mail before you drop a dime on the debt.
Do not pay with a credit card because your opening your card up to any other debt they may be holding on to or what may come. **Note never pay them with a credit card** you want to send them either a check or money order writing on it the account number and paid in full. I say always say paid in full because I have seen where if you settle there is a balance and they will or can sell the balance to a sister company.
Lets talk about a Bankruptcy and after a Bankruptcy, depending on the BK you choose you can start building as soon as your discharged. Your interest rate is going to be crappy and its going to be on your credit for 7-10 years depending which you choose. A Chapter 7 will remain on your credit for 10 years from filing date, a Chapter 13 will remain for 7 years from the filing date.
The difference of time on the report is this, the Chapter 7 your out of it within 4 months usually and your not paying anybody back you just washing away all your debt so your basically dinged for that. They basically make you pay for it by having it on the credit for 10 years. The Chapter 13 is 7 years because you've paid back some of the debt so if your in a 5 year Chapter 13 Bankruptcy it will be on your credit for 2 additional years after the 5 years are up which you have served. Understand you're making monthly re-payments which is a plan and understand that most people don't make it so make sure you under stand this.
Something you need to understand is if you in a Chapter 13 Bankruptcy this shuts you down on everything, your walking on eggs so anything you need to do you must ask your Lawyer or the Bankruptcy court such as maybe applying for any credit. This is harder then the 7 because you can do nothing in the 3-5 years in the Chapter 13 as if you would have done the 4 months for the Chapter 7, but once again 7 will be on your credit for 10 years, the choice is up to you. remember they are assisting you on getting out of debt.
Ok so now in a 13 with the go ahead from the court or your Lawyer you may be able to apply for a secured credit card **note the word MAY** its hard to live without a credit card of some kind for an emergency, you may not get it but that's the sacrifice you make. You can on the day you step out of a Chapter 7 Bankruptcy purchase a car and apply for credit cards, I would advise you to apply for a secured card that way your not turned down, your credit is already suffering you do not want to hurt yourself anymore. ** Note** Interest rates will be high so this is no walk in the park. Do not run and purchase a car that's used but out of your price range to look good and it ends up being a clunker that you pay more for and find yourself back in the same boat, find a dealer who will get you into something a couple years old and in good condition.
I'm in no way affiliated with any credit card companies but this is what I have found, apply with Capital one secured ..WHY? they will raise you credit limit one time on a secured card as long as you have paid on time. Capital one as well will give you a second card if you apply for a regular one, most cards will not so your stuck with the secured card and if you close it you take a hit to your credit. Ask a family member if they would add you to their card which will help you as well, just make sure they are responsible, as well because their credit is going to be your credit.
Now start building, if you get a card you must use it, just having it does nothing for you or your credit history, either pay it off monthly before the due date or at least pay the minimum due or down to 30%.
Lenders look for different things on your credit and cards just don't do enough, they look for revolving credit as well, so if you need some furniture you need to buy a piece, don't go crazy. Most stores out there now have a program that I have worked with a couple of client's on who did the 90 day plan or pay all interest from day one if you don't pay it off in that time. You must be dedicated on making payments, know your going to pay it off right before the date due believe me I have seen some failures. Its going to take time and there is no quick fix you just need to get started, you've waited long enough.
Make 2021 a credit building year, good luck.
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Some companies tell you that they can remove everything for you and 90% can't, don't get me wrong most companies will pick and chose the easiest items to remove and it looks good to you but its something you could have done yourself. Most of the template letters they send out to the bureaus will ask them, to remove item while ** investigating it ** that is why it will and I say it will magically appear again usually within 45 days.
These are the things I have found over all the years of repairing credit, 95% of people are following things they have found on the internet as well as things people have told them. Most of the client who come to me have done this and worked over months some times years with maybe one or two removals.
I do not promise anything as nothing is definite, I don't know what's going on with you or if you have spoken to the debt collector prior, I never promise anything I get the facts first and work for you with all the information gathered. I do not use templates as the systems reads them and of course you get that that says **This item was investigated and remains**. I sometimes go in from the back door and I do not only write the bureau I depending on the file will contact the collection company ** note** it depends a lot on if its new, I never contact them if its an old bill as it could very well be out of the statue of limitations and I do not want to restart the debt clock.
In that letter I do not admit the debt I ask why are they sending this to me, remember they have to prove the debt not you. I do not include any of my personal information such as phone number, name, DL or SS#, I don't do it by phone as they record everything. I them tell them I'm not sure what this is about but they can send any information they have to me via the address you sent this to. When and if you write them send it CERTIFIED, make a copy of the mailing, your going to need them. Your going to use them to send to the bureaus asking them to remove the debt if you don't hear back from them. Remember the bureaus are going to send that letter saying they investigated the item and its yours, now you have the proof, if they don't contact you back even better. Remember they never replied so how can they prove it if you couldn't and you have the proof.
There is so much on how to remove debt its not just a simple letter that everyone uses, you have got to be smart and ahead of the game. To sum this up today call me if your having trouble with repairing your credit, its a free consultation. Bus: 702 444-0345 or Cell: 702 325-3861.
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Yep here is a new one for you, and it came about because of the economy, its called the Resilience score. About 24 hours ago this was reported and it has a scale of 1-99. This is what it means the lower the score the better, indicating greater financial resilience in an economic downturn, such as we have now. The higher the score the higher the risk meaning you will most likely default on your payment or payments.
If your purchasing a home or auto you may want to ask if they are pulling this score, https://www.experian.com/consumer-information/fico-resilience-index
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What is it and how does it benefit you
You may have heard of this and if you have not let's get started. This is a nine-digit number used to identify your business, its issued by Dun & Bradstreet usually identified like this (D&B). The number is is like a Social Security number but for your business. If a business and or financial institution wants information on your business this is what identifies you and the business.
Should your company have one? if your company is registered out side of the US it's good to have. To register with D&B, you are not required to obtain a federal Tax Identification Number (Employer Identification Number.
What does the number show: This number issued are often used by lender and investors to determine a company's eligibility for credit. A D&B report contains many useful financial metrics, such as payment history and public filing information.
Can you use your Duns number on credit card applications?: Applying for business credit using your DUNs Number and Employer Identification Number is how you separate your business credit from your personal credit, a lot of business credit applications ask for your EIN and DUNs number.
How to build Business Credit on a Dun & Bradstreet number
1. Establish your business as a separate Entity, Ideally, business owers think about credit before..
2. Register for a Dun & Bradstreet D-U-N-S Number.
3.Get an Employer Identification Number From the IRS. An Employer Identification Number (EIN)
4. Open a Bank Acount for your Business, your going to need that..
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I have been receiving phone calls from a lot of viewers to my page as well as clients during this time in which we have no control of, asking for information on auto payments, car notes as well as rentals. So here is what I'm finding out.. On credit cards, its going to be entirely up to the provider of the card, I would hope they do the right thing and assist. I made three calls this morning to ask how they could or would help with them directing me to their page. Please understand they are looking at your account by the way in the past you have paid, they are not going to give you a certain arrangement if you have been late in the past or maybe maxed out before this emergency started and always paid the minimum.
I called for one client that gave me permission who has a high balance always paid on time and all they would do was 2 choices, 1. pay the amount owed over a year with a 0% interest or 2. pay over 5 yrs 0% and closing the cards, now for them to go with the 2nd program the payment was reduced to lower monthly payments and for them to enroll they had to be late to enroll.
provided a list of some of the cards here for you to contact, you can go to your cards web page and look for the Covid-19 arrangement and it will direct you to a page for you to either sign up or call and speak to someone, I could not access some cards because it has to be you. Please call the phone # on the back of your credit card and ask for the department that would handle payment arrangements for the Covid-19. *** Do not go out and max out your card and think they are going to forgive or help in that situation, I see a lot ot cards closed in the near future due to this virus.
Goldman SachsGoldman Sachs, the issuer of the Apple Card, recently sent out an email to its cardholders announcing that those affected by COVID-19 can enroll in the Customer Assistance Program, which will enable them to skip their March credit card payment without incurring interest. You must enroll in the program online in order to take advantage of this offer.
DiscoverDiscover has said that qualified customers may receive assistance related to payment timing, fees, and late payments. As with the rest of the issuers here, you should contact Discover to go over your options.
U.S. BankU.S. Bank is waiving credit card fees and working to enhance its payment deferral programs for those who cannot keep up with their credit card payments. It is also offering credit limit increases to those who are interested. You should reach out to U.S. Bank directly to see what options are available to you.
These were just a few.
I saw that there is an apartment here in Nevada that 1st is letting their clients know that rent is still due "shame on you" we know rent is still due, we are in a crisis and its not that people do not want to pay it just may be a little later. I have found that certain apartments here owned by the same company is not offering client in different area's the same relief "shame on you too" Now I like this one, this was offered to their clients. Rent is normally due on the 1st, you have until the 2nd, well they are giving you until the 5th with no late fee's. With a letter from your company saying you have been furloughed you have until the 15th with no late fee's and listen to this, they are giving you a $100.00 credit it paid on time or by the 5th, they value their clients..Thank you.
Ally is one company who has out done themselves " Thank you for helping" This company stepped up at the very beginning, not sure of the rest but you need to ask for your auto company to assist you in payments and again its going to depend on your payments and if you have asked for assistant in the past.
After this is over you most likely will need help in assisting you for removing items, feel free to contact me and leave any messages you might have on any of the items listed.
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We think of homelessness as people sleeping on the street, dirty holding signs for a hand out, this notion is so far from the truth. You might be working right beside someone that is homeless and never know it, some live out of their car's some in motels and other's in weekly stays.
America has failed us, there are many ways people become homeless, loss of a job illness, and rents souring out of control.
We have a big problem because once you get to this level its hard as hell to get back, most people have been evicted and if so no one wants to rent to you and if they do its in an area that's un-desirable and the landlord is usually a slum lord. Most landlords will not or do not want to rent to a section 8 recipient because they feel their property will be destroyed and it brings down the neighborhood and property value.
When your homeless you have most likely exhausted your funds, no bank account and living check to check and its not enough. To get to the bottom of this they are going to need a hand up not a hand out meaning, to be paid a living wage and a way to get back on track. If they are living out of a car they have no address, if with family they still have no rental history and bad credit history . In dealing with credit I find that its a slow climb but can be done, there are things you can do to move forward. Contact me for special pricing if your homeless. I will take only 10 people for the month of March 1-30th, the cost monthly will be $50.00. You must stay in the program for 4 month reply in the comments below to sign up or e-mail me for additional information.