“NUMBERS” Not Just A TV Show” Lessons In Debt, Credit And Home Ownership

October 14, 2009

Sandwich GenerationYou are probably aware that the numbers on a credit score chart read like: 730-850 = EXCELLENT680-729 = GOOD620-679 = FAIR500-619 = POOR, and under 500 not only will you fail any Federal funding, but unlikely anyone else except a thief will offer you credit.  You have learned to respect the NUMBERS because of the consequences in your own personal life, and following is just a sample of important  NUMBERS in your credit world.

Your NUMBERS are a result of your creditors and the credit bureaus reacting to your actions. This chain of events impact your financial life, much like ripples in the water from you throwing in a single stone. For example, a tax lien carries approximately a 100 negative points on your score, and a judgment 50 points.  If a profit + loss write off shows up in your credit history, that has 30 negative points result.  Collections, which people rarely seem to take seriously impacts a credit score 20 points and late payments, again not taken seriously is 10 points.  Add up these negative NUMBERS, your score goes down, and your cost of credit goes up..

Your NUMBERS attached to your habits of money management is also figured in.  For example, when your debt to credit ratio is high, your score is down. If you have used 60% of your credit limit in debt that takes 30 points off your score.  50% of your credit limit used in debt is a 20% deduction in your score, 40%  takes 10 points off your score. You are safe IF you keep your debt load UNDER 40% of your credit limit.  Do The Math & Save !

Your NUMBERS can be changed by changing your actions. Through financial education and resources you can gain an average of 50 to 100 points on your credit score.  Through a series of proven successful letters you can dispute inaccurate information found in your history. The process of credit repair, like dieting is not a quick fix, but over 3 months with a change in your habits and using proven methods, you can see a difference in all of your NUMBERS !                                                                                       

 Call Spectrum Resources (863) 967-0660  Email:  SpectrumResources@tampabay.rr.com

Visit one of our trusted resources: http://CreditJusticeServices.com/?ccc=1242  and our blogs for more lessons: http://MoneySavingTips.PolkVoice.com and

http://SpectrumResources.wordpress.com  and

http://FinancialEducationAndOPtions.blogspot.com and our newest blog :


“HOW TO Turn Credit Lemons Into Sweet Lemon-aide” Lessons In Debt, Credit And Home Ownership

October 10, 2009

PuzzlePieceYou would have to agree, lemons and credit both normally leave a sour taste in your mouth.  Lemon-aide on the other hand is refreshing, and credit can be just as sweet if used in the right way.  The whole key is making credit work for you is again like making lemon-aide, it knowing the recipe, or rather the right ingredients as offered below !  

You have probably wondered yourself what elements make up the credit score ?  What actions bring negative reactions to the credit score ?  And how to dispute the inaccurate information placed in your credit history effectively to raise your score ?  The answers to these questions and more come from education of that particular segment of money management. You can learn for your personal use or to help others by visiting http://CreditJusticeServices.com/?ccc=1242 .

You will be visiting a gourmet shopping area that offers you ingredients that will allow you to raise your own personal credit score, or become a certified credit counselor and help others take the bitterness out of their credit history. 

Eight out of ten credit reports ( 79%) have errors that are severe enough that credit is denied, yet creditors use this information to determine if we are a risk before extending credit. Credit Justice Services ranks number four in the nation as a leader in the industry and one of the founders of NARCO = National Association of Credit Repair Organizations. It strives on excellence of service and standards in alignment with our Federal governing laws.  Education is essential to bring about change in the industry, and in personal habits as a consumer.  You can make a difference in your own household as a client in the 75 Day Credit Makeover Program , or help others turn their lemons into lemon-aide with knowledge and skills as a Certified Credit Counselor.    

Right now America is in an economic crises, the credit score determines the cost, and availability of about everything we need and do, including jobs. Professionally trained and knowledgeable consumers are essential to a positive change. Learn to save or learn to earn, take the lemons in your credit life and turn them into lemon-aide and enjoy the sweet taste of success.


 Contact Spectrum Resources (863) 967-0660 or SpectrumResources@tampabay.rr.com

For over seven years, Spectrum Resources has provided personal counseling in debt, credit and home ownership issues with the mission to help people learn how to live inside their income.   Spectrum Resources welcomes your tips, ideas, and opinions.

  Please visit all of our blogs, each one with a different lesson:

http://SpectrumResources.wordpress.com     and

http://MoneySavingTips.PolkVoice.com    and


 and our newest blog: http://WomanToWomanMagazine.ning.com

“ How To Get Rid Of INQUIRIES ” Lessons In Debt, Credit And Home Ownership

September 28, 2009

questionmarksIf you have been a student of Spectrum Resource’s blogs, you know for seven years we have offered our clients and readers options. They can either use professionals like Credit Justice Services that has been one of our many trusted resources, one of the nation’s top credit repair companies found at: http://CreditJusticeServices.com/?ccc=1242   Where you would work directly with a paralegal or a certified credit counselor. 

 Or, become a good student, research and learn how to do their own credit repair. Yes, you can dispute inaccurate information found in your credit history on your own. However, one of the most common things that stumps “Do It Yourselfers” is what to do about “INQUIRIES”. Excessive inquiries on your credit report can short circuit your loan efforts with any lender.

First understand how inquiries can appear in your credit history. You opened the door for them when you applied for credit at your bank, department store, or any other creditor, and the creditors called for a report on you. A car salesman may run a credit report at ten different finance companies. He does this to see if he can get you financed before he invest any time with you on the lot or in the showroom. If he can’t get you approved for anything, then he moves onto the next prospect.

The more inquiries you have the more desperate and out of control you appear. It looks like you are having financial trouble and that makes you un-trust worthy to a creditor. To correct this problem is to contact the creditor direct in writing, and ask them for proof that you have authorized them to check your credit. IF they can’t provide proof, they have to get the inquiry taken off your report.

This is just one tip, and of course if you decide to work with professionals like Credit Justice Service’s 75 Day Credit Makeover where you get a guarantee that your score will go up, you will learn even more.

Spectrum Resources is holding a Money Saving Tip Contest and ask you provide your best tip to share with our readers. What has worked for you. Please write in our Comment Section, and if it is the best tip received, we will post it on all four of our blogs, PLUS…you will receive 2 hours of FREE counseling in debt, credit or home ownership issues, PLUS… you will receive a FREE hand autographed book titled: “Hey ! Where’s My Money ?”. 

 Call Spectrum Resources (864)967-0660 / email: SpectrumResources@tampabay.rr.com

And visit often our sister blogs: http://FinancialEducationAndOptions.blogspot.comand http://SpectrumResources.wordpress.com& http://MoneySavingTips.PolkVoice.comand our newest blog: http://WomanToWomanMagazine.ning.comIf you appreciate our efforts in financial literacy please make a tax exempt donation to: SRDC 2014 Brentwood Dr. Auburndale, FL. 33823 so we can continue to help others.

“What Will It Do To My Score ?”

August 6, 2009

HELP buttonAs a credit risk assessment planner, I still find clients who don’t know they have to review all the 3 major credit bureaus; Trans-Union, Equifax, Experian to get the full picture of what is being recorded in their credit reports.

Due to identity theft, now every consumer should review their credit reports a minimum of once a year. Back in 2004 a study by the Massachusetts Public Interest Research Group or MASSPIRG of the 3 major credit bureaus, and found the following findings: 79% of American credit reports contain incorrect information — 8 out of 10 people.  Also 1 in 4 credit reports are so inaccurate that the borrower is turned down for financing.

    Spectrum Resources has found through our resources a client gains between 50 and 100 points when they dispute items with the help of a paralegal and one of our certified credit counselors in a 75 Day Credit Makeover program .

    You lose 5 to 10 points every month you keep negative trade lines on your credit report.  So you can see how important it is to know what is in your credit report and then taking action to dispute and remove all negative inaccurate info.

    You  can increase you credit score by changing your debt to credit ratio. For example if you debt is 60% of your credit limit you will lose 30 points.  Debt is 50% of your credit limit you will lose 20 points, and is your debt is 40% of your credit limit you will lose 10 points.  HOWEVER,  if your debt is less that 40% of your credit limit you will   lose zero points !

    Based on our resources there is a 96 chance of the trade line being removed if the disputed lines follow these guidelines based upon the very important Date Of Last Activity (DLA).  All laws and chances of removal are based on this date.  For example: Trade Line must be remove after 7 years from DLA. If less than 1 year from DLA – 30% chance of being removed , greater than 1 year from DLA- 50% chance,     greater than 2 years from DLA – 70% chance.  If Collection, Judgment, Tax lien is Paid off – 80% to 85% chance of it being removed.

   Another popular question is  how many points a negative trade line cut the credit score and the  following shows the damage, for example:  Tax lien (pr) -100 points, Judgment (pr) -50 points,  Profit + Lose write off (tl) -30 points ,  Collections (cl) -20 points , Late (tl) – 30,60,90 days -10 points                                                                

 Please contact Spectrum Resources, trained certified counselors in debt, credit and home ownership issue to help you align your debt to credit issues, raise your credit score and save you money.  (863) 967-0660 or email: SpectrumResources@tampabay.rr.com   And please visit our other blogs: http://MoneySavingTips.PolkVoice.com  and http://FinancialEducationAndOptions.blogspot.com and of course return to this one, http://SpectrumResources.wordpress.com  to learn more.