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Not too long ago I had post about medical bills reporting on consumers credit report.
On Sept 15th 2017 your credit scores will slightly increase. YES! And this is because Medical Collections will be deleted from consumer credit reports IF ☝🏽they're paid by health insurers.
So let's all say GOOD BYE 👋 to paid medical bills on your credit report and a HUGE WELCOME to credit scores INCREASES!! 🎉 We all LOVE that....right?!?
Comment with a cheerful emoji below 👇🏽👇🏽👇🏽 #creditadvancedservices#improvingoverallcredit
THE BURDEN OF MEDICAL BILLS REPORTING 🤦🏽♀️
Starting September 15th, 2017 the credit bureaus namely, Experian, Equifax and Trans Union will set a 180-day waiting period before including medical Bills on your credit report.
The 6 months period is intended to ensure there's enough time to resolve disputes with the insurer and delays in payments.
In addition, the credit bureaus will remove medical bills from your credit report once it's paid by an insurer. (Isn't this Great?!? 😁🎉) (credit and article related to NPR.com)
Medical Bills usually don't have a major impact to your credit scores however having collection accounts including medical bills has an impact on how Lenders evaluates you.
So for those who are having problems with their credit due to medical bills, welp be glad....they will be deleted offs your credit report. 😊 #creditadvancedservices#improvingoverallcredit#jessfixmycredit#creditcoach#444
It's a shame that rent and utilities don't count as a positive item on your credit report. If you stop paying them on time and it gets far enough behind then they report you have NOT been paying. So unfair! There is a newer option that can count your rent as a positive item. Maybe one of you credit professionals know what that is called? Tag a credit repair person if know one.
Payment history accounts for 35% of your credit score and late payments can be detrimental to your credit rating. Among members with poor credit scores, 11% of debt accounts are currently delinquent (at least 30 days late).
Get into the habit of paying your bills on time, every month!!! Use autopay, set a reminder on your calendar or whatever it takes to avoid late payments.
Late payments can remain on your credit report for seven years but they begin to lose some of their sting after the first two years. While making timely payments doesn’t automatically erase past late payments, a positive payment history can help to turn a low score around over time.
Closing unused accounts can leave a negative impact on your score if it causes your utilization ratio to increase.
Applying for new credit can also ding your score. Each time a lender pulls your credit history, a hard inquiry shows up on your credit report. Each hard inquiry can knock a few points off your score. Your score will gradually recover over the course of a year from the date of each inquiry.
And finalllllly Step 1: Get a line of credit
In order to establish credit history, you need to have a form of credit. The simplest way for you to begin will be to open a credit card. If your score is low or non-existent, then you’ll need to apply for a secured card or a store card.
Secured Card: You’ll use your own money as collateral by putting down a deposit of a few hundred dollars with the bank. Typically, that amount will then be your credit limit. Once you prove you’re responsible, you can get back your deposit and upgrade to a regular credit card.
Store Card: People with a low credit score can often still get store cards because banks are more likely to approve users who apply through the store. The catch is that the interest rates are often very high if you can’t make your payments. ---------- Major 🔑: if someone you know adds you as an AU to their acct THATS IN GOOD STANDING; their history becomes your history as well. Friend, lover, mother, brother. Doesnt matter who if they are willing to help. My son piggybacked some accts a s now at 18 his score is 757 😎
Step 2: Keep your utilization rate low
Utilization is the amount of your credit limit you spend each month. For example, if you have a $500 credit limit and spend $50 in a month, you’re utilization will be 10%. Your utilization is part of what determines your credit score.
Your goal should be to never exceed 30% of your credit limit. Ideally, you should be even lower than 30% because the lower your utilization rate, the better your score will be.
We recommend you make one small purchase (hello, pack of gum) a month to keep your utilization low and help increase your credit score at a faster rate.
Step 3: Pay in full, and on time, each month
The easiest way to prove you’re responsible is to only charge what you can afford. Never use your credit card to buy an item you won’t be able to pay off on time and in full each month.
Being late on your payments has a huge, negative impact on your credit score.
There is also no advantage to only paying the minimum amount due on your card. That will only result in you paying interest and does nothing to help your credit score. So just save yourself money and pay your entire bill.
IF I CANT PAY IT IN FULL DONT CHARGE IT is my motto
Step 4: Avoid credit card debt
This goes hand-and-hand with step three. By only purchasing what you can pay off in full, you’ll never accumulate credit card debt.
If you’re already in debt from the misuse of credit cards, then make sure you continue to pay at least the minimum due on time each month. 🔑I LIKE TO PAY A LITTLE MORE THAN THE MINIMUM IF POSSIBLE. ESPECIALLY IF IM BEING CHARGE APR. 🔑Paying on time is the number one indicator of a responsible borrower.
Step 5: As your score improves, so will your options for better credit cards. 🤸🏾♀️ You’ll start to get credit card offers as you begin to build your credit history and improve your score. Credit card companies still love sending snail mail.
Beware of any offers, especially for cash back cards, while your score is below 650. These cards typically provide little value and can smack you with high interest rates if you fail to follow step three.
You can opt out of receiving them for five years or opt out of receiving them permanently. To opt out for five years: Call toll-free 1-888-5-OPT-OUT (1-888-567-8688) or visit www.optoutprescreen.com.
Step 6: Protect your score
Once you’ve achieved a higher credit score, be sure to protect it by following these simple steps:
* Always pay on time – late or missed payments will cost you dearly * Try to keep your credit usage below 30% of your available credit * If you apply for a store card to increase your credit then immediately put in the freezer (literally if you have to) and avoid spending * Be sure to check your credit reports for accuracy and signs of fraud – you’re entitled to one free report per year from each of the three credit bureaus
Inside the Wallet of Someone With Bad Credit 😬🙈 On the other end of the score range — those of you with the lowest possible scores, 450 and below — you have an average debt-to-limit ratio of 94%, which is very high and very poor. Your average total balance is $2,653 and an average total credit limit of $2,816. When you divide $2,653 by $2,816 you get 94%. Ninety-four percent is simply too high and a significant reason why your scores are so low. This is not where you want to be!
It is important to point out that the debt-to-limit ratio is just that, a ratio. It’s all about the relationship between the balance and credit limit, not so much how large or how small your balances are or how large or how small your credit limits are. In fact, the people whose scores are the very lowest don’t have that much more average credit card debt than the people with the highest scores — $2,231 for the high scorers and $2,653 for the low scorers.
The significant difference between the two populations is in the credit limits. The folks with the highest scores have the largest total credit limit, $46,735 as compared to $2,816 for the people with the lowest scores.
You can see just how problematic it is to have lower limits as it makes even modest credit card balances very problematic for your credit scores as they take up a considerable portion of your available credit. You get too close to maxing out your available credit too quickly.
As you can see from the chart above, those of you with VantageScore credit scores over 800 have an average debt-to-limit ratio of just 5%. The math it took to get to 5% looks something like this: you have an average total balance of $2,231 and an average total credit limit of $46,735. When you divide $2,231 by $46,735 you get 5% — 5% is a fantastic debt-to-limit ratio. This is where you want to be!
The Power of the Utilization Rate🤓
One of the most influential metrics in credit scoring is called “revolving utilization.” This metric, informally referred to as the debt-to-limit ratio, calculates just how leveraged your credit cards are at any given time by comparing your balances to your credit limits. According to VantageScore, and using data provided by the three credit reporting agencies, people with credit scores above 800 have an average debt-to-limit ratio of just 5%. To calculate the debt-to-limit ratio you must do a little math. The first thing you’ll do is add up the balances on all of your credit cards, which includes retail store and gas credit cards. Now add up the credit limits of those same cards and any other unused credit cards. Now you’re ready to do the math. Divide the total credit card balance by the total credit limit, and then multiple that number by 100 and you’ll get your percentage.
NOTE: Do NOT include any balances or original loan amounts from installment loans like mortgages, student loans, or auto loans. Revolving utilization is only calculated from your revolving credit card accounts.
If you want the highest score, you need to make sure you haven’t missed any payments in the past and don’t have any public records, collection items or judgments. However, what this data shows is that even if you have a perfect payment history, low utilization is critical to get the highest score.
VantageScore Solutions will be launching a new Scoring model by fall of 2017. The new Scoring Model VentageScore 4.0 will exclude public records information - judgments and tax liens. Medical Bills in collection will report six months after it has passed. That’s because there is often confusion as to whether the consumer or insurer is responsible for the payment.
This new VentageScore 4.0 will also help consumers with thin credit file.
This new score model will still conduct as the old credit Scoring models. Make sure you still make your payments on time, keep your credit card balances down and watch for your credit utilization.
The good thing about all this is that even if there is dozens of score models we will continue to have Financial Responsibilities. Stay tuned for more details on this new Scoring model VentageScore 4.0. #creditadvancedservices#improvingoverallcredit
Your credit report is more important than your credit scores.
Yes! Your scores are important. They are also part of a lenders decision, however your credit report is what makes YOU!
Is what's reporting that makes you eligible or qualify for that financial purchase.
Most importantly what lenders look at is how responsible you really are with your debts. Are your debts being paid on time? Are you using your credit utilization wisely? How do you make your payments? And last they look at is your scores.
Where do you stand right now with your credit scores??
I always recommend my clients to always monitor their credit report. You're credit is what makes YOU. Your scores are just a reflection of you!
Have a fantastic day! 😊 #creditadvancedservices#improvingoverallcredit#jessfixmycredit
Break the bad habits and have better credit! YAY!!! 😊 #kickbadcredit#gaingoodcredit
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Debt collectors love income tax season! They know you'll have extra cash on you, making big purchases, and it will be on your conscious to pay old debts!
You'll notice an increase in debt collection calls and debt collection settlement letters flooding your mailbox!
Be on the lookout and educate yourselves on what debt collectors can and cannot do!!! Think twice before paying a debt collection agency. Know your rights!! Need help: Get the Luxurious Credit Guide at 👇🏽👇🏽👇🏽👇🏽👇🏽👇🏽👇🏽