Credit Repair

Truth About Credit

We live in a credit-based society so having bad credit or poor credit can affect your ability to accomplish things such as:

Borrowing money
Renting an apartment
Purchasing goods like phones, laptops, books
Shopping online
Purchase a home
Leasing or buying a vehicle
Traveling abroad

Credit knowledge

The secret to having excellent credit is to use credit but not let your credit use you. This mean as a consumer you also have to understand the differences between good debt and bad debt.

Good	Bad
Assets – Houses, Cars, Equipment, Gold.	Liabilities – Cell phones, Clothes, Jewelry, Shoes, Bags
Business – Rental Property, Loans, Line of Credits (LOC)	Personal – Credit cards, Student Loans, bills
Investments – Stocks, Bonds, Savings Accounts, etc.	Lifestyle – Fine dinning, debit cards, Checking Accounts

Having a good credit profile

Credit Vs. Fico

Your credit score is your average score point on a credit-bureau like Experian. They go from a very low score of 450 all the way up to a high score of 850 points. However, your FICO is your overall score on all three (3) credit bureaus such as Experian, Equifax, and Trans-union. The fact is most people go through life without realizing these critical differences, and It is critical to understand your credit-profile because this could be the difference between how banks, landlords, employers, and even the federal government view your credit worthiness.

Understanding your credit-worthiness or how lenders see you as someone that can be trusted with money goes a very long way in building towards financial independence, wealth and retirement. Sadly most people go through life without understanding personal credit and end up becoming discourage when their credit takes a hit. They usually find themselves living with bad or even poor credit. On the other hand it is also important to understand Business Credit if your goal is to achieve financial independence.

As you grow older and your career begins to thrive and your income steadily rises you may decide to become an entrepreneur and start your own business. But did you know one of the main ingredients to becoming a successful entrepreneur starts with having excellent credit. The fact is having excellent credit leads to a good FICO score (Experian, Equifax, Trans-union). And this is what you want to achieve as an entrepreneur as you begin to slowly acquire real assets in order to achieve true business independence.

Secret tips to great credit

Having only one legal address on your credit report
Making sure your legal name is spelled correctly
Remove any bankruptcies,
Remove any child support delinquencies
know who is reporting to your file always
Consider doing a credit-sweep
have no late payments
Have no more than 3 inquiries on your report
You must not have a thin file which is having less than 6-8 trade lines
Frequently check your updated credit report for any errors every 30-days

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