Brent's Credit and Debt blog» FICO http://mycreded.com/wordpress_blog Articles, Videos, Books and Advice on Credit, Debt Collection, Paying Down Debt, and Personal Finance Wed, 27 May 2009 06:29:16 +0000 en hourly 1 http://wordpress.org/?v=3.0 Are You Ready To Fix Your Credit? http://mycreded.com/wordpress_blog/2009/04/01/are-you-ready-to-fix-your-credit/ http://mycreded.com/wordpress_blog/2009/04/01/are-you-ready-to-fix-your-credit/#comments Wed, 01 Apr 2009 20:21:12 +0000 admin http://mycreded.com/wordpress_blog/2009/04/01/are-you-ready-to-fix-your-credit/ When you are looking to rebuild your credit, you have to ask yourself a few questions:

  • Have I solved the problems that gave me bad credit to begin with?

  • Am I willing to make sure I don’t go down the wrong path again?

  • Have I taken care of the debts I already incurred?

  • What is my reason for wanting great credit scores?

I talk to a lot of people that are in the credit repair game for the wrong reason.  They are looking for MORE credit, a new car, a new house, or the ability to carry that shiny gold card.  However, they have yet to fix the problem that got them in trouble in the first place.

You need to take stock of your situation.  If you are using credit to extend your ability to spend, you will end up right back in the same bad place you were in before.

Credit was designed as a convenience for people who didn’t want to carry cash.  Later, it became an emergency measure in case something happened that you couldn’t cover with cash.  However, these days credit has become a luxury item.  We overspend, and comfort ourselves that we only have to make a small payment to cover what we buy.

Well, the truth is that those small payments add up.  Over time, small purchases here and there can force you into very large monthly payments that can actually destroy your financial position!

There are a group of people, referred to as the ‘FICO High Achievers’.  These are people with credit scores above an 800 (out of a possible 850).  It is a rarified goal, and one that very few ever achieve.  These people have access to loans, to better interest rates, to lower insurance scores, and generally don’t have the same kinds of credit problems that the rest of us have.  Why?  The use credit as a tool, instead of as a lifestyle enhancement.

I spoke to my banker.  He told me that the people that he serves that have the wealthiest appearance, such as big houses, luxury cars, and luxurious ‘stuff’ in their homes, are typically the farthest in debt.  They are using credit to support a lifestyle they can’t afford, and it catches them in the end.

At the same time he told me that people who learn how to manage their money when they are young are the most likely to be financially successful.  They live well, instead of extravagantly.  The spend money wisely, and use credit only when they are making a large purchase that cash won’t cover.  They don’t buy on impulse, and are less likely to have a 4 dollar coffee in their hands than they are a cup of coffee from the coffee maker on their desk.  These are the people that manage their money, and are more likely to be credit ‘High Achievers’.

You have to make a choice.  You can repair your credit, and go back to the lifestyle that caused the problems in the first place, or you can fix the problems and live better in the long run.

Whatever you choose, I wish you luck in living with credit!

]]> http://mycreded.com/wordpress_blog/2009/04/01/are-you-ready-to-fix-your-credit/feed/ 1 New Video: Conclusion – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/30/new-video-conclusion-the-top-10-ways-to-protect-your-credit-during-divorce/ http://mycreded.com/wordpress_blog/2009/03/30/new-video-conclusion-the-top-10-ways-to-protect-your-credit-during-divorce/#comments Mon, 30 Mar 2009 23:59:28 +0000 admin http://mycreded.com/wordpress_blog/2009/03/30/new-video-conclusion-the-top-10-ways-to-protect-your-credit-during-divorce/ That’s it.  The Top 10 Ways to Protect Your Credit During Divorce.

Your life is already tough.  Going through a divorce is one of the hardest things you will ever do.  It touches every part of your life, and you need to protect yourself while going through it.

Remember, it is you taking care of yourself now.  You HAVE to stop thinking about things as a member of a couple, and start thinking about things as a single person again.

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Conclusion video here: 

www.youtube.com/watch?v=Sgp3hLf4oiA

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/30/new-video-conclusion-the-top-10-ways-to-protect-your-credit-during-divorce/feed/ 0 New Video: Tip 01 – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/28/new-video-tip-01-the-top-10-ways-to-protect-your-credit-during-divorce/ http://mycreded.com/wordpress_blog/2009/03/28/new-video-tip-01-the-top-10-ways-to-protect-your-credit-during-divorce/#comments Sat, 28 Mar 2009 23:55:50 +0000 admin http://mycreded.com/wordpress_blog/2009/03/28/new-video-tip-01-the-top-10-ways-to-protect-your-credit-during-divorce/ In Tip 1, I am asking you to start managing your money.  This is critical!  You are starting fresh, and it is very easy right now to damage your credit.

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Tip 1 video here: 

www.youtube.com/watch?v=ycZ_0limSLg

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/28/new-video-tip-01-the-top-10-ways-to-protect-your-credit-during-divorce/feed/ 0 New Video: Tip 02 – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/26/new-video-tip-02-the-top-10-ways-to-protect-your-credit-during-divorce/ http://mycreded.com/wordpress_blog/2009/03/26/new-video-tip-02-the-top-10-ways-to-protect-your-credit-during-divorce/#comments Thu, 26 Mar 2009 22:09:23 +0000 admin http://mycreded.com/wordpress_blog/2009/03/26/new-video-tip-02-the-top-10-ways-to-protect-your-credit-during-divorce/ In Tip 2, I discuss the danger in assigning your legal rights to someone else with a power of attorney.

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Tip 2 video here: 

www.youtube.com/watch?v=ayHvbscHj2I

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/26/new-video-tip-02-the-top-10-ways-to-protect-your-credit-during-divorce/feed/ 0 New Video: Tip 03 – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/24/new-video-tip-03-the-top-10-ways-to-protect-your-credit-during-divorce-2/ http://mycreded.com/wordpress_blog/2009/03/24/new-video-tip-03-the-top-10-ways-to-protect-your-credit-during-divorce-2/#comments Tue, 24 Mar 2009 21:59:11 +0000 admin http://mycreded.com/wordpress_blog/2009/03/24/new-video-tip-03-the-top-10-ways-to-protect-your-credit-during-divorce-2/ In Tip 3, I discuss your financial picture during the divorce process.  If you aren’t awarded enough money to live on, you need to say something.

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Tip 3 video here: 

www.youtube.com/watch?v=ozpI7th7ZOc

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/24/new-video-tip-03-the-top-10-ways-to-protect-your-credit-during-divorce-2/feed/ 0 New Video: Tip 04 – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/20/new-video-tip-04-the-top-10-ways-to-protect-your-credit-during-divorce/ http://mycreded.com/wordpress_blog/2009/03/20/new-video-tip-04-the-top-10-ways-to-protect-your-credit-during-divorce/#comments Fri, 20 Mar 2009 21:48:49 +0000 admin http://mycreded.com/wordpress_blog/2009/03/20/new-video-tip-04-the-top-10-ways-to-protect-your-credit-during-divorce/ In Tip 4, I discuss how taking care of your financial obligations will help you to move ahead after your divorce. .

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Tip 4 video here: 

www.youtube.com/watch?v=TA08frR4x_8

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/20/new-video-tip-04-the-top-10-ways-to-protect-your-credit-during-divorce/feed/ 0 New Video: Tip 05 – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/18/new-video-tip-05-the-top-10-ways-to-protect-your-credit-during-divorce/ http://mycreded.com/wordpress_blog/2009/03/18/new-video-tip-05-the-top-10-ways-to-protect-your-credit-during-divorce/#comments Wed, 18 Mar 2009 21:37:51 +0000 admin http://mycreded.com/wordpress_blog/2009/03/16/new-video-tip-05-the-top-10-ways-to-protect-your-credit-during-divorce/ In Tip 5, I discuss how paying off joint accounts may cost you money while letting your spouse off the hook.

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Tip 5 video here: 

www.youtube.com/watch?v=gkcIoMFEMmY

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/18/new-video-tip-05-the-top-10-ways-to-protect-your-credit-during-divorce/feed/ 0 New Video: Tip 06 – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/16/new-video-tip-06-the-top-10-ways-to-protect-your-credit-during-divorce/ http://mycreded.com/wordpress_blog/2009/03/16/new-video-tip-06-the-top-10-ways-to-protect-your-credit-during-divorce/#comments Mon, 16 Mar 2009 21:33:06 +0000 admin http://mycreded.com/wordpress_blog/2009/03/16/new-video-tip-06-the-top-10-ways-to-protect-your-credit-during-divorce/ In Tip 6, I discuss how changing your spending habits now can help you in your new life, especially if your financial status will change.

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Tip 6 video here: 

www.youtube.com/watch?v=ge7aG5iMcf8

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/16/new-video-tip-06-the-top-10-ways-to-protect-your-credit-during-divorce/feed/ 0 New Video – Ask Brent – How Do Collectors Find My Neighbors or Aquainances? http://mycreded.com/wordpress_blog/2009/03/15/new-video-ask-brent-how-do-collectors-find-my-neighbors-or-aquainances/ http://mycreded.com/wordpress_blog/2009/03/15/new-video-ask-brent-how-do-collectors-find-my-neighbors-or-aquainances/#comments Mon, 16 Mar 2009 00:53:56 +0000 admin http://mycreded.com/wordpress_blog/2009/03/14/new-video-ask-brent-how-do-collectors-find-my-neighbors-or-aquainances/ Has a debt collector called your neighbor?  How about a relative?

Debt collection companies are serious about finding you.  They pull out the stops to try to make sure they can get your money.

My latest Ask Brent video discusses this.  You can watch it here: httpv://www.youtube.com/user/MyCredEd.

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/15/new-video-ask-brent-how-do-collectors-find-my-neighbors-or-aquainances/feed/ 0 New Video: Tip 07 – The Top 10 Ways To Protect Your Credit During Divorce http://mycreded.com/wordpress_blog/2009/03/14/new-video-tip-07-the-top-10-ways-to-protect-your-credit-during-divorce/ http://mycreded.com/wordpress_blog/2009/03/14/new-video-tip-07-the-top-10-ways-to-protect-your-credit-during-divorce/#comments Sat, 14 Mar 2009 21:29:21 +0000 admin http://mycreded.com/wordpress_blog/2009/03/14/new-video-tip-07-the-top-10-ways-to-protect-your-credit-during-divorce/ In Tip 7, I discuss getting your automatic deposits for your payroll changed.  This is critical!  Not doing this simple task can cost you your entire paycheck.

I have posted a video series to the MyCredEd YouTube channel discussing how you can protect your credit during divorce.  Remember, your divorce will be over soon, but the effects of a credit problem can last years longer!

You can view the Tip 7 video here: 

www.youtube.com/watch?v=zlURkFsbb4M

Remember to ask your questions about credit and debt in the form to the right.  I will answer via blog or video as soon as I can!

When you fill out the form, your question goes straight to my email inbox.  I am an email addict, so I will see it quickly.  If I put your question into a video, or answer it in a blog, I will send you and email back to let you know the answer is ready.

]]> http://mycreded.com/wordpress_blog/2009/03/14/new-video-tip-07-the-top-10-ways-to-protect-your-credit-during-divorce/feed/ 0