The Affects of Opening Credit for Others...
Larry has three sons that are young adults. His oldest boy really wants to buy a car but cannot get the financing since he doesn’t have an appropriate credit history to be approved. Larry knows how much his son would like this car and decides to put a nice down payment on the car and take the loan out in his own name. This will be a great gift for his sons Christmas present. ...How Opening Credit Can Drop Scores...
June has a large family and has started early on her Christmas Shopping. She really needs to save money this season since her and her husband will be buying a home in the next year. Her family is outgrowing their present space and both June and her husband feel that the real estate market will be even lower if they wait a bit longer. June has 3 credit cards that were opened over 9...Holiday Shopping and Credit...
With Santa Claus on his way, children and adults looking forward to festive times full of giving and holiday spirit, it is important for all of us to stay focused on protecting our credit. While waiting on line, to buy my husband a Christmas gift, I heard over and over again by the cashier ringing up each individuals purchases “Would you like to open a Lord and Taylor card and...Can Low Scores Drive up Insurance Rates?...
The answer is yes! Studies show that having poor credit also could mean a consumer is a higher risk and may have more insurance claims. A consumer with excellent credit scores is a better risk therefore can enjoy lower insurance premiums. For more information on credit restoration, view North Shore Advisory’s...Soft Inquiries & Prescreening by Cr...
Soft Inquiries are when a consumer views and pulls their credit directly from the bureaus or from a sit online that sells reports and scores. These inquiries do not affect the credit score negatively. Prescreening or promotional inquiries are when credit card, insurance, or other companies request a list , from the bureaus, of consumers in a certain score range. These screenings or...Why Not Co-sign?...
When consumers co-sign for a loan they are putting their credit and finances in great jeopardy. Even if a relative or friend is extremely responsible and you would never expect a problem there is still a great risk. If you are not ready to pay the full debt alone than you should not co-sign on the loan. Besides co-signers ultimately having to pay the debt alone there is also the...Why do New Derogatory Accounts Drop Cred...
When lenders are reviewing credit and scores they want to see what a consumers risk level is RIGHT NOW. If a consumer is late today the chances that they will be late again, in the near future, are much greater. If a consumer had a bankruptcy 4 years ago and has not been late since they are a lower risk than the individual who was late last month. The score is much more sensitive...Late Payments can Reduce Scores Over 100...
Most consumers do not realize what weighs heavy on the Fico Scores is when an account is derogatory. The more recent the negative the worse the score drop. A late payment that occurs on a consumers credit for less than $10 can reduce the score 100 points if the consumers score is above a 780. The higher the credit score the greater the score drop. For more information on credit...California has Strict Laws Against Reque...
In California it is against the law to request to see a copy of a license when consumers are making retail purchases. For more information on credit restoration, view North Shore Advisory’s...Is Requesting Additional ID Legal?...
When using Visa, Master, and Amex it is against the credit card processing rules for Stores to request additional ID. The only exception to this rule is when credit cards are not signed. It is not against the law, in terms of the government or state, but if the credit card processor were to find out the store made this request the processor could ban the store from using the card...About Tracy Becker
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For over two decades, I have owned and operated a Credit Education and
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