Credit During the “Crunch” How to Thrive while others are trying to Survive!

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Presentation transcript:

Credit During the “Crunch” How to Thrive while others are trying to Survive!

Credit 101

1. Past Delinquencies… 3 35%of Credit Score Credit Score

2. Revolving Debt Ratio… 4 30%of Credit Score Credit Score

3. Average Age of Credit File… 5 15%of Credit Score Credit Score

4. Mix of Credit … 6 10%of Credit Score Credit Score

5. Inquiries… 7 10%of Credit Score Credit Score

Credit Score Components 1.Past Delinquencies 2.Debt Ratio 3.Average Age of File 4.Mix of Credit 5.Inquiries

FICO score facts and fallacies  My FICO credit score should be the same at all 3 credit bureaus.  True False  When I get married, my credit report is merged with my spouse’s.  True False  Checking my own credit score will create an inquiry at the credit bureau, and that will lower my score.  True False  My annual household income is part of the calculation of my FICO score.  True False  Closing my unused credit cards will improve my FICO score.  True False

Fair Credit Reporting Act Specifically States that Every Item Reporting on a Credit Report MUST:  Reporting Timely Information  100% Verifiable Information  100% Accurate Information

Credit Store is not your typical Credit Repair company! We: 1. Focus on Education 2. Assist in rebuilding 3. Provide a money back guarantee

Your Clients Credit is under ATTACK Use a Professional to help them!

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