Presentation is loading. Please wait.

Presentation is loading. Please wait.

Presented By: Mick Bernard – President & Founder Twitter.com/911CreditPro Facebook.com/CreditStrategies

Published byValerie Carmella Berry Modified over 8 years ago

Similar presentations

Presentation on theme: "Presented By: Mick Bernard – President & Founder Twitter.com/911CreditPro Facebook.com/CreditStrategies"— Presentation transcript:

1 Presented By: Mick Bernard – President & Founder Twitter.com/911CreditPro www.911CreditPro.com Facebook.com/CreditStrategies Mick@911CreditPro.com

2 About Mick Bernard www.911CreditPro.com

3 About Mick Bernard www.911CreditPro.com

4 About Mick Bernard www.911CreditPro.com

5 Credit Quiz What has the greater impact on your Credit Score? A) The % you owe on your credit cards. B) Paying your bills on time. ANSWER: Paying on time = 35% % owed on credit cards = 30% www.OnlineCreditStrategies.com

6 Credit Quiz What has the greater impact on your Credit Score? A) You close a credit card account. B) Your creditor closes your credit card account. ANSWER: They could both be bad for your score. www.911CreditPro.com

7 Credit Quiz When does the amount of your income affect your credit score? ANSWER: Only when you don’t make enough money to pay your bills on time. Income is not a consideration in calculating your score www.911CreditPro.com

8 Credit Quiz What is an account review? ANSWER: Your existing credit card companies check your credit. You gave them permission! www.911CreditPro.com

9 Credit Quiz When does a credit inquiry not have an impact on your credit score? ANSWER: Check your own credit Creditor does an account review Employer checks Insurance company checks Apply at more than one mortgage or auto company within a 45 day period www.911CreditPro.com

10 Credit Quiz If you have more than 5 credit card accounts, what should you do? A) Nothing B) Close accounts to 5 or less C) Go Shopping www.911CreditPro.com

11 Go Shopping! www.911CreditPro.com

12 CREDIT STRATEGIES Short Sale Foreclosure Bankruptcy Other... What are some major negative incidents you may face? www.911CreditPro.com

13 CREDIT STRATEGIES Represented by a team of professionals. Closure can happen faster - rebuild credit sooner! Investors may approve a loan faster. Liens negotiated to closure. What are the advantages of a short sale over a foreclosure? www.911CreditPro.com

14 CREDIT STRATEGIES Order a current credit report. Added as an authorized user. Secured credit card or two. Maintain your other credit during the negotiation process. What can you do after a major credit incident? www.911CreditPro.com

15 YOUR CREDIT SCORE... What Does It Mean? www.911CreditPro.com

16 CREDIT SCORES Predicts the statistical chance of a consumer becoming 90 days late or more on a particular loan obligation. Each score is specific for each bureau. Scores range from... 300 to 850 for Classic FICO scores. The higher the score, the less the odds of default. Generated by CURRENT information in report. What does the score mean? www.911CreditPro.com

17 CREDIT SCORES Consumer Default: What are the odds? Credit ScoreOdds of Default Above 8001292 to 1 760 - 799597 to 1 720 - 759323 to 1 700 - 719123 to 1 680 - 69955 to 1 660 - 67938 to 1 620 - 65926 to 1 500 - 6008 to 1 Below 500Forget about it. www.911CreditPro.com

18 Credit Score Components Past Delinquencies Revolving Debt Ratio Average Age of File Mix of Credit Inquiries What are the determining factors? www.911CreditPro.com

19 credit scores Past Delinquencies... 35% Of Score www.911CreditPro.com

20 Credit Score Components Timing of the delinquency Level of the delinquency Last activity date. Past due notices destroy scores Missed payments (low vs. high) Past Delinquencies: 35% of Credit Score www.911CreditPro.com

21 Credit Score Components How long do delinquencies stay? Bankruptcy - Chapter 7 & 1110 yrs. from filing date Bankruptcy - Chapter 137 years from filing date Tax Liens - Satisfied7 years from filing date Late Payments7 years Charge Offs7 years from 1st late pay Judgements7 years www.911CreditPro.com

22 credit scores Revolving Debt Ratio... 30% Of Score www.911CreditPro.com

23 Credit Score Components Credit Cards Share debt among many cards Use each card regularly Do not close credit cards Pay-off before closing date Get added as an authorized user Revolving Debt Ratio: 30% of Credit Score www.911CreditPro.com

24 Credit Score Components Credit Ask for credit limit increase Maintain balances below 10% Make sure the limit is reported Revolving Debt Ratio: 30% of Credit Score www.911CreditPro.com

25 Credit Score Components Revolving Debt Ratio: 30% of Credit Score Spouse Keep Credit Separate Transfer debt to one spouse Business Utilize a business credit A true business credit card is not reported on personal credit www.911CreditPro.com

26 credit scores Average Age of Credit File... 15% Of Score www.OnlineCreditStrategies.com www.911CreditPro.com

27 Credit Score Components Average Age of Credit File: 15% of Credit Score www.911CreditPro.com The longer the history, the better Hold on to old credit cards Piggyback off Mom to get history

28 credit scores The Mix of Credit... 10% Of Score www.911CreditPro.com

29 Credit Score Components A mixture is best 3 - 5 revolving credit cards A mortgage account Auto loan Equity lines of credit Mix of Credit: 10% of Credit Score www.911CreditPro.com

30 credit scores The Mix of Credit... 10% Of Score www.911CreditPro.com

31 Credit Score Components Affect the score for one year Can cost 0 - 50 points Score is only reduced for first 10 inquiries Auto and mortgage inquiries Within a 45-day period are treated as one Many inquiries don’t count (personal, promotional/job, insurance, etc.) Inquiries: 10% of Credit Score www.911CreditPro.com

32 A Sample Credit Report Apply what you’ve just learned... www.911CreditPro.com

33

34 Mick Bernard P) 480.502.5554 www.911CreditPro.com Twitter.com/911CreditPro Facebook.com/CreditStrategies Mick@911CreditPro.com

Download ppt "Presented By: Mick Bernard – President & Founder Twitter.com/911CreditPro Facebook.com/CreditStrategies"

Similar presentations

Your Name – Your Business Helping People Improve & Protect Their Credit Credit Concepts I.

Your Name – Your Business Helping People Improve & Protect Their Credit Credit Concepts I.
RAISE YOUR CREDIT SCORE 100 POINTS IN FORTY-FIVE DAYS Edward Jamison, Jamison Law Group Barry Habib and Sue Woodard,Mortgage Market Guide *Amy Bonis.

RAISE YOUR CREDIT SCORE 100 POINTS IN FORTY-FIVE DAYS Edward Jamison, Jamison Law Group Barry Habib and Sue Woodard,Mortgage Market Guide *Amy Bonis.
RAISE YOUR CREDIT SCORE 100 POINTS IN FORTY-FIVE DAYS Edward Jamison, Jamison Law Group Barry Habib and Sue Woodard, Mortgage Market Guide.

RAISE YOUR CREDIT SCORE 100 POINTS IN FORTY-FIVE DAYS Edward Jamison, Jamison Law Group Barry Habib and Sue Woodard, Mortgage Market Guide.
March 29, 2011 Dale Ball, eni. Understanding how credit scores are determined. Understanding how consumers actions impact their credit scores.

March 29, 2011 Dale Ball, eni. Understanding how credit scores are determined. Understanding how consumers actions impact their credit scores.
The difference between school and life? In school, you're taught a lesson and then given a test. In life, you're given a test that teaches you a lesson.

The difference between school and life? In school, you're taught a lesson and then given a test. In life, you're given a test that teaches you a lesson.
Personal Finance Credit Review JEOPARDY 100 Definitions Types of Types of Credit 4 C’s of 4 C’s of Credit Your Rights Credit Report Potpourri 100 200.

Personal Finance Credit Review JEOPARDY 100 Definitions Types of Types of Credit 4 C’s of 4 C’s of Credit Your Rights Credit Report Potpourri
RAISE YOUR CREDIT SCORE 50 POINTS IN FORTY-FIVE DAYS Bruce Gustafson (303) 596-0780 Crestline/Universal Lending.

RAISE YOUR CREDIT SCORE 50 POINTS IN FORTY-FIVE DAYS Bruce Gustafson (303) Crestline/Universal Lending.
Credit Card Basics. Getting the idea Debit cards can be used almost anywhere that credit cards can be used. But there is a big difference between them.

Credit Card Basics. Getting the idea Debit cards can be used almost anywhere that credit cards can be used. But there is a big difference between them.
The 5 C’s of Credit By:Sierrah, Thorn, Madison and Amber.

The 5 C’s of Credit By:Sierrah, Thorn, Madison and Amber.
GOOD CREDIT IS THE TICKET DO YOU KNOW HOW TO ACHIEVE IT?

GOOD CREDIT IS THE TICKET DO YOU KNOW HOW TO ACHIEVE IT?
PART 2: MANAGING YOUR MONEY Chapter 6 Using Credit Cards: The Role of Open Credit.

PART 2: MANAGING YOUR MONEY Chapter 6 Using Credit Cards: The Role of Open Credit.
Raising Your Credit Score

Raising Your Credit Score
  center-com/781-understanding-your-credit-score- video.htm#mkcpgn=snag1

  center-com/781-understanding-your-credit-score- video.htm#mkcpgn=snag1
Credit Intro to Credit & Establishing Good Credit.

Credit Intro to Credit & Establishing Good Credit.
CREDIT HISTORY & SCORES. CREDIT REPORTS  aka: credit history  3 Credit Bureaus receive and maintain information on consumers: Experian, TransUnion,

CREDIT HISTORY & SCORES. CREDIT REPORTS  aka: credit history  3 Credit Bureaus receive and maintain information on consumers: Experian, TransUnion,
The importance of understanding credit reports The choices you make today directly impact your future. Your credit score can influence how much interest.

The importance of understanding credit reports The choices you make today directly impact your future. Your credit score can influence how much interest.
To Your Credit 1. 2 Introduction Instructor and student introductions. Module overview.

To Your Credit 1. 2 Introduction Instructor and student introductions. Module overview.
CREDIT How do you build credit? Mr. Jones and Mrs. Smith make the same amount of money, but on loans, Mr. Jones pays more. Why? What may determine if you.

CREDIT How do you build credit? Mr. Jones and Mrs. Smith make the same amount of money, but on loans, Mr. Jones pays more. Why? What may determine if you.
You and Your Credit Score FICO. The Score The most widely used credit score is the FICO Score, the credit score created by Fair Isaac Corporation. Lenders.

You and Your Credit Score FICO. The Score The most widely used credit score is the FICO Score, the credit score created by Fair Isaac Corporation. Lenders.
Forbes.com. Make payments as early as possible. Late payments will negatively impact your FICO score. The longer you pay your bills on time, the better.

Forbes.com. Make payments as early as possible. Late payments will negatively impact your FICO score. The longer you pay your bills on time, the better.

Similar presentations

Ads by Google