Finding Your New Life With Credit Repair

Credit repair is a dynamic process of taking control of your credit life. If you proceed in a thoughtful and methodical manner you are destined to succeed. And as the credit repair process begins to bear fruit you will see your old life fading away and a new life taking hold; a new life with good credit, financial hope for you and your family, and a bright new outlook.

Seize the Day

Start your credit repair program by building positive credit. Do not wait seven years hoping that your bad credit will fade away before you can get a fresh start; do it now. Secured credit cards are the perfect means of developing sound, healthy new credit. They are a low cost means of getting started and you will not get denied. And more important, these little secured cards are every bit as valuable to your FICO score as larger unsecured cards.

The Right Formula

There are a lot of credit scores available on the web. You can get them from the credit bureaus, and you can get them from a variety of vendors and resellers. Oddly, none of these scores are the same as the ones that lenders look at when they are reviewing a loan application. And in most cases, these scores are not even close to the ones that lenders use. Lenders use FICO scores. FICO is an acronym for Fair Isaac Corp, the creator of the score, and it is their scoring process that matters to your credit repair project.

The Power of Positive Credit

The FICO scoring model generates your real credit score and is based on everything that appears on your credit report. Your credit repair success depends on understanding the importance of positive credit. Negative information can hold your score down, but you must have positive information on your report to demonstrate to Fair Isaac that you are willing and able to make responsible timely payments to your debtors every month. The best way to do this is with credit cards. Get them, use them, and watch your credit repair success take hold. But you must do it right.

Using Your Cards Right

The FICO scoring model is programmed to identify a range of different card usage levels. The more of your available balance you use, the more FICO will lower your score. The rationale behind this is that high balances are statistically connected to a elevated likelihood of default. And since FICO scores are sold by Fair Isaac to lenders to evaluate the potential risk of lending money, the higher your balance the lower your score will be. If you really want to make a good impression on Fair Isaac and be rewarded with a higher score keep your balance under 20 percent of your card limit.

The Credit Repair Attack

Once you have the rebuilding phase of your credit repair program underway, now is the time to attack all of the questionable negative items on your credit report. Do not make the mistake of believing in the infallibility of the credit bureaus. Over three-quarters of all credit reports have mistakes on them. A huge percentage of these mistakes are capable of depressing your credit scores significantly. You must stand up for your rights and prepare for battle. Now is the time to examine every line of your credit report and prepare to send dispute letters to the credit bureaus.

Patience and Simplicity

The dispute process is integral to credit repair and requires both common sense and patience. The credit bureaus will process your dispute requests only reluctantly, so you must expect some resistance. Plan on repeating your request until you are satisfied that they have conducted the proper research. And keep your dispute letters simple. The poor overworked clerks that process these letters must translate your words in just a matter of seconds. If you try to tell your whole life story, they may very well reject your letter completely. Credit repair and simplicity go well together.

Go Ahead and Reach Out

If you do not have the perseverance for the letter writing phase of the credit repair undertaking you might think of hiring a professional credit repair service. They will make sure that the entire job is managed in an organized and effective manner, and will follow through in a timely way, month by month until the job is done!

Ed White is a credit repair expert and financial consultant. In addition to his own private practice he consults for one of the nations leading credit repair services. Ed is a graduate of the University of Pennsylvania and has a degree in economics.
 
 

The BLACK Man in the WHITE House: Racism Is Alive and Well in America

The Civil Rights Act of 1964 ended segregation in public places and banned employment discrimination on the basis of race, color, religion, sex or national origin. While this law was created to protect voter's rights and eliminate segregation in schools, restaurants and workplaces, the reality is that 50 years later Americans are still battling with these issues.

While many say racism is over and point to the fact that America has its first black president, Barack Obama's election actually ignited racial tension in the country, rather than ending it. As a result white supremacists, hate crimes and internet sites like Stormfront have grown exponentially.

These extremist organizations are fueled by an increased fear of nonwhites' power in government and the rising number of immigrants that are taking over "their" America. Racists choose to disregard the laws of this country in favor of their own warped ideology.

In the last couple of weeks, Cliven Bundy, Donald Sterling and Paul Ryan made racial comments that went viral, and dominated numerous hours of media coverage. Many Republicans stood up for Bundy prior to his racial comments, even though he was convicted of owing the federal government $1 million and refused to pay it. The NBA took unprecedented action against Sterling. And Paul Ryan defended his statements by saying, "I'm not a racist. I was inarticulate."

Sport franchises, corporation executives and politicians are riddled with racists of varying degrees. Most just have the common sense to avoid public pronouncements of their views, but that doesn't mean racism doesn't exist.

Playing into the racial frenzy that is sweeping our country are Republican governors like Scott Walker, Rick Perry and Rick Scott. All are hoping to suppress minorities' voting rights in their states in order to pass legislation that most Americans, especially minorities, don't support. After all, if only whites could vote, things would be very different.

With this mindset, many Republican Congressional representatives want to roll back the clock to the good ol' days of the fifties and sixties. The Supreme Court is aiding in this mounting discrimination with their recent decision to gut portions of the Voting Rights Act of 1965. This action to quash the Act, which was passed in response to Jim Crow laws is offensive to anyone's sense of fairness and justice for all.

Like the poll taxes and literacy tests of a bygone era, state issued IDs and voter-roll purges, coupled with reduced voting hours are all intended to keep minorities from exercising their constitutional right to vote.

In addition to voting rights, our courts and penal system discriminate against minorities. Young African American men are arrested four times as often as white men for carrying the same amount of marijuana, which is still illegal in most states. These arrests for minor crimes lead many black teenagers to follow unlawful pursuits rather than paths they may have taken without the scar of the arrest on their record. Also in question is the fairness of our judicial process. Two recent judgments handed down by predominantly white juries emphasize this unfairness.

These Florida verdicts vindicated white men who killed African American teenagers. George Zimmerman's "not guilty" verdict for the murder of Trayvon Martin was considered by many to have a racially influenced outcome. In another case that had racial overtones, a jury was deadlocked on whether Michael Dunn, a white man, was guilty of murder for shooting to death a black teenager over loud music. I wonder if the races of the victim and accused had been switched, if the judgments would have been different. Actually, I really don't wonder; unfortunately I know the answer.

Education is seen as one way to lower the number of incarcerated black men and help minorities become productive, tax-paying members of society. Yet, the Supreme Court stepped in and put up a road block making it harder to accomplish this goal.

In an April 2014 decision, the Supreme Court upheld a Michigan constitutional amendment that bans affirmative action as part of the admission process in the state's public universities. Seven other states currently have the same sanctions. States that forbid affirmative action in higher education, like Florida and California, have seen a significant drop in the enrollment of black and Hispanic students in many of their top colleges and universities.

Americans need to take notice of what is happening and not support the rebels that include many Republican elected officials. The diversity, which made our country great, needs to be seen in the leadership of America, as well as its average citizen. Racism is a communal problem and needs everyone working together to make life better, not for just a few, but for all.

The question of how to achieve less racism and more acceptances is complex and has no clear black and white answer.

gerry@advisorylink-dfw.com; http://www.advisorylink-dfw.com

By Gerry Myers

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