“Searching for Higher Scores”
I wish everyone would have great credit scores but that will NEVER happen. There are lots of reasons why scores are low or lower than someone would like, it just happens but it doesn’t mean that it is a permanent curse. It may often mean that clients have never been coached on how to improve scores.
Geoffrey was someone that I started working with over a year ago. He had a few collection accounts, all of which read “charged off”; he thought that meant that the creditor no longer needed to be paid. I explained what it really meant and that he need to settle these obligations and showed him that these obligations were reported as being unpaid each month. No matter what he was paying on time it was being offset by what he wasn’t paying. It took him nearly a year to get all his accounts settled and his score went from a 541 mid score to over 640.
Mary Jo was nearly 14 months. Her scores started out in the low 500’s. She had no positive credit and three medical collection accounts. I gave her a road map and instructions as to what to do. I had her set up three secured credit cards, $300 on each one. I instructed her to charge something on each every month and as soon as the statement came in to pay off the balance. The three medical collections were paid so that everything was showing paid as agreed. Her scores are nearly 700 today.
Both of these clients are now house hunting. Sure it took work but the results can mean the difference between owning a home and renting. Not much of a choice from what I can see, how about you?
Image coutesy of Stuartmiles/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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