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    Your Guide 2 Success
    Your Guide 2 Success
    Your Guide 2 Success
    Ebook342 pages1 hour

    Your Guide 2 Success

    By Reginald Sanders

    ()

    Read preview

    About this ebook

    Secrets to a Healthy Personal & Business Credit Profile
    A Practical Guide to Repair Your Credit, Improve Your Score Fast.
    Author Reginald Sanders will take you on an eye-opening journey where you'll learn where to start your credit repair process, the proven strategies to get real results and boost your credit score, so you can take control of your finances, live life on your terms, and enjoy peace of mind the way you always wanted. Get your copy of the guide anyone can follow.
    Here are five reasons why you'll love this guide:
    • Discover The Truth About Credit Reporting (and How It Really Works).
    • Learn The Things You Can Do to Protect Your Credit Score.
    • The Thing You Wish You Knew About Credit Reports and Scores.
    • How To Set Up Your Business the Right Way.
    • Expert Guide to Build a Bulletproof Business Credit and Get Funded.
    And more!
    This guide is perfect for the average day-to-day working individual who wants to clean up and improve their credit and the aspiring entrepreneur who is looking to build their business credit and maintain an overall healthy personal and business credit profile.
    Click the "add to cart" button to get your copy now!
    LanguageEnglish
    PublisherBookBaby
    Release dateMay 22, 2023
    ISBN9781667873183
    Your Guide 2 Success

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      Book preview

      Your Guide 2 Success - Reginald Sanders

      cover.jpg

      All rights reserved®

      This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review. This book can be printed out for your personal use.

      ePub ISBN: 978-1-66787-318-3

      Table of Contents

      PART I

      ABOUT THIS EBOOK

      MODULE 1: UNDERSTANDING YOUR CREDIT REPORT

      MODULE 2: STRUCTURING YOUR CREDIT

      PART II

      MODULE 3: FUNDING

      MODULE 4: HIDING YOUR UTILIZATION

      CREDIT CARDS

      PART III

      OVERVIEW

      SET UP YOUR BUSINESS THE RIGHT WAY

      BUILD YOUR BUSINESS CREDIT

      Tier I Vendors

      Tier II Vendors

      Tier III Vendors

      Tier IV Vendors

      PART I

      ABOUT THIS EBOOK

      INTRODUCTION TO CREDIT

      HOW CREDIT REPORTING WORKS

      PAYMENT HISTORY

      DEBT USAGE

      THE TRUTH

      SHOULD LOOK LIKE CREDIT REPORT

      MODULE 1: UNDERSTANDING YOUR CREDIT REPORT

      Getting Started

      The Dispute Process

      Disputing Information on Your Credit Report

      Credit Report Dispute Companies

      Late Payments

      Special Circumstances

      Deletion Process

      Credit Bureaus Are Privately Owned Companies.

      Two Week Method - 14-Day Deletion Method

      MODULE 2: STRUCTURING YOUR CREDIT

      First Steps to Structure Your Credit

      Cleaning Up Your Credit Report

      Monetizing Primary Accounts

      Self-Lenders

      Age of Tradelines

      ABOUT THIS EBOOK

      This eBook is the personal cheat code to accelerate financial literacy. We focus on getting our students accelerated results to their personal financial goals while preparing and developing them to grow their funding from personal credit.

      Upon completion of this class you will:

      Know exactly how to clean a credit report & build a 750 credit score.

      How to acquire high limit credit cards and hide this utilization.

      Gain free travel & create a new stream of income.

      Know how to leverage credit to scale your business.

      Bonus: Learn how to leverage credit for personal benefit.

      INTRODUCTION TO CREDIT

      Before we dive into the complexities of credit repair, it is wise we understand the basics of credit. Credit is the ability to obtain goods or services before making the full payment, based on the trust the payment will be made in the future. In this eBook, we will be going through the step-by- step process to understanding and improving your credit.

      Credit scores are used to determine your risk factor for future loans. The three-digit score is a numerical representation which indicates how risky a borrower you are from a lender’s perspective. A higher credit score can help improve the terms and conditions you qualify for. For example, your credit scores impact the deals and interest you will receive when you buy a home, finance a car, rent an apartment, apply for a job, buy insurance, purchase a cell phone, or open a new credit card. The first step to credit repair is understanding how credit reporting works.

      HOW CREDIT REPORTING WORKS

      Three entities make up the credit reporting system: consumers, credit bureaus, and financial companies.

      Consumers: A person or corporation who purchases goods and services for personal or business purposes.

      Credit Bureaus: Information about your credit cards, loan accounts and credit inquiries is reported electronically through TransUnion, Equifax, and Experian by lenders and creditors about every 30 days.

      These bureaus collect and store your credit information in your profile for future reference.

      Your behaviors can be reviewed in the future by others to de termine your risk level.

      A personal credit score can range between 300-850. A credit score of 700 or above is generally considered as good.

      A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750.

      Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed.

      Businesses such as autloan lenders, banks, credit card companies and insurance agencies use your credit data from the credit bureaus tdetermine your risk level.

      Once they have an idea of how risky it is to lend you money, they can determine the rates you’ll have to pay or other terms and conditions.

      They may also use this information to send you pre-approved offers in the mail.

      Financial Companies: A company concerned primarily with providing money, as for short- term loans.

      Finance companies are commonly referred tas lenders of last resort.

      Their rates and terms are not as favorable as those offered by banks and credit unions shigher risk consumers tend tdepend on them for their credit needs.

      Having a finance company account on your credit report could cost you points.

      Credit Reporting works like this.

      Step 1: Credit scores are used by lenders tmake decisions about whether or not toffer you credit.

      Step 2: When creditors and lenders check your credit, they’ll very likely dswith one of the major Credit Reporting Agencies, TransUnion, Equifax, and Experian.

      These three agencies retain information on more than 200 million Americans.

      The data the bureaus have in your credit files is used to calculate your credit scores. Your credit scores are determined by five major factors:

      Payment History

      Debt Usage

      Age of Credit Accounts

      Types of Accounts

      Number of Inquiries

      Payment History

      Your payment history is a record of on-time, late and missed payments on past and current credit accounts. These accounts can include credit cards, lines of credit, personal loans and mortgages. Your payment history indicates to a potential lender the likelihood of you successfully repaying your debt — or going into default.

      It also factors into a significant percentage of your credit score. Though exactly how much it contributes isn’t clear — scoring models like to keep their algorithms close to the vest. FICO®, however, claims that 35% of your FICO® Score comes from the behaviors revealed by your payment history.

      Payments made far after their due dates ultimately weigh more heavily on your score. This is because negative scores tend to increase the longer it takes you to repay your obligations.

      However, a payment history that’s free of late payments doesn’t guarantee a high score. Neither will a handful of late payments dramatically decrease your score if the rest of your financial history is stellar.

      Credit bureaus consider several factors in computing your credit score, often using a proprietary algorithm.

      Debt Usage

      Credit cards provide the ability to build a credit record and receive a credit score. When you use credit cards responsibly, you have access to additional funds in an emergency, you can finance large purchases that might take a few months to pay off, you can earn points or cash- back rewards on your monthly spending, and in some cases, you have access to services such as roadside assistance, travel plan assistance, upscale airport lounges, and concierge help while traveling.

      If you have a high credit utilization on your cards, you may find yourself with a lower FICO® score on your credit report, a more difficult time making larger monthly payments, and potentially higher interest rate on your cards if you make any payments late. Credit utilization has a big influence on your credit score, so you should know what it is and how you can manage in order to attain the best credit rating and all benefits which come with it. Credit utilization is the ratio of your outstanding credit card balances to your credit card limits. It measures the amount of credit limit you are using. For example, if your balance is

      $300 and your credit limit is $1,000, then your credit utilization for that credit card is 30%.

      1. Age of Credit Accounts

      Length of credit history category of FICO® makes up about 15 percent of your credit score: Average age of accounts equals the total months of all of the accounts on your credit report from the open dates to the present, divided by the number of accounts. While 15 percent of your score doesn’t sound like much, especially when compared to the payment history and amounts owed. A longer credit

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