You've made up your mind. There is a goal you wish to
obtain and the only thing that is keeping you from it is your credit
score. So here we are. What can be done?
OBTAIN YOUR CREDIT REPORT & SCORE
If you haven't exhausted your free reports for
the year. Pull one now. free report
Which ever one you pick also get your score for the additional $4-9.
If you have exhausted your free reports try www.transunion.com
where you can get all three for under $30. Or try www.experian.com,
www.equifax.com, or www.myfico.com.
IMPROVING YOUR SCORE
There are many variables to having a low or
high score. There are obvious things that reduce your score like
bankruptcy, late payments, high credit balances, judgments, lack of credit,
collections and more.
When we get together we will identify the
errors we can fix (may need documentation), figure a game plan to take care of
valid debt, and identifying what steps can be taken to make score
improvements.
DECIDING BETWEEN BANKRUPTCY AND PAYING OFF DEBT
In some instances you may feel so overwhelmed
by the debt that has accumulated you are faced with the decision of whether or
not to file bankruptcy. The laws changed October 17, 2005 (see: Bankruptcy Law Changes)
and it is more difficult to file, but not impossible. More on the
required counseling see this
link.
WORKING TOGETHER
I will send you a short summary document that
will supplement the credit report and score. FICO scores range between 350
and 850. Generally if you score is between 660 and 720 it should take a
couple of hours to get a plan together. If your score is between 580 and
659
plan on at least a couple of hours, but most likely not all in one
setting. If your score is between 520 and 579 it may be a couple of hours
over a couple of days (be prepared to do some homework). And if your score
is under 520 I may need the guest room (just kidding). This may take some
time or it may be a simple fix if there is truly inaccurate information on your
report. If you're willing to get the documentation, write the letters, and
make the phone calls you will save money (and time).
A client with the score of 525 when we started took nine
months of handholding to get to a 624 score. We had to stop the late
payments first and then work on a game plan. Each step took time to
resolve, but not too much time to discuss.
After our initial meeting you will walk away with a game
plan to get your score up about 100 points.
HELPFUL DOCUMENTS
These
documents will help us get through your session quickest. Bring what you
can. We may need to review all of them or only a few of them, based on
your concerns and score. I do NOT keep copies of anything except your budget.
Financial
Documents
Credit card statements
Auto loan documents
Student loan documents
Other debts documents and
statements
Checking and savings account
statements
Mutual fund statements
Brokerage & investment
account statements
Retirement
Documents
Recent IRA, 401(k), 403(b), PERS,
Keogh statements
Employee benefits program
Deferred compensation and stock
option agreements
Pension and profit sharing
statements
Tax
Documents
Tax returns for last two years
(with schedules)
Budget & Personal Financial Statement
(I will e-mail these to you)
Income Documents
Recent pay stubs (one month)
Business financial statements
(year-to-date)
Resume &/or business plan
Insurance
Documents
Life insurance policies and
statements
Medical, dental, and other health
insurance policies and statements
Homeowners and auto insurance
policies and statements
Disability, umbrella, and long
term care insurance policies
Annuity policies and statements
FINANCIAL
FITNESS FOR LIFE
For
one-on-one help reviewing your credit report to improve your credit score contact money@myficofixer.com.
In Portland, Oregon.
BUILDING WEALTH ONE CHANGE
AT A TIME
