Jeff Lerner Reveals How To Build Good Credit & Fix Bad Credit
I have been a fan of Jeff Lerner for quite some time now. He has many products and books that are all very helpful to entrepreneurs looking to learn about affiliate marketing. I was really excited when I found out he had this virtual real estate course! This product is an affiliate marketing training program, which means it will teach you how to make more money using fewer resources by promoting other people's products on your website or blog. This course is designed so that you can use the same strategies as Jeff Lerner himself uses in his own business and life while still earning a living online. It also teaches you how much money affiliates earn every month, what their average income per sale is, as well as exactly what kinds of sales they're making right now! - GL
How to build good credit and fix bad credit! This video is a GOLD MINE for credit information.
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Building credit:
- Start w a primary (we own it) term loan and a revolving line
- Self Lender or Credit Strong (term loan)
- Kay Jewelers card (revolving line)
- TD Bank (secured credit card min. of $1000 and up to $5000) or CapitalOne Bank “Open Sky” card if no TD Bank local
- (these cards will release the secured interest after 6 to 8 months and convert to an unsecured card)
- Don’t use “reestablishment cards” - OLLO or Credit One Bank or First Premiere Bank
- Open accounts early and get them reporting for as long as possible
- DON’T max out cards
- Pay off cards every month if possible - penalties at 7%, 30%, & 50% debt utilization
- Never miss a payment for 6 to 8 months (or ever really)
- IF you can’t save $1000
- Get secured card for a couple hundred dollars then get limit raised after a few months
Dealing With Bad Credit:
- Bankruptcy: Reestablish credit immediately after bankruptcy (don’t wait)
- Tax Liens: Pay them off and request for them to be removed
- Collections: Typically a debt that’s been sold to a “collection company”. Collections debts can be disputed easily and should NOT be paid until they’ve been disputed!
- Charge offs: When a financial institution goes beyond 120 days on a debt and chooses to write it off. Negotiate with banks yourself rather than pay for debt consolidation company.
- Larger charge offs: You may be sued and get a judgement and will likely have to pay.
- Smaller charge offs: Dispute first, if no luck settle for no more than 50%.
- Once negative items are dealt with begin building credit based on above…
Research credit repair companies - watch out for slow pace of disputes with a high monthly fee
- Look for real reviews - ask good questions (average length of process? How many disputes per month? What do I need to do to accomplish x?)
- Service must be provided before payment due and cannot provide guarantees (but service warranty is a good thing)
How to get leverage (access to other people’s money) once you have good credit
Credit cards:
- Use your credit card consistently and pay it off monthly (or as close to it as possible)
- Ask your lender to reduce interest rate and increase limit every 6 months (assuming good payment history)
- Credit cards are the easiest way to establish great credit
- Cycle expenses through your credit cards as much as possible
- NEVER miss a payment - ALWAYS set up minimum payments auto drafts
- *Dave Ramsey is great at teaching people how to get out of debt but NOT at teaching people how to make money
Inquiries:
- Hard pulls effect your score by up to 10%
- Not all “hard” credit pulls effect credit equally when lenders underwrite you
- Inquiries in different sectors are better tolerated by lenders
- No more than 3 inquiries within 6 months ideally
- Inquiries can be consolidated by day or often removed by credit repair companies if no document was signed for EACH credit pull
- “Soft pull” does not effect credit score
- Freecreditreport.com is the only way to view soft pulls - commercial lenders cannot view them unless you already have credit with them and they are only visible within like industries
Best site to monitor credit:
honestcreditmonitoring.com (Curtis’s company yay!)
If you’re going through loan underwriting use Experian (creditchecktotal.com)
- Updates daily
- Uses FICO8 scoring model
Lending America (search on Google for reviews)
Pull credit report first from creditchecktotal.com
Contact at: 801-312-9099
Go to website and fill out form: www.lendingamericallc.com
Curtis Nalley on Facebook: https://www.facebook.com/curtis.nalley
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