Today Victoria and Jeff was joined by Author, Motivator, Divine Inspirational Speaker, Dr. CJ Koen. Today’s scripture is: “For I know the plans I have for you, “declares the LORD,” plans to prosper you, and not to harm you, plans to give you hope and a future.” Jeremiah 29:11 (NIV)
We had a blessed wonderful time today with Ms CJ Koen on BlogTalkRadio, Below are a few nuggets from today’s show.
Prosperity is not your economic situation but your heart situation.
God wants us to prosper.
God does not give us spirit of fear, but of power, love , and of sound mind. 2 Timothy 1:7
God knows what is coming down the road.
When God gives you something he gives you peace with it. (Psalm 29:11)
God knows what is best for us. People want to buy a home, but may not be financially, or emotionally ready to purchase that home.
Seek God’s wisdom before making major decisions.
God wants us to have plenty of joy.
Money is not evil. The LOVE of money is evil. (1 Timothy 6:10) Listen to how Ms CJ breaks down the truth.
Click here to download today’s show and get all of the golden nuggets from today’s show.
For more information about Ms. CJ Koen visit her on the web at mscjandyou. Follow her on twitter @mscjandyou. Join her on facebook, Listen to Ms CJ Koen on BlogTalkRadio, Her show is uplifting and inspirational.
On April 26, 2010 at 10:00am on BlogTalkRadio on The Credit and Finance Show Credit Expert Victoria Finch and Financial Coach Jeff Dalverny will be joined by Businesswoman Extraordinaire Lorraine Ball of Roundpeg, Inc. Lorraine will lend her expertise in working extensively with small businesses to inform and educate small business owners on what they need to know to survive this down economy. Click here for details.
On April 12, 2010 at 10:00am on BlogTalkRadio on The Credit and Finance Show Credit Expert Victoria Finch and Finance Coach Jeff Dalverny will be joined by special guest Chuck Bricker of Bank of America.Chuck has been in the banking industry for over a decade and will provide insights into home ownership, lending changes, and information for those facing possible foreclosure. For more information click here.
There were several nuggets from the show that I thought were very important.
Families need to budget monthly not yearly and divide by 12. Each month your needs change. For example, some months children are out of school and usually requires more food to be brought into the home.
Put your budget on paper. By writing down your budget, adjustments can be made if necessary.
Look at your cash flow. Many people do not know how much they actually make and/or bring home monthly.
Have a goal. Studies show that when we have set goals and we write down our goals we are more likely to achieve them.
I also promised the link regarding Parents’ 5 other card choices for college-age children. Click here to read the article in full posted on creditcards.com.
For more information contact The Finance Coach at 317-858-7270 or call Integrated Credit Specialists LLC at 317-527-1440.
I know you are wondering how in the heck can paying off an account lower my credit score. Yes, I know it sounds backwards that by trying to do the right thing you get penalized. Here is he scoop. I have long taught that 35% of your credit score is past delinquencies. Obviously, paying your accounts in full and on time has the greatest positive impact on your score. So why would paying a collection potentially lower your score?
Here’s why, the last 24 months of activity has the greatest impact on your score. The newer the item the more impact it has. The credit scoring model uses the date of last activity to determine when the 24 month countdown starts. (Note: accounts older than 24 months still have an impact on your credit score). If you have an older collection that has not had any activity on it and you make a payment, you have restarted the clock because you have moved the date of last activity.
Many times collection agencies will try to contact you in order to have you make a payment so that they can keep the account on your credit bureau longer. Per the Fair Credit Reporting Act, collections can stay on your report up to 7 years plus 180 days from the date of last activity. Do not fall for it!
I am not suggesting that you not pay your debts. I am letting you know that there is a strategic way to handle past collections. Here are 3 simple steps:
Begin with accounts reporting in the last 12 months.
Before you pay anything, write to the credit bureaus and request validation of the debt. Validation is not verification. Federal law specifies what is considered validation. See Fair Debt Collection Practices Act for more information.
If debt comes back verified, contact the collection company and negotiate for a lower payment. We suggest that you ask for a pay for delete. A pay for delete is a request that the collection company deletes the entry from your credit report when payment is received. Pay for deletes are becoming increasingly more difficult to get. But, a paid collection is better than an unpaid one.
If you are applying or going to apply for a home, we suggest you wait until you are instructed by your lender to pay off ANY collections. If your lender tells you pay off a particular account, then they have prepared for the impact it may have on your credit score.
There is nothing anyone can do for you that you can not do for yourself when it comes to your credit. However, if you want guidance and education about credit please contact us at info@intcredit.net.
Don’t let your credit keep you in bondage. You are more than your credit score. Do not let a three digit number stop you from realizing you financial dream. This is an open forum where we invite listeners to call in with their questions. http://www.blogtalkradio.com/victoriafinch
Past delinquencies make up 35% of your credit score. Obviously paying your bills in full and on time will have the greatest positive affect on your credit score. The credit scoring model looks at the level of delinquency. For example a judgment will have a greater negative impact on your score than a collection. Always try to avoid public records such as bankruptcy, tax liens, and judgments.
Also, activity in the last 24 months has the greatest affect on your score. When looking a credit repair strategies concentrate on activity in the last 24 months first. Pay off collections in Escrow NOT before. By paying an old collection you will make it new again because the date of last activity will change.
If you would like to learn more about credit scoring and how past delinquencies affect your credit score, please contact us at info@intcredit.net.
Victoria Finch will share her expertise in credit at the U3 Westside Powerhour event. Learn important aspects of credit scoring. Learn how to transform credit from good to great!
Home ownership is part of the American dream. Many of us grew up with the notion that we would grow up, get married, and find the perfect home to raise our children. For some the dream of home ownership is a seamless process. But, for others it can be a nightmare. Many potential homeowners seek out a Realtor prior to checking their credit and getting a loan approval. That is a backwards approach to home buying.
Case study: Jane is a small business owner. She has always paid her bills on time and maintains relatively low balances on her credit cards. Knowing she had “good” credit, Jane sought out a Realtor to help her find her dream home. Jane found a home and made an offer. After finding a home, Jane’s Realtor referred her to a Mortgage Loan Officer. Jane’s credit score came back in the low 700′s, but her loan officer told Jane she has been denied for a home loan. Three years prior, Jane had an issue with a vendor for her business and her account was sent to a collection agency. Jane had settled the debt with the original vendor, but somehow it had gotten transferred to a collection agency. It took Jane months to straighten out the account with the vendor and the collection company. The sellers would not agree to keep the home off the market. The house sold to someone else.
Jane’s story is not unusual. I see it everyday. I cannot stress enough that lending is not just about your credit score. You must be proactive regarding your credit. In today’s economic climate the people making decisions to approve or disapprove financing are being very cautious. Follow this order when considering buying a home: 1. Check your credit. 2.Get mortgage approval. 3. Seek out a Realtor.
