Amazing Credit Repair: Boost Your Credit Score, Use Loopholes (Section 609), and Overcome Credit Card Debt Forever

By Abel Gray

Let's be very honest, you need to know how the credit system works fully before you can repair your credit score. Beware of shorter books that do not provide enough information on steps you need to take.

 

This guide will not only teach you credit repair, but also show you methods to keep your credit score high forever.

• Language: English
• Publisher: Newstone Publishing
• Release date: Sep 15, 2020
• ISBN: 9781989726426

Book preview

Amazing Credit Repair:

Boost Your Credit Score, Use Loopholes (Section 609), and Overcome Credit Card Debt Forever

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Copyright 2020 by Abel Gray - All rights reserved.

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Table of Contents

Introduction

Notice

Chapter 1 – What Makes Your Credit Score What It Is?

Understanding the Concept of the Credit Score

How Often Is Your Score Updated?

Chapter 2 – The Parts of Your Credit Score

Payment History – 35%

What Types of Debts Are Factored?

What Happens When You Miss a Payment?

What You Owe – 30%

Credit History Length – 15%

The Types of Credit – 10%

Inquiries and New Credit – 10%

How Far Back Will the Content Go?

Chapter 3 – Credit Card Use and Its Impact on Your Credit

How Often Do You Use Your Card?

How Much of Your Limit Is Used?

What About the Number of Cards?

Late Payment Impact

What Constitutes a Late Payment?

What About Shared Cards?

Does the Credit Card Brand Make a Difference?

Chapter 4 – Debts and Loans

Consider the Interest Rate

Chapter 5 – Things That Are Not Included in Your Credit Report

Demographics

Interest Rates

Are Income and Employment History Important?

What Types of Inquiries Are Not Considered?

Traffic Court Issues

Support Obligations

Chapter 6 – What Makes the Three Credit Reporting Bureaus Different?

The Three Groups

Experian

Equifax

TransUnion

Why Would Your Score Be Different With Each Bureau?

Which Reports Will Employers, Creditors, and Others Review?

Chapter 7 – The Range of Credit Scores

The Five Levels

What Score Do You Need?

What Hurts Your Credit Score?

What Change Can Your Credit Score Cause?

How Long Does It Take to Get a Better Credit Rating?

What Credit Rating Will You Start With?

Chapter 8 – The Various Credit Scores

Auto Lending Score

Credit Card Application Score

Mortgage Lending Score

Chapter 9 – Marriage and Your Credit Report

Will Your Credit Reports Merge Upon Marriage?

Is Marriage Going to Harm Someone’s Credit Score?

Will Your Credit History Be Changed if your Legal Name Is Changed?

Will a Spouse Automatically Become a Joint User on Someone’s Accounts?

Chapter 10 – Joint Account Considerations

Three Types of Accounts

Why Consider a Joint Credit Account?

The Risks of a Joint Account

Before Making a Joint Account

What Can the Courts Do With Your Account?

The Most Important Part of Having a Joint Account

Obtaining the Report

Reading Your Report

What If You Need Another Report?

Why Get Multiple Reports?

Getting A Free Report Following a Rejection

Other Cases When You Can Get a Free Report

Should You Get All Three Bureaus at Once?

Chapter 12 – Using the Fair Credit Reporting Act

Access to a Credit Report

How a Background Check Works

Why Get a Free Report?

Removing Negative Items

Correcting Errors

What If Your Rights Are Violated?

Chapter 13 – Handling a Dispute About Your Credit Report

Common Errors

Steps to Resolve an Error

The Three Possible Results of a Dispute

Preparing a Letter

Review Your Credit Report After the Dispute

What To Do If the Dispute Is Unsuccessful

Filing a Complaint About the Dispute

Chapter 14 – Using Section 609 to Your Advantage

Section 609

Verification and Electronic Documents

How to Write a Section 609 Letter

The Information Needed for the Letter

Writing the Letter to the Credit Bureaus

Writing a Section 609 Letter

What If You Are Intimidated?

Chapter 15 – Other Sections of the FCRA

Chapter 16 – The Use of Section 809

The Validation Period

Sending a Request For Validation

What to Expect From the Response

Could You Be Sued?

Chapter 17 – Issuing a Consumer Statement

Chapter 18 – Public Records on Your Report

Bankruptcy – Chapter 7 and Chapter 13

Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

Civil Judgment

Tax Liens

How Can You Resolve These Issues?

What If Judgments and Liens Were Discharged?

Chapter 19 – Good vs. Bad Debts

Good Debt

Risks of Good Debts

Bad Debts

Are These Good or Bad?

Chapter 20 – Your Credit Card Purchases Matter

Your Credit Can Be Hurt by a Big Purchase

What to Consider

Chapter 21 – The Truth About Credit Card Limits

What Determines Your Credit Card Limit?

No-Limit Cards Are False

What You Can Do to Improve Your Credit Limit

Ask For an Increase on Your Credit Limit

What to Consider Before Asking

The Process of Asking

Be Aware of the Credit Check

When Should You Apply For an Increase?

Can You Apply For a Card With a Higher Limit?

Chapter 22 – Using the Credit Card Act to Your Advantage

Rate Increase Terms

Increased Timeframe for Rate Hikes

Fee Rules

No Double-Cycle Billing

Review How Payments Are Moved

Payment Time

Chapter 23 – Which Credit Card Should You Pay Off First?

What Is the Interest Rate?

How Late is the Payment?

What Fees Are Being Charged?

A Simple Strategy

Chapter 24 – Using the Fair Credit Billing Act

Common Errors

Using the FCBA to Your Advantage

An FCBA Loophole

Additional Points About the FCBA

Chapter 25 – The Truth in Lending Act

What If a Violation Occurs?

Chapter 26 – The Fair Debt Collection Practices Act

What Is Prohibited?

What the Creditor Must Do

What If a Creditor Contravenes the Act?

Chapter 27 – Managing a Balance Transfer on Credit Cards

How the Process Works

Why Complete a Balance Transfer?

What to Know About Balance Transfers Beforehand

How to Complete a Balance Transfer

Can You Transfer Other Debts to a Credit Card?

Special Concerns

Chapter 28 – Minimum Payments on Your Credit Cards

The Dangers of Only Making Minimum Payments

When is it Acceptable to Make Minimum Payments?

Don’t Forget Loans

Chapter 29 – Closing or Canceling Accounts

Chapter 30 – Closing a Credit Line

Chapter 31 – Can You Open New Credit?

Types of Lines of Credit

Lines With a Limited Reach

Lines With Smaller Limits

Spacing Requests

The Benefits of a Credit Card

Chapter 32 – The Risks of a Department Store Card

What’s the Interest Rate?

What’s the Annual Fee?

Tips

Chapter 33 – Gardening Your Credit

The Concept of Gardening

Create a Timeframe

Ideas to Garden Your Credit

Chapter 34 – The Debt Snowball

Can This Work for Any Expense?

When to Start

The Process

How Much Should Your Payments Be?

How Long Should the Snowball Last?

When Is This Appropriate?

Momentum Is the Key

Chapter 35 – The Reverse Snowball

When Should This Strategy be Used?

Chapter 36 – An Emergency Bank Account

Chapter 37 – Consolidating Loans

What is the New Interest Rate?

The Risks of Consolidation

Other Points to Review

Chapter 38 – Refinancing Your Loans

The Steps to Refinance

Is Refinancing Worthwhile?

Chapter 39 – The Risk of Using Credit Repair Companies

What Does a Credit Repair Company Do?

What is the Cost?

Chapter 40 – Managing Credit Repair If Your Identity Has Been Stolen

Additional Points

Chapter 41 – Credit Collection Scams

Signs of a Scam

What to Do If You Suspect a Scam

Chapter 42 – When to Sell Items To Improve Your Credit

The Value of the Item

Finding a Replacement

Chapter 43 – A New Credit File

The First Credit Score

Tips For Managing a New Account

Terms

Conclusion

Introduction

Your credit rating is important to your daily life. You need to have a good credit rating if you want to ensure you can get access to the financial services that you desire. You must also have a good rating to ensure you can handle the best possible rates on whatever you are interested in utilizing.

But at the same time, it only takes a moment for your credit rating to be put at risk of harm. Your rating might be damaged due to many things like missing credit payments, court-related issues, or anything else that might keep you from getting the money that you need.

Even worse, not having a good credit rating can prove to be dangerous for your financial needs. You might be refused the opportunity to get an auto or mortgage loan. You could even be rejected for a new job due to your credit rating. While you might still be able to qualify for some things, you might struggle to get access to them all due to the added charges you are bearing with due to higher rates over a poor credit rating.

What’s more, you might have lots of credit card debts and other expenses that you are struggling to pay down. People who have poor credit ratings are often those who have large amounts of expenses. These include many credit card debts that can add up over time. Having too many debts will cause you to lose credit rating points. Even worse, you may end up in a situation where you are living from one paycheck to the next, not to mention your inability to cover an emergency without adding more debts than what you need.

The problems that come with not having a good credit rating can be dangerous. However, you do not have to worry about having a poor rating for too long provided that you use the right efforts for getting the best credit rating you can possibly earn.

This guide will help you with identifying what you can do to get a better credit rating for your life. You will read here about many things relating to your credit including what goes into your rating. You can figure out what you can do to improve upon your credit rating based on what can go into that rating and how it can make a real difference in your life.

You will also see what you can do for your credit repair needs through this guide. You may find that it is not hard for you to restore your credit in the event you have been harmed by something in the past.

Much of this guide helps you with understanding how you can cover the expenses associated with your credit cards. You can work to pay off all those debts while also managing your cards well in the future.

In fact, you might be surprised at how intricate and detailed the world of credit cards can be. You will see throughout this guide that there are many ways how your credit cards are laid out and that many terms go into them. Knowing what you are getting out of your cards and how they work is critical to your success regarding being able to cover those cards and to keep them from costing more to utilize than what you can afford.

The details on what you can do for managing your credit are varied. You can use many sensible strategies for managing your credit while using the right decisions. You can also get in touch with credit reporting bureaus to get any problems you have on your report fixed up.

There are even various intriguing loopholes and secrets relating to your credit that you can utilize. Many of these entail some of the various laws that can be utilized to help you grow your credit and manage any of the errors that might have come about on your report. This includes working to reverse any of the decisions that might have been made against you when it comes to your credit history. You can use these to help yourself with improving upon your credit and getting the most