credit question Thomas Mckee pay collections or not??

How to handle collection agencies.

1.    Unless you want to pay them: don’t talk to them or respond to their mail correspondence. Many times they can be abusive, especially when an old collection, one that has been “sold” to other collection companies, is going to fall off your report soon due to the statute of limitations. Seven years in most cases.

2.    Do Not let them call your home, relatives, employer, etc.. This is illegal and a simple letter can cure the duress they try to put you though!

3.    To stop the harassing phone calls simply obtain their address and write a simple letter that they are not to contact you in any manner but a letter. Be sure that you notate the FDCPA (Fair Debt Collections Practices Act).

 

Finally, if you want to pay the debt that is a moral issue of which I can’t address—only you. Just be sure to work out an agreement whereas the negative item is removed from your credit report and always get everything in writing.

 

 

Yours in Credit Education,

 

Thomas R. McKee

FAQs on credit from Ken Strey

The number one question I get asked is : How long will the items get reported on my file?

 

Here you go…  ( remember – we have Excellent results removing these )

 

• Delinquencies (30–180 days): Can remain seven years from the date of the initial missed payment.

 

• Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

 

• Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charged-off account.

 

• Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer, but the delinquency notation will be removed seven years after the delinquency occurred when pertaining to late payments. Positive closed accounts remain ten years from the closing date.

 

• Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.

 

• Bankruptcy: Chapters 7, 11, and 12 remain for ten years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

 

• Judgments: Remain seven years from the date the judgment is filed.

 

• Liens : City, county, state, and federal tax liens. Unpaid tax liens remain fifteen years from the filing date. Paid tax liens remain seven years from the paid date of the lien.

 

• Inquiries: Most inquiries listed on your credit report will remain for two years. Some inquiries, such as employment or pre-approved offers of credit, will show only on a personal credit report pulled by you.

 

Score Well Credit is “Your Solution”

 

Would you (or someone you know) like to set up a time to set up an action plan to elevate credit scores and discuss outdated, unverifiable or obsolete information on your credit report ?

 

Contact me if you are interested.

 

Regards,

 

Ken Strey

 

Score Well Credit

 

Empowering People to Live Extraordinary Lives

 

Phone : (925) 478-5213 Fax : (925) 226-1883

 

kstrey@scorewellcredit.com

MY kick A## coach Vicki Garcia great post get umcomfortable

I have news for you.  It may be good or bad news depending on your perspective.  Everything you want, everything you wish to be; lies outside your comfort zone.  If you choose to stay comfortable, you'll never change or improve. 

 

The only way to get what you want and be who you want to be is to utilize tool #9.

Tool #9: Get Out Of Your Comfort Zone

 

Your comfort zone:  everything you currently do, say, or think.  These things are automatic and require no thought.  These are the things you WILL do, the things you WILL NOT DO, the things you think and the things you avoid on a regular basis.

 

Your comfort zone is different from mine.  What I find challenging and scary might lie within your comfort zone.  Something I can do in my sleep, might keep you awake at night with worry.  Our comfort zones are individual just as our fears are.

 

By the way, fear is the gatekeeper of your comfort zone.  The only way to step out of your comfort zone is to get past fear.  This is why we choose to stay right where we are.  The prospect of getting through fear is enough to make us shy away from any new challenge.

 

So why would anyone want to leave the safety of their comfort zone?  Because what you will find in your comfort zone is your current life.  If you want anything that is not a part of your current life or personality, you must leave your comfort zone.  

 

Start by learning to get comfortable with being uncomfortable.  Huh?  This just takes a bit of practice, just like anything else.  Basically, when you begin deliberately and consciously stepping out of your comfort zone, you start to see that nothing bad happens.  It's actually no big deal.  Fear has just been telling you it's a big deal.

 

As you tackle some small things, you learn that you can move on to bigger and bigger things.  These small steps eventually result in an expansion of your comfort zone.  It gets wider and wider and encompasses more.  Eventually, some of the things that used to be scary and uncomfortable, become comfortable.  Eventually, you learn to be comfortable with being uncomfortable because you know what the payoff will be.

 

Start with baby steps.  If you're afraid (uncomfortable with) of public speaking, you take baby steps by speaking up in small groups. If you're uncomfortable letting someone else be in control,you start by letting a trusted friend or family member take charge of something small for you.

 

As you get comfortable with the baby steps you can begin to take larger and larger steps.  This is how you change and grow and end up doing things you never thought possible!

 

Find ways every day to get out of your comfort zone.  Imagine that I am going to ask you what you have done to get out of your comfort zone today.

 

You will be amazed at what you can do!

 

Vicki

My Kick Ass Coach, 1726 Hogar Dr., San Jose, CA 95124, USA

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Credit post from New west

     We’ve spoken about the Algorithms or Credit Scoring Models that calculate your credit score(s) in past newsletters. Quite frankly, the information can be overwhelming if not plain boring to most people.

     In this issue I thought we’d take a moment to get “back to the basics”. 

     Even though the three major Credit Reporting Agencies, (also known as CRA’s), Equifax, Experian & TransUnion technically use a slightly different scoring model, the basics are still the same.

     The following is a simple outline of credit scoring and the different factors used to calculate your credit score: 

 

 

Graph courtesy of myFICO a division of FairIsaac

 

Payment History- 35% The largest factor!

Amounts Owed-   30%   The most important element here is credit card debt.

Length of Credit History-15% 

New Credit-10%

Types of Credit Used-10%

 

     A couple items of interest here.

Notice that the first two factors equal about 2/3’s of your score!

So simply making timely payments and keeping your revolving debt low will have the biggest impact on your score.

Length of History-this is based upon the months the account has been open and obviously helps increase your score with each monthly payment. Just make sure it’s not over 30 days late! 

Types of Credit Used-This simply means a person should have a good “mix” of credit. In other words a Credit card or two, auto loan and a home loan being the most important. Owning a house vs. renting shows stability in the eyes of the scoring model and thus is the highest rated type of “trade-line”.

Remember, a person doesn’t have to have a lot of trade-lines to have a good credit score! 

 

In the meantime focus on making your payments on time each month & keep your credit card debt below 30%--if possible. Do not pay off credit card balances in full though—you want to show some activity on the account(s). Credit scoring models love to see a 10-20% balance on credit cards! 

 

 

Yours in Credit Education,

 

Thomas R. McKee

Credit information from Ken Strey credit advisor

 

The number one question I get asked is : How long will the items get reported on my file?

 

Here you go…  ( remember – we have Excellent results removing these )

 

• Delinquencies (30–180 days): Can remain seven years from the date of the initial missed payment.

 

• Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

 

• Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charged-off account.

 

• Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer, but the delinquency notation will be removed seven years after the delinquency occurred when pertaining to late payments. Positive closed accounts remain ten years from the closing date.

 

• Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.

 

• Bankruptcy: Chapters 7, 11, and 12 remain for ten years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

 

• Judgments: Remain seven years from the date the judgment is filed.

 

• Liens : City, county, state, and federal tax liens. Unpaid tax liens remain fifteen years from the filing date. Paid tax liens remain seven years from the paid date of the lien.

 

• Inquiries: Most inquiries listed on your credit report will remain for two years. Some inquiries, such as employment or pre-approved offers of credit, will show only on a personal credit report pulled by you.

 

Score Well Credit is “Your Solution”

 

Would you (or someone you know) like to set up a time to set up an action plan to elevate credit scores and discuss outdated, unverifiable or obsolete information on your credit report ?

 

Contact me if you are interested.

 

Regards,

 

Ken Strey

 

Score Well Credit

 

Empowering People to Live Extraordinary Lives

 

Phone : (925) 478-5213 Fax : (925) 226-1883

 

kstrey@scorewellcredit.com

Just keep swimming... Just keep swimming! Swimming in open water from Alcatraz to San Francisco seems like a big deal… unless you’re John Jeha, loan officer in the Mortgage California Walnut Creek branch.  With the determination only a loan officer in the last 5 years can have, John Jeha made a commitment a few years ago and stuck with it.  He committed to competing in (and completing) 50 endurance athletic events in 50 weeks for his 50th birthday.  He not only accomplished his goal, he raised money throughout for The Challenged Athlete Foundation. John began swimming competitively more than 40 years ago, and started swimming in open water competitions about 30 years ago.  Cold-water swimming is any form of swimming that would be extreme in terms of distance, water temperature or water conditions done in the cold.  Typically standard swim wear is used – no wet suits.  After college, he started participating in Triathlons and has completed over 200 to date, including seven Ironman distance races.  He also competed in the World Championship Ironman in Hawaii twice and the Half Ironman World Championship in Clearwater Florida twice.  John’s cold water swimming has included swimming in the bay from Alcatraz over 60 times (the water temperature has ranged from 48 to 63!), as well as the span of the Golden Gate from San Francisco to Marin.  His longest swim to date was from Candlestick Point to Aquatic Park – a distance of 11.5 miles.  He’s also swim the width of Lake Tahoe (11 miles) and Donner Lake (5.4 miles).  All of these swims have been done with pilots in kayaks and/or motorized support boards (zodiacs or small 15-20 foot boats). While he’s swimming and biking and running himself, he also finds time to coach a Masters Swim Practice twice a week for novice adult swimmers and triathletes.  On September 7, 2012, he took 5 swimmers from his group (who 2 years ago could barely swim across a pool) to Alcatraz and they all swam from “The Rock” to The City, navigating currents, tides and ship traffic.  “Coaching and teaching is a great love of mine and the accomplishments of these swimmers is one of the highlights of my coaching career,” says John. His next personal challenge is to achieve membership in the Triple Crown of Open Water Swimming, which includes 21 miles across the English Channel, 21 miles across the Catalina Channel and 28.5 miles around the island of Manhattan in New York.

 

(now with 3 young sons) and move back to where she and her husband grew up – the Azores in Portugal.  The lived there for two years before eventually returning to California. Arie and her family eventually settled in San Jose, and happened into a job at WAMU as a setup associate.  She quickly moved to pricing, and eventually became an assistant to one of the top producing reps – you may remember him… his name is Dave Lindsay. A few years ago, Arie was hired as a loan officer assistant by a former loan officer at Princeton Capital.  When that was coming to an end, she heard about the new Appraisal Department Desk position.  She applied, and the rest is history!  “Four years later I can honestly say I love my job… it certainly has its moments, but not a day goes by that I don’t feel good about having played a small part in helping people achieve the dream of owning their own home,” Arie said recently.  “I’m lucky that I work with a great group of people, have a strong support system at home and get to have Christmas off!”

 

This Girl Was Made for Walking

With a special “Thank You” to all her supporters, Kathleen finished her 3-day 60-mile walk with team K&K last month.  “The camaraderie and show of strength was so moving,” Kathleen said, “I can’t wait to do it again!” Her fundraising was a success – she raised $3,665 for cancer research.  Her plan for dry, unblistered feet was also a success – she finished the walk and was none the worse for wear. Several of her friends from RMR Financial came to cheer her on during her last day… and she kept her friends and family updated along the way with texts and occasional Facebook updates.  “It was great to feel so much support from friends and strangers alike.  It was hard, but it was so fun!” Kathleen plans to walk again next year in the San Diego walk.

Importance of credit scores

Rates are set by loan amounts, down payment and credit scores. I remember a short time ago when I could easily answer what are rates. I say more complex now than before but here is an example.
Purchase 10% down $417,000 loan amount credit score 760 versus 680.
760 score 3.375% at 0 points
680 score 3.875% at 0 points
So here are my tips
Have 4 open actice credit accounts
Have these be credit card and installment loan
Use these accounts pay them in full each month
Remember if you carry a balance make it less then 25% of the available line you have
Pay it on time
Do not apply for new credit
Get the lines as high as possible

You will have a great credit score

Thank you


Alan