Interesting System For Credit Repair...
I signed up for a system that dissects my credit rerport and gives me guidance on how to repair my credit while getting out of debt. Subscription is $30 to sign up and $20 per month...a year is cheaper than one session with a financial planner. It is also a Network Marketing company, but I cannot vouch for how well it works. However, the service provided is something I have already started using.
Contact me for more info![ Edited by SAntczak on Date 08/03/2003 ]
like what actually does the service offer
Anytime you are asked to pay for advice on how to improve your credit score, shake hands and say "no thank you", then walk away. The best way to "fix" your FICO is to pay off your debts and to dispute incorrect information that exists in your credit profile.
I generally agree with the "never pay a fee" approach, but check this out:
My best friend & his wife paid $300 for a 4 hour session with a financial planner and came away shaking his head in disappointment. Everything the financial planner told him, he already knew. He signed up for this system and after a few hours exploring it and using it called me and said he felt this system was infinitely more useful.
It ain't as simple as just paying off credit cards and disputing bad info on credit reports. This system lets you play with different scenarios that show you how much sooner, for example, making an extra $100 payment towards your debts gets your debt paid off.
This system gives you a roadmap to follow...for those of us who need a little guidance beyond what self-proclaimed experts say on Bulletin Boards like this one. Will this system guarantee that you'll get rich? Hell no. Nothing will, not even real estate.
Robert Kiyosaki recommends Network Marketing, as does Robert Allen, as a one of your multiple streams of income. The fact that it also helps you with getting your debt under control is awesome.
the best way i know to repair your credit is: 1) don't charge more than you can afford; 2) dont' buy things you really can't afford when one of lesser quality would do just fine; 3) pay your bills on time.
jorge121 has great advice for those who want to maintain good credit. Once credit needs repairing it will take more than just living within one's means.
There are Consumer Credit agencies that will help negotiate payment plans with debtors. Often a certain percentage of your debt will be accepted as payment in full. These agencies are free to debtors and can be helpful. However, keep in mind that these agencies are non-profit and are financed by creditors (mostly credit card companies I think). These creditors finance the agencies because they would rather work out a reduced amount than get stuck with the entire amount as bad debt if a debtor files for bankruptcy.
Also, I have used a website where you can plug in a balance and an interest rate and different payment terms and it will calculate a monthly payment amount. I found a couple and they were also free.
I'm not saying $20 a month is a bad deal for such a program, but there are some other free tools out there as well.
You're right, there are other ways to repair credit, but combined with the potential to make money using this as a Network Makreting business is also pretty good.
What type of Network Marketing is this??
Just curious.
For those wanting the financial planning for debt reduction, look really no further than Quicken. Starting in 1998 they had a debt reduction planner which was driven from the load CD. The ultimate starting point is sitting down with a pencil and piece of paper, listing your income qand outgo, and making sure that the former is more than the latter.
For credit repair, more often than not you can do whatever the credit repair companies do. The ultimate way is to pay your bills on time, and let time get between you and you mistakes. If there is truly an error in your report, it can come off. You may have other negative items removed depending on the circumstances, but it takes a lot of activity. All the credit repair companies do is continually type letters, and hand write the addresses on the envelopes. All that and for only $30/month?
If you really want to evaluate your FICO score subscribe to the Equifax, Trans-Union, or Experian service. With the Equifax service, you can get a FICO score simulator that tells you what can happen if you pay down your credit cards, etc.
Here is an example of something that this system helped me with right away, something I was not aware of...basically, that just paying off credit cards and then cancelling the accounts is not the way to improve your credit score. What you really need (besides paying more than the minimum on time) is a high "available credit to account balances ratio." Meaning, if you pay off a credit card and cancel the debt, but still have 2 other cards that are maxed out, you are worse off than someone who pays off that credit card and keeps the account alive.
That's just one small tidbit I picked up from this system. I also learned that if I pay $100 extra to my debts overall, I will have it all paid off 8 years sooner than if I make the payments I was making.
As for what type of Network Marketing...this is really more of a referral marketing company. I signed up three, and idea is that they each sign up three. To that end, if anyone decides to sign up I would rather they use one of my referral's referral codes.
Listen, read the "Rich Dad, Poor Dad" books or read "Multiple Streams of Income" and you see it over & over...they actually recommend Network Marketing companies. I like this one because there are no products to buy and resell...I just refer people to the company and get a piece of the action. Will it make me rich? No, of course not. Will it increase my cashflow? Maybe. Will it help me get out of debt faster? It already is.
Just get disciplined and keep your house in Order . maintain control of the expenses. this is one item we all can control when theier is little way to increase income.
be real with one self and ask for good counsel.
Gibboni
Quote:There are Consumer Credit agencies that will help negotiate payment plans with debtors.
You can do this on your own. Consumer credit Counseling (CCC) shows up on your credit report and is a red flag to lenders that you dont make payments on time (thats how you got into the mess in the first place)
Quote: This system lets you play with different scenarios that show you how much sooner, for example, making an extra $100 payment towards your debts gets your debt paid off.
You can do this on your own with many financial calculators that are online for free.
Quote: Will this system guarantee that you'll get rich?
Are you trying to get rich? or pay off your debts and clean up your credit?
Quote: I'm not saying $20 a month is a bad deal for such a program
Yes it is. Use that $20 to pay off debts.
Come on people, you can get yourself out of the mess you got yourself into. Its easy. You dont need financial planners and CCC's to get you out of debt.
[addsig]
Quote: Listen, read the "Rich Dad, Poor Dad" books or read "Multiple Streams of Income" and you see it over & over...they actually recommend Network Marketing companies.
They call it "Network Marketing". Most people call it Multi Level Marketing...MLM...sound familiar?
No one would ever get suckered into MLM in this day and age...why would you waste you time doing something that you "might" make money doing?
get a job, you definitely get paid.
being a bird dog isn't a job...
Yes, get a job and give someone else financial security. Play it safe and stay the course, there is nothing wrong with that. Take no risks, go for the "sure thing" and listen to the advice of other people who aren't wealthy. I'm not saying listen to me...but I take my advice from those who have achieved wealth, that's all. Don't go by what I say, read "Rich Dad, Poor Dad" or find someone you know who is wealthy and ask them what they think. I'm experimenting on this because I haven't had to work for someone else in 18 months and I want to keep it that way. <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by SAntczak on Date 08/12/2003 ]
Quote: No one would ever get suckered into MLM in this day and age...why would you waste you time doing something that you "might" make money doing?
get a job, you definitely get paid.
being a bird dog isn't a job...
No, but you can make more money doing it.
The main reason RK touts network marketing is that no one was buying his book before he hooked up with a network marketing firm to push it.
I read Rich Dad Poor Dad and listened to the tapes that came with it. I was very disappointed in the whole thing. I have learned more in the few days I have been on this site then I did from his book and tapes.
RK made his money through MLM or network marketing (which ever you prefer) of course he isn't going to bad mouth it.
The main reason RK touts network marketing is that no one was buying his book before he hooked up with a network marketing firm to push it.
I read Rich Dad Poor Dad and listened to the tapes that came with it. I was very disappointed in the whole thing. I have learned more in the few days I have been on this site then I did from his book and tapes.
RK made his money through MLM or network marketing (which ever you prefer) of course he isn't going to bad mouth it.
the facts are Pie in the sky, get rich quick sceams do work for some of the top dogs. the rest just pay the top guys.
$ 20.00 per month ='s $240.00 plus interest of say 10% interest +$24.00 ='s $264.00 per year towards your depts considering you are allready makeing the payments on your debts this $ 264.00's would go to the principle. it adds up after awhile
John
The poster is doing this as MLM. Obviously he is pushing it because he bought into it. He is looking to make money in my opinion. Save yourself the money and do it yourself. Robert Allen right now does not have that great of a track record, so I wouldnt use him as proof of how great the system is.
This sounds like some of the tools on profile protect. I wonder if the are reselling that technology.
Easy to use "what if" tools since your whole profile if already loaded (which beats typing it in)
My brother went to a job interview to be a stock person at Hallmark Cards. They wanted to pull a credit report on him and he said nope! if he was handling money or something that would be different, but not to unload trucks! He nor I ever thought of pulling it ourselves, great idea!
Thanks a lot for the information Money4RE!!!
I have a broker working on this so I am hoping that we can work something out. I wont pay on anything until I have all scenarios outlined. My tax lawyer said that since they are from another state, that the TX law is they couldnt apply those to any properties owned here in TX, I am not sure if thats true so im going to create and LLC for the properties anyway. Hopefully that will help.
Thanks again!!!