I included a snippet to the e-book that includes the information about this topic. Paying your bills isn't as simple as you think. If you want to maximize the most points on your credit report, there are few things you want to follow. For starters, you gain on average 1 point per $100 spent on paying back credit. This holds true, if and only if, you have more than half of the items on your report are positive, meaning say you have 12 items, 6 are negative items (chargeoffs) and 6 are positive items. At this point you balance out and your credit score is pretty much stagnant. Now for those 6 positive items, if you are at 50% on your credit balances your score is still stagnant. If your balance is at 30% or less then you'll see a slight increase, literally unless you pay your bills at least one month in advance, or before your credit card companies cycle date to report to the credit bureaus. Get the e-book to get the rest of the details on how you can improve your score by knowing your credit card company upload dates.
Here is another one. When I worked for a loan servicer, I found out that mortgage companies do not report for 45 days your payment history to the credit bureaus, meaning for those who are behind, you won't get dinged unless your payment is received after that grace period. Another one is companies like JCPenney and American Express report to the bureaus on a quarterly basis because it is cheaper for them to do so. Imagine paying on average $8.50 per credit applicant to the credit bureaus every month for each customer you have, that gets very costly.
Until next time, these posts will only be once a week, so I'll read your questions for whatever credit concerns you have and will post them in the next blog, maybe sooner, but that all depends.
Stay informed!
Ms. R$ch
Here is another one. When I worked for a loan servicer, I found out that mortgage companies do not report for 45 days your payment history to the credit bureaus, meaning for those who are behind, you won't get dinged unless your payment is received after that grace period. Another one is companies like JCPenney and American Express report to the bureaus on a quarterly basis because it is cheaper for them to do so. Imagine paying on average $8.50 per credit applicant to the credit bureaus every month for each customer you have, that gets very costly.
Until next time, these posts will only be once a week, so I'll read your questions for whatever credit concerns you have and will post them in the next blog, maybe sooner, but that all depends.
Stay informed!
Ms. R$ch
