UtahCreditCoach uses a unique software program we call "Home Sweet Home." The program guides you, step by step through the process, coaching you to reach your credit goals. Once you are enrolled, you are able to log into the system, anytime, anywhere and work towards improving your credit scores. REGISTER HERE FOR A FREE, PRIVATE CONSULTATION!
Are you getting a tax refund? Are you in the market to purchase a home this year? Before you start putting your own plan together, call us first. We utilitze a software program that will tell you exactly what you should do and the points gained by sticking to our plan. Make sure you check us out at UtahCreditCoach.com
Settled a debt? You may have to count it as income
Have you recently settled on a credit card debt?
Did the creditor not mention the tax notice you’ll be receiving for the cancellation of debt? Did you know that the U.S. Internal Revenue Service considers forgiven or canceled debt as an additional source of income?
Debt collectors and creditors who agree to accept at least $600 less than the original balance are required by law to file a 1099-c form with the IRS. Tax payers have to report the “income” on their federal income tax returns. While consumers may say “but they never told me,” the collectors and creditors will say they are not lawyers or accountants and that is not their job to notify you of tax ramifications.
One good note is that a small percentage of the taxpayers who receive a 1099-c may qualify for one of several exclusions that will allow them to reduce the amount of taxable income from the settled debts. Homeowners who default on mortgage loans may also receive a 1099-c form. Make sure you consult an attorney and tax advisor/accountant before you go into a settlement or cancellation agreement. Make sure you open all your mail and if you don’t know what something is, call and ask. This is one piece of paper you do not want to throw away.
For more credit help or to see if you qualify for a home please contact us at http://UtahCreditCoach.com
UtahCreditCoach.com #2 question asked: How Does Your Coaching System work….will you do the work for me? For More Information check us out at UtahCreditCoach.com If you would like a private consultation click on the link and fill out the form.
A new poll from Harris Interactive shows that many Americans are continuing to cut back on their spending. Here is a break down of their findings over the last 6 months:
Ten Steps to a Better Credit Score: Step 6. Authorized User.
Do you know if you are an authorized user on a credit card? Do you know that this could be hurting your credit score, not helping it. Do not assume that being an authorized user will benefit your score. Some things to consider, Does the user of the card run a high balance? Do they pay their payments on time? Have they been late in the past? There are a lot of things to consider. Proceed with caution. That’s why our program works. We are the only credit program out there that uses credit mortgage scores. This allows us to run real scenarios to see what will help your score and what will hurt your score. To find out more, give us a call or send us an email. www.UtahCreditCoach.com
I highly recommend “Home Sweet Home” Credit Coaching Services as part of “Josh Mettles Lending Team” and here is why:
I’m a full-time Real Estate Agent and like many buyers was looking to buy a home in this fantastic buyers market. I put in an offer on a short sale home, filled out a loan application with Josh, and had him pull my credit. I found out my mid-credit score was 649. I was stunned! I hadn’t had a late payment since 2007 and thought my credit was better. I really wanted to make sure I qualified for the best interest rate known to man (with interest rates currently around 4%) and with my score at 649 that wouldn’t do. Josh told me I needed my mid-credit score to be atleast 680 to qualify for this best interest rate. I knew getting my score to this 680 level would save me ttens of thousands in interest over the long haul of my loan. So, I hired “Home Sweet Home” and they sat me down and I went over everything I could possibly do to quickly bump up my score. Immediately, I did everything they asked and in 45 days I found my mid-credit score went up 48 points from 649 to a wopping 697. I am now over the hump and will save tens of thousands on my home loan. I will continue to recommend “Home Sweet Home” and “Josh Mettle Lending Team” to all my clients whom I work with that are in need of higher credit. Thanks “Home Sweet Home” and Josh Mettle Lending Team!” ~ Dave G.
Past Due Amounts or over credit limit amounts do and will hurt your credit score. I’m sure you’re not surprised to hear this but you may be surprised to see what damage they can really do.
Maxed Out credit card: 30-45 points
Past Due : 60-110
Double whammy double the ouch. Some cards have the option where you can say yes allow me to go over my high credit limit or no. Let them know its not ok. I know from personal experience this causes a huge mess. I won’t go into that whole mess because it would take us to a different category on communication and marriage.
Back to my topic….. I can’t stress how important it is to answer the phone when your lenders call you. Inform them of whats going on. Try to work with them, but whatever you do please keep your cards open. Not only will you have taken a hit for being maxed out and past due but now you will take another additional hit for having closed an account. If you are working on improving your FICO/credit score this will hurt multiple areas of your FICO score calculations.
There are easy ways to help your score and even easier ways to accidentlly hurt it. Please read up on what to do and what not to do and speak to an expert in this area. It will benefit you greatly.
I wouldn’t have thought this big of an increase would be possible with everyone talking about tougher credit card laws. Credit card companies shutting down card limits. Credit scores dropping so people no longer qualify for the loans they are applying for. When I saw this statistic I was floored, needless to say I am still sitting here baffled.
Between the first and second quarters of this year, Americans added to their debt by a whopping 249% over the same time period last year. -CardHub
I see this as a sign that more people still need help as we try to recover as a country. Many people are still looking for jobs. To anyone who is trying to borrow from Peter to pay Paul, stop the madness and start moving forward. Call the companies you are having a hard time repaying and work something out. The phone call is well worth the time and money you may save in the end.
Do you know if you are an authorized user on a credit card? Do you know that this could be hurting your credit score, not helping it. Do not assume that being an authorized user will benefit your score. Some things to consider, Does the user of the card run a high balance? Do they pay their payments on time? Have they been late in the past? There are a lot of things to consider. Proceed with caution. That’s why our program works. We are the only credit program out there that uses credit mortgage scores. This allows us to run real scenarios to see what will help your score and what will hurt your score. To find out more, give us a call or send us an email. www.UtahCreditCoach.com
