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!
Ten Steps to a Better Credit Score: Step 7 Look at how long you’ve had credit established….
As you start paying down your debt and working on your credit scores make sure you DO NOT Close your revolving credit lines. Revolving credit lines closing and lack of revolving credit (with low balances) will lower your scores drastically and by an alarming rate.
It takes a disciplined person to have revolving credit without using up the credit allowed. By having revolving credit, a good payment history, keeping the useage amounts under 20% of credit limit it will help your score. Keeping the line open will also build the length of credit history and types of credit. All of this adds up to 90% of your credit score.
Now you can see why its essential to keep the good lines open with the balances low.
Credit Card useage rose after a 27 month decline in balances.
Consumers beware the increase in your balances will affect your credit score. Credit Useage accounts for 30% of your credit score. When balances increase so do your monthly payments. This may affect your debt to income ratio when you go to qualify for a home.
If you are in the process of purchasing a home, do not increase your credit card debt. You would be surprised how as little as a $5 charge can affect your score and make the difference between the better interest rate or even qualifying for your loan.
for all your credit needs visit http://www.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
Are you just plain tired! Tired of bad credit! Tired of low credit scores! Tired of not knowing what steps to take? We have the answer!!! Try us out, proven results, our system removes all the guess work and gives you a detailed plan of what to do and why.
Holiday Spending hits record levels this holiday season. During the period October 31 to December 24, U.S. consumers spent an estimated $36.4 billion, a 15.4% year-on-year increase over the 2009 holiday season.
Does that make your stomach flip? Are you scared to open your credit card bills this month?
Its time to take control.
Enroll in the Home Sweet Home program at 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.
