ERA Credit Services

Category: Credit Restoration

How Important is Your Credit Score in Retirement?

How Important is Your Credit Score in Retirement?

This article is reposted with permission from LifeStyleOver50.com

You may be years away from retirement but if you’re 50 or over, now is a good time to think about your credit score. In this article, we’ll talk about why you need a high credit score as you get older and in retirement. And, we’ll discuss ways you can improve that score now. How important is your credit score? At any age, it’s very important. In retirement, it’s even more so.

Why Is Credit Score Important When We Get Older?

As we get older, typically we finance less. And, we certainly finance less high ticket items. Therefore, we use our credit less which can affect our credit score negatively. As well, especially when we retire, our income isn’t typically as high as when we were working. Therefore, it becomes a bit harder to get credit and the lowest rates when we do finance items because our debt to income ratio isn’t as strong. So, as we age, we want to focus on getting our credit score as high as we can and keeping it there.

How Will a Change in the Economy Affect My Credit?

A lot of people are talking about a downturn in the economy after the 2020 election or even sooner. When we have a recession or even a slow down in our economy credit tightens. It’s harder to get credit because it requires a higher credit score to get decent interest rates. As well, if the value of goods such as real estate decreases, we want to be in a great position to take advantage of lower prices. But in order to do so, we need good credit.

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What Should My Credit Score Be as I Get Closer to Retirement?

Before we get into specific numbers that constitute a good credit score, it’s important to understand a few basics about how credit scores are calculated. First, there is a good credit score (670-739), a very good credit score (740-799), and an exceptional credit score (800-850). People have very good and exceptional credit scores when they are very active with their credit and of course, pay everything on time. Very active means that they use credit regularly and have a good mix of credit account types such as a mortgage, credit cards, and a car loan.

As we age, we may pay off a mortgage, decide to rent, use credit cards less and not have a car payment. This will lower your credit score but it’s nothing to panic about as long as your credit score stays in at least the good range. DO NOT incur debt just to raise your credit score. However, do use your credit cards for purchases and pay them off every month. That shows credit activity.

If your credit score is in the good range now, try to get it as high as you can and keep it there. If your credit score is lower than good, below 670, you’ll want to focus on getting it at least above 700 as soon as possible.

How Can I Increase My Credit Score?

The calculation of your credit score is a very complex equation. But generally speaking, a credit score is based on how much good current and past credit you have versus negative or derogatory items you have showing on your credit report.

If you don’t have a good credit history and positive accounts now, your credit score will suffer.

If you have positive current accounts but older derogatory items, your credit score will be lower.

If you have a good past history but no current positive credit accounts, your score will be lower.

So, as much as possible, you want to eliminate negative, derogatory accounts and increase current positive accounts without going into debt to do so.

Eliminate Negative Accounts    

Did you know that the U.S. is the only country on the planet that provides you a way to potentially remove derogatory accounts from your credit profile? The common assumption is that you must live with negative accounts on your credit report for 7 years from the date of the last activity on the account. More accurately creditors can only list a negative item on your account for as long as 7 years. That means you can potentially get negative items removed from your credit reports. There’s no guarantee, but it’s generally worth trying because of the positive impact it can have on your score.

Since 2012 we have represented one of the leading credit restoration companies in the country. We’ve personally helped over 1,000 people increase their credit score by removing inaccurate, obsolete, erroneous and unverified items from their credit report. 

Call us from the East Coast at 727-222-0120
Call us from the West Coast at 619-492-3040

Increase Positive Accounts to Boost Your Credit Score in Retirement

If you don’t use credit cards start using them. If you don’t want to carry balances that’s good. Just pay them off each month. Use them just for gas and groceries. That’s the money you need to spend anyway. But don’t open more than 3 credit card accounts. Very few people need more than 3 credit cards. Having too much credit available can negatively impact your credit as well.

If you currently rent a home or apartment get your rental payments put on your Transunion credit report. We can help you with that for as little as $6.95 per month.

If you need more positive accounts, instead of buying items such as computers, flat screens, etc. on your credit card, open an account with an online retailer like Finger Hut. They have a wide selection of name brand items on their website and they report to all 3 credit reporting agencies monthly. If you don’t want to carry a balance, then just pay it off in 30 to 60 days. It still will report as a positive item.

Learn about other ways to Boost Your Credit Score Fast

Good Credit Practices

Pay your bills on time. A late payment such as a car payment can cost you 60 points in your credit score overnight. If this happens know that your score will eventually climb back higher as you make future on-time payments.

Avoid high balances especially on your credit card accounts. Keep your debt utilization under 30%. That means if you have a credit limit of $5,000 on a credit card as an example, keep your balance under $1,500. If you go higher than 30% it will start to negatively impact your credit score.

DO NOT close old credit card accounts. There is a strong temptation to close old credit card accounts that we don’t use. But if you do that your credit score will suffer. It doesn’t seem logical but that’s the way credit scores are calculated. So, resist the temptation even if you need to pay an annual fee or if it is currently being reported negatively. Closing the account will not remove it from your report.

Have a good online credit monitoring service. To get a truly accurate credit monitoring service you’ll likely have to pay for it. Free services like Credit Kharma, are not necessarily reporting currently nor do they show all 3 of your credit reports. Similarly, if you use a service from one of the 3 credit reporting agencies like Experian, it may not show the other 2 agencies (Equifax and Transunion). Please note that not all creditors report to all 3 agencies. That’s why it’s important to be able to monitor all 3.

Have identity theft monitoring and protection. It’s very important to get notified if someone is trying to access your accounts to purchase something. That is the only way you’ll know if your credit information has been compromised or stolen before you get your statement online or in the mail.

Buy Seasoned Tradelines

Become an Authorized User on a Positive and Seasoned Tradeline

An effective way to increase your perceived credit worthiness is to buy seasoned tradelines and be added as an authorized user on a positive and seasoned revolving account or tradeline. There is a lot to know about the best way to do this. And, there are steps to take before you do this.

Before You Buy Seasoned Tradelines

You should first make sure you have taken steps to remove as many derogatory items from your credit report as possible. If you purchase a tradeline and still have negative items on your credit report you may not get the effect on your credit score that you desire.

We are experts in this field and are backed by over 14 years of experience. Visit https://eracreditservices.com/credit-repair/

Buy Seasoned Tradelines

Once you have cleaned up your credit report as much as possible you may want to buy seasoned tradelines which will be listed on your credit report. But here’s what you need to know before you do.

  • Seasoned tradelines are revolving accounts meaning they are credit card accounts.
  • When you buy seasoned tradelines you are:
    • Adding positive payment history
    • Showing a longer time of having established credit (seasoned)
    • Showing responsible use of credit by having an account with a low debt ratio.
  • Because of what is stated above we see 30 to 60 point increases on average.
  • A seasoned tradeline may give you a new highest credit amount. This will also show more credit worthiness.
  • The tradeline may show up on less than all 3 credit reports. Make sure you get a guarantee when you buy seasoned tradelines. We guarantee it will report on 2 out of 3 of the major credit bureau reports.
  • You will NOT be able to use that credit line. It will simply show up on your credit report.
  • This item will show as an open account on your credit reports for a very short period of time. Most companies that you purchase tradelines from will give you 30 days. We give you 60 days.
  • After the stated time you will be taken off the tradeline. The credit bureaus may remove that tradeline from your credit report or leave it on your report. It will usually remain for 3 to 6 months.

The key then is to be ready to use the positive effect when you buy seasoned tradelines when it is present on your credit report.

For more information and to buy seasoned tradelines call us at 727-222-0120 or visit https://eracreditservices.com/personal-business-funding/

ERA Credit Services is an Independent Agency representing a 501(c)(3) non-profit organization and does not directly provide credit repair services or accept funds from clients for credit repair services.
Buy Seasoned Tradelines
Start a Credit Repair Business in New York

Start a Credit Repair Business in New York

According to statistics there are well over 2 million consumers in the state of New York that have a 599 credit score or lower. Therefore many people in New York that want to purchase a home cannot qualify due a low credit score. If you want to start a business, a good option is to start a credit repair business in New York.

However, state and federal laws along with competition from large, experienced companies make it difficult. To start a credit repair business in New York on your own is even harder.

You’ll also need a minimum $10,000 to invest in your business to do it professionally and legally. So, what’s the alternative?

Start a Credit Repair Business in New York with ERA Credit Services & Partners

Here are some of the advantages of becoming an Independent Agent with us:

Leverage the infrastructure and service delivery capabilities of a national company that has an A+ rating and is accredited by the Better Business Bureau. You can also have a National Association of Credit Services Organizations certification behind you.

Be a part of a company that has already been in business since 2004 allowing you to utilize our experience and stellar reputation.

No need to go through state and federal regulations and requirements. We have already satisfied all regulations with the state of New York and all 50 states, and federal FTC regulations. Therefore you could start doing business immediately. You can start a New York credit repair business but also build it throughout country.

Take advantage of our flexible online training program and weekly live training that fits into your schedule.

And, you could start a credit repair business in New York for less than $300

This opportunity is available now. After you do some research on your own to see if this is a good fit for you you can talk directly with me, Dale Guiducci. We’ll get all your questions answered. And, I’ll explain what it takes to build a successful credit repair business based on my experience since 2012.

I will teach you exactly what I did to build this business. I am looking for serious entrepreneurs to start a part-time credit repair business and move into a full time career. Or, those who want to begin a lucrative and rewarding full time credit repair business right away.

You’ll also have the opportunity to leverage our experience and learn how to build a successful New York credit repair business. We have developed our credit repair business in many areas across the country and we are looking for someone to start a credit repair business in New York.

If this is of interest go to https://eracreditservices.com/credit-repair-business-opportunity/ and watch the video located there. It will give you detailed information on our credit repair business model and company.

Then you’ll see how to book a phone appointment with us on the date and time you choose. We look forward to talking with you.

Finding Success After 50

Finding Success After 50
It’s Possible with the Right Vehicle

It may be that most people that haven’t achieved the career goals they set out for themselves by the time they’re 50, especially those of us that consider ourselves entrepreneurs, decide that it may be too late. But just as I found out, there are opportunities for finding success after 50.

Finding Success After 50

I guess I was one of those people. There was still a spark but I realized that a business would have to come along that had a success formula that I could follow. I had started a few businesses that just didn’t pan out. They weren’t total flops but they weren’t a rocket ship to success either. I spent some time helping my wife, Shirley build her accounting business. At least that business was paying our bills.

Then I fell into something completely unexpected. It was a fluke. I really wasn’t actively looking for something but I guess I was very open to something if it came along. And, something did.

How I was successful at finding success after 50

I was searching for a credit restoration company, or what a lot of people call credit repair. We had some accounting clients that needed that sort of help. I called many companies and really wasn’t excited about any of them. Then a few months later a guy that I knew from 20 years ago posted something on Facebook that had to do with credit restoration.

I called him up and he told me about what sounded like a pretty solid company. I offered to refer him some business but he suggested I check out the business myself. So, over the course of the next several weeks Shirley and I took a pretty hard look at it.

I eventually traveled to Las Vegas to go to a weekend seminar training the company was holding. And, that was the weekend that changed everything.

This company had much more than credit repair. It had a whole suite of financial services products that everyone needs and most don’t have. These services were affordable. They (should be The) compensation plan was lucrative. There was a residual income component, which is something Shirley and I were looking for anyway. There was also the opportunity to build a sales team all over the country if I chose. But the greatest asset this company had was training for me, and for that sales team when I build it.

I jumped in full time while Shirley ran the accounting business. And, as time went on it became apparent that this was a great fit for me. Shirley began to work with me as much as she could and she fell in love with the business also.

Now, 3 years later she maintains just a few of her old clients and is pretty much full time and works side by side with me building this business.

In those 3 years we have become one of top producers in Financial Education Services. We have won numerous awards including Outstanding Achievement, #1 in sales and #2 in recruiting in 2014. We have been in the company magazines several time and was featured in the issue that came out in September of 2015. Financial Education Services (FES) has been the best company I’ve ever worked with because it provides a sound corporate infrastructure but allows me to be what I love being, an entrepreneur.

We now have Agents in over 35 states but are most definitely continuing the search for quality entrepreneurial mined people. FES requires hard work and a dedication to getting trained as a professional. Not everyone will want to put into it what is required. But for those that do it’s a great vehicle to help someone achieve their goals no matter what their age.

If you’re a mature business person and can bring your skill set to the table along with being coachable to learn this powerful system, you have possibility of finding success after 50. For more information click the link below.

finding success after 50