911 Credit Builder Podcast Show Credit Conversations with Gene and Laura Davis

Gene: to the 9 1 1 Credit Builder
Podcast Show, where we're on a mission

to help you unlock the doors to
your credit and financial freedom.

Join host Jean Davis and Laura
Summers Davis as they embark on a

journey to decode the intricacies
of credit and credit repair.

In this episode, they dive deep into
the fundamental aspects of credit,

answering burning questions and shedding
light on essential concepts with

expert insights and practical advice.

This podcast sets the stage for a
deeper dive into the world of credit.

In this series of Unlocking
Credit Mysteries, we are talking

about the fundamentals of credit
and also demystifying credit.

We'll answer a hundred burning
questions by breaking down the

questions into four episodes.

We are on part three or episode three.

Welcome back everyone to
Unlocking Credit Mysteries.

Laura: I am Gene Davis.

And I'm Laura Summers Davis.

Today we're tackling the
fundamental questions about

credit that many people have.

Let's jump right in.

Gene: I appreciated our listeners
reaching out to us and asking

a lot of these questions.

So there are some good
questions that they've done.

We're on number 51.

How do inquiries affect my credit score?

Laura: Inquiries, also known as hard
pulls or hard hits on your credit occur

when someone checks your credit report
in response to a credit application,

while each inquiry typically has a small
negative impact on your scores, multiple

inquiries within a short period of time
can signal higher credit risks to lenders.

What's the difference between a
soft inquiry and a hard inquiry?

Gene: Soft inquiries, like
those from pre approved credit

offers or background checks.

They don't impact your credit scores.

Hard inquiries, on the other hand,
occur when you apply for credit and can

temporarily lower your credit scores.

Can I dispute accurate
information on my credit report?

Laura: While you can dispute inaccurate,
unverifiable, and untimely information,

you generally can't dispute accurate
information on your credit report.

However, when those things happen,
you can negotiate with creditors to

remove negative items in exchange
for payment, and other things like,

Removing late payments when you've
had an emergency happen in your

life, even when they are accurate.

These things can affect your scores in a
negative way, so of course you should ask.

It doesn't hurt to ask when you're
already at zero anyway, does it Jane?

Gene, are there different
tiers for credit utilization?

Gene: Yes, there are.

The best is between one and
nine percent, never to zero.

That doesn't really help you.

The next tier is ten
to twenty five percent.

And then the next tier
is 26 to 49 percent.

And then the next tier
is 50 percent and above.

Anything above 50 percent
starts to go negative.

The higher you go to having it maxed
out, the worse your credit scores are.

So anything above 50 percent is bad.

Keep it always below 50 percent and there
again the best is one to nine percent.

Laura: Yes, and a lot of people ask
us about that one to nine percent.

What is that one percent, Jane?

That one percent is super, super important
because it allows the algorithms to work

in your favor, showing that you are a
better prospect when it comes to loans

and other offers that benefit your credit.

Gene: What should I do if I'm
a victim of identity theft?

Laura: When you suspect
identity theft, place a fraud

alert on your credit reports.

You also can review your reporting
information for any unauthorized activity

or signs of concern, and then report any
fraudulent accounts or activity to the

credit bureaus as well as law enforcement.

For

the best thing to do is to go to
our website at 911creditbuilder.

com.

Click on the tab that
says dollar credit report.

Once you have access to that information,
we'd be happy to review your credit

and give you suggestions on how to
contact the bureaus, as well as law

enforcement, to fix these things.

Can I build credit without
a credit card, Gene?

Gene: Yes, you can build credit
through alternative methods.

Like secured credit cards, credit
builder loans, or becoming an authorized

user on someone else's credit account.

number 57, how long does negative
information stay on my credit report?

Laura: Most negative information
such as late payments, collections,

and bankruptcies can remain on
your credit report for seven to ten

years depending on the type of item.

What's the difference between a
credit freeze and a credit lock?

Gene: Oh, that's good.

A credit freeze restricts access to
your credit report, preventing new

accounts from being opened in your name.

While a credit lock provides a
similar protection, but can be more

easily lifted or managed online.

Can utility bills affect my credit score?

Laura: While utility bills typically
don't directly impact your credit

scores, unpaid bills definitely do.

When they're sent to collections
especially, those items can end

up on your credit report and
negatively affect your scores.

how does co signing affect my credit?

Gene: Co signing for a loan makes you
equally responsible for that debt.

And a missed payment or default can
impact both the primary borrower

and the co signer's credit scores.

So be careful there guys.

Laura: when you're wanting to merge
your credit with someone else or

wanting to benefit from someone
else's credit, have them talk to us.

We'll look at their credit and we'll make
sure that it's an ideal situation for you.

You definitely don't want to have
their credit, should there be negative,

impactful things, hurt your credit when
you're wanting to build your credit.

And you could be doing it unknowingly.

Sometimes people know what's on
their credit and other times they

just assume what's on their credit.

It's best to check first since this is
very, very important to your credit.

Gene: Good advice.

Can my credit score
impact my job prospects?

Laura: Some employers may check
credit reports as part of the hiring

process, particularly for positions
involving financial responsibilities

or higher security clearances.

How do joint accounts affect my credit?

Gene: Joint accounts can impact
both parties credit scores.

As activity on the account,
including missed payments or

high balances, this reports on
both individuals credit reports.

So be careful there again.

It's similar to cosigning,
but it's not exactly the same.

Joint accounts are definitely
different than cosigning.

What is the difference between a
credit report and a credit score?

Laura: A credit report is a detailed,
profiled record of your credit

history, while a credit score is a
numerical representation of your credit

worthiness based on the information in
the background on your credit report.

The background is what
determines the scores.

Can I have a credit score
without any credit history?

Gene: No.

You typically need some credit history.

Such as a credit card or a loan
to generate a credit score.

A collection account will also
generate a score, which is not good.

You don't want to have those.

How often should I
check my credit reports?

Laura: It's a good idea to check your
credit report from each of the three

major credit bureaus, TransUnion, Equifax,
and Experian, at least once a year.

this monitors for inaccuracies or signs
of identity theft, as well as lets you

know what's going on with your credit.

What factors don't
affect my credit scores?

Gene: Income, race, religion, marital
status, and age are not considered

in credit scoring modules and
do not impact your credit score.

Can a landlord check my credit
score without permission?

Laura: Landlords typically need your
permission to check your credit report as

part of the rental application process.

How does moving affect my credit?

Gene: Moving Excel doesn't directly
impact your credit, but changes in

address may affect the accuracy of your
credit report if they're not updated with

the creditors and the credit bureaus.

Number 69.

Can I negotiate with creditors to remove
negative items from my credit report?

Laura: Yes, you can negotiate with
creditors to remove negative items,

especially when you're willing to
pay the debt in full or settle for

less than the full amount owed.

It's very important for you to
make sure what category you are

in in this department, reach
out to us, 911creditbuilder.

com, so that we can advise you on
what the best course of action is

when you're negotiating with creditors
to remove those negative items.

When you are capable of paying the debt.

Gene, how does getting
married affect my credit?

Gene: Getting married doesn't merge
your credit reports or scores with your

spouse, but joint accounts or shared debt
can affect both parties credit scores.

Can I inherit someone
else's credit scores?

Laura: No, credit scores are
individual, just like your thumbprint,

and are not transferable upon death.

It relies on your own personal.

Social security number.

That's why it's imperative
when you use it for any merging

with anybody else's credit.

How do missed payments
affect my credit scores?

Gene: Missed payments can have a
significant negative impact on your

credit score, as payment history is
one of the most influential factors

in the credit scoring modules.

don't miss a payment.

Don't be late.

Don't not become 30,
60, 90, 120 days late.

Laura: And when you are late, Hire
us, we'll help you figure it out.

There may be some methods we can
advise you on in disputing some of

those missed payments, especially
when an emergency has happened or

you're just a little bit behind.

Gene: However, the bureaus don't
care about any emergencies.

They just go off of facts.

Laura: Yes, you may have multiple credit
scores from different scoring models or

versions, as well as separate scores for
each of the three major credit bureaus.

And sometimes one credit bureau
might not even report one of your

accounts, whereas the other two will.

Gene: That's true because it's a
voluntary system and it depends on

whether or not they want to provide that
information to the credit bureaus because

it does cost them money to do that.

Can my credit scores be different
between the credit bureaus?

Laura: Yes, your credit scores can
vary between credit bureaus due

to differences in the information
reported and the scoring models used.

Gene: Just like we said before, one
vendor or one company reporting may only

report it to one bureau or all three.

They don't have to report
it to anyone in particular.

It's a voluntary system.

But whatever they report has to be
100 percent accurate and 100 percent

verifiable and report on time.

Do

Laura: how does declaring
bankruptcy affect my credit?

Gene: Bankruptcy can have a severe and
long lasting negative impact on your

credit, potentially lowering your credit
scores by hundreds of points and staying

on your credit report for up to 10 years.

That's a long time, guys.

Laura: As we wrap up today's episode, we
hope you've gained valuable insights into

the world of credit and credit repair.

Remember, knowledge is power, and
by understanding the factors that

influence your credit, You can take
control of your financial future.

Join us next time as we continue
our journey through the realm of

credit, answering more of your
burning questions and providing

expert guidance along the way.

Until then, stay informed, stay empowered,
and remember your credit journey

starts here with 9 1 1 Credit Builder.

Thanks for tuning in!