Credit 101.1 QUIZ

So let’s try this again!  From the top this time!  CREDIT! CREDIT! CREDIT! you can not get away from this word and what it means in your life. Here is the definition straight out of the dictionary. You can easily see that the word CREDIT is a good thing until you fuck it up! then its your worst nightmare. Like that house you promised your baby you would buy her, before CREDIT made you a liar! Or why you still live with your MaMa because CREDIT said No Way Jose to the only apartment your broke ass could afford. And the reason your ass is broke is because CREDIT told your potential employer that you are a dead beat loser who might be a risk to hire. Yea, Yea, get the sand out of your vagina and stop your crying I know this is not the majority of you that I speak of. I know there are many legit reasons for having a poor credit score like your company down sizing and kicking your ass to the curb, or your dumb ass cheating and your partner kicking you to the curb like the dog that you are and taking your CREDIT with them. Or that Casanova you met on-line that you traveled overseas to marry only to find out that he was already married to 3 other women, and a prison escapee who conned you out of your good credit. Wait shit this one doesn’t count if this is you then you are already to stupid for me to help. Or the evil bankers who sold you that million dollar house while you were working at Micky D’s. Or the family member you co-signed for, who turned up on Americas Most Wanted. I am not talking about you! I am mostly talking about me! Back in the day! Before I became older then dirt! I was probably all of these except the overseas one. That one I have no sympathy for i’m just going to keep laughing at your dumb ass. So get a grip! Answer the quiz I am about to give you and help me educate others!

Dictionary definition:

1. commendation or honor given for some action, quality, etc.: Give credit where it is due.

2. a source of pride or honor: You are a credit to your school.

3. the ascription or acknowledgment of something as due or properly attributable to a person, institution, etc.: She got a screen credit for photography.

4. trustworthiness; credibility: a witness of credit.

  5. confidence in a purchaser’s ability and intention to pay, displayed by entrusting the buyer with goods or services without immediate payment.

  6. reputation of solvency and probity, entitling a person to be trusted in buying or borrowing: Your credit is good.

  7. influence or authority resulting from the confidence of others or from one’s reputation.

8. time allowed for payment for goods or services obtained on trust: 90 days’ credit.

9. repute; reputation; esteem.

  10. a sum of money due to a person; anything valuable standing on the credit side of an account: He has an outstanding credit of $50.

  11. Education .

a. official acceptance and recording of the work completed by a student in a particular course of study.

  12.Bookkeeping .

a. an entry of payment or value received on an account.

b. the right-hand side of an account on which such entries are made ( opposed to debit).

  an entry, or the total shown, on the credit side.

  13. any deposit or sum of money against which a person may draw.

Have good credit and life is much easier. Take this quiz and leave me your answers in the comments, like this  (1. T – F  2. T – F) etc. and in a day or two I will post the answers and continue on this CREDIT journey. Or not if you tell me i’m full of shit and you want me to shut up on this topic.

1. It is impossible to change what’s in your credit report.

True
False

2. You have to make a lot of money to have a good credit score.

True
False

3. Paying cash for every purchase hurts your credit.

True
False

4. You have multiple credit scores.

True
False

5. It takes 7 years to fix a poor credit score.

True
False

6. Keeping old credit card accounts open can improve your credit score.

True
False

7. When you get married, your credit score is merged with your spouse’s.

True
False

8. Checking your credit report can hurt or lower it.

True
False

9. Credit scores and credit reports are two different things.

True
False

10. Bankruptcy is a “fresh start” for troubled credit.

True
False

Checking account jungle

No JOKE it is a jungle out there when it comes to checking accounts. Remember BANKS ARE A BUSINESS! They are in the business of making money. Banks will do everything legally that they can to separate you from your money through hidden fee’s, fine print and rewards programs that most of the time will cost you more than the possible rewards they offer. It is basic math, banks will go out of business if they give you more than they get out of you! Visit a branch and the employees are bank salesman. Visit their website and your head might explode from all the confusion they will cause you through fine print, legalese and misdirection. But fear not, I am here to save your head from exploding. WHY? Because I’m the MAN! And I kinda like you. The key to saving yourself some money is to research and compare banks. Ahhh no shit there Sherlock so far you aren’t telling me SHIT! I could literally spend a month jumping from bank to bank websites trying to compare checking accounts so give me something  Mr. Break it downnnnn and make it short and sweet because I have the attention span of a gerbil and I am a lazy SOB. Before I beat your ass! Old man. Ok, Ok, chill, get the sand out of your vagina. Put down the cub cake and I will give you a minute to take your hand away from your crotch and move it to the mouse so you can click this link. Here is the one and only website you need to compare every bank tailored to your specific needs. http://www.findabetterbank.com/ YOUR WELCOME! NOW SAY YOUR SORRY AND GET IN LINE TO KISS THE RING!

W.T.F. Fourth Bureau Redux!

Part two of  W.T.F. a fourth bureau! Below you will find very informative links that will give you a lot of information. Go there get schooled. Don’t let the blood sucking, money whores like MIKE MONDELLI take advantage of you. His company L2C is one of the companies that are involved in the fourth bureau. Here is the link to L2C  http://www.l2cinc.com/ Here is how they spin what they do by using fancy language. I hate fuckers like this so pay some damn attention!

“L2C solutions use alternative, leading indicator data to inject insight, clarity and confidence into credit risk decisions across the consumer credit life-cycle”

This is what they are really saying!

Alternative = personal data that can be  considered  unreliable

Inject insight = sell your personal data for a profit

Consumer credit life-cycle = track all your personal shit without your knowledge or approval for the rest of your life. Fuck i hate companies like this that hide in the shadows.

http://www.defendyourdollars.org/2011/07/consumers_union_calls_for_cong.html

http://www.washingtonpost.com/business/economy/little-known-firms-tracking-data-used-in-credit-scores/2011/05/24/gIQAXHcWII_story.html?nav=emailpage

Money sucking Prepaid cards

Here is what you should consider before you obtain one of these money sucking cards.

They are expensive to maintain. Most prepaid debit cards do not report to any of the 3 major reporting bureaus; so they have little or no  benefit to your credit history. Let’s use the Russell Simmons Rush Card as an example. As an “extra option“ they will provide you with a service called the Rush Path To Credit. If you enroll your card in this service they will report your payment history to Lexis Nexis and PRBC. (These are not one of the 3 major credit bureaus) for recurring bills such as rent, utilities, cable, and telephone. Rush Card uses ambiguous catch words and phrases like “CAN”, (not WILL), and help you build a positive credit FILE, (not credit HISTORY). This is just a way to get you to use the card so they can make money from the bank fees charged to the vendors and make you believe that getting this card will help you build or rebuild your credit history.

Next make sure you do the MATH. Most prepaid debit cards have a lot of FEES attached to them.In fine print at the bottom of one of their statements is the following;

“Free” means we will waive the activation fee of up to $4.95 all other fees apply offer valid only for qualified customers who pass customer verification. From the issuing bank. Note that most companies that offer prepaid debit cards are only the administrators/marketers, the actual cards are issued by a bank so it is extremely important that you read and understand the customer agreement and privacy policies from both the card company and the bank as they are different and all your private information is stored by both companies with very loose language as to who they can share your information with including 3rd parties who they deal with. Card will arrive with $0 balance. Initial purchase $4.95 ($6.95 for NASCAR card)  look carefully, if you choose the NASCAR card it will cost you $6.95 they will waive $4.95 your cost is $2.00 so free is not really free! Monthly fee $5.95 but will be waived if you load at least $1,000 or use it 30 times or more per month. Think about this for a second. Every single month you must load at least $1,000. Well if you can spare $1,000 per month then you probably can qualify for a free bank checking account and you are doing pretty well if you can spend $1,000 per month on debit card purchases. And would most likely not over draft a free checking bank account that provides a free debit card. Or you have to use the card about once a day to qualify for the 30 times usage, I don’t know about you but i would have a hard time using it to purchase something every day. So it is safe to assume that you will be paying the $5.95 Monthly fee to have this card in your wallet/purse. ATM fees: (free at in network ATM) all other ATM $2.50.Again with such a small amount of free network ATM available-when you consider the total of 15,000 ATM is across the entire country, the chances of you paying $2.50 every time you use the card are very good. Bottom line research all your options there are alot of better options out there from established banks with completely free bank debit cards, you have to be responsible and not overdraft them and use them at there ATM but they have hundreds of thousands of them available not just  15-20,000.