Credit Scores

  • Revolving Accounts – What You Need To Know

    • August 31, 2017
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    Revolving balances play an important role in your credit score calculation. The total of your revolving debt makes up about 30% of your credit score. Balances on installment loans don’t have any where near the impact on credit scores as revolving balances do. While having a revolving balance or two can help your credit scores,

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  • How Accurate Are Credit Score Simulators?

    • July 13, 2017
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    Your loan officer has pulled your credit and your scores are just a little short of where they need to be.  He thinks there are possibilities for an improvement so he runs a “What If Simulator” to see what could possibly be done to get the scores a little higher. Most of the time, this

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  • Is Being Debt Free a Good Idea?

    • June 15, 2017
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    You’ve sold your home, paid off the car and all your credit cards and even closed most of them. You are completely debt free! This is great…right? Well, not when it comes to your credit score. Believe it or not, being completely debt free can actually hurt your credit scores. While it may feel wonderful

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  • What’s Not Included in a Credit Score

    • December 22, 2016
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    There is always a lot of talk about everything that IS included in credit scores, like how to make them better and what hurts them. But there is a lot of information that is not part of a credit score that some people have always thought were factored in. Here is what is NOT included

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  • How Much Certain Things Will Affect My Credit Score

    • July 29, 2016
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    This is probably the biggest question we get in the credit reporting industry, “how much will (blank) affect my credit score?” You can fill in the blank with inquiry, opening a new account, closing an account, having a late payment, etc. The list goes on and on. The truth is there is not a set

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  • Four Simple Rules For a Good Credit Score

    • October 1, 2015
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    Everyone knows that credit scores can be confusing; how they are calculated, what goes into them, why they change, etc. There are constant inquiries from frustrated loan officers and borrowers not understanding why a score is low when they can find nothing wrong on the credit report. No late payments, or maybe just an old

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  • When Creditors Report to the Bureaus

    • August 6, 2015
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    One of the most frequently asked questions we get regarding credit reports is: “When do creditors report to the bureaus?” There is a misconception that creditors report their information at the beginning of every month and that credit reports update at that time as well. But in the world of credit reporting that would make

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  • The FTC Provides Free Publications for Consumers

    • July 24, 2015
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    A presentation of the Did You Know Series Did you know…The Federal Trade Commission (FTC) has an abundance of free publications that you can order to help you with your credit? They offer publications on topics such as: How to Build a Better Credit Report, Understanding Your Credit Scores, How to Deal With Debt, Understanding

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  • Did You Know Series Presents: Helping Others Establish Credit

    • August 1, 2013
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
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    Did you know…adding your child or spouse as an authorized user on a credit card can help them establish credit? It should only be used as a stepping stone to help them establish their own credit, and should not be a long term solution.  Once the authorized accounts have helped them establish new credit and

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  • Did You Know Series Presents: Paying Off Collection Accounts

    • July 25, 2013
    • Posted by: Joel Firestone (G-Net Consulting)
    • Category: News
    No Comments

    Did you know…Paying off a collection account does not normally have a positive effect on a credit score? On the contrary, it can actually have a negative effect. The reason being is that the bureaus will not back date the payment date. So that means when a collection is shown as paid off, it will

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