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The biggest problem I have with Debt Settlement programs is the lack of education.  If most people really understood the affect of Debt Settlement vs. Bankruptcy and how it does so much more damage to your credit scores in San Diego, takes longer to finalize, and costs you a significantly larger sum of money to complete, do you think anyone would do it?  Of course not!  That’s what bothers me so much about all these Get out of Debt commercials you see and hear all day long on TV and Radio.  It’s a bunch of BS!  I can’t think of a single instance where I would recommend Debt Settlement to anyone.

What we do at Perfect Credentials is very different in this regard.  Not only to we focus on educating our Clients about their options, but we settle debts the right way.  We only charge $195 to set up your account and from there only make money based on 10% of what we save you!  We don’t want you to trade your current debts for new debt.  We want to help you use the money you have to eliminate your debts in a way that makes sense from a financial and credit scoring standpoint.    This is how it’s supposed to be done!

Tip:  Stay away from Debt Settlement and tell everyone you know to do the same.

Hope it helps!

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com

At one point or another, everyone has heard that paying down or paying off your credit cards is something that could help you increase your credit scores in San Diego. In theory, this is a very true statement and in the past, it worked like magic for many. However, times are changing and the Banks are becoming more and more conservative every day that goes by…

Many Creditors (Banks) have policies in place that will cause your Credit Limit to be reduced if you make a big principle payment toward your credit card. Sometimes these are set off by making payments of a certain size or reaching a certain balance and there is no way to know if your cards are at risk or not. We can say that we’ve noticed this happens less when you make consistent, smaller payment amounts and happens more often when you make large, lump sum payments.

So, the best thing you can do is keep your credit card balances as low as possible on your credit cards. When your balances get above 70% of the limit, be very careful about paying them down too quickly so you can avoid your limits being lowered or the account being closed!

Hope it helps!

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com

First of all, everyone’s credit will be affected differently by a collection.  There are many factors that play in to a credit score in San Diego and changing or adding just one variable will not have a standard affect on the score.  However, this is an interesting Cast Study because you can see clearly some of the big points that I make about how to handle collections when they arrive on your credit report.

#1. Don’t pay them off once they reach your credit report unless you have to.  This could actually cause your scores to go down, especially if the collection is old.

#2. The balance doesn’t matter.  Anyone who tells you that your score will improve by paying off a collection is not telling the truth.  The damage is done once the collection shows up on the credit report.  The only way to help from there is to get it removed.

#3. These can really hurt your credit.  75 points in our example today, but I had a collection show up on my report that cost me over 130 points in 2003.

San Diego collections are BRUTAL on a credit score.  The best thing you can do is pay your debts before they get to collection agencies.  If you can’t for some reason, then make sure you don’t make any of these common mistakes.  Contact me if you need advice. Everyone’s situation will be different.  Hope it helps!

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com