Mar 24 2020

Credit reference #Credit #reference

Credit reference


Credit reference

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Thank you for the A2A. I have read and reviewed your question. My background in credit risk extends to being an expert credit witness, helping countries do Debit Reporting Analysis and co-founding a credit mentorship company (Deep Underground Credit Knowledge 9. Avoid and duck credit-code-9′s. 9′s are charged off default loans. I bring up my background because:

You do not give yourself enough credit. Pun intended. Paying cash for all of your vehicles is a form of credit. You should include photocopies of car titles as a form of credit. Length of time each car is owned helps too! If you only buy a certain brand of truck, perhaps a dealer that has dealt with you twice or thrice can be a credit reference. While youre thinking about your vehicle…

Insurance is a form of credit.

For your vehicles, you carry insurance. Any insurance over liability only is optional when the title is clear of a credit liens. If you owe on a car loan at a 72 month term, your auto loan company requires you carry comp and collision. When you pay that liability insurance, that is a great credit reference!

When you are stable in paying any car insurance on a vehicle you own ‘free and clear’, is a great form of credit. So, feel free to list the local office you’re paying premiums in, also.

Lets say you insure your vehicles with Liberty Mutual. How long have you been paying twice yearly premiums? Do you pay annually in a lump sum to save 5–9%? Paying for X years is a great form of credit. Your Liberty Mutual agent can be a credit reference. Buying insurance is a form of pre-payment because you’re prepaying for future insurance.

Is there anything else that you are prepaying? My uncle is a farmer and he prepays seed. Seed is not cheap. He listed his seed as a vendor in his credit app because some credit applications ask for three vendors. What else might you be prepaying?

Debit is itself, a form of credit.

Lets say you have a debit card at your local credit union or bank. It leads to my next point and a great credit reference

Debit cards are wrought with gotcha surcharges and debit cards are chock full o’ hidden fees. In order to avoid unfair fees from authorization holds , some people change banks often. If you do not change banks often and carry a high enough balance where you do not get charged overdraft fees, this a great relationship to list on your credit application.

I would include the bank branch manager’s name and how long you have had a savings account or/and a checking account. Odds are thats going to be a X year relationship dating back a job or two. Let me stress that the debit card bank or credit union is a great credit reference to list.

– CarFacts. Having your oil changed regularly is a form of credit. Each vehicle you own has a credit report for car health called ‘CarFax’. The oil change business logs your VIN number each time you change your oil. There is a direct credit worthiness corollary between regular oil changes and on-time rent payments.

If you change your own oil, then show receipts of motor oil purchases along with motor oil recycling protocol. Tell me you do not dump… environmental advocacy detour, unintended 😉

Fire insurance or renters insurance at the last rental property is also a form of credit reference.

Stability of cellphone number. My last and best point! Bill collectors like to have the ability to call you. The first thing a person with outstanding debt does is change their carrier and dump the telephone number. Have you ported in a line? Phone number portability between carriers is a recently underwritable event. What I mean is that porting the number means you WANT people to be able to find you.

The verizon guys on University Avenue know me. I have had the same telephone number for years now. CEO of Duck9, Larry @6502838008 is me. Listing the Verizon guy on a renters application seems silly, but stability of cellphone numbers makes a BIG credit difference. Stability of cell phone numbers is a part of credit scoring under “ Cellphone Number Underwriting ”.

Have you changed telephone numbers since 2010? Right now, its 2016 and I will bet your phone number has been stable.

BONUS. Is your email on your credit application real first and last name at Gmail dot com. The fact that you correlate a matching name helps your credit score. Was this a super helpful look behind the scenes at how credit works. What’s your name?



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