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Monday Mailbag 10/15/2018

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Question:

My credit card debt keeps increasing. I keep spending and spending, it’s very hard for me to stop. How do I stop spending and pay down my credit card debt?

Answer: 

If you don’t have the self-control to stop using your credit cards then you really only have one option to pay down your debt. Cut up all of your credit cards and use a debit card or cash for your monthly expenses. Create a budget to make sure that your expenses are lower than your income and have money saved over at the end of the month to pay down your credit card debt.

– – –

Question:
What does an outstanding judgment on a credit report mean?

Answer:
A judgment refers to a court’s decision to side against you in a lawsuit. Basically, it means that someone (person or company) filed a civil lawsuit against you, won, and a judgment was entered against you.

An outstanding judgment refers to the fact that the judgment is unpaid and still open.

In most cases, we see judgments originate from charged-off credit cards or other collection accounts. Ultimately, a court has decided that you are liable for the debt.

A judgment may also give the plaintiff (the person or company which filed the judgment against you) legal authority to garnish your wages, garnish of your tax refund, or even access the money in your bank accounts to recover their funds.

According to the FCRA, judgments can report for a period of up to 7 years on consumer credit files from the filing date.

– – –

Question:
How long does it take to remove inquiries from a credit report?
Answer:
Hard inquiries can report on consumer credit reports for a period of up to 2 years from the date that they are initiated.A hard inquiry may be removed before the 2-year clock expires if the creditor which is reporting the inquiry cannot provide documented proof of their permissible purpose for pulling your credit report.- – –

Question:
How accurate is the credit score you get on Mint.com?

Answer:
Mint.com’s credit score is calculated using the VantageScore v3.0 scoring model.
90% of all lending decisions in the U.S. are made using FICO credit scores. Depending on the information reporting in your credit reports, your VantageScore and FICO score might only be 5 points off of 50 points off. Every situation is different and sometimes the VantageScore is very accurate but, sometimes it’s completely off. If you’re interested in seeing your actual FICO scores you can access them at myFICO.com.

Are you ready to get started on your journey toward a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

Monday Mailbag 10/8/2018

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Question:
It seems that I can only cancel within the first 5 days based on your credit repair agreement. If I want to cancel 4 months from now how do I go about doing that? Are there any penalties or fees involved?

Answer:
You can cancel the service at any time. The 5-day cancellation window is something that all credit repair companies have to give their clients in accordance with the Credit Repair Organizations Act (CROA). It’s basically a cooling off period where you can cancel the service if you decide you changed your mind and not incur any charges. You can cancel the service at any time via the following page: https://creditfirm.net/signup/cancellation/. There are no cancellation fees or penalties.

Question:
I paid off all my credit cards to 0 and my scores dropped. What happened?

Answer:
According to FICO, in order to reach an optimal credit score, the balances on your credit cards should be as low as possible without being $0. Based on statistics, the average credit card utilization rate for consumers with FICO scores of 780 or higher from 2017 was 5.8% (or $58 balance for every $1,000 credit limit). If the balances on your credit cards are $0 it looks like you’re not using your credit and this means that there are fewer data points from which to calculate a score, hence the drop in your scores.

Question:
What does investigation mean? Investigation into what?

Answer:
By investigation, we are referring to disputes that we initiate with the credit reporting agencies into the derogatory accounts reporting in your credit reports. We request that the credit reporting agencies (Experian, Equifax, and TransUnion) investigate and verify all of the derogatory information that they are reporting in your credit reports. Data points which include, the payment history, status, balance, dates, etc….

If you have collection accounts reporting in your credit reports, we also request that the collection accounts be validated and that the furnishers provide copies of the original agreements from the original creditors as well as the billing statements to corroborate the information that they are reporting in your credit reports.

Are you ready to get started with your journey to a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

Best Ways To Pay Off Your Credit Card Debt

November 25, 2014 by  
Filed under Blogs, Credit Cards

by: .

tricks to get approved for a credit card

What’s the quickest way of getting your finances in order and saving hundreds if not thousands of dollars? Paying off your credit cards of-course.

High interest rate charges can drain your bank account and keep you from achieving financial success. 30% of your credit score comes from the utilization rates on your credit cards and maxing out your credit cards lowers your credit scores. Conversely, paying down your credit cards to a balance of 20% or less of the credit limits will actually increase your credit scores and help you get better terms on loans.

Whatever your reasons are, paying down your credit cards is a good idea. So let’s take a look at the best ways of paying off your credit card debt.

Here Are 3 Strategies To Pay Off Your Credit Cards

1. Pay Off Credit Cards With The Highest Interest Rates First

This is the most logical and cost effective way of paying off your credit card debt. You find the credit card which is charging you the most in interest and pay it down first. You make minimum payments on the rest of your cards and increase the amount of money you pay toward this card. Once paid off, you savings will allow you to pay off the rest of your cards faster and you focus on paying off the card with the second highest interest rate.

2. Pay Off Credit Cards with the Lowest Balances First

Let’s be realistic, we all want instant gratification and quick results to keep us motivated and on track. By choosing to pay down the credit cards with the lowest balances first, you can get to your first paid off, zero balance credit card in no time. This will keep you motivated to continue working toward your goal. Once you pay off one card, while making the minimum payments on the other cards, you can focus your attention on paying off the next lowest balance credit card. The strategy is called snowballing and may not save you as much money as the previous strategy, but it seems to work for the vast majority of consumers. In fact, most consumers that use the snowballing strategy to pay off their credit cards succeed, while those who use others stall out and fail.

3. Renegotiate With Your Creditors

The terms of your credit card agreements are not set in stone. If you are struggling to keep up with your growing credit card debt, call your creditors, explain your situation, and ask them to renegotiate the terms of the agreement. Ask for a lower interest rate and a lower monthly payment. Once renegotiated, pay off the cards as quickly as possible.

Need help improving your credit score? We’re here to help.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Why Your Credit Limit Increase Was Denied

September 15, 2014 by  
Filed under Blogs, Credit Cards

by: .
why your credit limit increase was denied

9 Reasons Your Credit Limit Increase Request Was Denied

Ever wonder why your credit card company wont raise your credit limit? Here are some common reasons of why your credit limit increase request was denied, and what to do to increase the credit limit on your credit cards.

1. The account was recently past due

What it Means
You recently either missed a payment or made a late payment on your account. Generally, credit card companies don’t approve credit line increase requests on accounts that have a late payment within the last six to nine months.

What to Do
You may want to enroll in AutoPay or use customized alerts to help stay on top of your accounts. Pay your credit card bill on time and your chances of getting a limit increase gets much better.

2. The average balance on this account has been too low

What it Means
When a credit card company reviews requests for credit line increases, one of the things they look at is the payment history of your account. If you regularly use your card and make payments on time, it builds your account’s payment history. If you don’t use your card, theres little to no payment history to review.

What to Do
Use your card more, just make sure that you use your card responsibly. Be sure to pay on time and try to make more than just the minimum payments and keep your balance at a 20% utilization rate.

3. The account has not been open for at least 6 months

What it Means
The credit card company needs time to establish how the account has been used and its payment history. Once they have this information, it’s used as a guideline to help determine if the account qualifies for more credit.

What to Do
Feel free to request a credit line increase after your account has been open for at least six months.

4. The credit bureaus have reported a recent delinquency

What it Means
Your credit report shows you’ve recently paid one or more of your creditors late. Generally, credit card companies don’t approve requests for credit line increases on accounts that have had late payments withinin the last six to nine months.

What to Do
Make sure you are paying all of your creditors on time. If you have questions about what’s on your credit bureau report, contact the three bureaus: Equifax, Experian, and Transunion to resolve the issues or hire a company to do so on your behalf.

5. Your average monthly payment has been too low

What it Means
If you received this reason, it generally means you’re carrying a balance and not making large enough monthly payments to qualify for a credit line increase upon request. Both the payment history and the amount of your payments help us to determine if your account qualifies for a credit line increase.

What to Do
Manage your account responsibly. Be sure to make payments on time. In general, customers that make larger payments are more likely to be eligible for a credit line increase.

6. You recently exceeded the credit limit on your account

What it Means
You recently went over the credit limit on one of your credit card. Generally, credit card companies don’t approve credit line increase requests when one of a customer’s accounts has recently been over the limit.

What to Do
Check over your account information often to be sure that you’re not over your credit limit. Using the credit card companies’ customized alerts to tell you when your getting close to the credit limit makes a lot of sense.

7. Your outstanding debt is too high compared to your income

What it Means
When credit card companies review requests for credit line increases, they look at income and expenses. Your housing expenses and outstanding overall debt, as reported by the credit bureaus, might be too high for your income. Generally, credit card companies don’t approve credit line increase requests for customers that have high balances on revolving accounts.

What to Do
Pay down your credit card balances on all of your credit cards at or below 20% of your credit limits and if your employment status or income changes, be sure to contact your credit card company to update your information.

8. There are too many recent inquiries on your credit report

What it Means
According to the information reported by the credit bureaus, there have been numerous requests for new credit over the last 12 months.

What to Do
Keep in mind that when you make numerous applications for credit, it can lower your credit scores and affect how creditors evaluate credit line increase requests for your account. Be selective about how often you apply for credit. And if you don’t recognize any inquiries reporting to your credit reports, contact the three bureaus: Equifax, Experian, and Transunion to resolve the issues or hire a company to do so on your behalf.

9. Your current credit score is too low

What it Means
Based on the information reporting in your credit reports, your current credit score is too low to qualify for a credit line increase.

What to Do
– Pay your bills on time
– Keep your utilization rate at or below 20%
– Don’t close old accounts
– Establish a good mix of credit
– Limit your inquiries
– Get proactive and leverage consumer protection laws like the FCRA to remove derogatory information from your credit report or hire a credit repair agency like CreditFirm.Net to do so on your behalf.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Who is WFNNB/Comenity Bank?

January 14, 2014 by  
Filed under Blogs, Credit Cards

by: .
wfnnb-comenity bank

Ever wonder what those WFNB, WFNNB, and CMNTY accounts on your credit are?

Well, it’s all the same company. 

World Financial Network National Bank and Comenity Bank are subsidiaries of Alliance Data, a corporation which was formed in 1996 when JC Penney’s credit card business (BSI Business Services, Inc.) and The Limited’s credit card business, (World Financial Network National Bank) merged.

Since then, WFNNB/Comenity Bank has become one of the largest credit card issuers in the world.

Issuing many credit cards in partnership with retail stores or other businesses such as:

Abercrombie & Fitch
American TV & Appliance of Madison, Inc.
Ames Ladies Wear
Ann Taylor
Arhaus Furniture
Ashley Stewart
Avenue
Bealls
BrylaneHome
The Buckle
Carter Lumber Company
Carson Pirie Scott
Catherines
Chadwick’s of Boston
Charming Shoppes, Inc.
Colombian Emeralds DUTYFREE.COM
Crate and Barrel
Diamond Credit Plan
Domestications
Dress Barn
Eddie Bauer
Erb Lumber
Express
Fashion Bug
Friedman’s Jewelers
Garden Ridge
Goody’s Family Clothing
Gordman’s
Harlem Furniture
Henri Bendel
International Male
J.Crew
Jessica London
Kane’s Furniture
KingSize
La Redoute
Lamonts Apparel, Inc
Lane Bryant
Lerner New York
Levin Furniture
Limited Fashion Group
Limited Too
Madison’s
Marianne
Mastercraft Interiors, Ltd.
Maurices
MedChoice Financial
MetroStyle
Micro Center
New York & Company
Newport News
Palais Royal
Pacific Sunwear
Peebles
Pottery Barn
Reeds Jewelers
RedCats USA
Restoration Hardware
Roaman’s
Samuels Jewelers, Inc./Schubach Jewelers, Inc.
Savon Furniture
Silhouettes
Spiegel
Sports Authority
Stage
Steinbach
Structure
The Company Store
The Limited
Today’s Man
Trek Bikes
United Consumers Club
Value City Furniture
V-Girl
Victoria’s Secret
West Building Supply
Wickes Lumber
Winbrook Computer Corporation
Woodcraft

That’s right, every single one of these retail credit cards is issued and managed by the same company.

If you have an account with WFNNB/Comenity Bank and would like to access it online, you can go to http://www.comenity.net/comenity/

Here is WFNNB/Comenity Bank’s contact information:

Address:
3100 Easton Square Place
Columbus, OH 43219
United States

Phone: 614-729-4000

Fax: 614-755-3175

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