For those who believe in using credit….
Because I don’t carry much debt (the only loan I really have is my mortgage), I am not a big expert on credit management. But this is not to say that I won’t need loans in the future. I’ve been exploring the possibility of starting a new business, and if that ever pushes through, then it’s likely that I’ll need a loan to get it going. So it can only be beneficial for me to keep my credit score at healthy levels and to learn what I can to manage my credit well.
There’s a lot of information out there about how to improve your credit score. You can certainly learn a lot by checking out the myFICO site which has an active forum, community, tools and products on this subject (we’ve also reviewed the myFICO products here). But if you’re looking for more of a concrete guide for helping you learn about your credit, you can check out the book 7 Steps to a 720 Credit Score. I was actually sent this book and some related products by the author, Philip Tirone. And since this is one area in finance I wanted to brush up on, I thought I would review the materials at some point.
Get a Free eBook: 10 Biggest Credit Mistakes To Avoid
But before I get into a full blown review of the 7 Steps series, I was given the opportunity by the author to pass along a free eBook that gives you a hint of what his products are about.
Since it’s free, you could add this to your arsenal of information on credit management. Some interesting points that are brought up by Tirone’s eBook and products: your credit score may not be “what it seems”. For instance, most of us don’t really know the difference between the scores we receive from various credit bureaus and lenders. That is, you can receive a score from one of the credit bureaus that can be 100, 200 or 300 points higher than the score that your lender ultimately bases your loan terms on, because your lender may use a different credit scoring system than what the bureaus use. This is crucial information, especially in light of today’s lending environment, so check out the eBook if you want more background.
By way of disclosure, note that Philip Tirone is a mortgage professional. The good thing here is that he offers an insider’s look at the credit industry (alternatively, having such a background may be construed as having a bias for lending practices). Still, he declares his position as one of educating people about managing their credit. If you sign up for the eBook, you will be receiving other offers on educational materials pertaining to credit management (e.g. additional product offers, concrete examples, case studies and strategies for maintaining, establishing and raising your credit score). Of course you are free to unsubscribe at any time. At any rate, I find this information timely and worthwhile, given the tight credit environment we’ve been currently facing. At some point, I’ll post a review of the related “7 Steps” products and tell you what I think.
Now while this post is really geared towards people who are interested in learning how to manage and maintain good credit, its premise may not be as suitable for that segment of society that decides to live on “cash-only” and that doesn’t value the need for having credit. In fact, if you’re not a fan of credit (I say this euphemistically given that many folks have emphatically sworn off it) and prefer to operate purely with cash, then you may not appreciate the points made in the 7 Steps series. Just a heads up. Personally though, I’m a credit user who has found this information quite useful.
- Stock trades: Free stock trades from Zecco, Cheap stock trades from TradeKing, Stock news and Investment info at INO TV Free, No cost Trend Analysis for stocks
- Earn top returns: FNBO Direct [1.90%], HSBC Direct [1.65%], WTDirect [1.76%], E*Trade Bank [0.95%], ING Direct [.25% to 1.65%]
- Cash bonus: Discover More [$50], American Express [$25], Lending Club [$25]
If you enjoyed this post, you can get free regular updates through our RSS Feed, or you can have our latest posts delivered to your email inbox by supplying your address here. Your address will only be used for this purpose, and you can unsubscribe anytime.
{ 5 comments… read them below or add one }
Thanks for the link to the ebook. Will download it and read it and comment back about the ebook.
Thanks
I think by checking this out, credit mistakes can be avoided fully. I’ll take a look.
The information provided was really beneficial. I happen to be one of the naive ones thinking I have great credit because I always pay my bills on time and try to maintain a goal of trying to keep my credit cards to a zero balance. But in fact doing that may lower your score. Who would have thought? This truly was an eye opener. What you do now with your credit will affect you tomorrow so it’s best to make sure you are doing the right thing.
There were some very interesting points in the eBook I would not have expected. It was eye-opening to find out that I can hurt my score by following advice found on the internet. Information on the web on how to increase your score can actually reduce your score, based on the background in the ebook. Definitely a good read if you want to improve your credit rating.
There are some credit management nuances out there that not everyone knows about. And yes, I find it highly interesting to dig through some of the information on this. In particular, I like Philip Tirone’s books and products because they’re well presented and well written. They’re a pretty easy read (and not boring). Anyway, hope you guys get the information you need here. If there are any issues or questions, please feel free to drop a line here.