The Real Truth About Credit

Credit expert Dan Beck's blog teaches consumers how to create an "A Rated" credit profile. Dan Beck is the founder and president of Credit Management Specialists.

Why is 50 points such a big deal?

Posted March 13, 2012 Author: Dan Beck

Just about everyone understands that your credit score is a very important number when it comes to your financial livelihood, but have you ever thought to understand why? The purpose of the FICO score is to predict the statistical chance of a consumer being 90 days late or more in the next two years.But more …Keep reading

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You Still Have Options!

Posted February 14, 2012 Author: Dan Beck

If you recently applied for a credit card but were declined because you have bad credit or no credit history, don’t lose hope.You still have options! There are two types of cards that you need to be aware of in this situation:secured credit cards and prepaid cards.Both have pros and cons. Secured Credit Cards As …Keep reading

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Your Credit Score- Top 7 things you n...

Posted January 12, 2012 Author: Dan Beck

When it comes time to purchase a house one of the things that mortgage companies are going to do is evaluate your credit report and credit score.Just having a score high enough to qualify should not be the goal so here are 7 easy steps that you can take to ensure you have no unwanted …Keep reading

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Top 3 reasons NOT to apply for a stor...

Posted December 20, 2011 Author: Dan Beck

If you’ve gone shopping at a department store lately, I’m sure you have been asked to open a store credit card. For doing this, you could save 10-, 15- or even 20 percent on your purchase that day. Here are 3 reasons this is a very bad decision: When you apply for a credit card, …Keep reading

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Did you hear about this?

Posted November 21, 2011 Author: Dan Beck

Have you heard about the newest gadget you can buy for your car? You hook it up to your car and then as you drive it will give you a very rough estimate of how fast you are going.Plus it will give you a vague estimate of what the speed limit might be in the …Keep reading

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More Foolish Advice!

Posted October 12, 2011 Author: Dan Beck

A few weeks ago I was doing a public speaking event and one of the questions I received was “what is the best way for someone with no credit to build a credit score?” Before I answered the question the person got even more specific and told me that a bank had told him the …Keep reading

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How long will it stay?

Posted September 21, 2011 Author: Dan Beck

One of the most common questions I get from people is regarding how long certain items will remain on a credit report. Many people have heard all kinds of crazy answers, especially when it comes to negative information.People are usually shocked to find out how long something can stay on their report or they have …Keep reading

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Finally the TRUTH about Mortgage Inqu...

Posted August 18, 2011 Author: Dan Beck

Understanding how inquiries impact your FICO score is easily one of the most complicated aspects of the scoring system. This is easily on the “Top 5” list of the most misrepresented facts about FICO scores. In efforts to clear this up here are some truths about credit inquiries and how they relate to your FICO …Keep reading

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It will surprise you!

Posted July 14, 2011 Author: Dan Beck

One of the most common questions that I receive has to do with what would be the best thing to payoff to improve someone’s FICO score. Judging by the frequency of the question and the overall surprise of the answer I thought it would be a good “FICO Score pop quiz” question, so here you …Keep reading

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You Have Got to be Kidding Me…or Ma...

Posted May 26, 2011 Author: Dan Beck

Sen. Dick Blumenthal wants explanations from the three credit rating bureaus about a New York Times report about a VIP list they allegedly keep that favors the rich and famous over everyone else. The article says the Connecticut Democrat wrote a letter Monday to Equifax, Experian and TransUnion about the reported separate system in which …Keep reading

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