-
May 19, 2008 10:55 pm US/Pacific
-
Digg |
Facebook |
E-mail
|
Print
Call Kurtis: Let's Raise Your Credit Score
How To Raise Your Score In Weeks
SACRAMENTO (CBS13) ―
Credit scores are something we all have. You can't buy a house or a car without a decent one.
What if we told you, you can raise your credit score simply by changing the way credit score computers look at you?
It turns out that credit scores seem like a game. Credit bureaus make the rules and we have to try and figure them out.
Let the Credit Score Game Begin.
With the help of our credit score guru Al Bingham, we're going to try to raise the credit scores of these three contestants in just 4-weeks.
Our first contestant is Lee Hudson from Sacramento. He's an operations manager for a multi-cultural TV station. He has a fair credit score of 594.
Contestant #2 is Rachelle Martinez of Carmichael. She's a single mom who works as a hairstylist and wedding consultant. Her credit score is a Poor 517.
Contestant #3 is Michelle Blackwell from Rancho Cordova. She's a property manager and a mom. Her credit score is a fair 569.
All three of our contestants have had some financial troubles and want to raise their credit score. In our first round, they'll meet with Al who spent years studying the complex credit scoring system.
"It's something I know," Al told Kurtis. "And I know how to improve someone's credit score. I just want to let them know what they can do to improve it."
He wrote a book called The Road to 850. Al says people don't realize credit scores don't just affect their interest rates and ability to get a loan, but in several states outside California, they drive up your car insurance, homeowners insurance by hundreds of dollars each year. It could even cost you a job.
I asked, "Can you promise their credit score will go up if they follow your advice?"
"Absolutely guaranteed," Al responded.
Al shows each of our candidates their credit reports. He comes up with individual strategies they can carry out over the next few weeks, pointing out one thing that could raise one contestant's score 40 or 50 points.
In round two they go home with their homework and check in with Al weekly for four weeks!
And now the results.
We'll start with Lee. Remember he had a 594.
Al told him to open up a credit card and work to figure out how to pay off some judgments. His new score? 610.
Lee reacted, "Are you serious? Wow".
Now Rachelle who had a 517 after filing for bankruptcy last year.
She worked with the credit bureaus to fix some mistakes on her reports and established credit by opening a new credit card. Her score went up 52 points to 569.
"I didn't think it would go up that much so quickly" Rachelle told Kurtis.
And now Michelle who had a 569. She paid off one credit card and paid down another to around half of her credit limit. She went up 70 points to a 639.
"Someone telling me I could raise me score in 4 weeks, I didn't think it would be that substantial, maybe a few points, but not what you just quoted me," said Michelle.
Al set each of them up with long term strategies to go up another 40-80 points in just the next 6 months.
Al said, "It doesn't matter if you're a billionaire, millionaire or make $5 or $6 on the street. Everyone has a credit score. It impacts us all. We have to pay attention to it."
Sometimes it's a matter of closing accounts and paying down balances; sometimes it's that you have too few accounts and need more credit.
Al says anyone can play the game.
Do you want to?
Click the link under the headline to see how to start.
(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)