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The Credit Cowboy Resource Corner

Here are the four credit cards I highly suggest my clients apply for in order to build credit.  The Credit Cowboy personally uses ALL these cards.  Ride on.....

Credit Cards to build your credit
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Card Information

 

  • Build Your Credit fast with our monthly reporting to all 3 major credit bureaus.

  • Choose your credit line as low as $200 up to $3000, secured by a fully-refundable* security deposit.

  • Security deposit needs to be submitted before the credit card can be issued.

  • No credit check necessary and no checking account required; apply in less than 5 minutes.

  • Extra credit when you need it, increase your credit line up to $5000

  • Access to online financial education.

  • *View our Cardholder Agreement located at the bottom of the application page for details of the card. Click the Apply Now button to get to the application page.

Card Information

 

  • Seeing if you Pre-Qualify is fast, easy, and secure

  • Get 1% cash back rewards on eligible purchase, terms apply

  • Rewards post automatically to your account each month.

  • Looking for more credit? Get credit line increase opportunities, a fee may apply

  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges

  • Pick a card that fits your style. Multiple card designs are available, a fee may apply

  • Enjoy exclusive offers available to Credit One Bank card members through Visa® Discounts.

  • Your card includes travel accident and auto rental collision insurance from Visa®

Card Information

 

  • No annual fee, and all the credit building benefits with responsible card use

  • Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus

  • You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness

  • Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed

  • Easily manage your account 24/7 with online access, by phone or using our mobile app

  • It's a credit card accepted at millions of locations worldwide

Card Information

 

  • The Citi® Secured Mastercard® helps you build a credit history for your financial future.

  • No annual fee1

  • Globally accepted

  • A security deposit2 is required for this product (minimum $200)

  • Start building the credit you need for tomorrow.

Credit Changes April 2018

There have been rumors & rumblings for 3 years now but finally the three big credit-reporting firms are planning to remove tax liens from Americans’ credit reports. Transunion, Equifax, & Experian have decided to delete the liens from credit reports and to stop adding new tax lien information. The changes went into effect April 2018. 

 

This would be the second time in approximately nine months that the credit-reporting firms have moved to remove public records information from credit reports. In July 2017 they began removing most civil judgments and many tax liens.  In 2017 an earlier version of this reform proved unsuccessful, as tracking the new criteria at that time was a nightmare for the Big 3.  That effort was focused on removing judgments and liens on which the companies didn’t have enough personal information to be certain that they were matching the events to the correct consumer credit reports.

 

Total elimination of tax liens from the reports makes sense & here's why:  An Experian spokesman said the company removed approximately half of tax liens from its credit-report information database last year and that it has continued to monitor tax-lien submissions for compliance with a settlement the three credit-reporting firms reached with state attorneys generals dating back to 2015. “Based on our monitoring, we made the decision to remove all remaining tax liens,” he said.

An Equifax spokeswoman said that “after a continued review of tax liens, Equifax determined that with only a small amount of tax liens remaining on our files, all tax liens would be removed and no longer be reported.”

The effort to remove the tax liens will affect millions of borrowers. More than 5.5 million liens will be removed from consumers’ credit reports as a result of the new changes, according to estimates by LexisNexis Risk Solutions, a unit of RELX Group that provides lien and judgment information to credit-reporting firms and lenders.  One note: The three companies, which provide vital, behind-the-scenes services in consumer credit, have been grappling with class-action lawsuits over their handling of consumers’ tax liens and judgment information.

For consumers, the change means that a negative event that could have held them back from getting approved for financing will be wiped off their credit reports. That could increase their credit score and make them look more creditworthy to lenders.

This is a move that will make some risky borrowers appear more creditworthy and increase the chance they will get new loans from banks. For lenders, the move creates a potential blind spot for risk. Lenders rely on credit reports to help determine whether consumers are likely to pay back loans that they are applying for. A tax lien, which basically follows when a taxpayer hasn’t paid what is due in taxes, is a negative event that can result in lenders declining loan applicants.

Lenders who want to keep tabs on such liens and other judgments will need to take the extra step of finding a company that will sell them that information or go through public records themselves.  Lenders will want to make sure they can get an accurate view of any potential borrowers trying to secure financing.

​Office:   818-932-9531

steve@askthecreditcowboy.com

steve@creditlawsolutions.com

17337 Ventura Blvd Suite #108 Encino CA, 91316

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