If the person giving you credit advice doesn’t know the answers to the questions I am about to list, RUN!!! The advice they are about to impart to you is incomplete. Incomplete advice is sometimes more dangerous than bad advice. Incomplete advice has just enough truth in it to make it believable.

Bad advice has no natural predators except the truth. Bad advice flourishes in an environment that lacks a hunger for truth. It is time to start questioning every tidbit of information that you receive!!! Why? $154 that’s why. When you apply $50, one time to the extra principle on a 200k mortgage, you will save $154 in interest over the life of the loan. Most of you are taking a match to $50 every day or two by making bad decisions based on bad advice that came from people who had no business advising anyone.

Since the invention of the wheel there have been people who didn’t own a chisel but still had something to say on how to make something round more round. People who are truly experts are also good explainers. If someone can’t explain in a way that you can understand RUN!!!

Keep this list of questions in mind someone is giving you credit advice:

  1. What should you keep your credit card balances at for maximum points added each month? The answer is not zero, and it’s not 50%. If they say 50%, thank them for their time and walk away. You can continue listening to someone who said zero. They are wrong by just a little, but they have good habits in general. Deem them somewhat trustworthy on credit scores but solid advice givers concerning budgets and debt reduction.
  2. Besides the due date, what are two other very important days to know concerning your revolving credit?
  3. First, a statement then a question – You can have all the good score building credit you need to put your scores on a trajectory set for 800 and pay less than $5 per month in interest. Building an outstanding credit profile is not a debt derby. Question (a trick question) – which website can you go to open those new accounts?
  4. In step by step manner, have them explain how to trade in a car with a high-interest loan that is $4,000 upside down and lower monthly payment at the same time.
  5. How long does Chapter 7 bankruptcy hurt your credit score? The answer is not 7 or 10 years.

What you don’t know is costing you a fortune. I have 14 years worth of stories to share from over 30,000 hours spent solving credit problems. I get results.