Do you want to know:

• How many credit cards you need for the highest credit score?
• How to get credit even if you have been turned down by nine other banks?
• Why the credit score you just paid for online is most likely giving you the wrong credit score?
• What the “no payments for 12 months loans” do to your credit score?
• How to get a 720 credit score even with a bankruptcy or foreclosure on your credit?
• How much money is your bank robbing from you?
• How to get a car loan when you have been denied?
• How to get a home loan when the bank’s aren’t lending?

Post your question on my Facebook wall and I’ll answer all your questions. It’s “Ask Me Week,” where you get all the advice you need from a credit scoring expert.

In my interview with Judyth Piazza, founder of the Student Operated Press, I talked about how important it is to purchase a credit score from the right place. I wanted to share that interview with you (click on the link above) and make a few comments about the importance of where you purchase a credit score.

I keep seeing ads offering credit reports and credit scores, and I can understand why these offers might be alluring, especially now that the economy has taken a turn. But beware that you don’t purchase a credit score from the wrong place.

It’s a little confusing, but the process generally works like this:

The credit-scoring bureaus use a lot of different formula to generate a credit score. Based on who is asking for the credit score, they will apply a different formula. A lender who is considering whether to give you a car loan is interested in different aspects of your history than your landlord, so the formula will be tailored accordingly. For instance, greater emphasis might be placed on your installment payment history for the auto lender; the landlord’s score might place greater emphasis on your mortgage history.

When you pull your own credit report, the formula generates something called the “consumer score.” The consumer score is relatively generic. It places equal emphasis on your mortgage history, installment payment history, etcetera.

The problem with the consumer score, though, is that no lender will ever see it. Never. Not in a million years.

So the consumer score is worthless. Unfortunately, this is the score you will get if you purchase a credit score from most online sites.

To put this into perspective, I pulled my consumer score and my FICO score on the same day, just to see what would happen. I went to AnnualCreditReports.com and purchased my Experian, TransUnion, and Equifax consumer scores. All three reports showed a credit score above 720, the cutoff for receiving the best interest rates. In fact, my lowest credit score was 759.

This seems great, right? I can just go apply for a loan and get the best interest rate out there, right?

This is what a lot of people would have done, but I knew better about where to purchase a credit score. Through my mortgage company, I was able to purchase my Experian, TransUnion, and Equifax FICO scores. FICO is the score 90 percent of lenders use. This time, my highest credit score was 759. My lowest was 653—a whopping 67 points lower than needed to secure a loan at the best interest rate. A collection account had been added to my report (it was a mistake) and this one item was causing my score to drop significantly.

Imagine what would have happened if I had been preparing for a home loan and relied on AnnualCreditReport.com as an indicator of my credit score. I would have had two lousy options: 1) accept less-than-favorable loan terms; or 2) postpone purchasing my home while I clean up the mistake on my credit report.

This is the problem with most places you might go to purchase a credit score. If you want an accurate reflection of the credit score lenders will see, you must purchase a credit score from the right place. Go to www.720ficoscore.com to get the only score that matters: FICO.

Credit Secrets Revealed: Purchase Credit Score from the Right Place

You will need to record your testimonial by calling 1-800-609-9006 Ext. 9038.

Please use the following script as a guideline for your testimonial (fill in the blanks):

1. Hello, my name is ___________________ (first and last name)  from ________________ (city), _____________(state)
2. What I love about Philip’s system is ______________________________ (make sure this flows from the heart)
3. The specific results I achieved because of Philip’s system are_________________________________ (examples: higher credit score,  low interest rate, money saved per month, etc. – the more detailed the better)
4. Philip, I want to thank you for __________________________________ (fill in the blank)

Be sure to end your recording with your phone number, as we will be contacting the winner by phone.

Once you have submitted your recorded testimonial, email a digital picture of yourself to info@720CreditScore.com.  Once your entry has been received, we will confirm receipt via email.  If you do not receive a confirmation email from us, call us at 1-877-720-7267.

All entries must be eighteen (18) years of age or older and submitted no later than Saturday, May 15^th 2010.

The winning prize for the best testimonial will be $500.  The winner will be selected based on the following three criteria:

1. Success with the system  – Increase in credit score (before and after score), time it took to increase your score, your savings per month due to your increased credit score.
2. Communication - Effectiveness in communicating your success story in a clear, expressive, and genuine way.
3. Presentation – Creativity of your script

The winner will be contacted by a 7 Steps to 720 representative and we will post the winning testimonial on this site on Friday, June 4^th 2010.

Thanks for your support!

Consent, Waiver and Release:

By submitting your entry, you voluntarily and irrevocably give your consent to Philip Tirone, 7 Steps to 720, LLC , their assigns, successors, licensees, agents, advertising agencies, producers, publishers and legal representatives, the use of your name and story in all forms of media and in all manner, for advertising, trade or in any other lawful purpose, including, but not limited to 7 Steps to 720, LLC products, promotional materials and web sites. You therefore waive any right to inspect or approve your testimonial or any version thereof including a paraphrasing and release any obligation to make any payment hereunder or from any other liability incurred in connection with the use of any such text or other material in the manner provided; with the exception of the one-time payment to the chosen winner in the amount of five hundred dollars. Philip Tirone and 7 Steps to 720, LLC will not use disparaging references of your name in any form, and disclaims any responsibility for such unauthorized use of your published name or testimonial.  You voluntarily and irrevocably give your consent and agree to this Consent, Waiver and Release with submission of your testimonial.

You would think that banks would know a little something about credit scores and interest rates. And in fact, you would be right. They assign interest rates based on credit scores, so they know just how important credit scores are. They just won’t tell you.

And it ticks me off.

I went into a major bank – a bank that received some of your taxpayer dollars in the form of a bailout – and I asked for help about how credit scores and interest rates can be improved.

And I got zero help. Nada.

The banker was uninformed and inaccurate in his understanding of credit scores and interest rates. To be fair, it wasn’t his fault. His managers don’t know either. And why don’t they know?

You see, the banks have no intention of helping you build your credit score, so they do not train their bankers to give you proper information. If they did, you would qualify for a better loan at lower interest rates, and they would be unable to rob you of your hard-earned money.

Well, I’ve had it, and I’m taking a stand. I think banks should:

1. Help you learn how to build your credit score.
2. Teach you about credit cards and credit scores, and how your interest rates can be improved via your credit cards.
3. Give you information about bankruptcy and how your credit score can recover after a major financial disaster.

Do you agree? Watch this SpyCam and let me know if you think banks should stop keeping us in the dark about credit scores and interest rates!

Credit Scores and Interest Rates – A Bank Insider’s Shocking SpyCam Confession

I always get asked, what is the key to Raising My Credit Score Quickly?    I understand why the “quickly” is such an important part of the question.  See – getting denied credit is embarrassing!  Read my story….

Two weeks ago I was in Macy’s buying my wife a Christmas Gift, I was in line, and there were six people behind me.  The total bill was over $700, and if I applied for a Macy’s Credit Card, I could save $140.  I thought to myself…. “I have perfect credit, and I can save $140 for applying for a Macy’s Credit Card, let’s do it!”

I filled out the application, and I could practically feel the breath of the people behind me, in fact, I could hear the voices in their mind saying… “What is he applying for a Macy’s credit card for?  We are too busy!”  Actually, that is probably what I would have been saying as well.

After waiting for the instant approval, the lady told me, “You have not been instantly approved for our Macy’s Credit Card; you need to wait a few minutes, please have a seat.”

“What!”  I thought to myself.  “How can this be?”  I felt like telling them, “I’ve written a book on credit, I have perfect credit.”  In other words, “Accept me!”  As I was sitting next to the cash register hoping and praying that everything was going to turn out for the best, I could barely face the people that were behind me.  Under their breath I could picture them saying things like, “You deserve to be denied this credit card for holding us up!”

Let me tell you, it was the most stressful and embarrassing five minutes of my 2009!  Now I know why people ask me, what is the key to Raising Your Credit Score Quickly?”  That is what I’ll help you do this year, along with a few other things… let’s make 2010 our best year ever.  If you have a story like this, almost getting denied credit, or getting denied credit?  Share it with me below, we can bond together over our frustrations.