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Give Your Testimonial for a Chance to Win $500

As you know, I love receiving testimonials from my happy and satisfied clients. So for fun, I have decided to host a challenge on who can give the best testimonial about their success with my 7 Steps system… AND I’ve made it SUPER EASY. Just follow these simple instructions:

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):

Hello, my name is ___________________ (first and last name) from ________________ (city), _____________(state)
What I love about Philip’s system is ______________________________ (make sure this flows from the heart)
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)
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:

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.
Communication - Effectiveness in communicating your success story in a clear, expressive, and genuine way.
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.

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Credit Card Act Might Mean Higher Fees

The Credit Card Act of 2009—which takes full effect in February 2010—eliminates some of the unfair penalties credit card companies charge their customers. Say good-bye to the Universal Default Clause, a vicious device that permits a credit card company to raise a person’s interest rate for making a late payment to another creditor. And tighter restrictions will be placed on credit card companies’ methods for assessing finance charges.

While these changes might seem like a good thing, beware. The credit card companies are making up for lost profits by charging higher interest rates and fees, lowering limits, and increasing minimum payments.

All these increased fees might make you want to cancel some of your credit cards. I caution against this for two reasons:

Canceling credit cards can lower your credit score by reducing the average age of your accounts. And if you cancel a card with a balance, you will have a high balance-to-limit ratio, which is bad news for your credit score.
The tighter restrictions on creditors means credit cards will be harder to come by. What if you cancel your cards, only to find that you cannot get approved elsewhere?

Instead, pursue other options:

Call the credit card company and ask for a customer-retention specialist. Ask why you have been assigned higher fees/lower limits. Do not admit to anything that might make you appear to be a credit risk. Do let the representative know that you have been a loyal customer and that you object to the change in policy.
If the representative does not reinstate your previous terms, consider “opting out.” The Credit Card Act of 2009 allows you to keep the old terms as long as you stop using the card and continue paying the balance. If the representative does not reinstate your previous terms, you could “opt out,” but consider this option seriously. The Credit Card Act of 2009 allows you to keep the old terms as long as you stop using the card and continue paying the balance. NOTE: This will result in either a closed or an inactive credit card account, both of which could hurt your credit score. Before choosing this option, read 7 Steps to a 720 Credit Score for a full explanation.

If you haven’t already shared your credit card “horror” stories, comment below, the more detailed the better.

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Beware of Interest-Induced Holiday Hangovers

Almost half of banks responding to a survey by the Federal Reserve said they were increasing interest rates.

Suffering not only from the recession, but also from the new restrictions mandated by Congress, banks are passing the buck—or rather, they are grabbing the bucks wherever they can find them by increasing interest rates to make ends meet.

With the holiday season fast approaching, this is bad news for consumers who turn to credit cards to finance their holiday shopping. To stave off compounding interest charges—and the holiday hangover that corresponds with mounting credit card bills, we suggest leaving the credit cards at home when headed to a mall. Instead, follow this plan:

Make a budget for each person on your shopping list.
Label envelopes with the names of each person for whom you are buying a present.
Place the amount of cash appropriated for each person inside the respective envelope—no more and no less.

When purchasing a present, withdraw cash from the appropriate wallet. This method creates a psychological barrier to impulse shopping. If you are tempted to splurge on a gift—let’s say you are robbing from Peter’s envelope to buy a gift for Paul—you will be dissuaded when you realize you will need to withdraw money from another person’s wallet to cover the extra cost of the gift.

If you want a copy of my book, “Preventing the Credit Holiday Hangover,” submit a comment below with your best money saving technique. I’ll email the book out to you immediately!

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Credit Card Companies – Can They Do That?

Have you had your credit card interest rates go up?

Have you been treated unfairly by your credit card companies or banks?

Are you willing to tell your story? If so… you can help!

I’m heading back to Washington to lobby our elected leaders and I need as many stories as possible so we can make a difference.

Let’s face it…. The LAWS are not fair, and they need to be changed!

Tell me your worst story about your bank or your credit card company.

1) What happened?

2) What did they tell you?

3) Why wasn’t it fair?

The more detail the better!

Post your comments below! Do it now!

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Lending 101 for Geithner

Per the “Wall Street Journal,” headline today, “Bank Lending Keeps Dropping.”

Big surprise.

As I’ve said in previous posts, lending guidelines are getting more stringent. How are banks going to lend more money if it’s tougher to borrower? The irony is that this is so simple, yet, the smartest economist in the world are missing this simple point.

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Don’t Let the Foreclosure be the End of Your Credit

“The Wall Street Journal” published an article today how foreclosures will start ramping up because the temporary moratorium (on foreclosures) is over. Over the next few months the number of foreclosures will increase tremendously, because people will be unable to pay their bills.

If this is you, do not let this be the end of your credit.

People think, because they have a foreclosure, their credit will be impacted forever. This is NOT true.

7 Steps to a 720 Credit Score is designed to get people with a foreclosure on their credit to a credit score of 720, four to five years sooner than letting the foreclosure fall off your credit report. You are going to be judged by your credit score whether you like it or not. The foreclosure will have a significant impact; however, it doesn’t have to have a significant impact for long.

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Bank of America’s “fair” Move

I guess it’s fair, after all, it’s their company… no wait, it’s us, the taxpayer who saved them. So after the bank accepted billions and billions of dollars in taxpayer stimulus, they have decided that credit card interest rates are too low, even though rates are much lower. That makes sense.

Not only are they cutting our credit limits (previous posts), which impact our credit score, but also are raising our rates, which is going to impact how much we can pay, which will also impact our credit score.

Bottom Line: If you get a notice of a your credit card raising its interest rate; call the bank and agree not to charge any more on the credit card, and they will keep your previous rate. Per my book, 7 Steps to a 720 Credit Score, make sure that your balance is under 30%, so your credit score won’t be negatively impacted.

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US Security Council and Our Credit Bureaus

The Los Angeles Times published an article today about the UN’s Security Council split response about North Korea testing the rocket. Big Surprise.

Since when do we expect the UN to actually give a firm demand? They are master hedgers. It reminds me of our credit bureaus. It reminds me of our banks. It reminds me of the credit card companies.

It’s very clear that North Korea acted unfairly by breaking the rules that they agreed to. Isn’t it equally unfair that our credit reporting system impacts 80% of Americans with errors and that those American lives are being impacted because of those errors?The UN will not take action, just like our government has not taken action. The only difference is that the credit reporting system can be fixed via education. North Korea… well, it’s a little more difficult to negotiate with tyranny.

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Business Credit and Personal Credit – You Can’t Get One without the Other

The Wall Street Journal published an article today about why banks started lending to small businesses even though “on paper” their financial statement didn’t look like they could pay back the loan. A 1995 study by Fair Isaac Corp. and Robert Morris Associates, found that a small business cash flow and financial statement had little correlation with how the owner would pay his bills. “A stronger prediction was the business owner’s personal credit score,” says the article. Now the year is 2009 and credit is tight. If your credit score was important 5, 10, and 15 years ago, today it’s absolutely critical. Per the small print on the agreements with your credit card companies, they can run credit checks anytime to make sure your on time on other bills. If your not, be prepared to have your interest rates raised or your credit limit dropped.

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Are Your Credit Limits Being Changed by Your banks?

According to USA Today, 11% of US Consumers (about 22 million people) had their credit card limits cut, even though they pay their bills on time and have good credit. For many small business owners, this can be a big problem as they use their credit cards to help keep their business running. If you don’t want your lenders to cut your limit, it’s very important that you do not change your spending habits. Meaning, if you typically pay your bills in full each month, then do your best to continue to pay them in full each month. If you typically pay 50% of your bill each month, then do your best to continue to pay at least 50%. Banks are looking for changes that will show “financial hardship,” and many times they will jump to conclusions.

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Credit Scoring Expert speaks candidly about his personal growth and asks respected writers to share content to help others improve their life.

Personal Growth Blog for Philip Tirone – Credit Scoring Expert and Champion for the Underdog

Posts Tagged ‘7 Steps to 720’

Give Your Testimonial for a Chance to Win $500

Credit Card Act Might Mean Higher Fees

Beware of Interest-Induced Holiday Hangovers

Credit Card Companies – Can They Do That?

Lending 101 for Geithner

Don’t Let the Foreclosure be the End of Your Credit

Bank of America’s “fair” Move

US Security Council and Our Credit Bureaus

Business Credit and Personal Credit – You Can’t Get One without the Other

Are Your Credit Limits Being Changed by Your banks?

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