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We're looking out for your credit score tonight money moves can't hide your history for years to come.
Joining me -- now with tips to boosting your credit score John Alzheimer consumer education president for Smart credit dot com John -- welcome back to the show always good to have you line.
So I thank you start with this credit scoring and how long it -- -- it's a long darn time if you have bad information how long is it.
Yet a credit histories that self policing industry and when you screw locked meaning you missed payments -- you have a accounts going to default -- -- -- collections or unfortunately what most recently people going into foreclosure.
That's a seven year penalty -- if you do something even works like file bankruptcy or have a tax lien on -- credit report.
Or unpaid -- -- -- -- stay longer bankruptcies to stay up to ten years and unpaid tax liens and defaults in the -- can stay indefinitely -- -- -- actually -- so why are you want you're telling why do I think that the good staff.
Goes away -- it's just my intuition.
Yet citrus -- that you you bring that up the law of the federal law that defines when bad stuff passed a beer -- from your credit report.
Actually doesn't address the good stuff it's silent on the issue of good stuff so technically the credit reporting agencies could maintain good information on -- -- reports forever.
But they doubts there's -- -- bureaus have policies in place to bail or remove an active old accounts after a decade.
Which is probably not a big deal because by then -- likely established other accounts.
But there is no guarantee that your old great credit you establish when you were you doing your teens are in her twenties is gonna hang out on her credit reports for Arab -- dozens present in the -- okay what's your number one piece of advise.
For improving that credit score.
That's an easy want.
Pick something that's actionable if you got bad things on your credit report not a lot you can do about it except -- wait time measure our idea.
But number one way to improve your credit score very quickly is to pay off credit card debt.
And that doesn't mean you have to take it from 20000 to zero overnight if you can start chipping away at it 20000 to 191000 to 141000 you'd be surprised how quickly your score is going to improve.
Because it doesn't have a memory -- it does not know that you -- more debt yesterday they need you today so the minute that debt goes down -- the scores gonna -- lot.
Love that okay.
Big story today ATM's are not an issue prepaid debit -- So if you want to get one of those all you have to do is go to your -- ATM and -- that.
-- you and I talked a lot about repaid debit cards we've not been fans because of their fees.
But now banks charging big time.
Fees what do you make of this move.
Yeah -- it it doesn't surprise me and eventually you cut I thought that the ATM machine was going to be used.
For more than just balance inquiries and taking cash out so the the fact that now some big banks in the -- undisclosed at this point.
Are essentially reworking of the general Anderson and a workers of the ATM machine to be able to get out of prepaid debit card in addition to -- -- to variables he can pick and choose what you want.
Doesn't surprise me it's another way to monetize.
The ATM machine which for many many years they haven't had a way to further monetize that machine now -- -- Let me tell you -- you when you say further monetize it means taking.
Money out of my pocket and putting it in their pocket because what are we talking about it here at the end of day or -- there are talking about selling me a product where I have to pay to get access to -- money.
Yet and and not only we remember when you go to ATM machine and -- in network you're gonna pay a fee it's very likely you're gonna pay a fee to get this car because -- -- have to activate it.
He got a load funds onto it these are things that costs them money -- we're gonna subsidize it.
Are charging you money and just because you've got that the car now that doesn't mean that the -- parade has ended.
You're likely gonna have to pay the same types of -- -- pay out of what ought to prepaid debit card.
That you purchased at a drugstore that you've got former banker that you buy off the Internet because you like 180s pop stars.
Of course selling them now so again this is your money -- after tax money -- a tax on -- when you got your paycheck.
And now it's your money now you're getting out of the basket attacks on when you're wanting to put it on a piece of plots that.
You know it's not just the pop stars my friend at some of the financial advisors as well -- -- Suzie -- in her prepaid debit card has gotten a lot of attention.
I still wanna pay that much for access to my money that's -- thing.
John thanks for coming I don't I don't wanna pay anything to access to my money I want for clarity my money you know why.
It's your money.
And ideas what might have -- -- stipulated we agree on are right thank you sir have a great weekend.
You do the same -- if it.
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