Fagin Financial Services

ALL CHARGE OFFS SHOULD HAVE A 0 BALANCE. That’s the first thing you look for when you see a charge off on your Report is what the balance is.

If it isn’t a 0 balance then you have a good factual dispute to get that account removed.

It need to be reporting as “paid” also if you never made a settlement agreement with the collector.

Once again charge offs are no longer your responsibility but they can still try to collect from you until the statute of limitations is reached.

The balance you didn’t pay became taxable income once the creditor charged it off as a tax deductible to get rid of paying taxes on it.

Get that charge off account removed… any negative item can be removed if it has even 1 factual error.. you can find multiple errors if you know what to look for ‼️

the IRS can get taxes on that amount you owed even on your state taxes not just federal because it became taxable income to the IRS.

We haven't celebrated our clients wins in a while, matter of fact I get asked are we still helping repairing credit and the answer will always be YES!!

So it's Friday so help me celebrate the clients who decided they want better than being denied or high interest rates

Some people believe that 30% utilization is where you should be, honestly 1-3% is best,but if you can’t afford that,keep your utilization at 7%!! 10% or less is what I tell my suggesrion!!

Secured cards are a good starter option for consumers who have a thin credit file, this option is available when you provide a security deposit . You can then use the card as you would an unsecured card. Keep your utilization below 10% and pay the balance before your statement closure date.