Do you know what affects your credit score? In this video interview with Mike Doyle from White Jacobs Associates, Brian Spitz finds out what comprises your credit score, how to pay your credit card and how to pay your other debt to maximize the positive affect it could have on your credit. Watch now to find out how YOU can improve your credit score yourself!

Brian:         Hi. I’m Brian Spitz, president of Big State Home Buyers at BigStateHomeBuyers.com. And today, I want to ask you do you know how to establish good credit? And do you know what it takes to fix bad credit?

And today we have an expert with us, Mike Doyle, and he specializes in helping consumers learn about credit, educate them and know how to fix it, as well as he has a firm that does the repair work themselves.

So, thanks very much for joining us today.

Mike:          Thank you, Brian. Appreciate that.

Brian:         Tell us a little bit about yourself and your company.

Credit is Power

Screen-Shot-2014-06-19-at-11.56.13-AMMike:          I’ve been doing credit restoration for eight years. We’re White Jacobs, a consumer service company. We’re lawyer backed. We help people who have questions about credit. We give free consultations.

My goal is increasing knowledge about your credit score because credit is power. If you do not have a good credit score in this environment, you’re being taken advantage of. You’re paying more for your house insurance, car insurance, car loans and home loans.

So my goal is increasing your knowledge about your credit and then to increase your score. I’d love to talk to you any time about doing that.

What Makes Up Your Credit Score

Credit it made up of mainly two things. The installment loan, where you have set monthly payments for a certain time and then the loan is paid off. And the other type is revolving. Like a credit card. It goes up and down.

Those two are very important to building your credit. The longer you have a credit card, the more it helps your credit score. Never charge more than about 20% of your credit card.

Brian:         Right.

Mike:          Any time you do, it will hurt your score. But you need both of those. Brian, it’s not the size of the card. It’s the fact that you have a credit card that you never charge more than say 10% on. And you never miss a payment.

Brian:         Right

Mike:          You never, a fifteen dollar payment that’s thirty days late can decrease your score thirty-five to forty points the first day.

How to Pay Your Debt to Positively Affect Your Credit

Brian:         Wow! And that’s one of the things that I learned, as I’ve learned more about credit. And what I would do is I would use my credit card some, but then I would pay them off. Pay them down before the bill closes. Is that helpful or is that a myth?

Mike:          That’s helpful, as long as you pay it before they report to the credit bureaus.

Brian:         Right.

Mike:          And since (unclear), I would never suggest paying more than 30%, having more than 30% on your cards or have more cards. Don’t do that till you have more available credit.

Brian:         Right.

Mike:          They take all your available credit. So you may have two cards. One may be maxed out but it’s a small card. The other one offsets that, so it really does not hurt your score.

Brian:         Right.

Mike:          That’s one thing we need to talk about. Any time you have a credit question, give me a call.

Brian:         And they can reach you at?

Mike:          At 214-240-4538.

Brian:         And WhiteJacobs.com.

Mike:          WhiteJacobs.com, yes. That’s my cell phone. I do a lot of traveling, so I’ll talk to you 24/7.

Brian:         Right. And that’s a Dallas phone number, but you handle cases nationwide.

Mike:          Nationwide. Yes, sir, we do.

Brian:         And the laws for credit are pretty much the same throughout the country.

Mike:          Absolutely. We know credit guidelines and we help enforce those laws.

Brian:         Well, so installment loans and credit cards, revolving debt. And again, installment loans are things like car loans. What are some other examples of installment loans that might be easy for someone to get if they have challenges with their credit?

Mike:          Go to the bank and if you do not have any credit, go to the bank and get a secured loan. An installment loan and pay it back. But at least pay it back on seven monthly payments.

If you do an installment loan and you pay it for seven monthly payments, it’ll be in your history for ten years. Good credit is on your report for ten years. Bad credit for seven years.

And if you make six payments on an installment loan, there will not be any credit if you pass the sixth payment.

Brian:         Right. Excellent information. So this is a great start. Again, visit WhiteJacobs.com. Call Mike Doyle if you have any questions about credit or credit restoration. I know there’s a ton of people out there who claim they can fix credit or who offer all kinds of services, but it’s really hard to find somebody reputable.

At Big State Home Buyers, we really want to work with reputable people and help our clients find the right resources to meet whatever their needs are. So visit us today at BigStateHomeBuyers.com.

Give Mike Doyle a call. Visit them at WhiteJacobs.com.

And again, your phone number is?

Mike:          214-240-4538. 4538.

Brian:         Excellent. Thanks very much.

Mike:          Thank you. Appreciate it.