A smart financial decision can create a very negative result to a personal credit score. Unfortunately, most consumers are t aware of these penalties and therefore do t avoid them. Here's an example I remember from a client of mine named Karen: She went from 662 to 593 in 81 days. What had she done? In a well-intentioned but ultimately costly move, she had accepted a zero interest for 6 months offer. She didn't want to utilize her current Visa at 19% believing that the rate was too high. That was the well-intentioned part - 0% interest instead of 19% interest- but the Credit Scoring System doesn't kw what interest rates you or I or Karen pays....r does it care. Her score dropped 81 points. Is it smart to pay 0% interest instead of 19% interest? Absolutely. Can that action, even if smart, lower a credit score? Absolutely. This book is about the Financial Folly that consumers all across America experience simply for making smart financial decisions. Seven of these smart financial decisions are described in detail so that consumers can better understand the negative impact that will occur and can avoid accidently lowering their own credit scores. Lower scores can cost consumers hundreds or thousands of dollars each year in additional interest, higher insurance premiums, and missed job opportunities. Learn the truth about these seven smart financial decisions.
Dan Ridenour, CBA is the founder of the CBF Institute, which is a credit education company. CBF Institute studies the impact of Credit, Budgets, and Financials on consumers and provides Do Credit Right solutions including specialized trainings, seminars, study materials and personal coaching. Dan Ridenour attended IUPUI, earned his CBA designation through NACM and has 28 years of credit / lending experience which includes serving as: President and COO of NACM Great Lakes Region, Inc. (National Association of Credit Management) Assistant Director of BNI-Indiana (Business Network International) National Sales Manager for EQ Financial, Inc. Regional Vice President with Credit Depot, Inc. Assistant Vice President of Indirect Lending with EquiCredit Corporation Assistant Vice President of Indirect Lending with Old Stone Credit Corp. Plus numerous branch management / underwriting positions. The author of three books on credit, a speaker at numerous training events / conventions and having personally reviewed more than 14,000 consumer or business credit bureau files, Dan Ridenour is considered by many as the most effective COACH to CONSUMERS who desire to protect their credit score from unforeseen disaster or increase a credit score fast! Anyone can INFLUENCE THE CREDIT SCORE and Dan teaches people how.