Dave Sullivan's Advice

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[hotlink deleted by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines] FICO Credit Score vs Vantage 3.0 Credit Score who will win?  Another shot has been fired at the industry standard FICO Credit Score by the upstart with big pockets Vantage. Vantage has just introduced the newest version of it's Credit Score called Vantage 3.0.  They have done away with the often confusing range of 501-990 and adopted the FICO range of 300 to 850!  This is a big win for consumers, who will no longer be confused about the different ranges and it will help Vantage 3.0 start getting acceptance with Fannie and Freddie.  I am going to make a prediction.... "if they get to keep this scoring range (300-850) Vantage 3.0 will take FICO out of the mortgage business." I am sure that FICO realizes this and will make their lawyers very wealthy defending one of their trademarks. Expect delays in rolling this out. Although, this is a big win for consumers and Vantage (and the three major repositories that own Vantage LLC) but no so much for FICO. Although wile Vantage 3.0 may have won this Credit Score Battle they have not yet won the Credit Score War.   If you see Fannie or Freddie accept Vantage 3.0 then the credit score war will be over. RIP FICOFrom the Vantage 3.0 information Highlights and features of Vantage 3.0• More predictive: Utilizes more granular data about consumers' credit histories than other traditional models, so the results are more accurate.

Do not pay off your credit cards and don't wait to get pre-approved.  The mortgage process is so long now that it makes sense to start now! [promotion removed by Zillow moderator]  DO NOT CLOSE ANYTHING!!!  and keep all balances in between 5-9% of the total... Go to [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.] for more info

You can get a consumer inquiry all you want and it will not impact your score for more information check out [hot link deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

What to do when your collection account gets sold over and over again, It is called re aging, churning, and it is just wrong...   Collectors sell debt in an attempt to keep it on your credit report longer than allowed.  You can fight back!  Start with this video... What is the Statute of Limitations on Debt? Most revolving accounts stay on you credit report for seven years starting 180 days after the first delinquency.Most installment or utility stay on you credit report for seven years starting 30 days after the due date.Bankruptcies can stay on you credit report for ten years starting from the date of discharge.   Chapter 13 Bankruptcies can be removed form your credit report in as little as 7 years but may stay on you credit report for ten years starting from the date of discharge.   Federal Tax Liens can stay on you credit report for seven years starting from the date paid. if not paid they could remain for ever. State tax liens very by state so check with your local reporting rules.Judgments and lawsuits can be reported for seven years from the date paid or until until the statue of limitations runs out witch ever is longer and unpaid judgments can be renewed.  

[Self-promotional context removed by Zillow Moderator. Please see our Good Neighbor Policy]I give you my take on the LA Times story from August 19th. Offering only my opinions on the subject. Start slowly? I would suggest starting with 5 good bank credit cards and then not applying for new credit in order to minimize the credit inquiry impact.Co Signer. Not a good Idea. Get a secured card or get listed as a auth user from your mom or dad.‎3 lines of credit. not exactly FICO will score one account as long as it is 6 months old.Variety. over rated this is normally quoted because it is the official line from FICO.Secured credit card, this one is correct but apply with a large bank and they will roll the account so you keep all the history.avoid using more than 30% of your available credit. love this one, It is like they are picking a number out of a hat. Watch this for the real answer

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Paying your revolving credit down to 5-9% of the high credit hands down on every file it works.

You are stuck even though you are not responsible for the debt your score will still be effected by his late payments. [Self-promotional context removed by Zillow Moderator. Please see our Good Neighbor Policy]