Can I sell insurance with bad credit??

That's crazy. I have only heard of a background check but credit score? I've never heard of such a thing here in RI. Good luck and I would check your employment laws on this one.
 
I took a free credit class at a local real estate office just for information, based on the "7 Steps to 720" program - Steps to a 720 Credit Score

Basic info ( you probably know):
10% credit type
10% inquiries
15% account age (1& 2 years vs. 5& 10 years old)
30% outstanding balance relative to each credit limit
35% payment history (30/60/90 dayes late)

it takes 2 years for credit inquiries to fall off. AFter 7 years most items fall off except bks those are 10. The older the item is the less of an impact

Hope this helps in some way. There was lots more in the class but of course there are books on these things as well.

I have heard that employers are commonly running credit checks along with background, they want to assess the risk of someone stealing from the company. Maybe in our profession they think you would hard sell to catch up? I dunno. I hope you're able to get things cleared up and get going! Best to you.
 
Principal and Aig so far said no, NYL is next

NYL will say no as well. Ultimately, they want you in the securities business, where credit scores do have an impact. If you can't sell variable products, they won't accept you.

Health shouldn't be a problem, with direct appointments. With life, companies are really pushing the variable products for direct appointments, and that requires a 6/63 (really no issue) and an appointment to a broker/dealer, who won't take a high credit risk.

Dan
 
Does anybody know of credible sources pertaining to all the in's and outs of credit scores, which contain information that has been verified to be 100% accurate.

I've heard comments from various friends and business associates that contradict each other and I'd like to know if anybody has found something that actually "shows and tells" ways to increase credit scores to the max.

I'm gonna look into that program Bill. Would you buy the course haven gone through it again if you had to pay or would you look at different avenues?

Here are some things I've heard that I don't know if they are true or not.

1) Open up as many accounts as possible and keep your debt to income ratio below 50%. Makes sense, although I think 25% should be the goal. I have one friend who is quite proud of the fact that he has access to $250,000 in credit card money. I don't see the point in having access to that level of credit card debt unless you purchase a lot of crap.

2) There is no way to know precisely how credits scores are calculated, yet there are (like Bill illustrated above) estimates of what each section represents. Has anybody verified this information?

It looks like Dave Ramsey and Suze Orman both have their own products, and of course Clark Howard is in the mix. Has anybody purchased any of their products or is it the Don Lupre material one might expert from a guru?

Happy Selling.
 
Here are some things I've heard that I don't know if they are true or not.

1) Open up as many accounts as possible and keep your debt to income ratio below 50%. Makes sense, although I think 25% should be the goal. quote]

Well, I wouldn't recommend opening as many accts as you can. Excessive lines of credit, (regardless of the balance on those accts, which is a seperate issue), is one of the criteria that will ding your credit. Another is the % of utilization of that credit line. e.g. If the credit limit is 10K then exceeding 50% or 5K on that line is going to reduce your score.

You mention debt to income ratio... There is no such thing involved in arriving at your credit score. Income is not part of the equation. It isn't reported at all as part of your score. The aforementioned percentages in the earlier post are the categories, with no weight to income whatsoever.

It is a bit of a mystery, but really more common sense in some ways. It is amazing at how little folks think in advance of some of the events that can and will hurt their FICO score. Too geared in the immediate gratification, as a society... enough of that.:yes:

SN
 
As I said, this was a realtor who is looking for leads for purchasing homes, trying to help purchasers improve their chances with mortgages. He is a Century 21 guy, they have a mortgage guy in their office. If you have a relationship with a mortgage guy, it's likely they can help you review your stuff and make some recommendations.

The 1st step recommended (I guess by the book, I only have a pamphlet from the class) is to get to a 30% MAXIMUM utilization rate by:
1) paying off the account (if possible)
2) Transfer funds from another account so that each account has a maxium balance of 30% of the credit limit
3) Ask the credit card company to increase your limit so your balance becomes lower relative to the limit amount
4) Reactivate an old account (even if it's been closed)
5) Open a new account, however, not more than 1 in a 6 month period. But don't transfer $5k to a $5k account, if you want to transfer $5k tell them so but you need a credit limit of $16,700, or a $15,000 limit and pay it to $4,500 right away.

I'm thinking maybe there's someone near you who has some experience with this stuff? I had first learned of this program because someone teaches it through community colleges (I believe). I didn't know the realtor would use it; overall I thought good information.

Best to you.
 
Mr. Bill:

The newest and latest approach to raising ones credit score is "Renting someone else's credit or tradelines". It sounds over the edge and potentially illegal, but it is NOT. Certainly it is about as close to the line w/o going over and it may soon be deemed illegal, but as of today, it is not.

Let's say that you had excellent credit and I didn't. You were willing to add me to your credit line (of course I wouldn't have the authority to buy anything), just for the purpose of that credit showing up under my name. Wallou, my score would go up as a result. There are folks who are renting out multiple lines of their credit and making huge sums of money for doing so... (like 10K per mo passive). I have read about it only in amazement that it is not illegal (*yet).

You can read more about it here... recent article in the Wash Post.

Kenneth R. Harney - Credit Scores for Sale - washingtonpost.com

A company that hooks up holders of credit lines willing to rent them and folks with bad credit... for a fee. I know nothing more than that...
But just fascinated by the fact that this is being done and folks credit scores are going up by between 50 pts and 250 pts.... HUGE.

www.AddaTradeline.com
 
I've seen those types of ads posted on Craigslist. Those, alongside the free life insurance programs. Although I'm not 100% certain, I do believe the possibility exists that the "lender" of the credit score will see his/hers go down.

Honestly, though, I do believe all this credit crap is a big scam by the banking industry. I cannot believe that banks like Citi choose to have their credit operations in ND or SD (I forget which) so they can charge usury rates. Most people are really good and honest, but sometimes things happen, and jacking up their rates to 30+% isn't going to help them get out of debt at all. Disgusting.

Which reminds me of the book James had recommended, The Pirates of Manhattan, I have not read it yet, just some excerpts and reviews. Corrupt practices of financial institutions. Look what they've done so far to the`American economy, and there's more to come. (I'm also not saying the borrowers weren't at fault, either)
 
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