www.mtgprofessor.com - My Favorite Site for Everything on Mortgages

My 'go to source' for all the best info has been The Mortgage Professor and I'd just like to pass this on to folks that may also have lots of questions on mortgages. I've been spending some time there reading quite a few of the incredibly informative articles and FAQs that Jack has on his site. Let me take you through some highlight articles and faq's that I really enjoyed reading and felt helped to get me informed for mortgage discussions. Another wonderful thing about Jack's site is that you'll find the articles and topics have frequent updates as Jack uncovers new answers to similar questions, examples and info on that topic.

Buying a new house before selling the old one - This was really educational as I'm currently contemplating this scenario and couldn't find any real good info on the web about it. If you're like me, you might have rolled this question around in your head:

"I need to use the equity in my existing house to buy a new one, but it looks like I am going to have to close on my new house before I am able to close on my old one…How do I handle this?"

I learned that you have many options and what kinds of questions to discuss with your bank/mortgage broker when discussing loan options. You can draw from your current equity via a HELOC and use as down payment on your new place. You can request a bridge loan. Often loan officers will want to know that you've listed your current home before going down this road.

Another article discusses the different scenario options in Buy or Sell First? a similar question is asked:

“I currently own a home which I would like to sell, and then buy another. What is the best sequence of steps in this process?”

I'm not fortunate enough to need an answer to this question but enjoyed the article Sell Now to Avoid Future Capital Gains Taxes?

"If a House Has Appreciated by $500,000, Does it Make Sense to Sell it and Buy Another For the Sole Purpose of Avoiding the Capital Gains Tax That Is Due on Gains Above $500,000?"

Quick Tips on Major Hazards - As much as we are trusting souls when we discuss money matters with professionals that send us quoted estimates, there are hazards to look out for. This is a great article and jumping off point to many other related article topics: Quick Tips on Major Hazards. You'll definitely want to read up on the lender tactics to avoid that try to tack on costs as closing approaches in Legal Thievery at the Closing Table.

I mean an almost 200% increase in quoted fees is outrageous, like this:

"I paid $2240 in lender fees when my loan closed, compared to the $880 I was quoted at the time my rate was locked. It was a total surprise that hit me at the closing table. With my house purchase at stake, there was nothing I could do. This is outrageous…why doesn’t the government do something about it?"

apparently the whole design of the GFE (good faith estimate) is designed and allows for fluctuations like this.

The Fed Discount Rate Cut - What Does it Mean to You and Me?

Thanks to the recent rate cut by the Federal Reserve, things should be looking up in the financial markets. The fed discount rate was just cut from 6.25% to 5.75% on Friday. The move was designed to bring some sanity back to the market that has been uneasy with the subprime mortgage issues.

According to an article on MSN Money, the fed discount rate cut has already had an impact:

Analyst Robert Lacoursiere said Countrywide's move Thursday should help address its liquidity concerns...

Another MSN Money article speculates this is just the move needed to alleviate the problems with the latest mortgage meltdown:

If I'm right, the market will turn around when the hedge funds have raised enough money to cover their margin calls. When is that going to be? It depends on the collateral value of the subprime mortgages that the hedge funds have decided to keep. This is why today's Fed announcement is so important.

Much of this positive outlook is due to the fact that the fed announced that subprime mortgages can be used as collateral. This means that banks will be able to once again sell their troubled subprime mortgages to pay for their credit lines.

For you and me, this is good news and means that mortgage brokers will be able to find funding again for their subprime mortgages again that they have been previously frozen out of. Last week it was sounding like only those with the better credit were going to be able to get loans, but now the market for subprime should be opening up again.

The feds rate cut by 50 basis points also leaves room for a future move, if this isn't effective enough (i.e. to still cut by another 25 or 50 basis points).

Is There a Silver Lining in the Mortgage Meltdown?

If you're investing for your retirement and you have a decade or more to prepare, then you shouldn't sweat the meltdown. If you have good credit and an adjustable rate mortgage coming due soon, then you shouldn't sweat the meltdown. If you've been taking steps to get your financial house in order, then you shouldn't sweat the meltdown.

At Blogging Stocks Tom Taulli recently interviewed Ken Little, author of The Pocket Idiots Guide to Investing in Bonds. Ken shared his perspective on the recent market meltdown and had this to say:

If you read some of the reports about the recent swings in the Dow, you would think this had never happened before, when in fact it happens all the time. The stock market goes up and it goes down. The smart strategy for most individual investors is to begin an investment plan of dollar cost averaging and stick with it regardless of what the market does.

If you're already doing some smart retirement planning by investing on a regular basis, then you're taking advantage of the power of dollar cost averaging. This is a powerful tool to smooth out the hairpin turns of the investing road. MSN Money has a great little article to illustrate the power of dollar cost averaging to sock away a million bucks for your retirement. The author walks through this example and all the powerful ingredients that allow it to happen:

Here's how it works: Say you start with nothing, invest $500 (of your income) a month (a healthy discipline), and let your money ride (over time) in diversified investments. Long term, the stock market returns at least 10% annually. Assuming a 10% return, you'd have $102,000 after 10 years, $380,000 after 20 years, and $1.1 million in 30 years.

Take a look at these 5 steps to preparing for an early retirement. If you're already on the right track, that's great, keep it up and rest assured that regularly scheduled investing is going to payoff in this turbulent market that's brewing.

If you haven't gotten your retirement savings started yet, then start now! You'll have a couple of powerful advantages by starting now. The biggest advantage is: those who make a commitment to start saving become wealthy (Doesn't matter what your circumstances are), that's powerful! The other big advantage is dollar cost averaging and the buying power you'll have as the market makes corrections.

If you're having some difficulties with credit, you might find yourselves in the subprime arena, and affected by this situation. A great source of information on credit issues, mortgages, and money management is creditboards.com. Just be prepared to spend the weekend reading through the credit forum discussion boards and you'll be on your way to cleaning up and boosting your credit picture.

Great Finance Blog Posts - I've Enjoyed This Week: Great Rates in MA, What You're Worth Crystal Ball, Harvest the Equity in Your Home!, Strange Charges On My Statements?

Great Rates in MA
Bank Deals is quickly becoming a daily read for me.  I'm enjoying stopping by and learning about the latest rate comparisons and great rate deals.  The Banking Guy posted on what I thought was an incredible deal and made me want to find a penpal in MA: 6.25% Reward Checking Account at a Massachusetts Bank (North Middlesex Savings).  Not to worry, Banking Guy has categorized lists to look for bank deals in your state, not to mention the google search for your state :-).

What Are You Worth? - Crystal Ball
At Money and Such, they have a great post: Your Career Crystal Ball.  Where Shadox talks about the cool features of payscale.com.  A definite recommended read.  I've used payscale in the past when it's review time to get an idea of where you should be, it's a great tool to have in your arsenal!

Last Change Millionaire
Tricia from Blogging Away Debt, had a book giveaway for The Last Chance Millionaire by Douglass R. Andrew.  As you'll come to learn, I'm a big believer in getting your equity out of your house and putting it to work.  It sounds like Douglass is too.  I'll probably be checking this book out the next time I'm at the bookstore.  Read Tricia's post and you'll see an interesting visual aid that Douglass describes to drive this point home.

Unknown Charges in Your Statement, What To Do?
Patrick at Cash Money Life had a post that caught my eye immediately as I saw the title: What To Do When You Have an Unknown Charge in Your Statement.  He also had a link to another of his posts about a scam that folks are randomly choosing checking account numbers to send through ACH transactions (this is a must read scam to be aware of).  Good info, and I hope my strange transactions turn out to be as benign as Patrick's were :-).

Mortgage Meltdown Questions On Your Mind? Got Mortgage?

Unless you've been on a vacation island for the last month, you've noticed something brewing with the mortgage industry. A CNNMoney.com article hears these questions asked recently by consumers, based on industry professional interviews:

Will I still be able to get a mortgage?

If you have an adjustable rate mortgage due to adjust in the next few months, this is a big worry. The consensus is: if you have decent credit, then you shouldn't be shut out of a mortgage.

The current problems appear to be with 'no documentation' and jumbo loans (over $417,000).

Another question on the public's mind:

Can I still get a no-down payment loan?

Short answer: yes, if you have good credit. Alex Stenbeck of the Behind the Mortgage blog, says that the problem is with subprime loans. He explains that this is where most folks get confused:

People tend to incorrectly group no-down payment mortgages together with subprime loans, Stenback said. But there are still programs that can get prime borrowers into mortgages with little or no money down to begin with...

Taking a look at Stenbecks blog, he quotes an article in the New York Times that has a great graphic to walk you through the mortgage mayhem we're currently experiencing. Stenbeck calls it: The Rube Goldberg Machine That is Our Mortgage Finance System. The NYT describes the mortgage perfect storm like this:

An unfortunate combination: more loans in default (many borrowers were never in a position to pay them off), risky bets worth billions made by some investors (deals now gone sour), and the reversal of the housing boom.

OK, repeat that in one breath and you deserve a cookie this afternoon! It really helps to take a look at the graphics to get clarify all the factors in play here.

I'm feeling adventurous, so I'll try and boil down their very colorful graphic in to less than 1000 words:

1. The 1990's the mortgage industry relaxed their qualification methods, reduced down payment requirements (to 0 down in many cases), pushed lower rate introductory ARMs and this got many people out of their comfort loans into loans they probably should have been getting into
2. The mortgage shellgame - loans are no longer being held by the original lender as they once were. Now, only about 1 in 5 are actually retained by original lender. Investment banks are buying up the mortgages and turning them into mortgage-backed-securities
3. Feeding frenzy of mortgage investors - much of the cream of the crop is sold as AAA rates bonds and backed by the principal and interest payments of the underlying mortgages. The riskier BBB bonds backed by riskier mortgages are being reintegrated into higher rated securities CDO's (collaterized debt obligation) and re-rated as AAA (even though they contain large ratios of the riskier mortgage holdings).
4. Several hedge funds heavily invested in these risky securities are becoming in jeopardy.

My head is spinning, but I do feel like I understand the mortgage meltdown a little better now.

Great Finance Blog Post - Ask the Readers: Is It Better to Invest or to Prepay a Mortgage?

Another favorite finance blog post I'd like to highlight to share some great blogs out there that I enjoy regularly.

www.getrichslowly.org/blog has this great post: Ask the Readers: Is It Better to Invest or to Prepay a Mortgage? JD at Get Rich Slowly has blogged this topic before. He revisited this topic again to answer an email question. I can see why, this is definitely a tough topic to discuss with folks, because it goes against generational pressures, opinions and our instinctual basic needs in life. JD points out how difficult a question and varying the answers of those that discuss it are:

This question has stumped smart people for years. Is it better to invest or to prepay a mortgage? Neither answer is wrong — there are advantages and disadvantages to both. But is one choice less wrong than the other? When I covered this subject a year ago, I shared advice from several personal finance books.

Like everyone else, I've had many varying opinions about this rolling through my head. The safety side of my brain wants to say: "Let's pay off this mortgage, so that we have a sense of security. No mater what, we'll always have a place to live in our retirement". Our parents and their parents will echo this sentiment.

The financial guru in my head says: "Hey, you know that you're only making 5.25% on that principal you pay down, right? No, wait with the tax benefit of interest you can write off, that interest rate is a good amount under 4%! So, how the heck do you think you're going to build wealth like that Mr. Buffet?" Well, that just might make be start wearing a WWWBD bracelet, so I remember to make smart money decisions :-).

This really only hits our Survival and Safety levels of Maslow's Pyramid. Those are the 2 most primitive needs. Ok, I'm an animal, you can't let me fight this fight. I love that JD references Ric Edelman's book and view on this topic:

Ric Edleman (Ordinary People, Extraordinary Wealth): Never own your home outright. Instead, get a big 30-year mortgage and never pay it off — regardless of your age and income. “Every time you send an extra $100 to your mortgage company, you deny yourself the opportunity to invest that $100 somewhere else.”

I'm totally sold on Ric's viewpoint here. I mean he hits you over the head with TEN really good reasons why in his article 10 Great Reasons to Carry a Big, Long Mortgage:

Reason #1: Your mortgage doesn’t affect your home’s value.

Reason #2: You’re going to build equity anyway.

Reason #3: A mortgage is cheap money.

Reason #4: Mortgage interest is tax-deductible.

Reason #5: Mortgage interest is tax-favorable.

Reason #6: Mortgage payments get easier over time.

Reason #7: Mortgages let you sell without selling.

Reason #8: Large mortgages let you invest more money more quickly.

Reason #9: Long-term mortgages let you create more wealth.

Reason #10: Mortgages give you greater liquidity and greater flexibility.

Stop by Ric's article and read all the gory details that he bashes us over the head with to beat the sense into us. So, what are you waiting for? I'm sure Ric would say something like: Run out there and get yourself a big refi and harvest all that equity out of your house, then put it to work building some big time wealth!

I've always loved Ric's radio show and books, I hope you enjoy all the educational resources on his site: http://ricedelman.com/planning/default.asp

FICO Roller Coaster - Part 1: FICO Freshen Up in 3 steps

In this series I'll do my best to touch on the following topics:

• FICO Freshen Up - Quick actions to pump up your FICO in the next 30 to 90 days
  
• FICO OCD - Ongoing credit monitoring of your files and scores
  
• FICO Battle - Long term battle plan when your reports & scores are in some serious need of cleanup & boost
  

Part 1: FICO Freshen Up - Quick actions to pump up your FICO in the next 30 to 90 days

OK, in this series (in 3 not so short steps), I'll cover a great gameplan to hopefully make some substantial improvements to your FICO score in the next 30 to 90 days. I've gone through many different levels of understanding about FICO scores. From what the heck they are, what's good, what's bad, to learning some great methods for boosting and keeping mine in the healthy range and the oh so important difference between FAKO and FICO. A great site that I've learned a bunch from in the last year is www.creditboards.com. This site has great set of discussion forums on all different aspects of personal finance. They're main board is probably the Credit Forum. Tons of knowledgeable people pitch in to help their fellow posters deal with the daunting hardships of credit card debt, personal finance tips and tricks, mortgage finance hunting, money management, and more, much more. I highly recommend this site if you want to dive in for a week or more of reading posts and FAQs on how to improve your credit score picture. What I'm touching on here is only the tip of the iceberg. There's so much more to learn there.

Before I got educated at this site, I was playing the 0% balance transfer shell game to reduce the interest hit of my outstanding balances. While this makes good financial sense, if done without attention to FICO, it can wreak short term havoc on your FICO score. Before creditboards.com I did learn about FICO scores and in general how to monitor them and was very fuzzy on how to really make them move. I figured if I kept paying off the balances, that the scores had to go up and they did.

Short and sweet steps

1. FICO Checkup - Pull your reports and scores and see where you stand. Use MyFico.com for FICO scores, rather than FAKO's.
   
2. FICO Boost & Payplan - Pay balances and perform balance transfers (using existing cards only ... no new card requests for balance transfers) to achieve an even utilization ratio.
   
3. FICO Monitoring - Monitor your FICO and Report progress as you paydown until you're ready for your mortgage/loan

Details, details, details to the steps

1. FICO Checkup - Pull your reports and scores and see where you stand. Use MyFico.com for FICO scores, rather than FAKO's.
   
   What is a good FICO? What's the difference between FICO and FAKO? What's a FICO middle score?
   
   FICO scores range from 300 to 850. When lenders look at your scores they generally are looking at your middle FICO score. This is the the middle score of your 3 available FICO scores. There are 3 credit bureau organizations that mortgage brokers and most other creditors get your FICO scores from. These are: Equifax, Experian, and Transunion. So, if you had scores of 660, 680 and 700 the score that your Mortgage broker woudl be quoting your rates at would be the middle score of 680. It's funny, but your score can vary in range from any of these three credit bureaus.
   
   How FICO score affects mortgage rates
   

   	760 to 850 tier		5.78%
   	700-759 tier		6.002%
   	660-699 tier		6.286%
   	620-659 tier		7.096%
   	580-619 tier		8.583%
   	500-579 tier		9.494%

   (as of March 2007 for 30 Year fixed $300,000 mortgage)
   
   (from article: How credit scores affect mortgage rates)
   
   A good FICO is basically a FICO that allows you to get a prime rate mortgage. Scores below 660 start to penalize you on getting the conventional prime rate mortgage rates. The general consensus is that a 660 and above gets you rates starting in the prime rate range. As your middle scores move up from 660+, you are on different tiers of improving mortgage rates. With the best generally considered from 760+. So, once you've reached a middle score of 760, it's great to keep improving so that future hits to your FICO won't have a great impact. But, you might not necessarily see any rate improvements.
   
   So, what the heck is a FAKO? This one threw me for a loop for a couple years. For the last 5 years or so, I thought I had a handle on improving my scores. I could never figure out how the heck the mortgage brokers got such different scores than the ones I was pulling to monitor my credit. I mean I was diligently pulling my credit reports and monitoring them and my scores from all 3 bureaus at www.TrueCredit.com. Then when I'd apply for a car loan, mortgage, refi, investment property, etc. I'd confidently tell the broker that my middle score should be 670 (etc.). They'd say, well it looks like it's actually 675 or sometimes in the bad direction 665. I'd say, what are three scored you have for me and they'd say for example: 660, 675, 696. I'd say: well, I just pulled them yesterday and they are 670, 675, and 705. They'd say, those are consumer FICO's. We pull a different set of FICOs for banks.
   
   Geeze, I felt somewhat beaten down by the process. But, I was getting my scores in the general upward velocity and vicinity that I wanted them to be. I just couldn't understand why my scores I'd pull and theirs were so different. Well, on www.creditboards.com I learned that if you want to monitor your scores and report, use www.truecredit.com many folks do that to great success. But, once a year/quarter/before refi/etc. pull your score from myfico.com. This is the consumer end of equifax.com and they publish the real FICO scores that the banks get. The scores that www.TrueCredit.com gives you are FAKO scores, they have their own algorithms to give approx scores for the 3 credit bureaus, but they aren't the exact algorithms that MyFico.com uses and that all banks actually get. So, there you have it FAKOs are great for monitoring general trend and vicinity of your actions on your scores, but when you really want to know what scores your creditors/brokers will be pulling you should pull it from MyFico.com .
   
   Now, I'm sure I heard a couple of people pipe up and say: why even pull truecredit.com reports and scores? Just use MyFico.com all the time. Well, it comes down to money my friends ... cold hard cash. www.TrueCredit.com and there are others that you can learn about on www.creditboards.com charges a pretty nominal fee for the year to allow you to pull your updated credit file and scores on a daily basis (yep, updates daily) as well as daily alerts sent to your email when things on your report changes (great for monitoring for Identity Theft). Whereas pulling from MyFico.com costs about $45.00 ($40.00 if you can find promo coupons and there generally are some posted on creditboards.com).
   
   Now that the basics are out of the way, what was step one again? Oh yea, let's pull our FICO and FAKO's and see where we are. You have a couple different options here. First, if you've just recently applied for a Mortgage, Refi, Car Loan, etc. where they pulled your credit report and scores from all 3 bureaus, then ask them to please tell you what your scores are from each of the bureaus and note these. This is basically free if you do it this way :-). Also, ask them if they would please send you your three credit reports (if you can't get these, that's ok, we'll want to pull them anyways).
   
   So, if you didn't get your scores or reports the freebie way, there are still some economical avenues. You can go online and get your credit reports pulled down for free within 60 days of being declined for credit. Just follow the online links in this post: Links to the Free Online CRA Credit Reports For adverse action or declines (i.e. also free if you are unemployed, on welfare, or have any reason to believe your reports are wrong due to fraud).
   
   You are entitled to pull your Credit Report from all 3 bureaus for free once a year. You can choose to pull a report from one at a time every 4 months (just a suggestion) for free to keep you covered for the entire year when you're monitoring or you can choose to pull them all at the same time from www.annualcreditreport.com.
   
2. FICO Boost & Payplan - Pay balances and perform balance transfers (using existing cards only ... no new card requests for balance transfers) to achieve an even utilization ratio
   
   OK, you got your reports and you know where your starting scores are. 30% of your credit score is made up of the amount you owe. In particular your overall and individual credit line utilization rates figure big time into your credit score. So, if you lower your utilization rate, you increase your fico scores. Payoff your debts and your scores increase. How to calculate your utilization rate? It's the ratio of your debt to credit limit. Or: Utilization = Debt/Available Credit Limit. Example: Platinum Visa with $10,000 limit and $4,000 balance; Utilization = $4,000/$10,000 = .40 (or 40%). The rule of thumb is that you want to have none of your cards above a 50% utilization. This is a signal to your creditors that you are maxing out a credit line and can't manage your available credit limits.
   
   This one killed me, remember when I said I'd balance transfer to my 0% card offers. Well that was giving me a 80-90% utilization on individual cards (but not changing my overall utilization). The result is my FICO score would tank and I couldn't figure out why. Do a search on 'Utilization' at http://www.creditboards.com/ for lots more examples and explanations. Suffice it to say that one of the most powerful methods of increasing your FICO scores quickly is to equalize your credit card utilization ratios.
   
   Your action plan is to build up a spreadsheet (paper or electronic) and calculate all of your existing utilization ratios for all your open credit card accounts. Apply your monthly payments to reduce highest utilization ratios first. Apply minimum payments to all others.
   
   You can also utilize existing balance transfer offers you have (on your existing cards only, don't open new accounts). Use these to move the balances around to equalize the utilization ratios. Example:
   
   before...
   

   Card Balance Credit Limit Utilization Card1 12000 15000 80% Card2 0 (BT Avail) 5000 0% Card3 5000 10000 50% Card4 0 (BT Avail) 10000 0% Card5 10000 12000 83%

   
   
   after 1 month (with avail balance transfers + $1000 monthly payment)...
   

   Card Balance Credit Limit Utilization Paid/BT Card1 7500 15000 50% 4000BT + $500 Card2 2500 (BT) 5000 50% -2500 BT Card3 5000 10000 50% Min Pymt Card4 5000 (BT) 10000 50% 5000 BT Card5 6000 12000 50% 3500BT + $500

   
   
   after 2 months (with only $1000 monthly payment avail)

   Card Balance Credit Limit Utilization Paid Card1 7225 15000 48.17% 275 Card2 2400 5000 48% 100 Card3 4800 10000 48% 200 Card4 4800 10000 48% 200 Card5 5775 12000 48.13% 225

   
   
   
   Note: The above method is not the most cost effective way to deal with it. If you have no need to have a great FICO score right away. Then play the 0% balance transfer game any way you want to reduce interest rates and attack attack attack your credit card balances with all your avaialble cash payments. Attack the balances with highest interest rates first for the best savings. Once they're all paid off you'll have stellar FICO Scores as your utilization will be close to 0%.
   
   Caution: No matter what you do, do not close accounts as you do this. You could seriously tank your FICO scores! Read up on Creditboards.com about closing accounts. Take a look back at the charts at Myfico.com for what makes up your scores (remember, these are the folks that created the algorithm for all our scoring, so they know). Payment History makes up 35% and Length of Credit History makes up another 15% of your FICO Score. So, closing an account you aren't going to use anymore could hurt you (especially if it's an old account). As long as you're not paying a fee for it throw it in a sockdrawer or in a baggie of water and throw it in the freezer. It's not going to be used that way and is always there if you need it AND it won't kill your FICO Score.
   
3. FICO Monitoring - Monitor your FICO and Report progress as you paydown until you're ready for your mortgage/loan
   
   Go online to http://www.truecredit.com/ or another monitoring service that you're familiar with and monitor your score and credit reports. I like to use truecredit.com and I have the plan to pull unlimited scores and reports daily. It's like $10 or $14/month. You might check with your credit union, employer, etc. to see if they have any recommended credit monitoring options.
   
   What I do is pull my score weekly or daily if I'm looking for score changes and report updates. I also save my reports and scores daily to hard drive (in html format). This allows me to look from one pull to the next to determine what had an effect on moving the scores. Remember, these are FAKO scores, but the general movement and trend is what you're looking for. You should see your scores going up as your new balances are posted. You can check on your report to see if it reflects the new balances for your most recent payments. You'll notice that as soon as a new balance hits, you'll see an upward movement in your score for that day :-). As you attack those balances and drive that Utlization ration to under 20% you'll notice a huge spike in your scores over that time.
   
   Once you've done about all you can before you'd like to engage in a mortgage broker, etc. Then pull your Myfico.com scores and you'll know exactly where you stand with what your rates can buy you.
   
   How FICO score affects mortgage rates
   (as of March 2007 for 30 Year fixed $300,000 mortgage)
   

   	760 to 850 tier		5.78%
   	700-759 tier		6.002%
   	660-699 tier		6.286%
   	620-659 tier		7.096%
   	580-619 tier		8.583%
   	500-579 tier		9.494%

   
   (from article: How credit scores affect mortgage rates)

More to come in the upcoming parts to this series. We'll dive into how you can triage and attack the information in your credit report to take away bad references, derogatories, etc. For more information in the meantime on this topic, check out a great primer on credit building by Psychdoc at creditboards: PsychDoc's Credit Repair School