9 Things Larry Chiang Mentors You and Your College Credit Card, Credit Score On (aka FICO score)
-1- Pay attn to FICO. Much more important than your GPA, your credit card FICO score determines your life’s biggest expense: INTEREST. Employers care about your credit and pull your credit report.
Don’t get mad at me the messenger. Leverage this ‘bad’ news. Don’t hide.
-2- ‘Graduate’ to a FICO over 750 w/o ever falling into credit card debt. 24 on-time payments of 20-25.oo, 24 months in a row. Charge 20. Pay 20.
-3- Your social security number must be the one that is on the hook AND LIABLE. What I mean is that if your parents co-signed, you’re not building a credit file married to your credit report
-4- Login and pay once per week. College students pay late because they forget. All y’all don’t pay late because of lack of money.
-5- Pulling your own credit report does not hurt your credit. This is a consumer inquiry. A hard “inquiry” is where a lender pulls your credit.
-6- Shop for a loan without hurting your score. Paper print out your credit report and fax it. Seriously tree killingly awesome. Take all the money u save and plant 100 sapling trees.
-7- Paper disputes. Complaints and disputes are legally defensible via US postal. Yes, you live in 1970s credit law. Never updated. True story. Via phone or email you preserve zero rights.
-8- Duck 9s 9’s are charge-offs. It’s a bad debt. It’s a loan the creditor has given up on. They kill your credit score in a bad bad way.
-9- Expect to get screwed. Have countermeasures. Half of charge-offs reported are inaccurate, so write paper letters w/a stamp. cc Experian Equifax TransUnion. Remember, you’re dealing with rules written by a co that has nomenclature based on a Chicago railroad (TU)
-10- Many colleges have students that can’t get credit. Ask your parents to put the family power bill and cell phone family plan in your social security #. void and separate of your parents
-11- We are friends now via Delta Sig. So here’s my cell: 650-283-8008. Follow me on twitter b4uCallMe https://twitter.com/6502838008
CEO of Duck9 Stanford University EIR (Entrepreneur in Residence)
Duck9 = Deep Underground Credit Knowledge 9 125 University Avenue/ 100 Palo Alto CA 94301 https://www.duck9.com/ass 650-566-9600 650-566-9696 (direct) 650-283-8008 (cell)
**************** Editor of the BusinessWeek Channel “What They Don’t Teach at Business School” https://whattheydontteachyouatstanfordbusinessschool.com/blog CNN Video Channel: https://ireport.cnn.com/people/larrychiang
Read my last 10 tweets at https://www.Twitter.com/LarryChiang
Author, NY Times Bestseller https://whattheydontteachyouatstanfordbusinessschool.com/blog/?s=Ny+times+bestseller
“What They Will NEVER Teach You at Stanford Business School” comes out 11-11-12
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Duck9 is a credit score prep program that is like a Kaplan or Princeton Review test preparation service. We don't teach beating the SAT, but we do get you to a higher credit FICO score using secret methods that have gotten us on TV, Congress and newspaper articles. Say hi or check out some of our free resources before you pay for a thing. You can also text the CEO:
