Introducing UltraFICO | Build Your Credit Score FAST…Maybe.
It seems some folks having some problems with the shopping cart trick. It’s either not working for them or it’s simply not coming up or when they do punch in the last four of their Social Security number, they’re just not getting the free credit. I have had so many questions about the shopping cart trick that I think the next few episodes are going to be devoted to what you need to do when the shopping trip trick doesn’t work for you. In the last episode we discussed Experian Boost. Today I want to go over UltraFICO.
To Access the Course Material:
Click HERE for the Ultimate Credit Repair Course! >
To Access the Free Webinar:
Click HERE to Watch the FREE Webinar! >
To Access the FREE LIST:
Click HERE to Get The FREE Shopping Cart Trick LIST! >
UlraFICO – Another Experian Boost?
It seems that the fair Isaac Corporation has come up with a product to compete with Experian boost. They call it UltraFICO.
In general is the same as Experian boost in that it uses your bank account to take a look at your utility and cell phone payments and then boost your score based on that information, how long you’ve had your bank account, what sort of balances you hold in your bank account at any given time, and how often you use things like overdraft protection.
How it Works
Now primary difference between Experian boost and UltraFICO is how it works. For starters you can’t just opt in. You and your lender must both opt in.
If you have a score of 700 or above you will be allowed in this program, it’s strictly for people between the lower 500s in the upper 600s. Then again, once your scores in the 700s you probably don’t need any help with your credit and can just continue to maintain it as I teach my credit repair course.
FICO says that among consumers who had kept a positive balance in a deposit account and maintained an average of at least $400 in a savings account, 70% improved their scores with the addition of that information, Via UltraFICO.
What were also seen is that ultra FICA doesn’t really help people who have big problems on their credit reports such as collections or judgments. Among those with previous financial distress — such as an account in collections — only 1 in 10 saw an increase of 20 points or more. That means again as I mentioned before you’re still going to have to do some credit repair even if you choose to use ultraFICO. This is more like icing on the cake not the cake itself.
Caveats and Risks
I think is best if I explain some of the risks, like I did in the episode on Experian boost.
First of all just like Experian boost, once you’re in you need to stay in at least to your score recovers past 700. Leaving the program will likely drop your score when all of the extra information from your bank accounts comes out of your credit report.
It’s also important to note that it will not work if you pay your utility bills with a credit card. It only works with bills paid through a bank account.
However, FICO was reporting that they also work with PayPal and the mio and some of those other online banking platforms, so that may end up being a good thing from that perspective. That being said, I teach in my course in the budgeting section that is many bills as possible should be on some sort of auto pay so that you’re never late. If you set those up on auto pay within your bank account this program could potentially help you a bunch.
Like Experian boost it’s a free service so you’re not out any money by trying however only experience is currently offering ultraFICO so if you’re working with a lender that uses TransUnion or Equifax you’re going to be out of luck. I would remind you here that based on what I teach, you guys already know that Either ultraFICO or Experian boost are always going to be a better alternative than a credit repair company.
One risk to using ultraFICO: You have to grant FICO access to your bank accounts. The connection is read-only and encrypted, but if you’re cautious about privacy Then you need to know ahead of time that there’s always the possibility of getting hacked. Of course, in his teenage there’s always a possibility of being hacked no matter what you do so to me the risk is worth the rewards that you have to make that decision for yourself.
In Summary:
what I am about to tell you next is simply my opinion and is not the gospel except maybe according to Allan. You can go with it or ignore it, but if you ignore it, you will likely pay a price: I AM an expert after all… whether you choose to use UltraFICO or Experian boost you need to remember that these are not primary ways to fix your credit. The primary way to fix your credit is to go get my credit repair course and learn how to do it and file the dispute’s and send the letters and learn how to budget and all those sorts of things.
Above and beyond that, there’s still the shopping cart trick, CD and savings account loans, secured credit cards, and other services like Experian Boost. And again I would remind you of what I said several episodes back… The best way to make money is also the best way to fix your credit. The tycoon theory.
To Access the Course Material:
Click HERE for the Ultimate Credit Repair Course! >
To Access the Free Webinar:
Click HERE to Watch the FREE Webinar! >
To Access the FREE LIST:
