Consumer Credit Repair: What They're Looking For
Let's say you want to do consumer credit repair. Lenders will be looking at five areas. Those factors all start with C: character, capacity, capital, collateral and conditions.
Character
Your financial trustworthiness is character. It's great if a lender knows you or your family personally. This is more often determined by your credit score. Whether you've made payments on time can play a big part here.
Credit cards especially report 30, 60 and 90 day delinquencies to the credit reporting agencies. Each negative entry counts against your credit score. If it's not already there, you'll want your report to show all accounts in good standing to repair your consumer credit.
Capacity
Capacity is the ability to make the payments. It's essentially your cash flow. If your expenses are close to your total income, they won't want to lend you more money because you won't be able to pay it back.
Capital
Capital is your net worth. Even if you're making plenty of money each month, if you have way more debt than you have assets, you're a bigger lending risk. Having more assets shows you're worthy of more credit.
Collateral
Collateral is what they take back if the loan goes into default. Credit cards are unsecured but a mortgage is secured by real estate. While lenders don't want to have to deal with real estate or vehicles personally, having those as collateral is less risk for them.
Conditions
The state of the the market and economy are the conditions. The rise and fall of interest rates and inflation are in this category. As the Federal Reserve tightens up credit to banks, consumers find it harder to qualify as well.
This also applies down to your local lender. If a banker is having a bad day or maybe you look at him funny, that could affect whether you're approved or not.
To repair consumer credit, focus on the five Cs: character, capacity, capital, collateral and conditions.
Find out how to do your own credit repair without an agency. Visit www.creditrepairsecrets.org for free credit help.
Tags: business finance, good standing, total income, cash flow, rise and fall, credit history repair, creditFiled under Bad Credit by 
Comments on Consumer Credit Repair: What They're Looking For
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What is a normalized free cash flow for FIGI? It looks like 2008 had about $3.5M free cash, but unlikely that year will repeat soon.
At a share price of $0.65, and adjusting for the new cash they had come in 4Q2009, they had an enterprise value maybe around $7.5M. If we speculate free cash flow comes back to $3M, that's a nice value.
At a share price of $1.19, make enterprise value around $15M, and even if they could get to free cash flow of $3M, that's not a spectacular value.
It seems like a new normalized free cash flow target for them might be $2M in a recovering economy, which makes the above metrics worse.
This is a great article. I enjoy lending via Kiva for the same reasons you cited, plus a few others. I also understand the risks of abuse on the part of the local lender. But, that's nothing new…that's what lenders do; exploit people in need of capital. Their job is to price risk. My job is to push my tiny bit of capital toward a place and to people who might not otherwise get a loan at any interest rate without micro-lending. That's my objective and for me, Kiva fulfills that objective.
Thanks again and keep up the good work.
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Having a bad day at ground level is one thing. Having a bad day at, oh 25,000 ft. is another. It's a lot harder to step outside and take a deep breath.]]>
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