Steve Ely

Building your eCredable profile is as easy as linking your online utility accounts

By Steve Ely on 1/9/2017
The majority of the bill payment history contained in your eCredable Credit Report comes from you utility accounts.  In 2016, we added the capability to link up to 8 eligible utility accounts - gas, water, power, mobile phone, land lineinternet, cable and satellite TV.  It's much easier - and much cheaper - to add payment information to your eCredable Credit Report when you link accounts.  Before you get started, make sure you already have online accounts set up at your utility companies.  When you link these accounts to your eCredable profile you'll need to share your log-in credentials so we can access your account and download up to 24 months of payment history.  Then every month going forward, we'll log-in again and get the current months payment history.  

 

And here's an added bonus.  All the information we're able to download will allow us to gather the data necessary to demonstrate how useful this payment history would be if it were added to your credit file at one of the major credit bureaus.  Just imagine adding your mobile phone, internet, power and gas bills to your credit bureau credit file and impacting your FICO Score!  That's what we're working on and you can help us help you by making this a reality.  The more accounts you link, the faster we get the data we need.  So spread the word to your friends and get them to help out too!

Credit Profile
credit report
link account
link accounts

Why do Millenials have subprime credit?

By Steve Ely on 10/6/2016

There's more than one way to move out of the subprime credit category into the near prime or even prime credit category.  

credit
Millennial
near prime
prime credit
subprime
TransUnion

The Hard & Easy Ways to Pay for College

By Steve Ely on 2/27/2014

 I started saving for my sons college funds a long time ago using 529 plans.  Hard to beat the tax advantages!

college savings

 

college credit teenager
college students
college tuition

Paying more on your credit cards leads to better credit

By Steve Ely on 8/1/2013

You probably already knew this, but a recent study from TransUnion provides the proof that this really works.  Consumers who pay their balances off every month (or at least pay higher amounts), are much less likely to default on their credit cards, which means they're lower risk for lenders.  Lower risk = better rates.

credit cards
TransUnion

850,000 Homeowners Climb out of Underwater Mortgages

By Steve Ely on 6/17/2013
During the recent housing downturn, borrowers nationwide saw the value of their homes slip so considerably that they ended up owing more on their mortgages than the properties were worth

. However, that trend has slowly been reversing itself for some time, thanks to the market’s turnaround, and that continued into the first quarter of the year.

"underwater mortgage" "Short Sale"
mortgages

Credit Scores & Credit Scores - What's the difference

By Steve Ely on 5/8/2013

We have a lot of information on our web site on this topic, but I always enjoy reading what Barry Paperno has to say on this topic.  He's a legitimate industry expert, who has the credentials to speak on this topic from an insider's perspective.

credit report
credit score

The Future of Credit Cards

By Steve Ely on 5/8/2013

Interesting article on the changing habits of consumers regarding credit cards.  Our customers are leaning more towards the use of Prepaid Debit Cards, because it gives them the discipline of managing their cash flow without going over the balance available on the card.  You can't spend it, if you don't have it!

credit cards
budgeting

Use your cell phone bill to your advantage

By Steve Ely on 4/17/2013
Jeanne's right - in the past your cell phone bill (if gone unpaid) could only hurt your credit, since cell phone providers don't typically report your positive payment history to the national credit reporting agencies.  eCredable is changing the game, by allowing you to get "credit" for paying your cell phone bill on time (along with other bills like rent, utilities, and insurance).  If you don't have enough traditional credit history to produce a traditional credit score, try alternative credit.  eCredable can help you qualify for a home loan or auto loan right now. 
alternative credit
Cell phone plans
credit score
poor credit
thin file credit

Credit Scores Demystified

By Steve Ely on 4/5/2013

People are always asking me what makes up a great credit score.  I usually start with "it depends".  It truly depends on a lot of different factors, all working together to determine the ultimate outcome.  This is one of the best blogs I've seen that tells you what the all the moving parts mean in a traditional credit score (like a FICO score), and can really help you understand how your credit score can change over time.

credit score
credit scores
FICO

The 11 Most Common Cred Questions

By Steve Ely on 3/28/2013

Some great tips from one of my favorite credit experts!

credit cards
credit lessons
Credit Limits
credit scores