Pete Hoover

Pete Hoover

Malvern, PA – Hoover Financial Advisors, PC, celebrates its 10th anniversary with a series of Top 10 Lists. The first involves valuable advice to preserve good credit.

“Too much credit? Too little credit? No credit? Good credit? Bad credit? There are so many considerations when protecting and managing personal and business credit,” indicates HFA founder Pete Hoover, CFP. “Lenders generally rely on five key factors when evaluating individual or company credit worthiness. Sometimes called the 5 Cs, there are: Credit History; Capacity; Collateral; Capital; and Conditions.”

The most widely used credit scores are created by Fair Isaac Corporation or FICO. Ninety percent of top lenders use this resource to help them make billions of credit-related decisions every year.  A person with credit has a FICO score at each of the three credit bureaus: Equifax, TransUnion and Experian. Each score is based on information the reporting bureaus keep on file about individuals with various types of credit. Data and scores may be different at each one.  Base FICO scores have a 300 to 850 range. Although many lenders seek FICO scores when making decisions, there is no single cutoff score used to calculate interest rates.

“Credit can be a wonderful thing – if it is good,” qualifies Hoover. “For example, someone with a credit score of 840 is just 10 points below the highest possible rating. That person could pay more than $90,000 less on a 30-year fixed rate mortgage for a $300,000 home. Be sure to take charge of your credit health and keep your scores strong. The rewards are ample,” he concludes.

Hoover’s Top 10 List:

  1. Establish a positive credit history by opening and responsibly managing a secured credit card.
  2. Get current on any missed payments. Delinquent accounts may stay on credit report files for up to seven years.
  3. Always pay bills on time with at least the minimum amount due.
  4. Stay within credit limits on cards or lines of credit.
  5. Review credit scores annually and report discrepancies promptly. Free reports can be ordered by linking to http://www.AnnualCreditReport.com or calling 1.877.322.8228 and following instructions.
  6. Pay down high interest rate debt first.
  7. Don’t open new credit accounts you don’t plan on using.
  8. Set a monthly budget and maintain it.
  9. When possible, consolidate debt into a lower interest rate account.
  10. Pay more than minimum amounts on monthly bills.

Hoover, who has more than 30 years industry experience, is a multiple Five Star Wealth Manager, which is achieved by fewer than seven percent of area financial advisors. He launched Hoover Financial Advisors in 2005. The firm was selected as the 2012 Small Business of the Year by Chester County Chamber of Business & Industry and the year before it was named among the top financial planners in the Philadelphia region. Headquartered on Moores Road in Malvern, HFA is an independent discretionary firm with no product ties. Services include wealth management, cash flow management, estate planning, retirement planning, financial forecasting, plan preparation and implementation, income tax strategies, insurance solutions and management of financial needs after the death of a loved one. For more information, visit its website at petehoover.com or call 610.651.2777.

Information for this news release was obtained from Wells Fargo; AnnualCreditReport.com; Federal Trade Commission Consumer Information (consumer.ftc.gov); creditcard.com. 

MCCC, TD Bank To Host Free Workshops On Building, Keeping Great Credit

Map of Pennsylvania highlighting Montgomery County

Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)

Blue Bell/Pottstown, PA — April is National Financial Literacy Month, and Montgomery County Community College (MCCC) and TD Bank will offer free workshops to help students and community members learn how to build and keep great credit.

The workshops will be held on April 23 from 12:15-1:15 p.m. and April 24 from 6:30-7:30 p.m. in Parkhouse Hall room 121 at MCCC’s Central Campus, 340 DeKalb Pike, Blue Bell, and on April 29 from 12:15-1:15 p.m. in South Hall room 221 at MCCC’s West Campus, 101 College Drive, Pottstown.

The workshops are free of charge and are open to the public. Questions can be directed to MCCC’s Financial Aid Office at 215-641-6566.

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New Business Opening In Pottstown

Pottstown, Pa.  – Top Notch Credit Advisors announces opening of new location in Pottstown, Pa.  Local man, Marcus Shellenberger, has opened a new location at 867 N. Hanover St. in Pottstown.

The company’s primary focus is credit restoration and repair.  “Over a period of 45 to 60 days we can help most people repair and remove most of the problems on their credit report.” says Shellenberger.

He also said that “over 70% of the derogatories on most people’s
credit report are inaccurately reported and that is what we go after, often with a very high success rate.”  Marcus stated that “There is a money back guarantee, if we don’t perform the customer gets their money back.”

Contrary to popular belief credit restoration is legal as long as you
are bonded and registered with the state.  There are also certain
disclosure documents that are required to be provided to consumers explaining their rights.  All of which Top Notch Credit Advisors has and provides to its customers.  As with any industry there are some bad apples, but Top Notch exceeds all state and federal requirements.

Credit restoration is often confused with debt settlement.  Where
credit restoration removes and repairs problems on your report, a debt settlement company would contact creditors and negotiate your debt down and then consolidate that into one payment.  It is actually two completely different services.

Shellenberger states “we are usually able to raise a score from 50-100 points, but we can’t help everyone.  What we do is evaluate each report before accepting someone into our program and prices range from $250 to $900 with a written guarantee.”

Marcus has provided a short video on credit that is located at:


About Top Notch Credit Advisors:

Top Notch Credit Advisors is located at 867 N. Hanover St. Pottstown, Pa 19464.  They provide credit restoration services to consumers.  They can work with clients in any state.  They are bonded, licensed and state registered.  Top Notch also offers a written guarantee.

For more information visit: http://TopNotchCreditAdvisors.com or call: 610-326-0162