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Boost your credit score by collecting all your bills and financial papers and giving them a spring cleaning, regardless of the time of year. Everyone wants a perfect credit score of 850 or to increase their credit rating to the best possible credit score. This is the main factor lending agencies consider when extending a loan or approving credit cards. Lenders want to know your payment history and credit scores are the way they get this information quickly and easily.
What makes up a person’s credit score? How it becomes part of their credit history? A credit score is based on information gathered by the three U.S. credit bureaus: Equifax, Experion and Trans Union. Your credit score history began with the first purchase you ever made using credit. You didn’t do anything for the credit information to get into your credit history. You simply signed a credit note or credit agreement promising to repay the credit lender the funds of the loan or credit card through payments of a specific minimum amount over a specific period of time. The credit lender extending the credit, whether is was for an automobile, furniture or something else, automatically entered your credit information into the credit bureau systems and your credit payments were recorded and monitored until you paid in full. When you paid a loan in full, that account was marked “closed”. In the case of a credit card, the account would remain open as long as you are authorized to use that credit card account.
If you made no late credit payments, the credit entry became a good reference for your next purchase. All late or insufficient payments were noted and if there were many, a bad mark was placed on your credit history. As you began to use more credit, your credit history grew. The credit bureaus generated a credit score based on your credit repayments. Today, a credit score of 750 is considered a very good credit rating; a credit score over 750 is excellent while a credit scores below 600 is poor.
Boost your credit score by keeping your credit history up-to-date and making every credit card or other credit payment on time. Commit to avoid making any late credit payments. Pay off some of your credit debit completely. Reduce your overall credit debt to income ratio.
You should obtain a copy of your credit score report. Credit reports are now available, at no cost to you except postage and handling, once per year by requesting them from the credit bureaus. Check each credit entry, making certain that all credit entries actually belong on your credit record, that credit accounts you have paid off are marked ‘closed’ and clear up any errors or credit entries that haven’t been recorded properly. You might even find credit history that has not been recorded at all. The credit bureaus will send a form to request any corrections; simply fill out this form and return it by mail. After a few months, obtain another credit report and verify correction to your credit records. Check to see if you have successfully increased your credit score. By increasing your credit score even a few points at a time, you will be able to gain more buying power through prudent use of credit.
Copyright (c) Greg Aldrich
Saturday, March 28, 2009
Saturday, March 21, 2009
What You Need to Know About Credit Repair
Thank you for visiting the official blog of RaiseYourCreditScoreNow.com. If you are new here, you may want to subscribe to our RSS feed by clicking the link in the upper right-hand corner of this page that says, "Subscribe to this Blog". Thanks for visiting us!
Have you been turned down for a mortgage, car loan, or anything else? Are you tired of paying high interest rates?
If we can show you how to:
1. Improve your chance of getting approved for whatever you want,
2. Save money and pay lower interest rates,
3. Establish a better credit rating,
would you be interested?
There are many reasons why you want to have good credit. Here are a few:
1. To get approved for a mortgage to achieve the "American Dream",
2. To get approved for an apartment,
3. To get a credit card with a lower interest rate,
4. To get that car you always wanted,
5. To buy that LCD or plasma TV, a computer, or some other toy without having to pay cash,
6. To pay a lower rate on automobile, health, or life insurance,
7. And to have a better lifestyle and more confidence.
Get your FREE 24-page report at RaiseYourCreditScoreNow.com. In it you will learn:
1. Who the credit reporting agencies are and what they do,
2. What are credit repair and counseling services,
3. What is the Credit Repair Organizations Act,
4. How to report unethical business practices,
5. Where do credit reports come from,
6. How to request your credit report,
7. What are the factors that affect your credit score,
8. How to improve your credit,
and much, much more.
Stop living a less than ideal life now and start building GOOD credit NOW!
Have you been turned down for a mortgage, car loan, or anything else? Are you tired of paying high interest rates?
If we can show you how to:
1. Improve your chance of getting approved for whatever you want,
2. Save money and pay lower interest rates,
3. Establish a better credit rating,
would you be interested?
There are many reasons why you want to have good credit. Here are a few:
1. To get approved for a mortgage to achieve the "American Dream",
2. To get approved for an apartment,
3. To get a credit card with a lower interest rate,
4. To get that car you always wanted,
5. To buy that LCD or plasma TV, a computer, or some other toy without having to pay cash,
6. To pay a lower rate on automobile, health, or life insurance,
7. And to have a better lifestyle and more confidence.
Get your FREE 24-page report at RaiseYourCreditScoreNow.com. In it you will learn:
1. Who the credit reporting agencies are and what they do,
2. What are credit repair and counseling services,
3. What is the Credit Repair Organizations Act,
4. How to report unethical business practices,
5. Where do credit reports come from,
6. How to request your credit report,
7. What are the factors that affect your credit score,
8. How to improve your credit,
and much, much more.
Stop living a less than ideal life now and start building GOOD credit NOW!
Saturday, March 14, 2009
Bad Credit: 3 Rapid Ways to Fix or Repair
Thank you for visiting the official blog of RaiseYourCreditScoreNow.com. If you are new here, you may want to subscribe to our RSS feed by clicking the link in the upper right-hand corner of this page that says, "Subscribe to this Blog". Thanks for visiting us!
Posted by Nordin Brett
With the deluge of information available and extraordinary offers from companies to fix or repair your bad credit, it is difficult to believe that 80% of cases can be resolved in short-order by only focusing on a few areas of a credit report. Based on my experience as a mortgage professional and credit analyst, I can usually pinpoint the cause of a low credit score with a few simple steps and increase the credit score within 30 days.
Here are the 3 most common credit issues I uncover and the fastest way to resolve them.
Credit card balances exceed 30% of the credit limit:
1. Pay down the credit cards to less than 30 percent of the credit limit
2. Ask the credit card company to increase the limit. This can sometimes be done on your online banking system. If not, here are the questions to ask over the phone:
- Can you increase my credit limit without pulling my credit score?
- Can I request a specific limit or will you deny me all together? Will you make a counter offer?
3. If you have some credit cards with low balances, transfer funds from one card to another so that each has less than a 30% balance
4. If you are 4 months from needing a mortgage, obtain a new credit card and transfer balances so each is less than 30% of the credit limit
Remove all errors from your credit report:
Concentrate only on high priority errors that happened within the last 2 years. High priorities are:
1. Information that is listed more than once, verify there are no duplicate collections
2. Negative payment history
3. Bankruptcy items that are still showing as past due accounts
4. Accounts that are not yours
5. Collection notices that are not yours
6. Social Security Numbers and names that are not yours
7. Accuracy of credit limits; no reporting or low limits can hurt
Do NOT focus on date of birth, address, wrong employer, delinquencies older than 2 years or wrong account numbers.
Collections or Charge Offs showing on the credit report:
1. Never pay a collection unless the creditor or collection agency has not agreed to delete the collection in writing. Paying a collection is like admitting guilt and this will lower your credit score.
2. Collections 2 years or older will only hurt your credit minimally and they are not worth pursuing.
3. Try to get the collection deleted from your credit report by receiving a letter of deletion from the creditor or collection agency.
4. Always negotiate charge-offs before settling a payment. Most creditors will accept less than 50% of the remaining balance.
By focusing on just these 3 areas of your credit report, you can dramatically increase your credit score within 60 days.
Article source: ContentLog.com
Author Description
Brett Nordin is a veteran mortgage broker who has saved his clients hundreds of dollars in unnecessary credit repair fees. To get a FREE guide toCredit Repair and Credit Score Maximization Click Here
Posted by Nordin Brett
With the deluge of information available and extraordinary offers from companies to fix or repair your bad credit, it is difficult to believe that 80% of cases can be resolved in short-order by only focusing on a few areas of a credit report. Based on my experience as a mortgage professional and credit analyst, I can usually pinpoint the cause of a low credit score with a few simple steps and increase the credit score within 30 days.
Here are the 3 most common credit issues I uncover and the fastest way to resolve them.
Credit card balances exceed 30% of the credit limit:
1. Pay down the credit cards to less than 30 percent of the credit limit
2. Ask the credit card company to increase the limit. This can sometimes be done on your online banking system. If not, here are the questions to ask over the phone:
- Can you increase my credit limit without pulling my credit score?
- Can I request a specific limit or will you deny me all together? Will you make a counter offer?
3. If you have some credit cards with low balances, transfer funds from one card to another so that each has less than a 30% balance
4. If you are 4 months from needing a mortgage, obtain a new credit card and transfer balances so each is less than 30% of the credit limit
Remove all errors from your credit report:
Concentrate only on high priority errors that happened within the last 2 years. High priorities are:
1. Information that is listed more than once, verify there are no duplicate collections
2. Negative payment history
3. Bankruptcy items that are still showing as past due accounts
4. Accounts that are not yours
5. Collection notices that are not yours
6. Social Security Numbers and names that are not yours
7. Accuracy of credit limits; no reporting or low limits can hurt
Do NOT focus on date of birth, address, wrong employer, delinquencies older than 2 years or wrong account numbers.
Collections or Charge Offs showing on the credit report:
1. Never pay a collection unless the creditor or collection agency has not agreed to delete the collection in writing. Paying a collection is like admitting guilt and this will lower your credit score.
2. Collections 2 years or older will only hurt your credit minimally and they are not worth pursuing.
3. Try to get the collection deleted from your credit report by receiving a letter of deletion from the creditor or collection agency.
4. Always negotiate charge-offs before settling a payment. Most creditors will accept less than 50% of the remaining balance.
By focusing on just these 3 areas of your credit report, you can dramatically increase your credit score within 60 days.
Article source: ContentLog.com
Author Description
Brett Nordin is a veteran mortgage broker who has saved his clients hundreds of dollars in unnecessary credit repair fees. To get a FREE guide toCredit Repair and Credit Score Maximization Click Here
Thursday, March 5, 2009
Rebuilding Damaged Credit
Thank you for visiting the official blog of RaiseYourCreditScoreNow.com. If you are new here, you may want to subscribe to our RSS feed by clicking the link in the upper right-hand corner of this page that says, "Subscribe to this Blog". Thanks for visiting us!
Posted by Nordin Brett
We’ve all had times of uncertainty in our lives. Job loss, medical problems, divorce, a death in the family and other life-changing events can all be factors in creating financial distress. During these times bills pile up, payments are missed, automobiles repossessed and houses foreclosed. If we are able to recover, scars are left on our credit report to remind us of the financial hardship we endured. Most people give up, hoarding cash under their mattress and swearing off credit cards forever. Living off the grid might seem like a safer place to be but then life happens again and we want to buy a house or a car. There is a sudden desire to rekindle our credit but the task seems daunting. How can we begin rebuilding our damaged credit?
The good news is that the credit system is set-up to give us a do-over. There are two main factors in rebuilding credit. First, time is on our side. The old saying "time cures all" is alive and well in the credit world. Collections that are older than two years have only a small impact on our credit score. Late payments and other derogatory items fall off a credit report after seven years. Second, we must re-establish positive credit history. This is the part that most people struggle with. The knee-jerk reaction is to stop all credit activity, however, keeping credit lines open and building positive payment history can accelerate your credit score.
Think of credit like school; you can barely pass high school but go on to graduate with honors in college. Employers don’t care what you did in high school if you graduated Suma Cum Laude in college. Creditors think the same way, your most recent credit has the highest impact on their perception of your ability to repay debt.
So how do we begin our journey to credit re-birth? Here is a list of the basic activities you can perform to begin rebuilding your damaged credit:
1. Get added as an authorized user on a family member’s credit card that will has a good payment history. This will not impact the owner’s credit.
2. Remove your name from authorized accounts that hurt your score.
3. Take out a small title loan or installment loan for an automobile or other personal property.
4. Take out a secure credit card - ask your bank how.
5. Do not contact consumer credit counseling companies. These types of companies are viewed similarly to a bankruptcy by the credit bureaus.
6. Don’t forget, time is on your side:
o Inquiries made by creditors fall off your report 2 years from the reporting date
o Late payments fall off 7 years from the reporting date
o Bankruptcy and foreclosure falls off 10 years from the reporting date
In my experience, rebuilding damaged credit can be a fairly simple and short process if you get sound advice and are willing to spend a little time.
Article source: ContentLog.com
Author Description
Brett Nordin is a veteran mortgage broker and credit analyst. To get a FREE guide to Credit Repair and Credit Score Maximization Click Here
Posted by Nordin Brett
We’ve all had times of uncertainty in our lives. Job loss, medical problems, divorce, a death in the family and other life-changing events can all be factors in creating financial distress. During these times bills pile up, payments are missed, automobiles repossessed and houses foreclosed. If we are able to recover, scars are left on our credit report to remind us of the financial hardship we endured. Most people give up, hoarding cash under their mattress and swearing off credit cards forever. Living off the grid might seem like a safer place to be but then life happens again and we want to buy a house or a car. There is a sudden desire to rekindle our credit but the task seems daunting. How can we begin rebuilding our damaged credit?
The good news is that the credit system is set-up to give us a do-over. There are two main factors in rebuilding credit. First, time is on our side. The old saying "time cures all" is alive and well in the credit world. Collections that are older than two years have only a small impact on our credit score. Late payments and other derogatory items fall off a credit report after seven years. Second, we must re-establish positive credit history. This is the part that most people struggle with. The knee-jerk reaction is to stop all credit activity, however, keeping credit lines open and building positive payment history can accelerate your credit score.
Think of credit like school; you can barely pass high school but go on to graduate with honors in college. Employers don’t care what you did in high school if you graduated Suma Cum Laude in college. Creditors think the same way, your most recent credit has the highest impact on their perception of your ability to repay debt.
So how do we begin our journey to credit re-birth? Here is a list of the basic activities you can perform to begin rebuilding your damaged credit:
1. Get added as an authorized user on a family member’s credit card that will has a good payment history. This will not impact the owner’s credit.
2. Remove your name from authorized accounts that hurt your score.
3. Take out a small title loan or installment loan for an automobile or other personal property.
4. Take out a secure credit card - ask your bank how.
5. Do not contact consumer credit counseling companies. These types of companies are viewed similarly to a bankruptcy by the credit bureaus.
6. Don’t forget, time is on your side:
o Inquiries made by creditors fall off your report 2 years from the reporting date
o Late payments fall off 7 years from the reporting date
o Bankruptcy and foreclosure falls off 10 years from the reporting date
In my experience, rebuilding damaged credit can be a fairly simple and short process if you get sound advice and are willing to spend a little time.
Article source: ContentLog.com
Author Description
Brett Nordin is a veteran mortgage broker and credit analyst. To get a FREE guide to Credit Repair and Credit Score Maximization Click Here
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