Credit Repair services » Credit Information

Enhance Your Credit Score: Figure out Your Creditworthiness

admin — Sat, 17 Dec 2011 01:20:51 +0000

Having Your Credit Score Explained

” The Age of Your Credit: If you have had credit for a longer time, especially without deliquencies you are likely to continue to be a good credit risk. ” If you are trying to get a lot of credit cards in a short window of time, it may have a detrimental effect on your credit score. What Type Of Credit Do You Have: Having a mortgage or installment payment loan is more likely to help you credit then credit cards, or revolving credit lines.

Credit Reports Explained

Your credit score determines many things – if you’re responsible enough to re-pay a loan on time and not default as well as your experience handling lines of credit and interest rates.

The Dynamics: Maintain and Improve Your Credit Score

Your credit score is broken down into many factors: 35% is your payment history; 30% is the current amount you owe; 15% is the time you’ve had your credit lines open and active; 10% comprises new credit lines; and the remaining 10% is the type of credit you use (2).

Send Away for Your Credit Report – for Free!

Please note that there is an additional fee to obtain your credit score from the credit reporting agencies.

You can also call the credit agency at 1-800-888-4213.

You can also view your credit report online with a free 30-day trial (3).

A credit counseling agency will offer advice on how to improve your credit score and boost your creditworthiness but will charge you extensively for this information. Basically, working to improve your credit score and fostering creditworthiness is a three step process: 1. Request and review your credit report from multiple agencies; 2. Pay in full your overdue accounts; and 3. Open new lines of credit, starting slowly with either a pre-paid or unsecured credit card.

If you’re reviewing your credit report yourself, the following scale will come in handy:

Below 550 to 599: Your credit problems need to be addressed. Lenders and/or creditors consider these credit scores to be terrible.

You need to think about a course of action to improve your credit score.

Ibid.3. credit_bureaus.html

Build Credit in your Name

admin — Wed, 28 Apr 2010 13:26:04 +0000

If you have delinquent credit and are married, you might want to build your credit in your name instead of using your spouse. Somebody has to have stability. Also if you are divorced and all the credit cards of credit information are in your spouse’s name you will need to reestablish your credit in your name.

Getting your credit reestablished is the first step to repairing your credit. When you obtain your credit report you will see that your spouse’s name is listed on the credit reports. This is because together you and your spouse applied for credit cards, took out car loans or what have you.

This means that you are responsible for your spouse’s account. The advantage is that credit bureaus cannot list the negative accounts against you if you are divorced. Once you have copies of your credit report you will then need to cancel all joint accounts.

If you contact the creditors to resolve the issues on your credit report be sure to ask the creditors to take in consideration your spouse’s credit history. It is important to bring into light your spouse’s credit history when applying for a loan.

Let the lenders know that you are now divorced and starting your own credit line. If you apply for credit cards, be sure the cards are in your name and use them wisely since this helps to rebuild your credit quicker than most sources.

Make sure that you pay minimum balance on the credit card accounts each month to avoid delinquencies. If at all possible when you see that your funds are low; pay your bills rather than making a purchase on your credit card.

Once you bills are paid be sure to make a payment on your credit card. This method not only keeps you out of trouble with other creditors, but offers a solution for repairing your credit. If you can afford to pay your bills each month and use your credit card be sure to only purchase items you need and keep it at a minimal.

If at all possible payoff your credit card balances each month to avoid interest. Interest rates cost an additional hundreds of dollars in the long run, so paying off your dues on time can save you money. If you don’t have credit cards and decide to choose a card be honest on your application and look for the best interest rates available.

If you are in debt it is wise to payoff your dues before applying for a credit card, unless you intend to use the card to get out of debt. If you plan to use the card to get out of debt search for the best interest rates, as well as cards that offer cash back on your spending. There are tips for managing credit cards to repair credit.

It is important that you are consistent with the use of your name. For example, if your name is Robert Leon Swisher Jr., always sign your name accordingly. Do not use your card dishonestly for advantages. Few people believe that lying can get them out of a problem. The truth lying gets you in deeper. If you are filling out an application for credit cards tell the truth. It is important that you understand the timeframe to apply for a credit card. If you are out of work, lived at your resident for less than a year or you have negatives on your credit report, this is not a good time to apply for a credit card.

If you are stable it is always wise to apply with lenders where you have done business with them at a later time. Building your credit after divorce is difficult at times. However it is not an impossible task. It is important that you are aware that most credit card solicitations are gimmicks that only offer you a solution for hanging yourself.

Instead of getting out a rope, it is wise to stay alert, and investigate any credit card offer made available to you. Finally, you want to avoid low introductory rates on credit cards since after about six months the interest rates often hit the roof.

By: Jonathan Cheong

Which Credit Bureau Should I Use To Check My Credit Report?

admin — Sat, 17 Apr 2010 08:23:27 +0000

There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.

Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.

There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.

Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.

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By: Beth Pardue

Credit Repair Firms – Are They Really Worth It?

admin — Sat, 27 Mar 2010 22:49:59 +0000

When you are in need of some financial relief, then you need to start by researching the best places to go for the most up-to-date information. You can get started online by researching some of the credit advisors and information provided to you on these websites. Although there are several great credit repair firms out there, I personally know of a lot of people who have had some decent success with Lexington Credit Repair and it is as good place as any to find some solace. You can literally place your credit and your credit report in the hands of those who know all about repairing credit.

Today, it is more important than ever before to have excellent credit. In a day and age where unemployment is high and the real estate market is failing, those who have excellent credit are those who will stand while those who do not are unable to make it in the toughest of times. If you don’t have good credit, you must take the initiative and work on your credit. It’s the only way to have peace of mind when everything falls apart in your financial life.

What a lot of people don’t realize is that when the economy is bad and jobs aren’t secure, the credit history you have or have worked to build is the only thing you will have when everything else is gone. If you aren’t able to buy a home because you don’t have the money or your job isn’t secure, it is going to be a good bill of health on your credit report that will save you. It may even be all you have when you need financial resources.

Credit repair firms such as Ovation and Lexington Law can ensure you keep your credit report in top shape. If you know you’re credit history is less than desirable, it may already be time to check out Lexington.

Credit repair isn’t a tough task to undergo but at the same time, ignoring credit issues will not make the bad credit go away if you don’t have good credit. If you need assistance in building up your credit or if you need to update a creditor’s reporting on your credit history, a service can help you find the resources needed to handle this more efficiently.

There are plenty of steps to take when you want to build up your good credit reputation but if you have bad credit, you need to do this now before it is too late. If you know you have a few blemishes to take care of then the first thing you need to do is talk to someone to find out how to do this in the least amount of time possible.

When you have good credit, you don’t have to worry about your family or yourself in the worst of times. If you have an emergency situation, you can get the money you need to take care of the sudden events that warrant cash in hand but without good credit; it’s difficult, if not impossible. Today, there’s a way to fix the problem credit. However, you have to be proactive and keep a keen eye on your credit report.

By: Dave M Williams

How To Write Letters To Remove Information Off Your Credit Report

admin — Mon, 22 Mar 2010 08:17:41 +0000

Many people who look into their reports find that their credit information has errors and those errors usually affect your credit negatively.

Maintaining an accurate score sometimes requires us to be pro-active, and we must write letters to remove information off our credit report. These are sent to the big 3 credit bureaus. Although in many cases the first thing most people want to do is to call the Credit Bureau and tell them off, this would be counterproductive. Instead the best method would be to sit down and write a credit report dispute letter.

You should read your credit report, take notes as to what you consider the problem areas are and think whether what’s on the report could actually be true. If, in finding that what’s on the report is false, you need to think through how you’re going to word your letters to remove info off credit report. You’re going to have to send a copy of this letter to each of the three main credit bureaus: TransUnion, Experian, and Equifax. Be polite and state facts as you see them. See example letter below.

Dear (credit bureau name here),

After looking at a copy of my credit file, I found that it contained erroneous information. I would like to dispute this information and request a correction. I am concerned about the information that you have put in my credit report as it could seriously impair the credit rating I enjoy with lending institutions.

You have not (state the problem here).

Be sure to include the month, and the date, and the name of the business.

I am enclosing a photocopy of my cancelled check as proof of my payment. Hopefully, this will correct the accuracy of my credit file. As you are certainly aware of, the credit bureaus are only allowed to use accurate information in a consumer’s credit file.

Thank you for correcting the above errors to insure that it doesn’t impair my personal credit. Please contact me as soon as the correction has been made and my credit report is again accurate. Please send a copy of my credit report to: (place mailing address here).

Yours,

(Your name)

Be sure to include your full name as listed in your credit report, address, Social Security number, copy of your driver’s license, copy of the credit report, and copy of your proof, i.e. cancelled check.

Be sure to retain a copy of whatever you send to each credit bureau. Make a note of the date that you mail your letters to remove info off credit report. Using certified or registered mail is a good idea, as this will give you proof of the mailing date.

By: Tim Gorman