Posts Tagged ‘Improve your Credit’
Credit Scores – Damaged Credit Score Quick Fixes
Posted by: admin in Free Credit Reports on March 30th, 2009
Improving your credit score takes time and effort. Damaging it, or ruining it altogether is easier than you might think. All it takes is a slip-up here, a late payment there, and then your credit score is damaged. It doesn’t take much to hurt your credit, either. And, if you’ve made more than your share of credit mistakes, you won’t have many options the next time you are in the market for a loan or a credit card. You’ll pay the price for your misadventures, in the form of high interest rates and exorbitant fees.
The easiest way to hurt your credit is to break any or all of the rules that are important to lenders and creditors, which we’ll go over in detail here.
- Being late with bill payments. One third of your FICO score is based on your bill-paying track record. It’s been said that a payment that’s 90 days late is just as bad as filing for bankruptcy, or a repossession. However, sometimes in life things go wrong and maybe you aren’t able to get that payment out on time.
Most lenders will work with you to a point, and they are usually willing to let an “oops” here and there go. Just try to bring the account current as soon as you can, and don’t skip payments. If you can only afford to pay the minimum, do that. It’s better than doing nothing at all!
If you know ahead of time that you won’t be able to pay on schedule, call your lender and explain your situation. Hopefully, they’ll be understanding and give you a little “wiggle room”. It doesn’t always work, but if you’ve had a history of on-time payments for years, it can go a long way.
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Additional Ways to Improve your Credit Score
Posted by: admin in Free Credit Reports on March 28th, 2009
We all know that we’re more than our credit score, but what’s inside doesn’t really matter to lenders, landlords, and even some employers. Many facets of our lives are controlled by that finicky three-digit number, and your score determines your chances of being approved for credit, and the interest rate at which you’ll receive it. Here, a basic breakdown of credit worth, by the numbers:
- 750 and above will get you primo interest rates on loans; you’ll essentially get approved anywhere and everywhere.
- 710 through 750 will get quite a few competitive offers sent your way, though you won’t get as many as a person with a score of 750+.
- 650 up to 710: You’ll get approved, but you won’t get the good rates that your friends with higher scores will get.
- 580-650: Prepare yourself for stricter terms and higher interest rates.
- 580 and below: Basically, if you don’t want to go through a loanshark, forget it!
» Finish reading this Additional Ways to Improve your Credit Score Article - Click Here
Boost your Credit, by Stretching the Truth
Posted by: admin in Free Credit Reports on March 27th, 2009
It’s been said that a white lie never really hurt anyone. We don’t know if that’s true or not, but they might be good for your credit score. Here are a few little lies that may help your FICO. It’s not really being dishonest (there’s enough of that going around lately), it’s more like embellishing your side of the story so financial providers will look more favorably upon you.
Most lenders don’t report every single transaction or late payment. That’s not necessarily something you want to bring to their attention. If you’ve slipped up a few times, and have ended up paying late more than once, and it doesn’t appear on your credit history, just thank the powers that be and make every effort to pay on schedule in the future. Conversely, if your payment history is immaculate, you may want to say something if there’s something lacking on your report. Missing information can make your credit history look not-so-appealing to potential lenders. If a good portion of your accounts are missing some information, a creditor may not have enough info to decide whether or not you’re creditworthy. To flesh out your credit report, call those lenders who aren’t so good at reporting transactions, and ask them to start communicating more about your credit history. Another thing to consider: The reports you’ll receive from each of the three main credit bureaus (Experian, Trans-Union, and Equifax) will most likely contain different information. Just because there’s a blemish on one report, doesn’t mean it will appear on the others.
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Top 10 Tips to Improve Your Credit Score
Posted by: admin in Free Credit Reports on March 9th, 2009
Are you suffering through this economic downturn with bad credit? Well, like you, thousands of Americans are facing the same troubles. However, by doing ten easy things, you can improve your credit score and begin rebuilding your life. Fixing your credit is going to be a long process, but once you’ve achieved your goal, you will be completely relieved that you took the plunge and came out on top.
1.) Don’t Bounce Checks
While bounced checks don’t appear directly on your credit report, every bank and potential lender has access to that information, and it could keep you from getting a home or auto loan in a snap.
2.) Pay Your Bills On Time
Although this may seem normal to some people, others have trouble staying on top of paying their bills, and their credit suffers because of it.
3.) Contact Local Lenders
If you go to a lender in the neighborhood versus a national chain, you are more likely to get a credit extension because they take the time to understand your unique situation versus putting you through a system that will automatically approve or deny you.
4.) Start Small
If you have had some credit discrepancies in the past, there is a reason they are there. Don’t get in over your head with charges you think you can pay off, because of the reality of the situation is, you can’t.
5.) Check Your Credit Report
At least once a year to make sure the information is accurate and you are identity theft free.
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4 Tips To Increase Your Credit Score
Posted by: admin in Free Credit Reports on February 12th, 2009
Often times when an individual runs into bad credit they feel unsure as to how to get back on track. When it comes to repairing your credit, it takes time. However, the process will not only increase your credit score, but present you with better spending habits to keep it there. Here are some key things you can do to get started:
1) Secured Credit Cards – This type of credit card is great for building your credit because you are required to make a cash deposit into your account to be approved. This gives the lender assurance that there is cash available to cover the card, in addition to supplying you with the perfect tool to start proving your credibility.
2) On Time Bill Pay – As this seems basic for some people, it is important to realize that if you have bad credit, anything you’re doing to repair it will be severely affected if you don’t pay your bills on time. In an extreme, the cut-off point is 30 days past due. After that, you might as well wait until the following month. Keep in mind, that most companies are willing to give you a grace period as long as you call and notify them you’ll be a few days late.
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