Gary Bunn asked:




Your credit report is the one piece of financial information on which you will be judged on forever! This is the one piece of personal information that will determine if you are accepted or turned down for every credit application you make in your entire life. Its not surprise then that having a poor or damaged credit report can be a real worry.

Its not only used in the decision to grant you credit, but it also effects the terms of your agreements. For example do you have to pay a deposit? What interest rate will you be offered? Will you qualify for a better deal? Do you need a second person to be a guarantor? Almost every decision regarding financial credit facilities is decided using the information on your credit report.

Even though most of us understand just how important our credit rating is, sometimes we still end up in difficult situations which reflect badly on our credit files. That’s just life and sometimes it’s simply unavoidable. Perhaps you’ve noticed errors on your credit report or maybe there’s incorrect information recorded against your name? Damaged credit can happens due to a huge variety of reasons, so it’s not something you ought to be ashamed of. What’s important now is getting your report back on track..

The first step you must take to begin repairing your credit file is to get hold of a current copy of your credit report. You can get a free copy of your credit report from all 3 major companies here. You’ll then need to spend some time reading through your file and highlighting any errors or information you think might be incorrect or misleading. This may take an hour or so, so grab a coffee, sit down and get to work!

Next you’ll need to make the credit referencing agencies aware that you are disputing some of the information on your report. You’ll find contact details for each agency on the credit report itself. It’s really simple to contact them and you can normally do this online. They will then be obliged to investigate the issues you’ve highlighted. Normally these agencies are quite helpful. After all it’s in their best interests to have the most accurate information possible.

Now it’s time to contact the companies on your file that claim you owe them money. This may be a debt from years ago or it could be a more recent debt, for this purpose it doesn’t matter, anything that shows as a debt needs to be addressed. Write a short letter to the companies shown on your file asking them to validate your debt with them. They are legally obligated to send you proof of this within 30 days. Make sure you keep copies of the letters you write for future reference. If they cannot or do not comply within the allotted 30 days, they are legally required to delete you from their systems and the credit referencing agencies will remove the entries from your file. You’d be surprised how many companies can not provide you with this proof because of poor record keeping!

Now you will be in a position to see exactly how much you owe and to whom. Contact the outstanding creditors and make offers on repayments, you do not need to clear the debt in full in one go if you do not have the cash available. Companies are very helpful when it comes to arranging repayments you can afford. Your payments will then begin to show on your credit report within a month or so, instantly beginning to strengthen your report. Keep making repayments you can afford and stay in touch with the companies you owe, this way your report will reflect on time payments, your debt will decrease and most importantly your credit rating will improve with every passing month!

You can get hold of your Free Instant Credit Report here today if you’d like to know what’s on your file.

Mike

Marc Marseille asked:




A 3 credit bureau report can be useful for various reasons. There are 3 key credit bureaus: Experian, Equifax, and TransUnion, and each of them have their own knowledge about your credit, so to obtain a good credit score, you need all three.

Several financial institutions require a good score with all 3 credit agencies before they will approve you. For example, a house loan won’t be approved if you have a bad credit rating from 2 out of the 3 bureaus. You also will not qualify for low cost life insurance, a credit card with a low interest rate, or some cases even an apartment. In essence, knowing your three score can save you time from applying to services which you already know you will not be approve for.

Another advantage about knowing your 3 credit bureau report score is that it can show you if somebody has been defrauding you or hijacking your credit profile. If, for example, somebody has been opening accounts in your good name without your knowledge, that information will show up on your 3 credit score report as derogatory. The knowledge of this information will allow you to take legitimate action to get the derogatory items removed from your credit bureau report.

There are many ways you can enhance your credit rating, but none of these tactics can be implemented if you do not know your credit score. One solution to improving your score is to acquire a couple secured visa cards and pay off your bills before they are due. If you continually pay off your balances in a timely manner, this will affect your credit score in positive way.

In addition to paying your bills on time, maintaining a low balance on your revolving accounts and credit cards are mandatory. High balances reflects someone who is strap for money which creditors tend to stay away from. You may be surprised at how many points your credit can rise by simply reducing your balances.

In the long run, it is worth it for you to keep your credit in good standing, because it means you will be able to qualify the things that are important to you. The ability to stay on top of your finances does not have to be difficult, the main thing is not living beyond your means. The more discipline your are now, the more rewards you will receive in the future.

Neil

William Harty asked:




Here is a list of tips to help you rank well on the FICO score scale very soon:

1.) Pay OVER your minimum monthly payment. This will separate you from the rest very nicely.

2.) Have several open credit lines that are active. You must service your many lines of credit if you really want to boost your score. These can include a variety of loans, credit or gas cards, and mortgage payments.

3.) Never pay off all your debt. To get really superior credit on the credit rating scale, you cannot pay all of your debt off. Lenders like to you that you can service debt responsibly and carrying a little every month certainly helps.

4.) Do not exceed your debt beyond 30% of your limit. If you have a credit card with a limit of $1000, it is a must that you do not carry any debt that is over $300 for this line.

5.) If you need to borrow $600 then simply ask for an increase in you line amount. This is another strategy to build nice credit. By increasing your credit lines the credit bureaus will see that you are a stronger borrower and you scores will raise.

5.5) Always monitor your credit report! Because of the changes in the credit card industry, you may have a higher interest rate or lower line amount without you know. This happens regularly and will knock down your credit score instantly.

Because of lending changes and credit card companies who control their industry and change rules, it is important to have a clear understanding of where you stand on the credit rating scale. There are also issues with identity theft to be alert of that a good credit monitoring can help.

Jason

Brooke Ashley asked:




It is crucial to not only know what a good rating is but also what your current score is and how to get it up…fast. This three digit score can make or break your financial status, your ability to purchase a home or car, obtain a credit card, have a reasonable insurance premium, or get a job. In the end, the higher your score, the more money you can save because you will have lower interest rates, insurance rates, and a better paying job. While not all jobs or insurance companies check your credit, many do, and it won’t be long until they all do. In some cases, you don’t even get the chance to pay a higher payment, because you get turned down all together. If you have ever been in that situation then you know how humiliating it is to be told that your application for credit has been declined. There are ways to avoid this, so let’s discuss what is a good credit score rating, and how you can bring yours up.

What is a good credit score rating? A good score is somewhere between 700 and 849. While a rating slightly lower than that may be acceptable enough to get a loan approved, you won’t qualify for the lowest rate possible unless your score is at least a 700. Obviously, the higher the better. A person with a rating of 760 to 849 would instantly be approved for a loan, and receive a very low interest rate. Some creditors also require that you have proof of a job or steady income, but usually if your rating is above 760, you have proven your credit worthiness, and will therefore be approved. However, these high scores can seem very out of reach if you have a blemished past. The good news is that anyone can bring their score up this high; you just have to know what to do.

Once you know what is a good credit score rating, you will then need to work on bringing yours to this level. Basically, if you consider how your score dropped so low, then you simply do the opposite to bring it back up. Ratings usually drop when a consumer pays bills late, or doesn’t pay them at all. In order to bring yours up, the first step is to get a copy of your FICO report so that you can see exactly what has been reported. It is best to get a copy from each of the three agencies, Equifax, Experian, and TransUnion, because they all vary slightly. Call each creditor and tell them you want to dispute their negative remark on your report. Even if the debt is valid, disputing it will usually result in the creditor eventually removing it, which will bring up your rating. In the meantime, make sure that you pay your bills on time each month.

In these tough economic times, your credit score is more important than ever. Even people with seemingly good credit are getting turned down for credit cards and home and automobile loans.

Jamie

gigi726 asked:


should i open up a new credit card account with 0% intro rate and transfer the balance from the dell. i’m trying to rebuild my credit and have 3 credit cards already. i always pay on time. my credit score is rising slowly but surely. i also have alot of inquiries on my report, so i’m trying to not have my credit report looked at at all. is the few points my score will down worth opening a new card to transfer the dell balance to? that interest rate is KILLING me! does anyone know who i should call or contact to ask for financial advice for cheap or free.

Lauren

Beth Pardue asked:




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.

————————-

Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.

————————-

Colleen

Mike Clover asked:




Free Credit Report with no credit card required is available at annualcreditreport once a year. Here is what they don’t tell you. When you get your Free Credit Report at annualcreditreport there is no Credit Scores. So what good is a Credit Report without your Credit Scores? A Credit Report with no Credit Scores is like a destination with no address, it is useless. The following look at your scores very closely when determining your credit risk, interest rates, and terms.

1. Insurance Companies

2. Utility Companies

3. Credit Card Companies

4. Mortgage Companies

5. Car Finance Banks

6. Employers

7. Even Hospitals are now determining your Credit Risk.

Folks this is serious business, just imagine if you are applying for that new job that pays more, and they determine whether they are going to hire you based on your Credit Score. The main point is, yes you can get a Free Report with Annual but it’s once a year and no Scores are included. A Report with no Scores is useless, especially when that is what creditors look at. Let’s just assume you are getting ready to buy a car, and you are a customer that does not know there scores. Dealerships love customers like you because an uneducated consumer is a consumer they can rip off and make more money on. An educated consumer that knows there scores will show up ready to get the interest rate on the loan. This is what most lenders don’t want to deal with, because they make less money on consumers like this. Maybe you are wondering what is considered a good score.

Here is a break down:

o 780-850 – Low Risk

o 740-780 – Medium -Low Risk

o 690-740- Medium Risk

o 620-690- Medium High Risk

o 620 and Below – High Risk

There are all of these offers out there selling Free Credit Score Reports with all these up sales. For example:

1. Credit Monitoring

2. Savings Club memberships etc

When it comes down to being an educated consumer and that is all that is available out there to get your scores, there is not much choice. I would not hesitate to get these services, because everyday thousands of people get there identity stolen. I would recommend being an educated consumer so you are aware of what is being reported about you. Start saving today and protect yourself and your family.

Paul

Frances Hobsons asked:




The credit score is like a report card to get the loan. Your academic marks or percentage is considered for the admission in any school or university in the similar way the credit ranking is considered by the creditor to give you loans and the interest rate on it. Almost every one of us knows that having good credit ranking is good. This make easier for us to get the loans etc. Bad credit repair can be done by changing some of the financial habits.

You should start paying your credit card bills or any other outstanding debt before or on due day itself. This helps you to get high credit score and even you don’t have to pay the high interest. The interest rate is very high on the credit card debt. The maximum of 40% of the credit limit should be used to get high credit score. This has two advantages firstly, you can easily give the debt back and secondly you get the points for your credit score. Do not over spend which can be problem in paying back.

Try to remove all the negative entries form your credit ranking. Negative entries mean the outstanding debt as soon as possible. Make habit of scanning your credit score report for the errors. You should enter the dispute with the concern credit ranking firm regarding the disputed entry/entries. The dispute should be filed in the form of written complaint. Preserve the complaint document which can be used as proof at the later stage. The credit giving firm will take maximum of a month time to investigate your claims. This is their duty to justify all the data in their credit report. If they are not in position to justify it then the disputed entry will be removed from your credit score report.

The credit repair firms are in the market that uses their expertise and contacts to improve your credit ranking. Some times negotiations with the creditor, helps in removing the negative entry. These firms are best in negotiation as they have skills, qualifications and contacts for the same. You know experts always make the difference and this difference is in very much of your interest. The bad credit repair is done by them using systematically approach.

Edgar

Tom Tessin asked:




Let’s say that you have a larger car loan, or maybe a credit card that’s charging you around 19%. We all know that it’s going to feel like ages before you can pay it off. Thankfully for balance transfer cards, you’re going to find that you can transfer a balance and not pay any interest at all.

Who are balance transfer cards great for?

These cards are great for those that are looking to transfer larger balances. As long as you can pay that card off within 12 months, you should be safe. The reason I say this is because once the introductory period is up, the interest rate is going to go up like any other card, and most likely, you’re going to be paying 15%+ in interest once again.

What should I look for in a balance transfer card?

The fees - Even if it says 0%, what you’re going to want to do is make sure that there isn’t a transfer fee. Trust me, some banks will want to be sneaky. This fee can be anywhere from 1% to 10%. This is going to be a one time fee. While many banks don’t charge this, you will want to check, just to make sure!

How long? The longer you can get the introductory rate, the better it is going to be for you. You don’t want to sign up for the card and find out that the rate is going to last for 3 months. I would recommend that you find one that lasts for at least 12 month.

Are there penalties? If you don’t pay your bill for example, are they going to cancel your intro rate? What you’re going to look into is if you’re going to have to be on your best payment behavior. You don’t want to miss a payment on accident and find out that your balance transfer is cancelled.

Not only do you want to get a card that helps you with balance transfers, you’re going to potentially get a card that’s going to help you in the future.

I, personally love a card thats going to reward me. I’m going to want a card that’s going to reward me with my spending. Now you probably may be different, but don’t get it just because the balance transfer offer is great. Check out bank websites, credit card offer comparison tools, and more!

Keith

Bigfoot asked:


3 days ago I had a collection on my credit report from TransUnion that was found to be invalid and deleted. I got a free copy of my report showing the deletion. But now a knew collection appeared that is dated from 2003. I have both reports infront of me. The one 3 days ago and the one today. 3 days ago the only collection I had was the one I disputed. Now the new report shows one from 2003. Yes I will ask for validation, but why wasn’t it on the credit report from 3 days ago? Do reporting agencies WANT you to have bad credit? The new one says it was reported in 2003 and updated in 2004….if it was reported in 2003 wouldn’t have shown on the report from 3 days ago with the one I had disputed?
I should also add that the new one I am disputing is from a Hospital visit co pay that I know I paid. I beleive I can pull a copy of the check and prove it – it’s just that I want to buy a home and want a good interest rate

Lori