Tuesday, December 29, 2020

On December 29, 2020 by Decadeofhits   No comments

Knowing how to place a fraud alert is very important but there are a few things that will ensure that it does what you intend.

1. Have a good grasp of security details

Your initial requirement is that your credit card or financial account statement is in a bind lock. This means that the card or VISA or MasterCard company will require you to key in a code in order to authenticity. The back of your statement will have a bar that you will know what to look for, and it is typically located at the very bottom section of your statement where there is a listing of your charge details and account number. The good thing is that this section is blank.  Of course you will also want a copy of your original credit card statement with the relevant section highlighted.

2. A degree of care must be used when filing and forwarding credit card applications

Filing a credit card application and allowing it to be forwarded to someone else can leave you with not only an unused credit card that you have no record of but also a credit report that contains forwarding information. Failure to be careful becomes a simple security risk. Also, consider putting your contact number on your card so that if it is lost or stolen by circumstances, you will be able to report it immediately rather than waiting for the result of a charge.

3. Have a valid phone number secure on a secure site

This is for security reasons just like contacting your credit card company. The first piece of advice is to put your telephone number on your card so that if you should lose the card your call can be connected directly to you. The second is, do not use a website that does not secure.

4. Be sure the website has a secure certificate

This is a security measure. It turns down an unverified application because the data being transmitted is too brief so that no personal information can be obtained by anyone in the short term. It also encrypts any personal information that is recorded on our hard drives.

5. Get a copy of your credit card report so that you know where you stand

From all the data that you have provided to the lender your credit line, current and past due balances and line items have been recorded. When looking at your report look for any overdrafts or payments that you might have made that are listed on your credit report.

6. Hold retain accounts

Again these are security measures that you have at your disposal to protect yourself. When you call your bank to change a payment or account, for example, by saying "I would like to switch all of my retain accounts in here so I will be making the payments directly to this account". That is information that the financial institution has and will save having to tax and time on this.

7. Whenever you are asked for identification, insist on copies of your driver's license or military ID

As stated, every time you are asked for identification, you must provide your driver's license and/or your military ID. Most military members and their spouses are happy to provide this personal information when asked. Note that a reference number is also required to make certain that your military status is known.

8. Be sure that the contact information on the website is correct

Has the phone number the company offers on its site been updated? Does it now operate in the same type of company? Are there any other phone numbers listed? Is this a company you would like to do business with? These are questions you can ask directly to the website. If all of the above checks out, then there is a probably a very good chance that this is an establishment you would like to use.  Be leery of any web site that claims it has no phone number or does not list any phone numbers at all.

Credit card protection includes identity theft insurance and credit monitoring.  If you have the means, please take advantage of these features so you can be on your guard against this very serious and possible threat to your financial well-being.  The best way to protect yourself and your financial information is to be aware of the dangers of identity theft and what to do if you are a victim.

On December 29, 2020 by Decadeofhits   No comments

Credit repair means the same as ascertaining future actions - such as buying a house, getting credit lines increased, and possibly even needing to rent an apartment. Credit repair is a vigorous effort to restore or improve one's credit ratings. It is not a magic bullet if that is what you are looking for but you can achieve results by following a well- structured, systematic and well- hurdles- borne approach to credit restoration.

Credit repair is the process of increasing your credit score. There are many different ways of going about this. The most conventional way is to get a copy of your credit report from all three credit bureaus. Each credit bureau will provide you with a report, and will include information on what they believe to be an accurate report. You can then check it to make sure that all information is accurate and up-to-date, and that negative items are deleted.

Dispute all errors

The first step in any credit repair plan is to dispute all errors you find on your credit report. It is important that you do this every year. It does not have any effect on your score. Any errors that are listed will be wiped off your credit report. Therefore, count your years and see how long it takes to fix these errors since the law states it will have a negative impact on your score. You can dispute your own errors, or make use of the services of a credit manager, who understands the rules of the game and will take care of the legwork for you.

Pay your bills on time

This will be one of the biggest factors on your credit score. It is extremely important that any credit repair that you undertake also includes your ability to make timely payments, as this acts as a safety net for your creditors. It would not make much sense if you closed the doors of paying your bills, only because of a dispute with inaccurate information. All creditors want to know that you can make payments, so if this can be done, that is the first step needed.

Pay down your credit card balances

Credit card balances are by far the biggest source of potential debt. While your interest rates may seem rather high - about 9.9% according to the acting of the Federal Reserve System, you can dramatically lower a debt through your own actions. The biggest culprit is those fees - the annual fee or transaction fee for your high interest card. You can also ask your credit card company to lower your credit card       interest rates, or to lower your monthly minimums. This means less money lost on interest, and more money available to pay down other debt.

Monday, December 28, 2020

On December 28, 2020 by Decadeofhits   No comments

Thoroughly analyze each debt you have. Look for charged off accounts, accounts turned over to collection agencies, or accounts that are getting charged off but remain open. Most of these negative accounts are turned over to collection agencies or charged off. Know which collection agencies are most aggressive and back them in your quest for financial stability. Most collectors will stop collections immediately upon receiving payment, but some can go as far as buying debt at a fraction of the price.

Take action when collection agencies begin contacting you. Answer their letters and calls promptly. Keep a record of each conversation, don't give them any rights to collect in your state. Most conversation will lead to follow-up with a demand letter, as they are called upon again and again. If you have consistent communication from a collection agency and the creditor does not stop the collection attempts, contact a consumer attorney to take action against the creditor. It is merely a call to action rather. Many lenders and collection agencies purposely violate the FDCPA because intervention from a consumer attorney can result in an unfavorable judgment that stays on the report for up to ten years.

Begin the process of credit repair by reviewing your credit reports from each of the three major credit bureaus, Equifax, Experian and TransUnion. You'll find material from each credit bureau on topics such as how to rebuild good credit, agreements between consumer and creditor, privacy, and rights. Continue to make payments promptly and consistently. If you are paying off collection agencies for example, once you have paid them, close the account. That will show collection agencies that you are not willing to default on a loan. Offer a settlement amount to pay off one bill instead of paying several others. You may close accounts by paying off a large balance immediately. Also, learn to have a large reserve in the bank with something such as a CD. Use this money instead of charging everything. Pay down balances and become debt free. Show creditors and collections that you are serious and responsible about maintaining your credit.

Effective credit repair is like exercising; you need to take care of the plan in order to succeed. The sooner your get out of the negative financial situation, the sooner you can regain control of your life.

On December 28, 2020 by Decadeofhits   No comments

Bad credit can have a negative effect on a number of things, from not being able to get loans, to having to much more expensive insurance premiums. On the other hand, having a good credit score can give you the opportunity to secure low interest loans and credit cards with higher limits.

What is Credit?

Credit is the ability to buy now and pay later. For most of us, our first bills are going to be credit cards, but no matter how affordable a car is, it will not be able to afford that $60,000 sports car if you keep spending more than you earn. When you make payments on a credit card, on the other hand, creditors are making a lot of money off of you instead of you making money off of them. The money that you spend on your credit card and are not paying in the meantime can quickly add up.

Benefits of Good Credit

Loans for whatever you desire are a great thing. If you have a fund for a down payment on a car, then you will already have a huge advantage. A car loan can be secure. Other items may require larger down payments, but at least you will not have to wait a year for the item you want. With a large down payment, you will have more money to put toward the product you want and be able to take full advantage of any savings.

Don't let bad credit ruin your life. If you want to get something really "big" like a house, make sure you have good credit. Home ownership may take a few more years, sometimes as much as five years if you have the right credit score, but it will go a long way toward making your first purchase much easier.  Owning your own home may also lower your taxes, because property taxes are based on the value of the house considering it to the value of the mortgage of it. Owning your own home also allows you to "invest" in something that is usually wealthiest, because your profits go much further.

Mistakes Not to Make

If you have too many credit cards, do not get over them. It is not a good idea to have 50-60 of them, or more. You may think that you are being smart by spreading them out, but credit cards are not really a good idea when you have lots and lots of them. You can easily lose track of the money you spend, resulting in all of the debt you can make. Pay everything off on time and in full and it will still allow you to have a great credit score.

If you find that you owe too many debts, do not make payments either. Pay off what you owe and stay on track. It is important not to have too many open accounts, as having too many accounts can actually hurt your credit score. It sure would be cool to need 600 of $10,000 to keep up with payments and pay down the debts. Make sure that you keep just a couple of credit cards for personal use and try to pay the balance off each month.

On December 28, 2020 by Decadeofhits   No comments

If you regularly check your credit report and have data that isn't correct, such as wrong personal information, a wrong address, information for another person (such as someone who is living with you and should not be on your credit report), or information for another address or former residence, you can have these items corrected at no cost. If you find something that you feel shouldn't be on your credit report, contact the credit bureau right away. When you contact the credit bureau, the credit history section of the report will usually include a form to dispute items with you. You need to state exactly why you believe that the information is incorrect, then the credit bureau will investigate, generally within 30 days, and send you a written report of the results of their investigation. You will receive reports in the mail from each credit bureau at least monthly.

After receiving your report, examine it closely to see if errors have been corrected. You may need to contact the other credit bureaus to notify them that you are disputing information on their reports. If your report shows that you will not be able to get credit because of information you believe is inaccurate, try to get a consumer report from another credit bureau to be able to have your name off of the credit report. Your credit history at the credit bureaus is very important. Creditors will look at your credit history as do lenders when you apply for credit. If changes must be made to your credit history and you will not be able to correct them yourself, it's generally much easier to have them made for you than it is to correct it yourself. This is because the company that reports your credit history pays a fee to the credit bureaus to report your credit information. If the information has errors, the company that reported the information only gets paid if there are changes made. Since so few people correct their credit reports, the credit bureaus are happy to see that so many people don't challenge negative information.

If you are denied credit, the lender will give you a copy of your credit report. Under the Fair and Accurate Credit Transactions Act, it's a legal requirement for lenders to give you a copy of the report that shows your application for credit was not denied because of information on your credit report. This is important because if there's something on your report you know is wrong, you should obtain a copy of your file in order to see why you were denied. If you do find errors, contact the credit bureau and provide them with a copy of the report, and explain what's wrong so they can fix it.

Tuesday, December 22, 2020

On December 22, 2020 by Decadeofhits   No comments

The first step to settles credit score inaccuracies is to find the entry on your credit report. If you're in doubt, go online to get a copy of your credit report from the three major reporting agencies: Experian, Equifax and Trans Union. They charge either a small fee or a percentage of the credit (depending on the item) of the information they have on file.

Disputing Credit Bureau entries

If you see discrepancies in your credit report, such as a wrong account number in your personal history, or an old credit card paid off but still showing that you owe a balance, action is your next move. Check your monthly bills and verify that you have the money to pay off the debt. Since so many bills are monthly, the amounts simply shouldn't be too big for you to owe. Then call the credit card and ask them to give you your remaining balance (as long as it's less than half the total bad debt). While you are in this time frame they will ask you for more information regarding your account status, 80% of the time they will be able to remove the information from your report if you simply pay this one off. When you pay it off, they will mark this as "paid on time". Don't get complacent! This will count against you as well as take a penalty of having less credit available to you. This will usually take 60 days for the changes to happen. If you're the type of person who always does their payments on time, give you missed payment some time ago and establish some positive payment history, you could call your creditor and simply ask them to change the negative information to "paid". Do this as your way of negotiating of a major debt. One note of caution, be sure that you are the only one a representative talked to. You'll have to talk to someone that actually has the power to change any information on your credit report.

Ask the bureau to correct errors

You have the right to dispute any information on your credit file that you believe is wrong or incorrect. You are also entitled to ask the bureau to remove any information regardless of its accuracy if the information is outdated. The only way that the information will be removed is if you can demonstrate a reasonable reason that the information is incorrect. There do not seem to be any reasons why you would want to use this option but it is your legal right.

Ordering your credit reports is the same procedure. The only difference is that you do not get them all at once a year as you are entitled to. Get each report with every account you have and review them line by line.

Monday, December 21, 2020

On December 21, 2020 by Decadeofhits   No comments

Since the financial needs of enterprise like a typical small business are dissimilar from a household credit card or convenience store credit card, credit risk scores are established in a unique way. In competing credit card markets, credit risk scores are simply a probability or an educated guess based on applicant's pay history, credit report data, and a specific calculation of the probability of bad debt. However, in the world of small businesses, business credit reports are a record of who took out that loan, how they made there first loan, if they re-paid that loan, and how those payments are doing. Once all of the information from the credit reports is gathered together, a score is computed. This score is not meant to represent creditworthiness, but calculating credit scores for enterprises is far more sophisticated and less speculative than it is for consumers. There is no single company that you can plug credit risk scores data into so that you can readily determine which creditors are too credit- hungry to extend credit, and which ones have a high probability of being past due. Although the factors under individual non-banks and credit unions may be similar, they do not consistently equate credit risk scores with credit risk candidates.

To determine creditworthiness, the results depend on identifying data, such as physical address, length of credit history, identification numbers, and social security number, which is not that easy for anybody outside a business office to do. Nonetheless, according to business credit reporting agencies, there are 5 key points that separate those companies with higher credit risk scores from those with lower scores:

1. Payment Options Terms

In the world of business, you get what you pay for. If a company is willing to pay an extra $50 for a new credit card, they probably won't be mailing you a personal check. If a company does currently accept consumer credit, they won't necessarily offer you an account at a generous interest rate just because you're "risky". The biggest factor that affects credit risk scores is payment terms; it may be less important for a consumer but it is definitely important for a business. If paying more on credit is too costly or too inconvenient for the debtor, they will simply find another way to pay or they may never make it a month. Businesses do not operate in a vacuum. They have to pay bills and they have operational expenses. If they don't have credit options, they will simply sit on the credit that is already extended to them.

2. Total Amount of Credit 

Total amounts of credit is arguably the most important factor of all. The credit extended to your accounts for a significant portion of your credit score, and it is an upward trend that will pull your score up if you are continually increasing your total available credit. One way to quickly increase someone's credit is to call your creditor and request a increase in the total amount of credit granted. Another way is to simply pay a bill less frequently or doing less driving, etc. The more credit you have extended to you in a certain time period, the more your credit score will increase.

3. Length of Credit History 

By length of credit history means how long you have had your credit extended to you, not the amount of time. It is not such a good idea to open a lot of new accounts in a short span of time in order to increase you score, because you could be digging yourself deeper into a hole. Longer credit histories are preferable.

4. Type of Credit 

The type of credit extended to you accounts for 15% of your credit score. It is a good idea to have consistently good standing accounts if you're planning on getting more credit and "burbon" your credit score. High balances, late payments, and high-maintenance accounts are not attractive factors when it comes to a ranking.

5. Inquires

Your request for credit made by other companies accounts for 10% of your credit score. Keep inquiries to a minimum. Although an inquiry does not necessarily reflect you or how credit-worthy you are, too many Inquires will hurt you a bit if they are too frequent over a short period of time. The rates after you are "bought" after opening a credit card or loan can ranges from 0 to 78 points (for example, 80 if you have poor credit and 0 if you have excellent credit). Inquires done by you are called "Hard inquiries" and are included in this portion of the calculation. "Soft inquiries" are those authorized by the credit bureaus that might (in their opinion) have no actual impact on your credit score. These inquiries come anywhere within the 80 to 230 days of your request and do not count against you just like your own inquiries do.

Sunday, December 20, 2020

On December 20, 2020 by Decadeofhits   No comments

Do you have creditors calling you and reminding you of how much money you still owe on a debt? It is a common experience for almost everyone these days. The recession has had a very negative effect on many people's finances. Most people either do not earn enough money, or they have lost their jobs. If this is you, half of your emotionally are running around searching for money to pay your bills, due bills. You want to be debt free. But how do you deal with debt collection calls? How do you get your life back on track?

What you have to learn is that it is not always a bad thing to owe someone money. You must treat your debt cheerfully. If you have a respectable credit score and are still in debt, then you are still far better than those who only owe money. First, you have to make a commitment to a budget that includes a working budget based on your needs. Then you must pay down your debt so you can have a normal life again. If you do not make a commitment to a budget, then when you cannot work due to job loss, penalties, or layoffs, then it will only get worse. You will not know where you have been and where you are at. You may even start to bury yourself in debt again for survival. You have to commit to a budget plan and stick to it. Another option is to talk to a credit professional. They can help you get your life back in order. But not everyone has the time to do it themselves. If you feel like you need professional help, then you can talk to a credit counseling company to get the help you need. These companies are nonprofit and are in the business of helping consumers get out of debt. Talk to a credit counseling company. They will give you a plan for getting out of debt that you can live with.

Even if you can get your debt paid down and give yourself a better life, some people do not like to either deal with collection agencies or lose their focus on a budget plan. Neither situation is acceptable. You may have to go through a debt settlement program to get rid of your debt. But this will damage your credit rating. Settlement can also cause a reduction in your credit score. But it will give you a slight break and give you another chance at a new financial life. With a debt settlement, you can avoid bankruptcy and start to build up your credit again. You may have to cut up some of your credit cards to try to control yourself so you do not go out and use the cards again. It is important to have a good life while you are in debt, especially if you have a family. You want to have a stable life for your children. You want the car, your home, your job, and the appliances you have. You can rebuild your credit, which can take time. But make sure that your budget for food, utilities and transportation is realistic and reasonable. This may take you some time, but you will rebuild your life. You will get out of debt and have a better future. Do not sit back and hope for anything. You must take action. Make a commitment to change your lifestyle and start a budget plan for debt repayment. Start having money. Do not wait until you are behind on payments again.

Thursday, December 17, 2020

On December 17, 2020 by Decadeofhits   No comments

You have a firm grip on how much money you owe. How much do you have in savings and how much do these accounts or credit cards currently total? What can you pay every month and still maintain some kind of lifestyle? Even if you have a steady job, expenses always seem to catch up with you. If you don't have all of your expenses covered each month, a collection agency is going to be hard to avoid. Being completely honest with yourself is something a lot of persons struggle with. It may be embarrassing to come clean with a spouse about not being able to pay bills each month or to admit to a child that you can't buy gifts or groceries because you have no money. As long as you realize that this is something that has a definite negative impact on your life - the impact is already on the surface - learn to be proud that you are taking positive steps toward making a different future.

Begin by reviewing all outstanding accounts and credit cards. Determine which ones you can pay and which ones you need to go into default status. Usually, these will only be a late fee, however some agencies will charge you every bit as much as 30$ for their services. After this is covered, you can begin work on whichever debt you secured with these credit agencies. When you are working to repair credit cards, start with the ones that are not secured.  These often have the shortest tenure and are at risk of closing and increasing your interest rate. Begin paying down on them and work toward having them paid in full or at least on time. NOTE: Some of these cards are secured and will allow you to only pay off the minimum balance each month. This can help you in a real sense because you won't fall further into debt simply because you can't afford to pay on time each month.

You can start saving money by cutting back on unnecessary expenses. The challenge here is that you need to adjust your lifestyle to a point where your income is greater than your expenses. This couple with your credit may allow you to cut back but it is all part of the process. Once you have been able to work your credit cards plan into profitability, you'll be able to apply even more money towards these accounts so that you can get them paid off faster. If you really want a better credit score, it is important to only charge what you can afford to pay off each month. It is important to live responsibly and pay your bills on time. Allow a small amount of money - as much as you can afford - to be set aside and add to your savings. It may be uncomfortable to have to make some changes to your lifestyle, but that is the price you have to pay to repair your credit. Plan for success and continue to move toward financial freedom.

Wednesday, December 16, 2020

On December 16, 2020 by Decadeofhits   No comments

One of the reasons that you should order your free credit report is because of the fact that 8 out of 9 individuals have errors in their credit report. The errors are the responsibility of the credit reporting agency. Is it any wonder that the most basic task of the credit reporting agencies is to make sure that the data they are reporting is accurate? And, if the reported information is inaccurate, your credit score will be falsely lowered.

One solution to your problem is to dispute the information. To do so, one of the most important tools used is a letter written by you disputing what is wrong with the credit report. It is important if you have inaccurate information on your credit report that you know how to write a letter that will remedy the problem. This article will cover the steps on reviewing and disputing information found on your credit reports. Your free credit report will not provide you the information necessary to dispute the errors. You must write the dispute letters yourself, but will be well-advised to research as much as possible and learn everything that you can about credit reporting.


The first item to look for is your credit report's organization. Many people do not know that the credit report is supplied by a third party, not the credit reporting agency. So, it is important that you examine your credit reports from each of the major credit reporting agencies - Equifax, Experian and TransUnion.

Dispute remedies

After you have compared each of your credit reports, you should look for errors from each credit report. It is not uncommon for creditors to compile information from all three credit reports even though your credit information from those reports may not be identical. Just because your mortgage company has reported you as late on your mortgage loan, it does not mean that you can accurately say that you were late on your car loan or your student loan. Look for errors that could mean one report contains different information than the others although they valid credit information from your credit reports. On your credit report, check for any errors that you can dispute. The FTC advises finding as many errors that you can on a dispute form provided by the FTC. You may need to send the credit company a form to dispute the information on your credit report. The reporting agencies gather the information they are reporting and mail it out. If you have evidence that will support your claim that the credit report contains an error, include copies of documents that will prove your point. This may include material from your utility bill, a bank statement or any other credit account that would show your payment history, your signature in court or any other document that would prove that the data is accurate. After sending your dispute, the reporting agency will investigate and determine whether your dispute is frivolous. Once the information is correct, the information will remain on your credit report. However, if your report remains inaccurate because the creditor cannot or will not provide the data, this may remain on your credit report permanently. Any changes to your credit report will occur automatically or within a few months of its presentation. If you need a credit score for an application for a major purchase, a loan or insurance, it can be found through a credit reporting agency.

As you can see, there are some basic steps you can take to guard your credit. This information should help you in filing a dispute about errors. You can study your credit report to see if your credit report contains any errors. Credit reporting is much less important to most people than providing an accurate account of one's credit history. Wrong information abounds in credit reports. Yet, by taking the time to examine each report closely, you can protect your credit and get an accurate account of your credit history.

Tuesday, December 15, 2020

On December 15, 2020 by Decadeofhits   No comments

The first step to improving your credit score is to make sure your credit report is current, particularly if you pay for your credit reports and scores monthly. FICO does not take the time to distinguish between what is paid and where the payment is not yet earned. This is because creditors are taking advantage of consumers. It is important to realize that over 60% of the scores that FICO compiles and reports are based on the credit-worthiness of the individual. This includes the person's credit history and anything that is currently owed. FICO makes the largest possible credit score for a person based in their financial history. FICO measures how many payments are outstanding, how much is owed, and how much is still owed. The three debt factors that make up a persons credit balances are current along with the balance owed, cards remaining in use, and delinquent accounts.

You should obtain your credit report every six months, and check for errors. You should contact the reporting agency, and ensure that the error is corrected. Each year you are entitled a free copy of your report. If you have a hard time getting a hold of it, you can ask for your report by phone. As long as you have proof of how you obtained your information, you can request an investigation. You should shoot for removing the errors from your report, since errors do not improve your score. Removing the errors is not as easy as it sounds. Getting your history right will take time.

You should monitor your score in the short term, after three or six months. The score is not fixed, so once you get news of a missed payment, you should contact your creditors immediately. While you might be unable to predict the length of time you will take to pay off a debt, it is not necessary that the payment is overlooked. Anything that is not paid on time becomes another debt. If it isn't paid on time, the interest on that debt only increases, making the amount owed rise faster than when payments were made regularly. Setting aside only a small amount of the money that is owed each month can result in a convenient way of paying off your creditors.

Self credit repair involves educating yourself on the inner workings of the credit system and each little twist and turn on the credit process. With these things, it's easier to get a handle on your credit rating and to put together a plan to fix it. Self credit repair is usually preferred by its users. There is no need for them to visit a repair center, nor is there any need to talk to anyone.  By educating yourself in this way, it's possible to save both time and money in terms of your credit. You'll learn best how to get a high score and how to keep it.

Thursday, December 10, 2020

On December 10, 2020 by Decadeofhits   No comments

If you have bad credit, then you need to get your credit fixed. Your first step is to know that the information on your credit report is right. It is not necessarily accurate, so you have to get your report from all three of the credit bureaus and put an eye on it. Beware of the errors as far as which creditors do report to which bureaus. You'll want to correct any errors that are on your report and doing it in writing will help you understand the process better.

Many items on your FICO credit score are determined by the length of time you have had credit, so if you haven't had credit for very long it might be as good as looking for a target in a minefield. Be aware of the total amount of debt that you have, and try not to have more than 30% of your credit line used at one time.

Another thing you have to be aware of is all the different methods credit score is collected. The three major credit reporting agencies use one method of screening, but if you take a look at the reward point system, these are not actually used in the credit score calculation. The reason why is the fact that with these methods, if a reporting agency does not get their money from the consumer, the credit score they have formulate for the consumer is not a true reflection of the credit report.

You may find it easy to fix your score, but you'll also need to make sure you learn the charge off tactics and how to avoid them in the future. If you want to maintain a good credit score, staying current on your bills is the key - only if you can pay 100% of your bill. Here are some helpful tips to help you stay current with your bills.

Know how much money you owe on your cards and loans. Figure out your minimum payments for all the accounts and figure out the most money you can put towards each one. If you need to go further down to the right amount, then write down that amount. Decide well in advance which accounts you will pay first, and stick with this plan.

Make sure you do not skip any payments if you don't have the money to pay on your accounts. Most people will spend money that they should be putting towards their debts, and that is not a good practice. If possible, put money aside over a certain time period and then use this money to pay on your debts.  This way you will pay your accounts on time and be able to get a handle on your finances.

Finally, if you think that you won't be able to make any payments over the next month, you should be contacting the lenders and letting them know. Sometimes they can adjust your payment plan and not get stuck taking you to court over unpaid balances.

Wednesday, December 9, 2020

On December 09, 2020 by Decadeofhits   No comments

To get a perfect credit score, you must have a high level of financial responsibility. Very few people obtain the highest credit score, even though many have good or excellent credit scores in the 700 plus range. Here are some things you can do to attain a high credit score:

  • Understand the term Credit

First of all, obtain your credit report, or do some research and get your credit score. Some financial agencies have preferred methods to do this, as there is no reason to do it yourself. However, you are allowed by most credit card companies to look at your credit score without charge, as a way to obtain your credit report. Otherwise, a fee may apply.

The information included on the credit report will include personal information like your name, current and previous addresses, social security number, age, employers, and credit accounts and your accounts that are open or closed over the last seven years. Report any errors to the credit agency, and provide any proof that will support your case.

  • Analyze your credit report

When you obtain the credit report, or you have access to it, take time to examine the information. Look at the names, addresses, and employers. Note any transactions you do not recognize, such as loan defaults that may indicate identity theft. objects in, or not on, your report that may be incorrect. For example, if a listing shows you repaid a loan in full but still lists it as a outstanding loan, call the credit agency to dispute the information. objects in the report that are out of date, or wrongly listed.

  • Pay your bills on time

If you have to pay any bills that are past due, make up a payment plan or start making payments three or six months ahead. Have a budget set up for yourself, so that you can start paying off any outstanding balances that you may have incurred from making late payments, or simply forgot to pay. If you can't make a monthly payment, contact a priority creditor and try to make arrangements so that the payment is not due until the following month.

  • Consider secured credit cards

Some credit card companies offer you the option of paying your bill through a secure deposit. If you take this route, you can have your payment in exchange for a deposit that is placed into a savings account that you can get to by cashing a check. Because it is initial deposit money, a secured credit card or card is not a true line of credit, and you do not go into debt. As long as your deposit remains untouched and untouched after six months, you can use the credit card again.

  • Open a bank account

Most people get their first credit account when they're in their late teens. It's best to establish credit earlier than that, to ensure a history of responsible credit use. Take out a savings account and deposit a set amount into it each month. Use a card, or similar means, and make sure that you pay the bill on time. Once you show that you are responsible with this account and have a monthly payment program in place, consider getting a loan. When you apply, keep in mind the college years, and don't go overboard, as it may affect your credit score.

  • Spend wisely

If you're given money or offered a credit card as a first try, do not spend the maximum amount available. Rather, go for the amount you know you can repay each month. If you clear the debt every month, less the purchases you make now will be allocated to building your credit. It is a smart financial habit to restrict your spending while you're trying to establish credit.

On December 09, 2020 by Decadeofhits   No comments


To repair your credit, you have to understand the details of how credit works. When you borrow money from a bank, a financing institution, or a private investor to buy a car, a home, or pay for a dinner dinner, the loan contract says how much you will repay each month and for how long. The creditor wants to know about three basic things when they grant a loan.

1. Your ability to repay.

The lenders want to know that the money you borrowed will be repaid on time. If you can't repay the loan, the lender will need collateral and the interest and/or the arrears.

2. How much money you make. 

Your income is an indication of your ability to repay the loan on time. Lenders also want to know if you have regular income sufficient to make additional payments along with the monthly loan payments.

3. How much money you owe. 

The amount of money you owe on your loan is also an indication of your financial situation. They want to know if you have any resources to repay them if you run into difficulty.

The most important thing to understand is that when financial institutions, lenders or the general public talk about credit repair they are essentially referring to the repairing and maintenance of your credit report. They require that the information be as accurate as possible. If it is not accurate or cannot be verified, it must be removed.

When applying for credit, each time you apply a new loan or other type of credit, a new inquiry will appear on your credit report. When you apply for a new credit or credit card and are not approved, a "hard inquiry" is placed on your credit. Lenders will see this as an indication that you may have previously applied for credit and were denied, and you are looking for another credit card. It can cause you to lose a lot of credit, because credit inquiries affect your credit score, on the same or other accounts. Applying for many new credit accounts will adversely affect your credit score.

Repairing your credit report involves requesting that older and/or smaller accounts be removed from your report. Because your credit score is strongly based upon your debt to available credit ration, removing the balances from some of your accounts will improve your debt to available credit ration, and your credit score will improve. You have to contact the credit bureau and credit card companies to get this done.

Cut up the cards and cut up the credit cards if you can't control your spending. If you must have a credit card, get one that reports to the credit reporting agencies as verified. You might consider getting an application credit card and using it responsibly, such as gas and office supplies. You may be able to get an account credit at a local retail store.

Keep all of your payments current. Open a savings account. Save for a rainy day. Keep your checking account in order. Banks are very slow to report your payments if you have overdraft protection. The charge that you make on your debit card will be reported to your bank and your checking account. Save more money.

Another way to improve your credit, if you can muster the will power to do so, is getting someone with good credit to cosign on a new line of credit. This will not only improve your credit score but their credit score will improve. Once you've got this new credit account, pay it on time for six months or so.

If you're willing to learn and correct errors, you can repair your credit. You might think it's impossible, but if you focus and apply a little effort, you can be on your way to better credit in no time.