Aug
31
Credit Repair Secrets Only The Insiders Know
August 31, 2009 | Leave a Comment
IMPROVING YOUR SCORE
Don’t worry if your score isn’t considered “excellent” or even “good”, there are plenty of lucrative investment plans available for you. However, as your credit score increases so will the number of investment plans available to you. That is why it is important for you to improve your credit score. The more investment options available to you, the more quickly you will be able to achieve and exceed your financial goals. The following tips will help you improve your FICO score:
Never carry balances over 50% of the available limit on your credit cards. If necessary, break up high balances on to several different cards to avoid that 50% number.
Always make more than the minimum payment on your cards. Minimum payments generally imply that you are struggling to even make your payments and you are therefore considered a higher risk.
Avoid excessive inquiries. There are two different types of inquiries, hard and soft. A hard inquiry is when a potential creditor is pulling your credit to determine whether or not they want to lend to you. These are the inquiries you want to avoid. Granted you can’t avoid inquiries all together but be selective about who you allow to pull your scores, as each inquiry lowers your score. A soft inquiry is when you or an insurance company, for example, pulls your credit not because they are considering lending to you, but rather to see how you have performed in the past on your obligations. These inquiries don’t lower your score.
Establish longevity. Don’t open and close accounts too frequently. Be selective of which accounts you want to open and maintain them for long periods of time.
Don’t have excessive available revolving credit. Now don’t misunderstand: available credit is good, but too much available credit poses a risk to potential lenders and therefore lowers your score.
ESTABLISH GOOD CREDIT
If you don’t have any credit history established, apply for and obtain three different credit cards. Use these cards to purchase all of your necessities such as groceries, gas, etc. This isn’t an opportunity for you to be frivolous and incur debt, but rather an opportunity for you to pay these lines off every month which will help you establish some history.
Go to a local bank or credit union and tell them that you are interested in obtaining a secured loan for the purpose of establishing your credit. The bank will give you a loan, generally $1,000 which will be placed into an account in your name. Each month the bank will pull enough money from your account to make the loan payment. The benefits you will receive of establishing a solid credit history far outweighs the minimal interest expense you will incur by utilizing this strategy. Repeat this process at several banks to expedite the desired result.
Three to six months after following steps one and two, pull your credit report and verify that these accounts are showing up and you have a score. Once you do you are on track to establishing impeccable credit.
REPAIRING POOR CREDIT
Do whatever it takes to resolve any unpaid collections and ALWAYS make your payments on time. This may entail cutting your expenses wherever necessary in the beginning but rest assured that your sacrifices early on won’t go unrewarded in the end.
Avoid the services of credit counselors who negotiate balances and interest rates with your creditors. Potential lenders often frown on these services even more than a bankruptcy. There are legitimate resources out there for repairing your credit, but if negotiating with your creditors is a part of their process, beware.
Even if you have experienced bankruptcy, foreclosure, etc. after following these steps and proving that you are now an acceptable credit risk, you will notice your score improve fairly quickly.
CREDIT RULES TO LIVE BY
Avoid bad debt purchases. Bad debt purchases are any purchases for frivolous, depreciating items.
Pay your debts on time and in full.
Monitor your credit monthly. Subscribe to a service such as Privacy guard that allows unlimited access to your reports for a nominal annual fee.
Dispute any incorrect, derogatory remarks that appear on your credit. Also keep an eye out for accounts that you have never opened that may be erroneously reported in your history.
Our team’s diverse backgrounds and investing experiences include a high school teacher, a college drop-out, an MBA graduate, a waiter, a secretary, a real estate agent, a banker and a stay-at-home mom. Despite our diverse backgrounds, we all made the decision to truly change our lives. Although our starting points couldn’t have been any more different, we each discovered that our journey toward financial freedom began with real estate.
Whether you are an experienced investor with excellent credit and money to burn or a beginner with poor credit and no cash to spare, MYreiTEAM will construct a personalized investment plan for you that will maximize your profits and help you reach your financial dreams. Our program is so incredibly successful because the individual is considered before suggesting a course of action. So don’t delay, go to MYreiTEAM, and discover what you need to do in order to capitalize on the real estate revolution.
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Aug
29
How To Fix Your Credit Report
August 29, 2009 | Leave a Comment
Your credit report is your passport to obtaining loans, renting apartments, and getting employment and promotions. Any errors in your report and you will end up paying a higher premium on your insurance or a higher interest rate for loans.
Let’s say the negative errors are there and you did not even realize it. Once you wake up to the fact, it is important that you fix them. If you feel the errors are inaccurate, then immediately submit your complaint in writing to any of the three CRAs: Equifax, Experian or Trans Union. These companies will then investigate with the information provider companies, and if the information is genuinely found to be inaccurate, they will delete the same from your report and also provide you with a copy of the same. Keep in mind that the investigation usually takes up to 30 days.
It is important to submit your complaint in writing. Also, you must submit a copy of the complaint to the information provider company. Keeping a record of your communications is very important and can be a source of legal evidence.
All this must be done even if you feel that the negative report contained errors stating you were the defaulter. Otherwise, you need to be very honest with yourself. The best thing to do is to study your financial situation carefully, and come up with a plan to pay back your dues. This may involve determining ways to pay back your bills in small installments.
Other options may include taking up a second job to meet your debts. Also, you can go for credit counseling and even file for bankruptcy, if the situation so arises. One other way to improve your report is to look for omissions. This means that you may have repaid some loans or bills and that information has not been added to the credit report. All this will help to improve your credit ratings to some extent.
Whichever way you look at it, you need to fix your credit report. If the errors are inaccurate, report them to any of the consumer reporting companies. If they are genuine, work out a plan to pay your debts. If you cannot do so, consider filing for bankruptcy.
Fix Your Credit Report provides detailed information on Causes Of Bad Credit Reports, Effects Of Bad Credit Reports, Fix Your Credit Report, Free Copy Of Credit Report and more. Fix Your Credit Report is affiliated with Free Annual Credit Reports.
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Aug
28
Credit Repair for Free
August 28, 2009 | Leave a Comment
Who Needs Credit Repair?
If you are planning on ever taking out a loan, whether for a car, home or anything your heart desires, your credit score will be key in determining your interest rate. Any score under 750 should be repaired as best as possible.
Self - Help Credit Repair
First, get your credit report. You are entitled to a free report if you are denied any service because of your credit. On the form you receive denying credit, find the name and phone number of the credit reporting company. You are also entitled to one free report a year. There are three consumer reporting companies, Equifax, Experian, and TransUnion. You can look any of these up online.
Secondly, dispute any mistakes or outdated entries on the report. In two letters, one to the reporting agency and the other to the company who’s charge you dispute, include your name, address, the item you dispute, any facts and explanations, request that it be removed or corrected and include a copy of any supporting documents and a copy of your credit report with the item circled.
Third, keep balances low, pay off credit cards and apply for new credit only when needed.
Sincerely,
David Vaccaro
If you would like to find out more information on how to repair your credit for free, you can do so by visiting http://creditrepairfree.org
David Vaccaro maintains http://creditrepairfree.org as well as http://newtechnologyblog.com.
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