by Megan | Apr 11, 2014 | Uncategorized
If you have a poor credit score, you are probably paying more than you need to for things like loan interest and insurance. If this is the case, improving your credit score can save you a lot of money. Even if you have an average credit score, you may still want a better one since better credit means you pay even less for loans and insurance. Fortunately, your credit score can be repaired; however, it is important to note that the credit repair process is not usually fast and will take effort and patience on your part. Beware of quick fixes as these may cause trouble in the long run. Important First Steps to Credit Repair While it may take awhile for you to see a benefit, you can start implementing the steps right away. Get Your Credit Report Request your free copy and look for errors. Your score is calculated based on the data in your credit report; therefore, an error in it could affect your credit. Dispute any errors you find with the credit bureau that provided the report. Sign up for a Credit Card If your score is not good enough to qualify you for a regular credit card, get a secured one. Make sure to get one that reports to the three main credit bureaus. Use Credit Sparingly Having a big balance will hurt your credit score even if you pay your monthly bills in full. The portion of the credit extended to you that you utilize is what will be reported to the credit bureaus, it can have a dramatic effect on your score....
by Megan | Apr 9, 2014 | Uncategorized
How can a bad credit score be improved? It is hardly unusual to encounter consumers who are struggling financially because of a bad credit score that they have due to poor financial decisions in the past. Perhaps a credit card bill simply became too high, and missed payments started to stack up despite the insistence of collectors. Alternatively, many recent graduates find themselves deep in student loan debt and struggling to find work, resulting in tough financial times and a greater risk of default. One silver lining to this otherwise difficult situation is that there are concrete ways to improve a credit score, no matter how desperate the situation may appear to be at first. While some of these basic steps can be taken by anyone looking to improve their score, other measures may require some outside help. Starting easy: better spending habits The first and easiest step to improving a suffering credit score is, of course, making sure the problem does not get any worse by halting all credit card spending. The levels of debt that result in a poor credit score may seem imposing at times, but it is impossible for a debtor to spend their way out of them. Rather, it is essential to consistently pay down existing debt and focus on sources of debt with high interest rates, such as credit cards. Credit scores are calculated in part on how much available credit someone is using, so it is essential to pay down cards that are close to their limit. Conventional wisdom maintains that it is best to begin with a card that has the...
by Megan | Apr 7, 2014 | Uncategorized
Getting into credit card debt can sometimes feel like an insurmountable uphill battle to take on. However, your credit score is so important that there is no avoiding it or hoping that it’ll fix itself. Instead, there are ways that you can repair your credit score and get back to once again having the same benefits that come with a higher number. If you have bad credit, here are some tips for how to fix it and how to get back on a better financial track. Evaluate The Situation When you look at all of the debt that you owe, it can often times look like amounts that are impossible to pay off. However, the key is to instead look at those numbers individually so that they seem less intimidating. The first step to repairing your credit should be evaluating the situation as hand. Consider which debts need to be paid back the fastest and which ones have less detrimental affects on your overall number. Breaking things up into smaller payments can often bring a breath of fresh air, which makes for an easier method of paying things back. Consider Your Credit Card A credit card is a tricky thing when it comes to your credit. If you don’t have a credit card, then it’s time you pick one up and start using it. Then again, if a credit card is a reason that you are in financial trouble now as it is, then you may want to consider not spending as much on the card that already has a high balance on it. A credit card is intended...
by Megan | Apr 4, 2014 | Uncategorized
Credit repair companies can help people to find and remove negative items on their credit reports that are bringing their credit score down. Getting your good credit back can be an uphill climb when trying to do all the investigation on your late payments, charge offs, bankruptcies and other items on your own. A credit repair company will have the knowledge and experience in working with the major credit bureaus to repair your credit. Credit repair companies will go over all your items on your credit report and give you recommendations on how they will fix the negative items. They know all the federal consumer laws and how to communicate with the credit bureaus on your behalf. The credit repair agents know how to keep explicit records on how items are being handled and how to stay on top of ridding your credit report of all the negative charges. Many people question what the factors are that affect their credit score and have no knowledge of all the fundamentals involved in fixing their reports. Individuals do not understand how to dispute the questionable and negative items on their reports. Credit repair agents will investigate all items and have those items that are inaccurate or not able to be verified removed from your credit reports. Credit repairing agencies may offer additional services of protecting and monitoring your credit rating after all the negative actions have been removed. The first step is to dispute false and inaccurate items using the Fair Credit reporting act to remove all questionable information from the credit reports. If there are problems with certain items on...
by Megan | Apr 3, 2014 | Uncategorized
Filing for bankruptcy is a double-edged sword. While you may be free from your debt or on a payment plan that you can afford, your credit is going to take a nosedive. Depending on your credit situation before bankruptcy, your credit score could plummet by hundreds of points. How do you go about repairing your credit after you have filed for bankruptcy? Find a Partner to Help You You don’t have to deal with the process of repairing your credit on your own. There are many qualified individuals or credit repair firms that can help you get your credit score back to where you want it. You can talk to an attorney about where to go for help or go online to learn about where you can turn for credit repair help and guidance. Nonprofit organizations may be willing to help you for free or for a reduced fee based on your income. Nonprofit Does Not Mean Free It is critical to remember that nonprofit does not mean that the organization does not make a profit. In some cases, a nonprofit credit counseling service may charge more for their services than a for-profit agency. Those who are looking for free or low cost credit repair services should look for agencies that are affiliated with churches or other social welfare groups. Repairing Your Credit Takes Time Whether you have help or decide to repair your credit on your own, it will take time to repair all of the damage that occurs when filing for bankruptcy. A Chapter 7 bankruptcy will stay on your credit report for up to 10 years...
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