|
|
| www.1001TopWords.com |
|
|
The Right Way To Credit Repair
If you have a bad credit rating, then you might find thatyour ability to get financing, loans, and even some jobs isgreatly diminished. Once you have a bad credit rating, it might seem likethere's nothing that you can do about it? but you don'thave to believe that. It's not as difficult as you mightthink to get by with a bad credit rating; with a littlework and time you can even repair it! Of course, before youdo that it's important to realize exactly what a creditrating is. Every time a lender or other creditor makes a reportconcerning your payment history to them, this reportaffects your credit score. Your credit score is a numerical indication of the positiveand negative reports that you've received from creditorsand lenders; if the number is high then you have a goodcredit rating, and if it's low then you have a bad creditrating. Basic credit repair Get organized! Make a folder for all your correspondenceoffline and online. You will have to do some snail mailing but in most cases you can work your repair online. In the U.S. a 630 rating will qualify you for a mortgage.You can still get credit with a lower score but not at apremium interest rate. In fact, even a chapter 11 bankruptcy (erases all negative credit)is not as bad as many think. I am not advocating filing for bankruptcy (the laws have changed so you might have to set up a re-payment schedule if your income allows) but forthose caught between a rock and hard place, unemployment,medical crisis, divorce...many good reasons for finding yourselfunable to pay your bills, filing for bankruptcy is a god-send. Many times, you will find creditors very eager to extend credit becauseyou don't have any debts! It is the irony of the debt-income picture...if you have a steady income, you will have no problem getting creditcards, auto loans and even a mortgage. So, don't despair, your situation is not as bad as you think! You willfind a way to less worry, more sleep and better relationships. To begin correcting your credit, the important thing to do is obtain your credit report and study it. Mark all the negative items. Most unsecured credit, mostly credit cards, can stay onyour report for 7 years. If you find any over that, writeto the credit bureau and ask them to remove it. They arerequired by law to research and report back within 30 days. If they don't, you can threaten them with a letter to theBetter Business Bureau or Federal Trade Commission. Find any other negative items and determine if they arecorrect. If not, write the bureau and tell them its notyour debt. Even if you aren't sure, ask the credit bureaus toinvestigate. Many times, they will not be able to verifythe debt because the credit card company, auto loan company,or other creditor won't get back them within 30 days(required by Fair Credit Act). For the contact information on credit bureaus as well assamples of letters to send to them, go to: http://www.repair-credit-right.com You may freely reprint this article provided the followingauthor's biography (including the live URL link) remainsintact: Dan Farrell is the owner of Repair Your Credit...The Right Way and this article on credit repair and others on credit can be found by going to:
|
|
|
|
RELATED ARTICLES
Credit Reports ? Why Your Credit Score is Important If you have never heard of a FICO score before, you should become familiar with the term. Named for the firm that invented it, Fair Isaac Corp., the FICO score is the three-digit credit summary that, in essence, reduces your entire financial life to a simple set of numerals. Finance - Money, Money Finance is a big word for some of us. It's a little scary. Maybe you immediately go to thinking about "high finance." That's even scarier. But what is the field of finance really about? Money. Okay, so money can be a scary word, too, but it's a little more manageable because we use it more often. In fact, money management is what finance is all about. It can also mean raising the money for something or lending money to someone on credit. Student Credit Cards With graduate debt averaging over £12,000, the ability to spread the cost of further education using a student credit card is obviously attractive. Adding to their appeal is the fact that these cards are relatively easy to obtain. Unlike many standard credit cards, they are available to people who do not have a regular, minimum income and credit history. They often come with tempting offers including low rates for an introductory period, shopping discounts and free CDs. Flexing student plastic has the additional benefit of creating a credit history that can be used to support future loan and mortgage applications. Credit Traps Snag Consumers Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees. If you wanted a low interest rate on a credit card back then, you often had to apply to a bank in Arkansas where interest rates were capped by state law. Credit Card Incentives Credit card companies want your business. After all, lending money to people is profitable. Besides the interest fees that you'll be charged, the credit card company also collects a fee from merchants who accept their credit cards. In order to get your business, most credit card companies are willing to offer you some great incentives - not only to apply for one of their cards, but to use it for everything from car rentals to weekly groceries. Understanding Your Credit Score When you apply for credit one of the first things almost all credit officers do is check your credit score. Although not all of those officers explained to us what a credit score is, we are all rated according to it and the offers we receive were all dependent on that score. This is why understanding your credit score is of utmost importance, and for future reference at least basic knowledge should be acquired. In the following paragraphs we will tackle understanding your credit score, realizing what your credit score means and analyzing what you can do to improve it. Credit Scores and Loan Applications Keep Your Credit History Clean - Remove A Negative Credit Record From Your Credit Report Annual Credit Report and Free Annual Credit Report Getting an annual credit report review has been the advice of many financial managers as they guided their customers to be aware of all information on credit reports. Would the idea of a free annual credit report be good news? Consumers are thrilled with the new federal mandate that demands the three major national credit bureaus offer a free annual credit report to anyone requesting copies of their personal credit reports. An annual credit report is available from each of these bureaus. Five Reasons to Repair Your Credit Score - You Can Do It Yourself There are multiple reasons that tell us why we should have a 700+ Credit Score, but these five facts will definitely give you the big picture and hopefully will drive you to want to fix your credit score starting today. Recognizing the Signs that You Might Need Credit Counseling Most families in America today have a credit card; some have two or more. The type of credit card you own, gold, platinum, ext, is almost a status symbol in society. The concept is a good one, using your good credit to purchase big-ticket items that you may need time to pay for. If used wisely, credit cards can be a dependable resource, however, sometimes we are unaware of the fact that we are overspending. Some may think that if they are able to make the monthly payments, then their debt is under control. This is not always the case. These are some signs that you may be in or going in the direction of having a major financial crisis. Useful Tips When Choosing Credit Cards Chances are you have received your share of "pre-approved" credit card offers in the mail, some with low introductory rates and other perks. Many of these solicitations urge you to accept "before the offer expires." Before you accept, shop around to get the best deal. The Easy Way To Gain Access To Your Free Online Credit Report When you apply for credit, those lending you the money want to know if you are going to pay them back. One way they decide if you are a good risk is to see how you've dealt with other people's money. They find this information in your credit report. Balance Transfers Introduction The main benefit of balance transfer is a money-saving one. In the competitive credit card market an increasing number of companies are offering a 0% interest rate for a fixed period on balance transfers made by new customers. This allows new cardholders to make considerable savings in interest repayments. Interest free periods vary and certain credit card issuers extend the 0% interest rate offer to cover new purchases, it is worth taking great care to compare balance transfer offers well before deciding which one to choose. Some companies offer lower than average interest rates on transferred balances for the life of the balance transfer. This may be good news for card users who are not planning to pay back credit card debt in the short term. My Student Credit Card Adventure And some practical advice too! The Next Person With Credit Problems Got Their First Credit Card Today! One of the focus areas of my information is the absolute necessity of changing the way a person thinks about money and debt while in the process of repairing their credit. I have seen cases where a couple will work really hard for months, and finally get their credit report to the place they can borrow again and go out and buy something on credit just because they can. And I relate so strongly, because I was there at one time. 4 Steps to Creating Good Credit As a consumer you've learned the importance ofestablishing a good credit rating with your lenders. Whether you are shopping for a new home or auto, or searching for the best deals on insurance, your credit worthiness will be judged by your credit rating or credit score. Credit Repair: How To Deal With Your Creditors If you are in danger of credit problems because you have more debts than you can handle, there are things you can do at least keep your creditors reasonably happy. Convenience Can Be Costly You've just opened your credit card bill and attached to your statement you find a "convenience check" included. It may already be filled out with a dollar amount such as $300, $500, or even $1,000. Your mind fills with ideas of what you could buy with this "instant" money. A new summer wardrobe, a nice dinner and tickets to a concert, a weekend getaway. Stop Credit Card Offers You can stop receiving credit card offers in the mail! It's really easy to do - just phone 1-888-567-8688 and follow the prompts and provide the requested information including Social Security number, date of birth, etc. What You Need To Know About Credit Cards What is a credit card?
|
| © Athifea Distribution LLC - 2013 |