Category: Features

3 Ways to Protect Your Child From Identity Theft

Is your child receiving a lot of credit card offers? It may be a red flag an identity thief has opened credit in your child’s name.

Identity theft is becoming a bigger problem in the United States. As technology becomes more sophisticated, hackers are finding more and better ways to steal our identities. And the theft isn’t limited to adults.


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7 Important Tips to Increase Credit Score

increase credit score

Have you already done your best to improve your credit score but still nothing happened? If this is the case, don’t lost hope. There are still some steps that you could try. Hence, there is still a big difference between a credit score of 550 and a 780. The following tips will surely help you increase credit score:

Ø Request a copy of credit report – The Fair Credit Reporting Act require the three agencies Experian, Equifax and TransUnion to give a free credit report each year. For this reason, it is important to check credit report because the reports of the three egencies may differ. More so, it is one step for the consumer to keep track of all their financial activities.

Ø Make a move to improve credit score – Loan company will always refer their loan approval on your credit score. So, if you really have plans of taking loans in the near future, make sure to improve your credit scores first. Do it by paying bills online, keeping debt below 35 percent of the available credit, paying off debt and disputing errors on credit report.

Ø Read and understand the guidelines and policies of the credit card contract – Oftentimes, people don’t bother to read the terms and conditions of the credit contract. They are just surprise of the total bills that they need to pay because of penalties, interest rates and other fees. You should be aware with all the terms and condition so you will know how to handle your payment method.

Ø Read and examine monthly statements carefully – Even if reading monthly statement is so easy, it is still advisable to examine it carefully. There might be some fees reflected in the report that are not present in the previous bills. If there is something that doesn’t make sense, do not hesitate to call your credit card company.

Ø Make sure to pay down or pay off credit card balance – As much as possible, avoid making new charges by not paying full the previous bills. This is a common mistake of many consumers. They are too focus on paying the minimum amount and just leave the balance unattended. In the end, when all the balance is added, it will sum up to one big amount. So better paid everything and do not leave any balance.

Ø Choose credit cards that match your spending habits – Your spending habits will tell you which credit card is best for you. Always consider the payment terms and the date of your salary to avoid penalties in the credit card company.

Ø Think twice before canceling any cards – Canceling your cards will throw up red flag and impact on your credit score. Since it will give negative impact, make sure to think twice before canceling it. You can always cancel your card but your credit score will suffer.

Credit scores will never be a problem if you just know how to deal with it. Try the above tips and you will surely enjoy your good credit score.

Improve Credit Score Effectively

Here are 5 things you can do to improve your credit score.

Checking Accounts – If you are paying cash money for everything that you purchase your credit score might be at its lowest point. You will need to boost your credit score before lenders will provide you financing. Underneath are the most important steps to improve credit score. Opening any bank account is a sure way to show the bank that you are credit worthy and can really help you establish a loan. Loan providers will likely have second thoughts in granting the loan application if you do not have a checking account. The financial institution accounts may not be noted on the credit report nevertheless they serve their purpose when you apply for a loan. In addition to that, opening a bank account could help you boost your credit score, just make sure you have manage your account well.

improve credit score

Improve Credit Score

Secured Credit Card – When your credit scores are low a secured card is actually a great way to raise those scores. You only need to deposit some cash to get started, which is used as collateral. As you use the said credit card wisely, paying on time every time. Being economically responsible is a good way to improve credit score. The reporting agencies will monitor your financial activity and report you as financially responsible. In just a year or less you should be determined as qualified for an unsecured charge card.

Become an Authorized User – Become an added user to improve credit scores. You may be listed as an authorized user on someone else’s credit account. You can enhance credit scores for being an authorized individual even without using the card from the primary charge card holder. You are able to still improve credit score as long as the account is reported to the bureaus as on time.

Personal Loan – The fourth way to improve your credit score is through a personal loan application. Improving one’s credit score can be done through exhibiting how financially trustworthy you are. Once you’ve proven your financial balance to the finance institutions and lending institutions, they could then allow you a personal unsecured loan that will help you improve credit score. When you get the loan, use it to buy an item that can be paid in installments for at least 12 months. Yet this can only be effective should you pay pay your balances promptly on-time.

Find a Co-Signer – Searching for someone within your family or a friends with a good credit ranking and ask them to be your co-signer could also improve credit score. You are also able to benefit from the good credit reputation of the co-signer thus boosts your credit score. Again, timely payments are so important so your credit score will improve fast. Pay extra attention to the details when looking for a co-signer. The records to the shared accounts, both good and bad, can appear on both the co-signer as well as the borrower’s credit reports for 7-10 years.