Tag: credit score repair

Your Credit Score Affects Your Love Life

A few years ago, credit scores were taboo. The idea that a credit score could be used for more than just determining qualification for a loan was at best unfair and at worst discriminatory. Employers in some circumstances can use credit scores or credit reports to determine whether to offer jobs to applicants. If you sign a credit authorization form, which some employers might imply or outright say is necessary to be considered, the company can use your credit against you.

Auto insurance companies can use credit scores to set your rate because they’ve found that there is a correlation between higher scores and safe driving. If you intend on renting an apartment, the landlord can choose to perform a background check, and credit history could be included.

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Do Credit Repair Services Really Work?

You’ve seen the ads claiming to be able to fix your bad credit, but do credit repair services really work? Honestly, many of the companies are a scam. But the credit repair services that have been around for a couple decades know the rules surrounding credit repair and know how to navigate those rules to either raise your credit score or give you your money back. That of course doesn’t mean that it works for everyone. There is no magical formula to raise your credit score in a hurry, but there are a few instances where credit repair can help you give your score a deserved bump.

 

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Is there a legit company to fix my credit score?

Dear Debt Adviser,

Is there a legitimate company out there I can consult to assist with increasing my credit score and deleting derogatory marks on my credit report? Thanks for your time and consideration to my question.

— Quan

 

Dear Quan,

I know it seems strange that in our age of instant everything, some things still take months or even years to accomplish. But, in the case of credit scores, it’s true. Your credit score is based on your past actions, and your past took time to create. Sometimes, it’s even longer to outlive. When you’re late on a bill, it stays on your credit report for a long time and there is little you can do about it. But yes, there are still some things you can do.

 

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Is Credit Repair Right for Me?

credit repair

The bottom line.

It sounds, on the surface, like the Do-it-Yourself credit repair model is always the way to go, but you’d be wrong drawing that conclusion. Dealing with the credit reporting agencies isn’t easy. Your well-written dispute letter to the credit bureaus is homogenized into a 3-digit code, which is then sent over the Internet using a system called E-Oscar to the company that furnished the offending credit entry, usually a lender or a collection agency. At that point it’s up to the furnisher to A) understand what you’re disputing and, B) take time to investigate your claim.

 

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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.

5 Mistakes You Make When Managing Your Debt

managing your debt

 

Not all debt is created equal. With that being said, there is no one-size-fits-all approach to managing your debt and avoiding excessive interest, fees and other penalties that could result if not handled properly.

Here are five mistakes consumers commonly make with their debt (and ways to avoid them).

1. Depleting Your Emergency Fund

 

2. Having No Plan Of Action

 

3. Getting Caught in the Minimum-Payment Plan

 

4. Robbing Peter to Pay Pal

 

5. Ignoring Statements and Credit Reports

 

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