Does Your Credit Rating Stink?
Mine did.
So, I had to take some aggressive steps to fix it. This lens features some articles I have written on the subject of credit repair. Don't let your credit rating get the best of you. Learn Credit Secrets Here
Learn from my experience. Scroll on down and start working on your credit.
But wait--there's more...
...If you like trading stocks but can't seem to figure it out, visit my Online Success Resources site HERE
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Interested In Home Business Ideas?
Here is a collection of articles from my website on building a home business that you may find interesting.
Fetching RSS feed... please stand byWhat About This FICO Score Thing?
Get To Know Your FICO Score
If you are having difficulty in getting a home loan or new credit card, it may be because of your FICO score. Home mortgage and credit card companies have tightened their grip on quick loan approvals, making your FICO score a critical part of your loan application.
Don't let your credit rating get the best of you. Learn Credit Secrets Here
Home mortgage and credit card companies typically use the FICO to analyze your creditworthiness, but how FICO scores are interpreted may vary. Knowing this, you can use that variation to your advantage.
You could be rejected by one company's scoring system and approved by another. One creditor's system may view your current income or cause for past payment delinquencies differently than another, while others will only look at the FICO and not go beyond this superficial judgment of your creditworthiness. Underlining the importance of FICO scores, recent sub-prime lending laws promise to further restrict access to credit to those with poor FICO scores.
Banks and other lending institutions make money by loaning money to you, with interest and fees. They want to approve you.
Keep in mind that their motive is to make a profit; therefore, it is a neverending struggle for them to find credit worthy clients. The bottom line is, they want your business. Your job is to convince them you are worth being added to their client list.
Since your credit report is given a numerical score, based on a formula created by the Fair Isaacs Corporation, also known as your FICO, you need to know what you can do to increase that number. The average American FICO score is 675, which is not necessarily that high.
Here are five things you can do to improve your FICO score:
1. Have a home phone in your name.
2. Pay your bills on time.
3. Reduce your debt to income ratio.
4. Stay at one address longer than one year.
5. Stick with your current employer longer than one year.
Your residential status is one of the primary measurements of your FICO. Banks love stability, so they primarily market to homeowners, and people who have lived in the same location for several years. A transient lifestyle (moving every year or so) is not conducive to good credit. Nor is renting an apartment. If you have a history of making late payments, or defaulting on prior loans, owning a home, or at least being able to claim homeownership, is virtually a requirement.
Do you want to discover the secret to generating huge profits in the stock market?
Visit Online Success Resources to learn how.
Don't let your credit rating get the best of you. Learn Credit Secrets Here
Home mortgage and credit card companies typically use the FICO to analyze your creditworthiness, but how FICO scores are interpreted may vary. Knowing this, you can use that variation to your advantage.
You could be rejected by one company's scoring system and approved by another. One creditor's system may view your current income or cause for past payment delinquencies differently than another, while others will only look at the FICO and not go beyond this superficial judgment of your creditworthiness. Underlining the importance of FICO scores, recent sub-prime lending laws promise to further restrict access to credit to those with poor FICO scores.
Banks and other lending institutions make money by loaning money to you, with interest and fees. They want to approve you.
Keep in mind that their motive is to make a profit; therefore, it is a neverending struggle for them to find credit worthy clients. The bottom line is, they want your business. Your job is to convince them you are worth being added to their client list.
Since your credit report is given a numerical score, based on a formula created by the Fair Isaacs Corporation, also known as your FICO, you need to know what you can do to increase that number. The average American FICO score is 675, which is not necessarily that high.
Here are five things you can do to improve your FICO score:
1. Have a home phone in your name.
2. Pay your bills on time.
3. Reduce your debt to income ratio.
4. Stay at one address longer than one year.
5. Stick with your current employer longer than one year.
Your residential status is one of the primary measurements of your FICO. Banks love stability, so they primarily market to homeowners, and people who have lived in the same location for several years. A transient lifestyle (moving every year or so) is not conducive to good credit. Nor is renting an apartment. If you have a history of making late payments, or defaulting on prior loans, owning a home, or at least being able to claim homeownership, is virtually a requirement.
Do you want to discover the secret to generating huge profits in the stock market?
Visit Online Success Resources to learn how.
Safest Way To Get Your Free Credit Report
Never Answer A "Free Credit Report" Email
One of the easiest, and cheapest ways to obtain your personal credit report is over the Internet. but, never answer one of those "Free Credit Report" emails.
There's a better and safer way to do it.
It is estimated that up to 60% of all borrowers request a credit report at least once a year. If you are trying to protect your privacy, you may want to be wary of the questions about your current address, phone number, employer, and other personal data they may ask in the "Request Your Credit Report Here" form.
Don't let your credit rating get the best of you. Learn Credit Secrets Here
Best Way To Get Your Free Credit Report
A recent amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies, Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report, at your request, once every 12 months. Use the FTC government website http://www.annualcreditreport.com as your primary source for credit report data.
The Federal Trade Commission has recently discovered that identity thieves are now using your credit report data to steal your identity. According to the FTC, unwary consumers have provided data to sites offering "free credit reports." These unscrupulous sites collect your personal data, and then use it against you. For that reason alone, you may want to stick with the FTC site listed above.
7 Steps To Disputing Credit Report Errors
Credit reports are notorious for errors. These errors may be impacting your overall FICO score and need to be removed as soon as possible. Here are steps you can take to have damaging entries removed from your credit report:
1. Make a list of inaccurate or untrue entries that you find in your credit report.
2. Call the credit bureau and tell the appropriate person that you want to dispute an entry you have noted on your credit report.
3. Don't allow any credit bureau employee to talk you out of proceeding with your appeal. To avoid a distracting confrontation, don't even tell them you want to challenge. They won't initiate any action on your behalf anyway until they receive your appeal request in writing.
4. To initiate the proper appeal procedure, ask the person you speak with to send you a "Dispute Form."
5. Complete the "Dispute Form" and return it to the credit bureau by certified mail.
6. When the credit bureau receives your written dispute request they will then attempt to verify the dispute you have indicated with the bank, lender, or creditor responsible for having the damaging information listed.
7. You will be notified of their decision within 30-45 days.
This technique challenges creditors to document proof of your credit card usage. While I do not suggest you attempt to defraud the credit card companies, you have the right to demand proof for charges made against your card. Also, if you have ever made a late payment through a collection agency, the original charge may still be reflected as "overdue" on your credit report. Collection agencies are notorious for not informing the credit bureaus of successful collections. Save all your documentation when dealing with a collection agency.
Where To Go From Here
Several years ago credit repair agencies based their success rates on creditors' inability to document proof of your purchases. Therefore, items that went into dispute had to be written off by the creditors. In my experience, credit agencies have vastly improved in this area, but may still offer some loopholes to the consumer's advantage. Be wary of working with a credit repair agency, however. They typically charge large upfront fees, based on the amount you owe, and cannot make guarantees of how much of your debt will be removed.
Finally, the best place for credit advice is the federal government. Go to http://www.ftc.gov for information prior to hiring a credit repair or counseling service.
Do you want to discover the secret to generating huge profits in the stock market?
Visit Online Success Resources to learn how.
There's a better and safer way to do it.
It is estimated that up to 60% of all borrowers request a credit report at least once a year. If you are trying to protect your privacy, you may want to be wary of the questions about your current address, phone number, employer, and other personal data they may ask in the "Request Your Credit Report Here" form.
Don't let your credit rating get the best of you. Learn Credit Secrets Here
Best Way To Get Your Free Credit Report
A recent amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies, Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report, at your request, once every 12 months. Use the FTC government website http://www.annualcreditreport.com as your primary source for credit report data.
The Federal Trade Commission has recently discovered that identity thieves are now using your credit report data to steal your identity. According to the FTC, unwary consumers have provided data to sites offering "free credit reports." These unscrupulous sites collect your personal data, and then use it against you. For that reason alone, you may want to stick with the FTC site listed above.
7 Steps To Disputing Credit Report Errors
Credit reports are notorious for errors. These errors may be impacting your overall FICO score and need to be removed as soon as possible. Here are steps you can take to have damaging entries removed from your credit report:
1. Make a list of inaccurate or untrue entries that you find in your credit report.
2. Call the credit bureau and tell the appropriate person that you want to dispute an entry you have noted on your credit report.
3. Don't allow any credit bureau employee to talk you out of proceeding with your appeal. To avoid a distracting confrontation, don't even tell them you want to challenge. They won't initiate any action on your behalf anyway until they receive your appeal request in writing.
4. To initiate the proper appeal procedure, ask the person you speak with to send you a "Dispute Form."
5. Complete the "Dispute Form" and return it to the credit bureau by certified mail.
6. When the credit bureau receives your written dispute request they will then attempt to verify the dispute you have indicated with the bank, lender, or creditor responsible for having the damaging information listed.
7. You will be notified of their decision within 30-45 days.
This technique challenges creditors to document proof of your credit card usage. While I do not suggest you attempt to defraud the credit card companies, you have the right to demand proof for charges made against your card. Also, if you have ever made a late payment through a collection agency, the original charge may still be reflected as "overdue" on your credit report. Collection agencies are notorious for not informing the credit bureaus of successful collections. Save all your documentation when dealing with a collection agency.
Where To Go From Here
Several years ago credit repair agencies based their success rates on creditors' inability to document proof of your purchases. Therefore, items that went into dispute had to be written off by the creditors. In my experience, credit agencies have vastly improved in this area, but may still offer some loopholes to the consumer's advantage. Be wary of working with a credit repair agency, however. They typically charge large upfront fees, based on the amount you owe, and cannot make guarantees of how much of your debt will be removed.
Finally, the best place for credit advice is the federal government. Go to http://www.ftc.gov for information prior to hiring a credit repair or counseling service.
Do you want to discover the secret to generating huge profits in the stock market?
Visit Online Success Resources to learn how.
Getting A Loan Is A Matter Of Persistence
Tried And Failed? Try Again
Getting approved for a loan or line of credit is often a matter of persistence.
If you complete an application for a loan and are still rejected, the very first thing you should do is to be persistent and never give up. There are many reasons why a person may be turned down for credit, but whatever the reason, you have a legal right to ask a creditor for an explanation.
By knowing the cause of your rejection you can make adjustments in your lifestyle and resubmit a strengthened application. I know a man who was desperate to get involved in real estate investing. He applied for a loan and was turned down. Rather than leave the bank disgruntled, he asked the banker to explain why he was rejected. He found out his forecasted profit and loss statement was unimpressive. He asked an accountant to improve the presentation and went to another bank. This bank also rejected his loan application, but again, my friend learned things from that banker and moved on. The fifth bank he approached approved his loan.
When you are dealing with creditors you will know who is the cooperative sort, and who is not. I have learned from experience that lenders like approving loans to people they have previously done business with. Don't walk into a bank off the street and expect that bank to jump through hoops to approve your application. However, if you have done business with a bank for a few years, you deserve some consideration. Cultivate a relationship with your banker by avoiding bounced checks, maintaining whatever you can afford in a savings account, appearing well dressed (I mean clean and neat, not necessarily a suit) and polite when conducting any bank business.
In desperation, you may want to ask a relative to co-sign for you. A co-signer is someone who generally has better credit than the person he is co-signing for. He is also the person a creditor will go after first in the event you do not pay off your debt. Why? Because they know that co-signers don't want their credit ratings ruined and will quickly settle the obligation.
If you are trying to establish or rebuild credit, co-signers can help you achieve that goal. Naturally you wouldn't need a co-signer every time you apply for credit. After paying off one obligation with a co-signer, it should be much easier to acquire more credit on your own.
Don't let your credit rating get the best of you. Learn Credit Secrets Here
Co-signers are usually friends or relatives. When you find someone willing to help they should be offered some compensation agreeable to both of you. Your application for credit will be approved primarily on the strength of your co-signer's credit.
Like most things in life, getting approved for a loan is often a matter of persistence. Keep trying and never give up. Eventually, things will work out.
Do you want to discover the secret to generating huge profits in the stock market?
Visit Online Success Resources to learn how.
If you complete an application for a loan and are still rejected, the very first thing you should do is to be persistent and never give up. There are many reasons why a person may be turned down for credit, but whatever the reason, you have a legal right to ask a creditor for an explanation.
By knowing the cause of your rejection you can make adjustments in your lifestyle and resubmit a strengthened application. I know a man who was desperate to get involved in real estate investing. He applied for a loan and was turned down. Rather than leave the bank disgruntled, he asked the banker to explain why he was rejected. He found out his forecasted profit and loss statement was unimpressive. He asked an accountant to improve the presentation and went to another bank. This bank also rejected his loan application, but again, my friend learned things from that banker and moved on. The fifth bank he approached approved his loan.
When you are dealing with creditors you will know who is the cooperative sort, and who is not. I have learned from experience that lenders like approving loans to people they have previously done business with. Don't walk into a bank off the street and expect that bank to jump through hoops to approve your application. However, if you have done business with a bank for a few years, you deserve some consideration. Cultivate a relationship with your banker by avoiding bounced checks, maintaining whatever you can afford in a savings account, appearing well dressed (I mean clean and neat, not necessarily a suit) and polite when conducting any bank business.
In desperation, you may want to ask a relative to co-sign for you. A co-signer is someone who generally has better credit than the person he is co-signing for. He is also the person a creditor will go after first in the event you do not pay off your debt. Why? Because they know that co-signers don't want their credit ratings ruined and will quickly settle the obligation.
If you are trying to establish or rebuild credit, co-signers can help you achieve that goal. Naturally you wouldn't need a co-signer every time you apply for credit. After paying off one obligation with a co-signer, it should be much easier to acquire more credit on your own.
Don't let your credit rating get the best of you. Learn Credit Secrets Here
Co-signers are usually friends or relatives. When you find someone willing to help they should be offered some compensation agreeable to both of you. Your application for credit will be approved primarily on the strength of your co-signer's credit.
Like most things in life, getting approved for a loan is often a matter of persistence. Keep trying and never give up. Eventually, things will work out.
Do you want to discover the secret to generating huge profits in the stock market?
Visit Online Success Resources to learn how.
Blog Posts About Credit Repair
Don't Take My Word For It. Read what Others Have To Say About Credit Repair.
Scroll down and take a look at what Google bloggers have to say about credit repair.
- Credit Repair -- How to Get Your Credit Reports Painlessly
- Credit repair requires organization The first step in the process is getting all three of your credit reports A credit repair expert offers a roadmap to this often-frustrating first stage of the journey Are you ready.
- Credit Repair Services - A Thought . . .
- So . . . I recently was searching for the ?best? and the ?brightest? among Credit Repair Services and well it can be a tricky field. I mean don't get me wrong, I'm sure there are many wonderful credit repair com. ...
- Credit Card Repair Tips
- In a nutshell, this website aims to provide our visitors with FREE credit repair and useful personal finance information, which if applied, will assist you to repair your credit and get out debt. Our intention is to provide you with ...
Credit Repair Books From Amazon
You Know The Drill. Pick A Book And Start Learning.
Credit repair is all about learning the ropes. Read some good books on the subject and get ahead of the game. There's no reason to sit around being vistimized by credit agencies, mortgage companies, and banks anymore.
Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future (2nd Edition)
Amazon Price: $12.91 (as of 09/08/2008)
BestCredit: How to Win the Credit Game, 2nd Edition
Amazon Price: $16.50 (as of 09/08/2008)
Credit After Bankruptcy: A Step-By-Step Action Plan to Quick and Lasting Recovery after Personal Bankruptcy
Amazon Price: (as of 09/08/2008)
Credit Repair Is Not The End Of The World
Credit Repair Videos From YouTube
Credit Repair Secrets
http://ukcreditsecrets.co.uk - Credit repair is easy when you know how your credit file works and is used against you.
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