Simple Ways to Help Increase Your Credit Score By Over 100 Points

Due to the recession, many consumers are experiencing money problems and damaged to their credit files. Paying bills and meeting daily expense is the main things on consumer’s minds and nothing else. Therefore, consumers are forced to seek loans from bad credit lenders with high interest rates and high fee cards. They do this just to stay above water with their bills. However, three months down the road they default on their financial obligations.

These actions tend to be the leading reason for consumers having a bad credit score. In today's society, the 3 digit numbers are important when it comes to getting approved for the things you want in life. For example, if you want to buy a new car with a low interest rate, you will need a good score. Second example, if you want to purchase your first home, you would need a good 3-digit number. 

Your 3-digit number is based on the information in your bureau report, which is produced by the three bureaus. "Fair and Accurate Credit Transaction Act" are the watchdogs over the bureaus. Your 3-digit number decides whether or not you will be approved. When determining your lending worthiness, the lenders base their approval decision on your bureua reports. If the lending institution sees that you had a poor paying history, the chances of you getting approved is slim to none. In this article, I will disclose a few simple ways to raise your credit score. 

Simple Ways to Help Increase Your Credit Score tip 1

Learn from the banks

Banks will let you know why you were denied and what you can do to improve your chances. Take the bank's suggestions and improve your 3-digit number to avoid high interest rates when you apply for a loan in the future. 

Simple Ways to Help Increase Your Credit Score tip 2

Learn from the credit card company

If you were denied by a card company, write a letter to them and see why you were denied.  Then take your new found information and make improvements to your score.

Simple Ways to Help Increase Your Credit Score tip 3 

Don’t apply

While you are improving your score, do not apply for any new loans as this will damage your 3-digit number further. 

Simple Ways to Help Increase Your Credit Score tip 4

More tips

For more tips and ways to improve your score, search the internet, and read books on the topic.  Try to follow the steps and techniques taught to you by the experts online and in the books.  By following their strategies you will increase your chances of improving your 3-digit number.

Simple Ways to Help Increase Your Credit Score tip 5

Look for Experts

Finding experts on article directories and sending them questions about your score will also give you guidance to improving it.

Tip 6

Pay on time

You must also make you pay your monthly payments on time no matter the circumstances. If you miss one payment, it could drop your 3-digit number by 50 points. As a result, always pay on time, even if you have to borrow the money. If you are behind on your payments, consult with your lender for any hardship programs. That way you prevent further damage to your 3-digit number. 

Make sure you contact them right away and not let your payments fall behind. If you get to far behind, the lenders will not offer you the hardship program and this will damage your three-digit number. 

Tip 7

Settle your debt

If you do fall behind, and you are not approved for the lender's programs, try to settle your debts for a lower price, and have the lender delete the late payment and the account from your credit report. In return, this gives you score a boost. These techniques are proven to help your three-digit number if you take action. 

Now that you are empowered with more information. Go out there and take action to get the score you want. 

Credit Book - How can I use one to repair my credit

Let me ask you a question?  Are you looking for information on how to restore your credit? Are you looking at various website, cd's and books? You could be just tired of getting denied for the finest things in life like a car, home, personal loan for school, cell phone, or a business loan.  You may just want to improve your overall credit score. 

Now if your file is damaged, you have to find a way to restore and take it to another level. After figuring out what caused your bad credit, you will be able to put together a step by step plan to restore it and start getting approved for things you want. Once you finish repairing your credit, you will see why it's so important to keep it at its new level.  

On more than one occasion, consumers have asked me about using a credit repair company. They have also stated that these services are the only way to get negative items off their report. In a few minutes, you will see that this is far from the truth. Restoring damaged credit is a very basic and simple process, but it takes discipline, time, and patience. If you have the right resources like a credit book, restoring your negative file will not be such a big challenge. 

Once you purchase your book, look for information on how to request for a copy of all three of your credit reports. You can get these reports for free from the annual credit report site. You get these reports for free because by law you are entitled to them every year. You can also get them by mail, by phone, and by the internet. When requesting them, make sure you are familiar with the items on your report. Another way to get your report for free is if you have been denied based off negative information in your file. However, you have to request for the report within 60 days of date of your denial. 

Next, look in your book for techniques on how to inspect and dispute your report. Make sure you inspect the file for errors like wrong accounts, and accounts that are not yours. Your next step would be to dispute the items that you think that are incorrect. You do this by making a list of the accounts that you do not agree within the report. Then you can begin the repair process. 

This process takes patience on your behalf because you have to wait 30 days after you send out the first dispute. Credit restoration is something you can do on your own. You do not need the help of a company. All you need is the right credit book. A good credit book should give everything you need to start the process of taking your financial life back.  

If you visit your local bookstore or search on the internet, you will see that there is an unlimited amount of credit books on the market to help you with this task. The tactics taught to you in these books have been used by many consumers with great results. Anyone who can read and understand basic English could understand how to use these credit books. Because there are many sources to choose from, you must ask yourself which one is right for me. 

to pick the right one for you, you must look on the internet for reviews of these books. Once you purchase your first credit book, study it from beginning to end and make sure you understand the techniques taught in the book for ultimate success. Make sure the book has a sample dispute letter with instructions on how to use them and when to send them. Ensure that the book has relevant techniques that are used by repair companies. 

In conclusion, consumers just like you have repaired their own report with the right information. All they did was use the dispute letters provided to them in the book they purchased. With the dispute letters and techniques taught in the book of your choice, and action, you will start to see improve in your credit file. Now that you are empowered with more information, go out there, and take action. 

http://www.thebestcreditrepairbook.com

Suing Collection Agencies - Discover the 6 things you need to know before going to court

Just to let you know that collection agencies are no different then credit bureaus when it comes to suing in court. However, before you take the legal step to sue in small claims court, there are six things you must know right before filing a lawsuit.  

Suing Collection Agencies - 1 - Know who serves the collector with the complaint.

Anyone not affiliated with the case may serve the bureau, but you are responsible for having the complaint served. Once you file, the complaint has to be served right away, and proof of delivery must be filed with the court 10 days from the court hearing date. You can use a sheriff, a third -party not involved in the case, or a process server. You can also send it by mail with a certified return receipt. When mailing, make sure you ask for restrictive delivery, meaning a register agent for the company needs to sign for the complaint and check with your court for serving procedures. 

Suing Collection Agencies - 2 - Know how to find a register agent (a representative of the company) for the collection agency.

Go to the Secretary of State website where the company is based, and do a name search.  If the company is out of state, then you need to look for their register agent in your state. Once you find the agent, you can have them served with the notice of complaint. Do a search on the Better Business Bureau website and Google for resident agent to locate the agent of the business?

Suing Collection Agencies - 3 - Know how to prepare for the trial.

You can prepare your evidence by getting a copy of the laws, outlining your argument, and learning what the collector may present at the day of court. Thoroughly organize and study your evidence. You will need to prep your witnesses, put your recordings in order, review your journal of notes from the collector, pull your phone records, and review any medical records for proof of emotional distress. Review the laws that were violated and take a highlighted copy with you to court for the judge to review. Outline the events that took place step-by-step. You can even practice presenting your argument to the judge in front of a mirror.

Suing Collection Agencies - 4 - Know what goes on in the hearing.

You should arrive early and dress professional, as there will be others in the court also trying their cases. The clerk will call the role from the docket to see who is there. If only the plaintiff is present (meaning you), the judge will issue a default judgment awarding you the case automatically. If the defendant ( collection agency) is the only person to show up, the case will be dismissed. The judge will ask the parties to try in settle their matter with a mediator waiting outside in the hallway. If a settlement is unsuccessful, your case will be heard in order. When your case is called, you and the defendant will present arguments to the judge, and after hearing both sides of the story, the judge will deliver a decision right away or later by mail. 

Suing Collection Agencies - 5 - Know what happens if I don't win the case? Know if you risk losing anything.

If you don't win your case, you may have to pay the defendant's attorney fees if the small claims court in your area allows those fees to be collected from the defendant (the company you are suing), so check with the small claims court about this issue before filing your case. Furthermore, you will lose your filing fee, and any money you used to bring the case to court. In addition, the defendant can try to collect any fees, they accumulated trying to defend the case against you. 

Suing Collection Agencies - 6 - Know if you lose, will any fees be added to your negative account balance.

No. There will be no additional fees added to your balance, unless the original contract you signed with the creditor allows for legal fees to be collected. Read through your contract before taking your collector to court to better understand what they can collect if you lose the case. Now if you are suing the creditor bureau, then their general fees to defend against the suit will apply in this situation. 

Being prepared for small claims court is a big factor on how your case will turn out. So pay attention to the six tips mentioned in this article before you enter the legal arena. Now that you are empowered with more information, go out there, and take action.

Suing credit bureaus - 7 tips you should know before going to court

Suing credit bureaus - 7 tips you should know before going to court

Before taking on the task of bringing a lawsuit against the credit bureau or a collection agency, there are many things you should know to be successful when you get your day in court.  In this article, I will discuss 7 tips you should be aware of before you file a claim in small claims court.

Suing credit bureaus Tip 1

What you must show during the lawsuit?

You must show that you were harmed in some way due to the bureau’s willful non- compliance. For example, if you were turned down for a home loan, if your interest rates on your other credit cards went up, or if you were denied a job based on the negative marks in your report, their refusal or negligence in cooperating to remove the negative marks will have led to harmful developments.

Tip 2

Try to settle first?

Sending a demand letter to the bureau and trying to settle your claim before going to court presents you in a very respectable light before the judge. Allow the bureau 10 days to respond to your letter, and if there is no response, file a copy of the letter and the certified return receipt with the court as proof that you tried to settle. In your letter, you should ask for changes to your credit report and for punitive damages for violating the law.

Suing credit bureaus Tip 3

Look for cases to support your argument

You can either go to your public law library or use online legal research databases like westlaw or lexisnexis or versuslaw or jurisearch. Once you are at your public law library, ask the librarian for assistance on researching cases similar to your argument. A legal encyclopedia is the best place to start your research because they are indexed, organized, covers a broad spectrum of problems, and a good source to see how courts responded to cases like yours. 

Tip 4

Prepare before filing the claim?

You should take a trip down to your small claims court and sit in on a few cases just to see the procedure. Take notes on how long it takes to present each case, type of interaction with the judge, the type of proof presented, even the appropriate manner of dress for court. 

Suing credit bureaus Tip 5

Filing the claim?

Every court has different procedures, so go online to your small claims court and review their filing instructions. There will be a fee, which is based off of the amount you are suing for. This fee is due at the time of your filing. You can pay by cash, credit, debit card, money order, or cashier check. The claim can be filed in person, or at the after hour drop box or by mail, and all documents should be typed or written clearly. 

Tip 6

After the claim is filed?

After the claim is filed, you are assigned a case number and a court date which will be set out to be heard in 90 to 120 days from the filing date.

Suing credit bureaus Tip 7

Know the basis of the claim?

You should have the following elements covered explicitly in your claim: 

• Who is your defendant? (The credit bureau, collection agency, or creditor?)
• Describe the circumstances. (What happened?)
• What law was violated? (FCRA or the FDCPA?)
• What is the value of your losses? (How much money did you lose?)
• How were you injured? (By not being able to qualify for a loan? Through increased credit card interest rates?)

As you can see, you will have to do the leg work if you decide to pursue legal actions against the big bad agency.  Now that you are empowered with more information, go out there, and take action.

Before suing collection agencies and credit bureaus questions - 8 more questions and answers

In the first article, I disclosed five answers to common questions posed to me about small claims court.  In this article, I will discuss eight things you need to know before seeking the legal route against the big bad agencies.

Suing collection agencies and credit bureaus questions and answers

How can I find my court?

In every county, there are small claims courts. You can look in the yellow pages, call the local operator, or do a search on the Internet for the court in your county. Once you locate the court, talk with the clerk to make sure you have the right court.

Do I need a lawyer?

In most courts, attorneys are not allowed, so you won’t need a lawyer. However, you should still seek legal advice if you plan on going to suing the credit bureau or a collection agency. When talking with a lawyer, ask questions about the procedures, the law, counter claims, evidence, your defenses and the possible outcome. 

Suing collection agencies and credit bureaus questions and answers

Where can I find an attorney?

• You can go to legal clinics put on by law schools
• Go to your local legal aid office
• Go to the clerk of the court (only for small claims procedures)
• Look through the yellow pages or legal newspapers
• Consult a bar association referral service
• Check a local law library 
• Check out Pre Paid Legal

Once you have selected a lawyer, have him or her review your argument and facts. If you are suing for an amount higher than the small claims court limit, you will need an attorney that will work on a contingency bases, meaning he will not charge you up front but will take a percentage from your award if you win the case. 

Can I collect attorney fees in small claims court?

Some states allow you to collect attorney fees and others do not. Talk with counsel or check with your court on this matter.

Suing collection agencies and credit bureaus questions and answers

Can I sue in court under the federal law?

Yes, if your state does not have a law that regulates the credit bureaus. Be aware that the bureau may try to get the lawsuit moved to Federal Court since it’s a Federal law that you are suing them under. If this happens, you will need to hire an attorney.

What is the statute of limitation for filing a lawsuit?

The statute is two years from the date of the violation for the credit bureau and one year for the collection agency, so make sure you file your claim before the statute expires.

Suing collection agencies and credit bureaus questions and answers

Do I have a case?

First, check with your local attorney general's office and the office of consumer affairs to see whether your state has credit reporting laws that you can sue under. If the state does not have any laws, you can look through your records to see if the bureau has violated Federal law. 

How will I prove my case?

You can prove your case by showing the judge that the credit bureau or the collection agency has willfully violated the law by failing to comply with the statutes. To support your case, you will need the evidence you’ve gathered. Evidence may be wide-ranging, including letters to and from the bureaus, recordings, certified return receipts, witnesses, even notes taken in a journal regarding conversations held with the collectors or bureau. You can also use other court cases to support your argument.

As you can see, there are more things you need to consider before you begin your lawsuit. Consider the eight tips in this article before you take the agencies to court. Now that you are empowered with more information, go out there and take action. 

Suing collection agencies and credit bureaus - Questions and Answers

Let's face it, we all try to avoid going to court due to the time required and the expense. However, sometime we have no other choice but to use the court system to get the big bad Credit bureaus and Collection agencies to follow the law. When these companies violate your rights, you have to fight back by taking them to small claims court. In this article, I will discuss some of the questions, and answers posed to me about suing in small claims court.  

Suing collection agencies and credit bureaus - Questions and Answers

What is small claims court?

It's an informal, inexpensive procedure to handle a claim. In this court, the plaintiff (you) and the defendant (the credit bureau, collection agency, or creditor) argue a cause of action in front of a judge that can produce a monetary award in between $100 to $10,000 depending on the state court. The benefits to filing in small claims court are as follows:

• You don't need an attorney
• The case is short
• You represent yourself
• You don't need any legal training
• There is a small amount of paperwork involved
• Rules of the court are simple

Suing collection agencies and credit bureaus - Questions and Answers

What are the powers of the court?

In the small claims, the judge can award claims for money such as out of pocket losses directly related to the subject matter of the suit. For example, you can be awarded the cost of the suit. These include the filing fees, sheriff's fees, and witness fees. The judge can also order the defendant to pay punitive damages if he violated a state or federal statue, and it allows damages. The judge, however, cannot issue out rulings on specific performance (making someone comply with a contract clause) or injunction relief (stopping something from happening). 

Suing collection agencies and credit bureaus - Questions and Answers

What is a court of Equity?

These courts have the power to order a company to complete a specific performance. If you are trying to get an item removed from your credit report, and you sue the credit bureau in a court of equity, you have a good chance of getting it removed. The reason for this is the credit bureau/creditor/collection agency won't show up, and you get a default judgment. Now, if you are suing for monetary damages, the bureau may file a motion to have the case moved to Federal court. In this case, you would have to hire an attorney. Before filing your claim, ask the clerk of court if the court is a court of equity. 

Suing collection agencies and credit bureaus - Questions and Answers

What type of cases can be heard?

Any type of case involving a small amount of money can be heard. The courts have limits on how much you can sue for, and if your claim is over that limit, you must hire a lawyer and sue in higher courts. 

Who can I sue?

Any person or business that currently resides, works, or does business in your state. You must, however, be able to provide a current address (not a P.O. BOX) for the defendant. Talk with the clerk of the court to make sure that the defendant's address is in the right district. Moreover, you want to make sure you have the bureau or collectors correct name to avoid the case from being dismissed based on a technicality. 

As you can see, there are many things, you need to know before deciding to bring a lawsuit against the agencies. Stay tune because in my next article I will provide you with more information on suing the agencies. Now that you are empowered with more information, go out there, and take action.

Credit Score Answers - 6 Questions and Answers about Increasing Your Credit Score

Improving your financial picture is not a hard thing to do. Many people feel that there is no way to increase there three digit number once it has been damaged. However, there are multiple ways to increase your score. In this article, I will disclose the six most common question and answers posed to me about the three digit number. 

1.Does a Loan affect my three-digit number?

Loans affect your score more than any other item on your credit report. The type of loan, the amount you owe, and your payment history can destroy or improve your credit. 

2. Does refinancing my home loan or car loan affect my score?

Refinancing can help and hurt your three - digit number . It can help because you will be able to reduce your monthly payment and get a lower interest rate since your three digit number has improved. It can hurt your score because of new inquires that hit your report, and opening and closing accounts. 

3. Will a bad credit lender help my three - digit number?

My first advice is to stay away from these types of lenders, but if you are in a bind and you need to repair your credit by showing the banks that you can make payments on time, then getting a loan from a bad credit lender may be the thing you need to do. When you get these loans be aware that the interest rate will be four or five times higher than the normal loan interest rate, but you can always refinance the loan once your three digit number has improved. Lastly, make sure the lender reports to all three credit bureaus for score improvement.  

4. While on vacation or in the hospital what should I do about my bills?

During a vacation or a long stay in the hospital, you have to make arrangements to have your bills paid. You can pay your bills in advance or designate one of your friends or families to do it for you to avoid your three - digit number from being damaged. 

5. If I’m a College student where can I go for help with my score?

Most students who attend college tend to build up debt before they graduate, but this can be stopped with a little education. Students on their way to debt and a bad credit score need to see their Financial Aid office for help. This office has information on credit counseling, scholarships, budgeting, books on money, personal finance workshops, and tax filing information. 

6.Can I raise my three - digit number by consolidating?

If you have a number of loans and credit cards, and you may be missing some of your payments each month. Not keeping up with your payments will cause your credit score to go down. Consolidation can make this problem disappear. It consists of taking out one loan to pay off all of your smaller loans. In addition, you will also only have one consolidated payment to keep track of per month.

As you can see, it’s not that hard to improve your three digit number. Just apply the tips discussed in this article, and you will be on your way to a better credit file. Now that you are empowered with more information, go out there, and take action.  

Credit Tips and Advice - How to Raise Credit Score

Many consumers complain that it’s hard to raise your credit score once it’s damaged,  but this idea is far from the truth. It does not matter how bad your credit report was in the past because with the right education, you can improve your three digit number over time.  In this article, I will discuss 5 tips that you can employ to raise your credit score.

1. Know how money works

Learn the in and outs of how money works for you, so that you can be better prepared to pay your bills. You should also read books on money, budgets, and attend seminars. By doing this, you will never miss a payment, therefore increasing your credit score.

2. Staying in financial shape

When applying for loans, a lender will look at your savings, your income and your employment. You want to make sure that you keep a good amount of savings in your account to show the lender that you have the discipline when it comes to handling money. They will also look at your income to see whether you make enough money to keep up with the monthly payments. Finally, they will look at the length of employment to make sure that you are stable. The above factors will help you get a loan, which will help you raise your three digit number in the long run.

3. Late fees removed

If you are late, ask the lender to waive the late fee as a courtesy because most lenders will do that for you if you have not used all of your late waivers for the year. Lending institutions allow either one or two late fee waivers yearly. Then take the money that they were going to charge you and reduce the balances on your credit cards for an increase in your score.

4. Stay organized with your bills 

Get a file cabinet to track your bills and place them in an area where you can get to them quickly. Know the date of your payments and use calendars to remind you of your due dates. Take advantage of automatic payment deduction and electronic email reminders from creditors when offered. When employing these strategies, you never miss a payment, and a result you improve your score. 

5. Set goals

Set goals to track your credit repair efforts. For example, create a tracking list for your credit repair letters. Note whom you send letters out to and when. Set up reminders to check your score regularly to see whether it has improved. Create dates on when you are going to pay off your debt and recheck your score. 

As you can see, the tips disclosed above are simple and straight to the point. Now that you have empowered yourself with new knowledge, go out there, and take action.

5 Things That Can Hurt Your Credit Score

Rebuilding your credit score could be a challenge to most consumers, but with the proper education combine with action your goals could be achieved.  Once you get your score to the number you want, you want to protect it by not making careless financial mistakes.  In this article, I will disclose the five things that will hurt your score that you have been trying so hard to improve. 

1. To many Inquiries and lying on a loan application

Be careful not to get too many credit card inquires because it could drop your score. The banks don’t like to see that you have applied for credit all around the town. If you are applying for a car loan or a mortgage within 45 days, it will count as one inquiry. Soft inquires won’t hurt your score, but hard ones will. Be careful when you search online comparing car quotes because some credit bureaus may count the inquiries against you.

Don’t lie to improve your score for the following reasons: First, banks can check your correct score with no problem. And second, it’s fraud if you misrepresent information on a credit card application.

2.Lack of budgeting and savings

Lack of budgeting is a major factor in why people have a bad score. Spend time formulating a weekly and monthly budget. It will allow you to spend less than you earn and put extra money away toward paying off your debt. 

Try to save each month for emergencies. By saving, you will avoid over-extending your credit cards, which can bring your score down. Start out with saving 5% of your income every month and then go to 10%. You can have your bank take the money out every month and have it transferred to your savings. 

3.No emergency funds or insurance

Emergencies such as losing your job, a medical crisis, or a death in the family can often be an unexpected financial strain, if you’re unprepared. You must have money in place to maintain your bills, or your three digit number could take a hit because all of your available money will go toward your emergency.

Get life insurance, health insurance, disability insurance, and car insurance. If you have an emergency in any of these areas and you don’t have proper coverage, you can find yourself in serious debt and with a damaged your three digit number. 

4.Not protecting your credit during a divorce 

If you are married and you and your spouse decide to get a divorce, joint accounts can bring your  three digit number down if one of you does not pay the bill. Even if you’ve gone to court and have legally decided who will be responsible for each bill, the only thing that matters to your creditors is that one of you send your payment on time. According to the lenders, both parties are liable for the debt. 

Now that you are aware of the five things that can lower your three digit number, go out there and take action to prevent your three digit number from taking a hit.

How to improve your credit score in one year's time

Throughout the years, I have been asked the same question repeatedly. How do I improve my credit score? My answer for the questions was through multiple tactics. You see when you are suffering from a poor score you have to apply various techniques to improve it over time. In this article, I will disclose these tips that will help you increase your score over a year's time. 

Don’t pay off old debt

Paying off outdated negative bills can actually hurt your score by renewing the date of the last activity of the debt and making it current. Instead of paying off old debt, let them fall off or negotiate for a complete deletion.

Your true credit card balance

If you know that your credit card balance is lower than what the credit bureau is showing, write the card company, and have them update your card balance with the credit bureaus, so that your score will increase. 

Applying for a car or a mortgage

If you are planning to buy a new car or a house within six months, then don't apply for new a new loan, which can lower your score and stop you from getting the car or house. Instead work on improving your credit report by settling your debts for pennies on the dollar and having negative items completely removed.  By doing this will improve your score dramatically.

Don’t apply for a retail store charge card just to get the discount

If you apply for a retail store card, you will lower your score in three ways. First, retail cards have low limits, and if you buy an item that will push your card to the max, it will lower your score. Second, when you open a new account, it will lower the total age on the rest of your cards. Third, it will produce a hard inquiry, which can lower your score by five points. So don’t apply for these cards while you are trying to improve your score.

Ask them to remove the late entry

This technique is good if you have a long history with the creditor and have not been delinquent more than two times. Write a letter to the lender a professional letterhead explaining that you are loyal to the company, and that you would like their assistance in removing a few late entries on your credit report. If they grant the removal, this could increase your score by 30 points.

Check your credit report and score on a regular bases

You can check it once or three times a year, but it is best to check it every four months. If someone steals your identity and open accounts in your name, call the bureaus and asked them to put either a 90-day or a seven-year fraud alert (a notification by the creditor when someone tries to open an account in your name) in your file. You can even place a credit freeze (the creditor or lender can't pull your report without your permission) on your account. When you are a victim of Identity Theft, the law allows you to get a free credit report from all three bureaus. By monitoring your report, it will give you a chance to stop fraudulent use and damage to your score. You will also see if your score is improving as you pay down bills.  

As you can see it takes time and patience when trying to improve your financial picture, but it’s not impossible. Not that you are empowered with new information, go out there, and take action. 

How To Raise Your Credit Score in 5 Easy Steps

Ever wonder how a particular person raised their credit score to 750. Well, I used to ask myself that same question until I started applying the five sure killer steps to my situation. Once I started using these techniques, my three digit number started increasing overtime.

How to increase my credit score step 1- Ask for a credit increase

Ask your creditor to raise your limit that way it will reduce your balance and give you a slight bump up in your score.

How to increase my credit score step 2 - Apply for credit sparingly

Don't apply for many accounts in a short period of time because the credit bureau will send a Trans Alert to the creditors informing them that you have applied for multiple accounts.

How to increase my credit score step 3- Re-aging

Ask your creditor to re-age your account to improve your credit score. This method is the process by which your creditor agrees to forgive your late payment history and reclassify your account as up to date. You must qualify for re-aging according to (FFIEC) Federal Financial Examination Council and must establish and follow a policy that requires you to demonstrate a renewed willingness and ability to repay the debt. The account must be at least nine months old, and you must make three consecutive minimum monthly payments.

How to increase my credit score step 4 - Rapid re-score

In this method, the lender will review your credit report and tell you which item needs to be paid off or fixed. You will then pay off the negative items and get proof from the creditor. You then give the proof to the lender who will give it to the third - party vender who passes the information to the credit bureau. The bureau will then update your credit report reflecting your new credit score. This strategy is used primarily when you are trying to get a home. This feature is offered by a third - party vender, and the company is contracted by the credit bureau, not to offer the service to the public, but only to mortgage brokers.

How to increase my credit score step 5 - Have the credit bureaus add new accounts

Ask the credit bureau to add any account with a payment history that is not reflecting on your credit report.

Concluding, raising your credit score is not an easy task because it takes education, time, money and patience. Remember the saying that Rome was not built over night. This concept also applies to your three digit number. Now that you are empowered with additional education, gout there and take action.

Where Can You Obtain a Free Copy of Your Credit History?

Where Can You Obtain a Free Copy of Your Credit History?

Currently, there are three main credit bureaus, Equifax, Experian and Trans Union. You should request your credit report from all three of these agencies. Your information is also available for free from each bureau every 12 months. Another option for obtaining personal reports is to get a three-in-one report. With this report, you get all three of your reports merged into one. If you want a three-in-one report, you have to buy it or subscribe to a monitoring service. 

A good starting point for reviewing your history and information is The Annual Credit Report, a service sponsored by the three leading bureaus and authorized by the Federal Trade Commission. By using the ACR website, you can see all three of your reports instantly as this service is offered to you for free once a year.

Free copy of your credit history online?

You can get your report by logging onto the ACR website. Once there, select “Get Your Free Report” and fill out the subsequent form. You will be prompted for basic information, as well as a few questions regarding your accounts. After you have typed in the security code, you will be prompted to select a bureau to retrieve your report. 

Free copy of your credit history by mail?

Also on the ACR website is the option to request your reports by mail. Simply click on the link titled "Getting Your Reports By Mail" and print out the form. Aside from basic information, you will need a copy of your license and a utility bill in order to fill out the form. While completing the form, make sure to use a black or blue pen. Once finished, send the form to ACR Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Free copy of your credit history by phone?

Another option is to call the ACR at 1-877-322-8228 and follow the automated voice prompts to order your reports. You can request one report, or all three. When you call, the automated system will ask you for personal information like your social security number, date of birth, full name, and your current and previous address. These actions are taken to prevent identity theft. Once your request is in, your reports will be mailed out to you within 15 days.

Free copy of your credit history through other methods.

According to federal law, you are entitled to an additional free report if you experience the following:

• If you are denied credit, insurance, or employment. (You then must request for your  report within 60 days from being denied. Write to the bureaus and let them know that you were denied a loan and that you would like a free report.) 
• You’re unemployed and plan to search for a job within 60 days
• If you are on welfare, or a victim of identity theft
• If the bank or a card company charges you higher rates or fees, and their decision was based on your report
• If there was a negative change in your credit limit or the collection agency tells you that they have reported adverse information on your report

As you can see, there are many ways to get your report for free.  Just pick your option and take action.

Establish and Reestablish your credit answers - Discover 9 more Question and Answers

Gaining knowledge on how to improve your credit report will set you apart from the average consumer. Knowing what to do and what not to do will improve your chances of having triple A credit. In this article, I will disclose nine questions, and answers you must know.  

Establish and Reestablish your credit - What companies do not report to the credit bureaus?

Some travel entertainment companies, gasoline companies, local retailers, and credit unions are among those creditors who don’t report to the bureaus. 

Establish and Reestablish your credit - How often should I use my credit card?

Lenders like to see that you can make your payments on time, so if you have a master card, use it to buy small items, then pay off the balance to avoid interest fees monthly.

Establish and Reestablish your credit - What do you mean show the positive?

When applying for a loan, emphasize why it should be granted. It is important to capitalize on your strong points by making them the focus of your loan strategy. A good income history is one of the strongest points you can make. An excellent track record with the bureaus, with your banking institution, and with creditors (such as the telephone company and utilities) goes a long way toward making you look good. Lenders like to see evidence of earning power over a long period of time, as well as a consistent record of making payments on time. 

Establish and Reestablish your credit - Why should I educate myself?

The credit repair system is extremely intricate and is constantly changing. Year-by-year millions of Americans suffer from bad credit and get themselves deeper into debt. To guard yourself against costly mistakes, I encourage you to read as many books as you can on credit repair and personal finance so that you can learn the various ways to improve your report. 

Establish and Reestablish your credit - How do I stay out of trouble?

When rebuilding, you want to strictly limit the amount of credit you apply for. Shop for deals on the best cards or loans out there. Get a loan for a specific purpose and not just to have it. By keeping the limits low and limiting the amount of money you obtain, it will be easier for you to make your payments on time and keep your limits reduced. This is how you build your financial picture step-by-step.

Establish and Reestablish your credit - How can I buy a house with no credit or poor credit?

Most banks will not lend to you while you are trying to rebuild your credit, but there are two other secret ways you can buy a house with bad credit. The first is by buying owner-financed homes. Some homeowners are willing to finance their home without a credit check, as they are acting as the bank. Second, you can rent to own. Put down a large down payment and establish a leasing agreement with the owner. In this contract, you agree to pay the landlord monthly payments for up to two years. When the agreement is over, you will have the option of buying the home or moving out. If you decide to buy, your payment will be solid by this time, and you can go back to the bank for a loan. 

Establish and Reestablish your credit - If I buy a car, will it help me build credit?

Yes. Most major cities have car dealers who offer bad credit car loans, though they do come with a price, entailing a large down payment and a high interest rate. Before you sign the loan agreement, make sure the dealership reports your payment history to the bureaus. Look at used car dealers who will finance cars with no payment history as long as you have a good job and a down payment. Watch out for “buy here, pay here” dealers as they charge high interest rates and hit you with extras like extended warranties. The good thing about financing a car loan is that it shows up as an installment loan and adds a mixture of credit on your report. 

Why should I monitor my credit reports?

During the rebuilding stages, it's important that you check your reports every four months for inaccurate information that might damage your file. Common errors to look out for are: 

• Accounts that are not yours
• Inaccurate balances
• Wrong date of last activity
• Incorrect limit listed
• Unauthorized inquires
• Incorrect personal information
• Inaccurate amounts listed
• Wrong account number
• Wrong original creditor
• Incorrect charge off date

What are the benefits of joining a credit union?

These banks have better rates on Master and Visa cards, car loans and personal loans. Their qualification requirements are less strict, they are more forgiving than banks, and people with bankruptcies may qualify for their loans. When looking for a union, ask your current employer or school, or search the Internet or yellow pages for a good place to start.

Concluding, applying the information in this article to your personal financial situation will take your credit to a different level.  Now that you are empowered with new information, go out there, and take action. 

Establish and Reestablish Your Credit - 5 Questions and Answers You Should Know

Are you often confused when it comes to creating and rebuilding your credit file?  Listed below are five questions and answers that will help you with your journey to a better file.

Establish and Reestablish Your Credit 

How many cards do I need?

Carry one to two bankcards, one retail card and one gasoline card. Creditors want to see how you will manage more than one card as far as payment history goes. If you can’t pay the minimum monthly payment every month, don’t use most of the cards.

What if I had a bankruptcy?

You can start rebuilding 18 to 20 months.

Establish and Reestablish Your Credit

I’m a foreigner and now I live in the USA with no credit?

Continue using your International card, and then get a letter from the bank in your country displaying your good payment history. Take that letter to your local bank loan officer and apply for a loan using the letter as a reference.

Establish and Reestablish Your Credit

What is piggybacking?

Have a friend or family member with a good payment history call up their card company and have them add you to their account as an authorized user. The card company will issue a card in your name, and once the card arrives at your friend's house. He or she will cut the card up. Wait a month later and check your report to see if your friends entire credit history for that card is on your credit report. This is a fast way to build credit within 30 days. Now, the downfall to this method is that if your friend makes a late payment or refuses to pay, your report will show the same negative activity, therefore damaging your good credit rating. Do consider the potential consequences carefully before moving in this direction. In addition, FICO 08 model has eliminated this method for calculating your score, so the technique may or may not work, but it is still worth a try.  

How can I add new accounts to my bureau reports?

The first step you can take in strengthening your financial situation is to write to the lenders and request that they add your good accounts if they do not appear on your report. Since the main purpose behind adding accounts to your report is to strengthen your report, you only want to add accounts that are deemed to have a perfect paying history.

Normally, utility companies and cell phone companies do not report your payment history to the  bureaus, but if you write them a letter requesting that they add your good payment history to your report, they might grant your request. If, for some reason, they do not add your account, get copies of your payment history and submit copies to the bureaus yourself. Credit bureaus don’t have to add this information, but they will place it on your report for a fee.

Concluding, when establishing, or reestablishing your credit file, keep your cards to a minimum. If you just filed bankruptcy, begin rebuilding and pay your bills on time. If you are from another country, keep trying various banks until you get approved. When using the piggyback method, make sure your friend has a good payment history. If you are trying to add a positive account to your report, send proof of your payment history.