If you are concerned about identify theft or regular credit monitoring, you likely understand the importance of obtaining a copy of your free personal credit report. Neglecting to monitor your credit may prove damaging in the long run. It does not take long for a person to access your information and begin opening accounts in your name. For this matter, consumers are advised to obtain a 3 in 1 credit report every six months.
Benefits of a Credit Report
Aside from protecting yourself against identify theft, credit monitoring is essential for improving your credit rating. Although lenders use credit reports to judge a loan applicant's creditworthiness, credit reports are also beneficial because they keep us informed of our credit standing. Thus, we can know our odds of obtaining a home loan, auto loan, etc.
How to Get a Copy of Your Credit Report
Getting a copy of your 3 in 1 credit report is simple. Furthermore, because reports are viewable online, there is no valid reason not to check your report at least once annually. Every city across the country has a local credit agency which will issue copies of your credit report from all three bureaus. However, if you prefer the convenience of the internet, there are various websites offering 3 in 1 reports for a small fee.
To obtain a copy of your personal reports, you must provide information such as name, address, social security number, etc. Once your information is verified, credit reports are either sent via email, or viewable from the website. Your entire credit history will show before your eyes.
Why Obtain Copies of a 3 in 1 Credit Report?
If you are hoping to improve your credit rating, obtaining a 3 in 1 credit report should be the first step you take. This way, you know exactly what needs improving. The report will list all creditors, current balances, and account standing. Moreover, you should review your report for errors. If inaccuracies are present, contact the bureau and discuss clarifying the matter.
In addition, credit reports include a credit score. This 3 digit number carries a lot of weight. Low scores indicate bad credit, whereas high scores equal good credit. If the goal is to improve credit score, it may be wise to improve in certain areas. For example, avoid late or skipped payments, reduce debt to income ratio, settle collection accounts, and limit your number of credit inquiries.
Take advantage of the offers you see for a free credit report. Use this as your base to begin to work on raising your credit score.
Resources:
DIY Workbook And Plan To Improve Your Credit Score..Click Here!
Improving Your Credit Score...Click Here!
Both of these resources off excellent help for you to improve your own credit score.
As we journey,
Larry
Steps To Manage Your Credit Card
Friday, July 9, 2010
Thursday, June 10, 2010
7 Ways To Improve Your Credit Score
Your credit score accounts for the amount of interest you have to pay for a loan or a credit card. Increasing your score just a few points will make a big difference in the interest rate you will pay for a purchase. If your credit score is high enough, you’ll have no problem qualifying for a lender’s best rates and terms on auto financing, home loans and small business loans. The following are a few tips about how you can protect and improve your credit rating.
1 - Order Your Credit Report.
Your credit score is based on your credit report, so you should begin by ordering your reports and reviewing each one for accuracy. You can get your reports from a service such as MyFico.com, or order from Equifax, Experian and Trans Union separately online or by phone.
2 - Check Your Credit Report Information for Inaccuracies.
Check the identifying information for name, social security number, birth date and incorrect address. Make certain that old negatives and paid-off debts are deleted. Check for accounts and delinquencies that are not yours, late payments, charge offs, lawsuits, judgments or paid tax liens older than seven years old. Also, paid liens or judgments that are listed as unpaid, duplicate collections, bankruptcies that are older than ten years and any negative information that is not yours.
3 - Always Pay Your Bills on Time.
Payment history makes up more than a third of the typical credit score. If you paid bills late in the past, you can improve your credit score by starting to pay your bills on time. Lenders are looking for any sign that you might default, and a late payment is a good indicator that you are in financial difficulty.
4 - Keep Credit Cards Balances Low.
Carrying smaller balances is the best way to increase your credit score. The score measures how much of your limit you use on each credit card or other line of credit, and how much of your combined credit limits you are using on all your cards. Within 60 days, paying down credit card balances can increase your credit score by as much as 20 points.
5 - Try Not to Open In-Store Credit Cards.
Although your first credit accounts can serve to build and improve your credit history, there comes a point when each subsequent credit application can reduce your score. New credit cards reduce the age of your credit history, and a department store credit card isn’t good evidence of credit worthiness. Every time you apply for a retailer’s credit card your credit store gets dinged.
6 - Be Conservative When Applying For Credit.
Having at least one credit card that’s more than 2 years old can help your score by 15 percent. Make sure that your credit report is checked only when necessary. Or, if you are shopping for a home, try to apply for loans within a two-week period. By keeping the loan process within a two-week period, all of the credit report lookups are seen as one single request.
7 - Don’t Close Credit Cards or Other Revolving Accounts.
Shutting down unused accounts that have outstanding balances without paying off the debt changes your “utilization ratio,” which is the amount of your total debt divided by your total available credit. It will reduce the gap between the credit you are using and the total credit available to you, and that can hurt your credit score.
These tips and a lot more helpful information can be found here...Click Here!
Your credit score is one of the best tools you have, that you can do something about that will lower your cost of borrowing.
Come back,
Larry
Some Extra Tips On Managing Your Credit
1 - Order Your Credit Report.
Your credit score is based on your credit report, so you should begin by ordering your reports and reviewing each one for accuracy. You can get your reports from a service such as MyFico.com, or order from Equifax, Experian and Trans Union separately online or by phone.
2 - Check Your Credit Report Information for Inaccuracies.
Check the identifying information for name, social security number, birth date and incorrect address. Make certain that old negatives and paid-off debts are deleted. Check for accounts and delinquencies that are not yours, late payments, charge offs, lawsuits, judgments or paid tax liens older than seven years old. Also, paid liens or judgments that are listed as unpaid, duplicate collections, bankruptcies that are older than ten years and any negative information that is not yours.
3 - Always Pay Your Bills on Time.
Payment history makes up more than a third of the typical credit score. If you paid bills late in the past, you can improve your credit score by starting to pay your bills on time. Lenders are looking for any sign that you might default, and a late payment is a good indicator that you are in financial difficulty.
4 - Keep Credit Cards Balances Low.
Carrying smaller balances is the best way to increase your credit score. The score measures how much of your limit you use on each credit card or other line of credit, and how much of your combined credit limits you are using on all your cards. Within 60 days, paying down credit card balances can increase your credit score by as much as 20 points.
5 - Try Not to Open In-Store Credit Cards.
Although your first credit accounts can serve to build and improve your credit history, there comes a point when each subsequent credit application can reduce your score. New credit cards reduce the age of your credit history, and a department store credit card isn’t good evidence of credit worthiness. Every time you apply for a retailer’s credit card your credit store gets dinged.
6 - Be Conservative When Applying For Credit.
Having at least one credit card that’s more than 2 years old can help your score by 15 percent. Make sure that your credit report is checked only when necessary. Or, if you are shopping for a home, try to apply for loans within a two-week period. By keeping the loan process within a two-week period, all of the credit report lookups are seen as one single request.
7 - Don’t Close Credit Cards or Other Revolving Accounts.
Shutting down unused accounts that have outstanding balances without paying off the debt changes your “utilization ratio,” which is the amount of your total debt divided by your total available credit. It will reduce the gap between the credit you are using and the total credit available to you, and that can hurt your credit score.
These tips and a lot more helpful information can be found here...Click Here!
Your credit score is one of the best tools you have, that you can do something about that will lower your cost of borrowing.
Come back,
Larry
Some Extra Tips On Managing Your Credit
Sunday, May 30, 2010
Establishing Good Credit
4 Steps to Creating Good Credit
It is always easier to establish and maintaing good credit and good credit ratings than to try and raise the score when it falls to lower standards.
Establishing good credit habits and therefore a good credit rating will improve your credit worthiness. This will be reflected in potential lenders offering you substantially lower interest rates and better deals on credit offers.
As a consumer you’ve learned the importance of
establishing 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.
A bad credit history or bad credit habits will place “black marks” on your credit profile. These include things such as late payments, having an account assigned to a collection agency, and of course bankruptcy.
Establishing good credit habits and therefore a good credit rating will improve your credit worthiness. This will be reflected in potential lenders offering you substantially lower interest rates and better deals on credit offers.
Here are 4 tips to help you create a shining credit profile:
1) Pay Your Bills On Time
Lenders only have your past payment history on which to decide the type of credit risk you present to them. How you pay off your debts now indicates to them how you will pay off future debts.
2) Don’t Use Too Many or Too Few Credit Cards
How much is too much ? How little is too little ? Many credit experts and financial planners suggest two to four credit cards is just the right mix.
3) Pay At Least The Minimum Due
Always pay at least the minimum due payment, but never less. And remember, just paying the minimum payment means it will take you years and years to pay off that credit card.
Example: Paying off a $2,000 credit payment at 18% APR with a minimum monthly payment of 2% ($40 dollars or less) will take you 30 years to pay off the amount plus interest.
4) Review Your Credit Report Regularly
Monitor your credit report from all three major credit bureaus - Experian, TransUnion, and Equifax - on a regular basis. Check your credit profile at least annually. Review it carefully and make sure that any past mistakes or disputes have been corrected.
Also, if you notice an account listed that you know that you have not personally opened, contact that creditor and the credit bureaus immediately. This could be a sign that you’ve had your identity stolen. Request to have a fraud alert placed on your profile and account to protect yourself and your credit. Identity theft is the fastest growing consumer crime in America, with an estimated 1 million people victimized each year.
Establish good credit habits early in life and reap the benefits that your good credit rating will provide you for the rest of your financial future.
Many resources are available to help you budget and balance your income and expenses.
Recommended resources:
Click Here!
Click Here!
Bests wishes,
Larry
Things You Can Do To Raise Your Credit Score
It is always easier to establish and maintaing good credit and good credit ratings than to try and raise the score when it falls to lower standards.
Establishing good credit habits and therefore a good credit rating will improve your credit worthiness. This will be reflected in potential lenders offering you substantially lower interest rates and better deals on credit offers.
As a consumer you’ve learned the importance of
establishing 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.
A bad credit history or bad credit habits will place “black marks” on your credit profile. These include things such as late payments, having an account assigned to a collection agency, and of course bankruptcy.
Establishing good credit habits and therefore a good credit rating will improve your credit worthiness. This will be reflected in potential lenders offering you substantially lower interest rates and better deals on credit offers.
Here are 4 tips to help you create a shining credit profile:
1) Pay Your Bills On Time
Lenders only have your past payment history on which to decide the type of credit risk you present to them. How you pay off your debts now indicates to them how you will pay off future debts.
2) Don’t Use Too Many or Too Few Credit Cards
How much is too much ? How little is too little ? Many credit experts and financial planners suggest two to four credit cards is just the right mix.
3) Pay At Least The Minimum Due
Always pay at least the minimum due payment, but never less. And remember, just paying the minimum payment means it will take you years and years to pay off that credit card.
Example: Paying off a $2,000 credit payment at 18% APR with a minimum monthly payment of 2% ($40 dollars or less) will take you 30 years to pay off the amount plus interest.
4) Review Your Credit Report Regularly
Monitor your credit report from all three major credit bureaus - Experian, TransUnion, and Equifax - on a regular basis. Check your credit profile at least annually. Review it carefully and make sure that any past mistakes or disputes have been corrected.
Also, if you notice an account listed that you know that you have not personally opened, contact that creditor and the credit bureaus immediately. This could be a sign that you’ve had your identity stolen. Request to have a fraud alert placed on your profile and account to protect yourself and your credit. Identity theft is the fastest growing consumer crime in America, with an estimated 1 million people victimized each year.
Establish good credit habits early in life and reap the benefits that your good credit rating will provide you for the rest of your financial future.
Many resources are available to help you budget and balance your income and expenses.
Recommended resources:
Click Here!
Click Here!
Bests wishes,
Larry
Things You Can Do To Raise Your Credit Score
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