Posts Tagged ‘increase credit score’

Why You Should Increase Your Credit Score

March 15th, 2010 by Adam | No Comments | Filed in Credit Score, Credit Score Advice, Credit Score Tips

Why Do You Want To Check Your Free Credit Scores?

Check the Situation That Best Applies to You And Then Click the Button Below to See Your 3 Credit Scores Absolutely Free

I want my 3 free credit scores from Experian, Equifax, Transunion that the government does not provide free

I want to apply for a credit card and get a low APR

I am preparing for a major purchase (home, auto, boat) and want to make sure I get the best loan rate I qualify for

Just curious where my credit stands against the average American credit scores

check 3 free credit scores

(Click the button above to see your 3 free credit scores)

You might not know this but improving your credit score isn’t as easy as it sounds. Your credit score is the most important factor when you want to be approved for a loan. This means that you need do something about your bad credit score today because you never know when you might need one.

 

Your lender would like to know whether you are trustworthy in the sense that you will pay the loaned money back. This can only be determined by reading through your credit history. Your credit history is almost like your diary in a sense. It will show what you’ve spent, where you’ve spent it, what you owe etc Increasing your credit score is the key to a good looking ”diary”.

 

It all boils down to risk. If you have noticeably bad credit you might want increase your credit score before you step into a bank. You might get a loan but this will mean higher interest rates and you would probably have to take out a secured loan. A secured loan is a loan with collateral. You have to put something on the line in order for you to gain that loan. If you have proven yourself to be a diligent account holder you may be considered for a unsecured loan, this means that you are no risk to the lender and your interest rates will be considerably lower.

 

If you are wondering what your credit score looks like you need to know that it is a designed formula and you might not be the mathematical genius (no offence). This formula can be calculated through looking back at your credit history. This is also done by checking your credit report; your credit report is your diary. This is what you need to improve, by increasing your credit score you automatically improve your credit score.

 

There are steps you need to follow in order for you to recover your credit score. First and foremost you need to make you make your payments on time. Another would be to not spend to your utmost credit limit every month. Obviously there are exceptions but maxing out your credit card automatically decreases your credit score. Also it might sound strange but you should keep your old accounts open, this is because the longer your credit history the better your score.

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Logical Credit Repair

July 25th, 2009 by Adam | No Comments | Filed in Credit Score, Credit Score Advice, Credit Score Tips

We all could use a credit repair tip, especially if our credit report just arrived in the mail and there’s a thing or two in there that may embarrass us should the time come to apply for that boat loan.You’re probably realizing how imperative it is to have been more deligent keeping your payment up thinking the bank wouldn’t notice.

The credit watchdogs will take notice.  It’s their job.Not only will they notice, they will also put it on record.Consequences, Oh yea.

Yep, you could use a credit repair tip!

Where do you start to rebuild credit?  Here’s the first credit repair tip:  request a copy of your credit report.Law requires credit reporting agencies to provide a free credit report once yearly if requested.Use a discerning eagles eye to go through your credit report is tip two.  Your guiding principle must be to look for errors – blatant or subtle – and have them rectified.

If you can prove the mistakes are legitimate write the agency and point out the discrepency.Plan on weeks of effort if you make a lot of financial transactions.You’ll be rewarded for your relentlessness.

Once the agency has received your letter, law requires the discrepency in question be removed until the investigation is complete.Mistakes on your credit report can be permantly removed.  Your fifth credit repair tip here is to follow up, follow up, follow up.It’s vital and in your best interest.Vigilance is the key here.It’s not someone elses credit report, it’s your’s alone. 

Here’s a specific example:  if the record shows that you used your credit card in a particular restaurant and the card was refused, you have a right to contest that entry because the restaurant charge was debited from your statement and you paid it off.There are literally millions of credit card terminals in use today.Terminals can go on the blink while you are swiping your card. 

Want more credit repair tips?Try the web where you’ll find some good ones!

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Pay Off Those Small Debts And Increase Your Credit Score

October 28th, 2008 by Adam | No Comments | Filed in Credit Score, Credit Score Advice, Credit Score Tips, Get out of debt, Pay Your Bills, Personal Finance

Want to know how to increase your credit score?  Pay your bills on time and pay off your debts.  Sounds simple enough right?  Here’s a little more help…

Is too much debt overwhelming you?  If so, here are some suggestions to help you pay off those small debts.

Experts advise it would be better to pay off credit cards with high interest rates first.  However, perhaps in your case, paying off those small debts will give you the incentive to put together a monthly budget and eventually pay off all you owe.

Make a list of the smaller debts you have and try to increase what you repay; that is, take what you can afford to put aside after all the household bills have been paid, and add it to the minimum amount due.  The satisfaction of paying off a small debt will motivate you to move on to the larger debts you may have incurred.

After you have paid off the first bill on your list, start paying off the second debt utilizing the same method.  For example, if you paid $50.00 minimum and added an additional $25.00 for the first debt; pay $75.00 a month for the second debt.  This method is referred to as Debt Snowball and is mainly used to pay off high interest rate credit cards.

However, it also can be used in reverse and has been effective for those who have been steadfast in their desire to pay down all their debts, starting from the smallest to the largest debt.

One of the best ways to determine how much you can put aside from each paycheck is to establish a budget by listing the essentials first, including rent, mortgage, food, utilities, and pension contributions.  How much you have left will determine the amount you can safely put towards the debts.

If the amount is small, don’t worry about it.  The idea is to pay more than the minimum every month.  For example, if you had a debt of $4000 at 18% interest, it would take approximately 291 months to pay it off with a minimum of $100.00 paid each month.  Conversely, if you added $25.00 to that amount, the debt can be paid off in 44 months.  Moreover, while the interest on the former would come to $5,615.32, the latter would only increase to $1,490.22 in interest paid.

You can see from the first example given that on a $4000 debt, the interest can be more than the principal amount owed.

The way to get out from under any kind of debt, large or small, is to make some sacrifices.  Try to reduce the number of times you dine out, take lunch to work, utilize grocery coupons and buy in bulk, purchase store brands instead of name brand items, and buy clothing at consignment shops or thrift shops.  If you work outside the home, try carpooling or take public transportation.

The bottom line is that debt can drag you down and stress you out.  Cut up all credits cards except one, which should only be used in extreme emergencies.  Pay with cash.  If you can’t afford it, you can’t buy it.

The saying cash is king applies here.  Do your best to pay cash for everything including rental cars and travel.  This way you can avoid going deeper into debt.

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Increase your credit score by eliminating your debt

April 24th, 2008 by Adam | No Comments | Filed in Credit Score, Credit Score Advice, Credit Score Tips, FICO Score, Get out of debt, Improve Credit Score, Pay Your Bills, Personal Finance

Hello-

Since your debt load contributes to 30% of your credit score, the more debt you have, the lower your score. So in order for you to increase your credit score, you need to reduce how much debt you have.

There are several ways to eliminate your debt.

The standard answer is to make sure you are paying more than the minimum and stop charging stuff you don’t need.

A better answer is to try and eliminate some of your debts by using debt settlement. If you are behind on your payments and need help but don’t want to file bankruptcy, you may want to consider settling your debts.

There is a company called Credit Solutions that is one of the biggest debt settlement companies around. They were featured on NBC as one of the top ways to get help with your debt.

When you lower your debts, you can increase your score by up to 30%.

-Adam

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