Subscribe: Credit-Counseling Articles
Preview: Credit-Counseling Articles

Credit-Counseling Articles

Last Build Date: Wed, 18 Oct 2017 19:20:12 +0000


Seven Must Know Credit Tips

Mon, 13 Sep 2010 07:47:00 +0000

There is a lot of misinformation about credit. This article will disprove many of the common credit card myths and provide some tips on increasing your credit score. There is no arguing that a better credit score means better interest rates for your mortgage, auto, and all other areas where credit is used. By implementing these tips you could save hundred of dollars in interest in the long run and put cash back in your pocket in the short term.

1) Avoid using cash and borrowing from family for all your purchases. In the eyes of creditors no credit history is the same as a bad credit history. You may get away with paying cash for your car but when you buy your first home it will come back to haunt you. Even if you can afford to borrow or pay cash try opening an account to buy your furniture, automobiles, or home improvements. A diverse credit background will help with your credit score.

2) Your credit report tells all. Do not lie or stretch the truth to lenders, banks, or employers. They will easily catch you and the consequences are not worth it.

3) Do not cancel credit card accounts to improve your credit. The intended affect may be the opposite of what you expect. You can hurt your credit by canceling your credit cards; especially if you have a long history with the account. Losing a ten or twenty year credit history isn't worth it. If you absolutely must stop using a card, try shredding it. An open account that doesn't have a balance looks far better then no credit account at all.

4) Starting early is always better when establishing credit history. Getting a teenager or college student a credit card is a great way to get their history started. For those who don't trust their child's judgment yet there are many prepaid cards that report to credit bureaus.

5) Past due debts that are over 30 days late will demolish your credit score. That aspect alone makes up a third of your credit score. To be safe never go passed the 30 days late period with any late payment. One payment made passed the 30 day mark will stay on your report for a very long time. When a creditor pulls your credit they won't care what the reason was so don't let this happen.

6) There is such a thing as a free credit report. Remember that this is a report and not a score. It gives you all the accounts you have and all the activity related to your credit. It does not give you a number (your score). The government sponsored site is:

7) Avoid too applying for too many credit cards all at once. When ever you check your credit score it leaves a mark. If you have too many marks too fast lenders thing you've hit a financial wall and are headed for trouble. One case that comes to mind is about a first time home buyer. They were approved for the home loan but it hadn't been finalized. The buyer thinking he was getting a home applied for a credit card to buy furniture. Because the loan had not closed the new credit card application caused the loan to be rejected at the last minute. This one application caused his credit score to drop to an unacceptable level and he lost the house. The moral: be careful with the timing of your credit card applications.

Article Source:

Finding Reputable Bad Credit Repair Services

Sun, 05 Oct 2008 05:31:00 +0000

Finding reputable bad credit repair services is a vital part of your credit repair building process. If your credit has fallen into the red then it is time to take action to repair it so you can gain access to all important services in life again. Having a bad credit rating means that you are unable to apply for loans or credit cards. Although you may not wish to make these applications it is still important to clear your credit record if it has fallen into the negative.

Having a bad credit rating is not the end of the world and it does mean you should lose hope. Credit repair service companies are there to help you improve your credit rating. Requesting a copy of your credit record from TransUnion, Equifax or Experian Credit is the first step. You can do this on your own or a credit repair service can do it for you. You should then carefully check your credit report to rule out any mistakes or unauthorized transactions.

It can be complicated working to repair your credit on your own. That is where bad credit repair services come in handy. They can help you with the entire process such as determining why a loan application was rejected or why your credit record is so bad. Once they know the purpose they can work with you and advise on how to fix the problem.

If you believe you are a victim of identity theft or unauthorized transactions then you will certainly want to employ the services of bad credit repair services. They will help you clean your history and aim to repair all debts. It can be daunting to undertake this process on your own so ensure that you choose a very reputable service to work with.

There are quite a few credit repair scams out there. These companies will take a lot of money off you but will rarely assist in repairing your credit rating. You should only use reputable credit repair services and to discover which are the trustworthy company you can conduct searches for reviews online. There are several websites dedicated to reviewing bad credit repair services. Ideally you will want to choose a service that has been in business for at least 10 years and who can provide clear contact details and have a consultant available to talk to you at any time.

Bad credit repair services are there to help you so make sure you take advantage of the services they provide.

Find in-depth reviews on bad credit repair services at and free credit boosting tips! This article may not be reproduced in any way without including the Author's Bio.

Article Source:

Eliminate Credit Card Debt Applying These 5 Steps

Sun, 05 Oct 2008 05:30:00 +0000

Warning: Use Of Credit Cards Will Be Fatal To Your Financial Health!

People today are using credit cards more than ever. According to Wall Street Journal credit card debt has soared to $969.9 billion in July (2008).

We must get back to basics and use cash to pay for our purchases. If you do not like carrying cash then use a debit card, which is just the same as cash. Debit cards can be used anywhere a Visa and MasterCard are accepted. You also have the same protection on purchases as you would have with a credit card as long as you use the debit card as a credit card. In other words, when you use a debit card DO NOT use your PIN Number just swipe the debit card just like a regular credit card. When you use your PIN Number the transaction is just like an ATM withdrawal.

People must start to live on less than they bring home. We must stop charging our lifestyles and start saving our money. According to BEA (Bureau of Economic Analysis) American's savings was zero or possibly a negative from current income in July 2008. The misuse or over use of credit cards will eventually catch up to you, especially at the must inopportune time.

The Wall Street Journal reports that credit card companies are stepping up their collection efforts. Banks are outsourcing to independent collection firms to help with their collection process while still hiring new employees.

Collection agencies are also trying new techniques to get borrowers to contact them. One method is mailing phone or gift cards to the borrowers and when they receive the gift card they must call a phone number in order to activate it; however when they call it goes to the collection agency.

If you are over using your credit cards or are deeply in credit card debt stop charging now! Follow these five steps to help you gain financial control:

1. Call and close your charge accounts immediately.

2. Sit down and figure out a budget. A budget does not have to be restrictive; however it will tell you where you are spending your money. Spend every dollar that you make for the month on paper. No dollar goes unnamed!

3. List your credit cards in order by balance. Make minimum payments on all of them except for the smallest amount. The credit card with the smallest balance you want to apply as much cash to it as possible to pay it off as fast as you possibly can. Once it is paid off then applies that money to the next credit card amount on the list.

4. If all you can do is make minimum payments then you must find ways to increase your income. Take an extra job or sell things on eBay. Create ways to accumulate cash and apply that onto your debt.

5. Be very intense and have faith.

David Schindel shares his expertise and knowledge with people to help them eliminate debt and build financial wealth. Improve your quality of life by visiting David's Financial Wisdom Blog at

Article Source:

Is it the Time to Get a Credit Repair Service?

Sun, 05 Oct 2008 05:30:00 +0000

Numerous people had bad experiences in the past years that resulted in job losses or even foreclosures. This can be a grave problem for many people because these kinds of situations that happened in the past can affect the credit report that are essential for these individuals in the present. The importance of these good credit reports come handy in the present more than ever since more employers are checking these reports as part of an individual's application process. This puts the responsible personality of the person in question through the evidence on bill payments and the punctuality the payments are made. The credit repair service available is of great importance now more than ever!

Because of the impact of bad credit on the lives of people nowadays, getting the credit repair service is an only option left for many to undertake. However, before getting your credit record repaired, it will be important as well to consider learning more about how this can work for you. It will be a big help to know what things can be done on your present credit scores as well as the unrealistic promises from scammers.

Any credit repair service has the purpose of cleaning your credit record. However, there is no possible way of entirely deleting an entire credit record. You must remember this to avoid being scammed by a service that would say they can erase your bad credit. The only thing that the credit repair service can do is to make your credit report more satisfactory to those who might check your record for employment, loan applications, and for many other purposes that you might need in the present. With a better credit record, you will get a better judgment from those who might check you out through your credit record and scores.

Credit repair service finds the inaccuracy that most reports have. There are really many errors in your credit report that add up into your negative evaluation. Your credit report would look better and be more acceptable by getting these inaccurate records out of your record. Doing the clearing of your credit records would take much of your time and this is where the service steps on the way, they can do it faster with the better contacts that they have such as their contact with the major credit bureaus.

If you are planning on getting a new home, a new job or even a loan, you need to furnish a copy of your credit reports from any of the following: Equifax, Experian or Trans-Union. Check your own record and see if you have two or more inaccurate reports in your credit report that are usually resulting to an unacceptable credit report score.

It can be the right time for you to get a credit repair service to help you with your report. Get those errors off and update those reports to not really a perfect report but a better one that can get you approved in your present application. Be able to grab those opportunities in front of you by getting a cleaned credit report for yourself now!

Get to know the right time to get your credit counseling People who enjoys helping and teaching people to fix, manage and maintain their finances will answer your questions here Your finance does not need to be a burden because someone is there to help you.

Article Source:

Sure, We All Want Bad Credit Report Repair, But Where to Start?

Sun, 05 Oct 2008 05:29:00 +0000

If you want to start fixing your bad credit rating today then you need to look at bad credit report repair processes and services. There are generally two options once you have decided to do something about your bad credit.

1. Attempt to fix it yourself.
2. Hire a bad credit report repair service to do it for you.

Attempting to fix it yourself means that you are in total control but it can also cause great stress as you need to make many phone calls and attend to paper work. If you are not sure about anything then you are basically stuck working it out yourself.

On the other hand a credit repair company takes matters into their own hands and obtains your records, studies then and works out a plan of action to fix your bad credit rating.

Your credit score is an important part of your life. It measures your financial savviness and responsibility. Although it is not uncommon to pay a bill late here and there, if you do that enough times you will gain a bad credit rating and find yourself facing bad credit report repair. If you then stop paying your home loan and credit card accounts you are likely to find yourself in seriously bad debt as well as result in a very bad credit rating. This then makes life extremely difficult as you will not be considered for finance by any major lenders or credit companies.

Removing the negative information from your credit report can take some time. But you should also realize that it is possible that some of the bad reports are actually wrong. It is possible for mistakes to be made so if you feel that your credit should be good but it isn't, check to make sure no one has gained access to your credit cards or bank accounts. With online banking this is possible so this should be the first thing you eliminate.

After you have confirmed there are no errors you can request a bad credit report repair kit. These kits provide excellent step by step instructions, sample letters and other information required to clear your credit history.

Maintaining a good credit habit will ensure that you never again gain a bad credit history. Once you have achieved bad credit report repair, ensure that you always pay your bills on time and that you never spend above your means. Doing that means that your credit rating will remain positive for the rest of your life.

Get 5 Ways to Boost Your Credit 100 Points free! Find many Bad Credit Report Repair tips here! No part of this article may be reproduced in any manner without including the author's bio.

Article Source:

Credit Reporting Agencies - The Big 3

Sun, 05 Oct 2008 05:28:00 +0000

Your credit rating is one of those things you might not give much thought to on a daily basis, but it's an important part of your daily life. Good credit is vital to your financial freedom. When you consider making a large purchase, one that requires credit, you have to give consideration to your credit score and the health of your credit.And when you do think about your credit score, you have to think about the credit reporting agencies that give you that score. Who are these agencies? What do they do, and how should you deal with them if the need arises?The three most prominent credit reporting agencies are Experian, Equifax and TransUnion. When you apply for a car loan, or go to rent an apartment, or apply for a new credit card, these three are the ones that most commonly receive requests for your credit score. Sometimes employers even check with them before hiring a new employee as part of their screening process. They all do the same thing basically, but in a different way.Experian - As one of the major credit reporting agencies, Experian provides credit information as a tool to determine the credit worthiness of individuals as well as businesses, both large and small. Experian also provides other services to businesses such as risk management.Equifax - Equifax also provides credit-worthiness information to lenders as well as fraud protection and ID theft protection programs to consumers. Services such as payroll are offered to businesses.TransUnion - TransUnion also provides credit scoring for consumers, as well as help with fraud and ID theft. Services provided to businesses include risk management solutions and others.As you can see, each of the three major credit reporting agencies not only reports on the credit scores of everyday people, they also provide other valuable services to individuals, and services to businesses as well.Each offers you access to your report and credit monitoring services for a fairly reasonable fee. If you are working on rebuilding your credit, or are simply watching your credit closely, these services can be invaluable.When it comes to your own credit, it's vital to know how to deal with each of these agencies if you have a question or a dispute about something that you find on one of your credit reports. Since each credit reporting agency uses a different format for their reports, and each uses different methods to rate your credit, you may find errors or omissions on one, but not another.When you do find a problem, it's important to have the agency correct it so that your future credit isn't threatened by faulty or missing information. All of the credit reporting agencies are eager to make sure that the information they are reporting is correct and up to date.They have their reputation at stake after all, so each provides means for consumers to report problems and request corrections. The agencies strive to research and correct mistakes in a timely manner, usually within 30 days. You requests should always be in writing and as detailed as possible, with copies of any documentation you have. This makes it easier for each credit reporting agency to act quickly.The health of your credit is essential to your financial health and well-being. Monitoring your credit score is one way, perhaps the most important way to gage your credit's health. By taking advantage of what the credit reporting agencies can offer, you will be helping yourself to better financial health.Get help dealing with the 3 credit reporting agencies today - learn how to protect your best interest at now!Article Source:[...]