My Credit Wasn’t Going To Fix Itself… I Had To Do Something…

It was then that I realized only I could take charge of my credit and get it fixed… The first thing I did was try a so-called “professional” credit repair agency, but…

Saturday, July 31, 2004

How Often Is Credit Information Updated?

When you are trying to secure financing, you want to make sure that your credit score is as high as possible. If you have recently paid off an account or done something else that could help your score, you may be anxious for the changes to take effect. The time that it takes to update your report can vary from one situation to the next. Credit Score Calculation Your credit score is a number calculated from a formula that looks at every area of your credit report. When your credit report changes, so does your credit score. The score is calculated...

Wednesday, July 28, 2004

Can a Bank Reject Someone Because of Their Credit Rating?

When you apply for a loan or attempt to open a deposit account at a bank, the banker helping you may check your credit report. Many banks refuse to open new accounts for people with low credit scores and there are no federal or state laws that prevent banks from doing so. Loans Lenders use the "Four C's of Credit," when underwriting loans or credit products. The Four C's are: capacity, capital, collateral and character. You must have the capacity to repay the loan that means sufficient income to cover the debt. You must have capital or...

Does Settlement Less Than Owed Affect Your Credit Score?

Paying a creditor or lender less than you owe on a debt may seem like a good option if you're having financial troubles. However, debt settlements reduce credit scores, and a low score will make it difficult for you to get credit cards and loans in the future. Ultimately, the money you save through a debt settlement could cost you more than you anticipate. Scoring Models Notations such as "settled account" and "settlement" appear on credit...

Tuesday, July 27, 2004

What Does Profit and Loss in Your Credit Mean?

A profit and loss charge-off is a statement that appears on your credit report. Specifically, it means that you became delinquent on a debt and the creditor wrote off the debt for collection. A profit and loss charge-off has serious repercussions on your credit score and your ability to obtain credit in the future. Some companies may, however, remove a profit and loss charge-off if your debt is young and you agree to settle the outstanding amount. Your Credit Report Your credit report is a record of your payment history. Companies will...

What is a Good Range for a Credit Score?

Credit cards and accounts can improve or worsen a credit score. Obtaining a Good Credit Score A "good" credit score is considered to be anything above 700. According to Cash Money Life, credit scores are based on a weighted formula that includes payment history, amounts owed, age of credit history, recent loans and the types of credit you have. Therefore, it is smart to have some amount of credit history. You can create credit history...

Monday, July 26, 2004

What Is the Quickest Way to Raise My FICO Score by 40 Points?

If you need to raise your FICO score by 40 points to obtain a better loan rate or to qualify for a certain loan product, take the necessary steps to quickly boost score. Your FICO (Fair Isaac Corporation Scoring Model) score represents your debts, assets, investments and judgments against you. A score below 600 typically means that you will be paying points (fees) on your loan or that your score is too low to obtain the loan. If you need to increase...

Does Opening a Joint Bank Account With Someone Ruin Your Credit?

Co-mingling household funds via a joint bank account is a common practice among married couples, but parents who wish to monitor their childrens spending and individuals caring for their aging parents also benefit from sharing a bank account. While convenient, sharing a joint bank account with an irresponsible individual could threaten your credit rating. Opening an Account Each banking institutions policies differ but, in general, banks require that customers undergo a credit check before opening a new checking account. Most banks conduct...

Credit Repair Tricks

Financial institutions use a credit report to determine whether you will be approved for credit or pose too much of a credit risk. Many factors are used in determining your actual credit score. These include your payment history, the total amount of outstanding credit, the length you have maintained a credit history and the types of credit you have established. Your Credit Report If you are credit-challenged and cash-strapped, chances are your credit may be suffering. There are, however, ways to repair your credit. First, get a copy of...

Sunday, July 25, 2004

Difference Between a Hard & Soft Background Check

Hard and soft background checks both involve running a credit check. While both are credit checks conducted by employers, landlords or other creditors, some differences exist between the two types of background check. Both hard and soft background checks are run through one or more of the three credit reporting agencies, which are Equifax, TransUnion and Experian. Use A hard background check occurs when a full credit report and credit score...

Friday, July 23, 2004

How Badly Will Debt Settlement Affect My Credit?

Debt settlement is an awful item on any credit report, but it is usually not as damaging as the events leading up to the settlement. Since any negative item has an unknown effect on a credit score, it is best to avoid settlement if possible. Settlement is usually the least optimal choice to tackle debt, and most customers do not benefit from or need debt settlement. Considerations How much a debt settlement affects a credit history depends on when the lenders agree to settle. Most creditors do not settle until the borrower misses several...

Sources for Credit Score Repair

Lenders rely on credit scores to determine your worthiness as a consumer. Your score is important when you finance a car or home, obtain insurance or apply for a job. Past credit missteps -- even those seven to 10 years ago -- and errors on your report will affect you financially if you don't repair your credit score. "There's no quick fix for creditworthiness," says the Federal Trade Commission; however, you can improve it legitimately with time...

Wednesday, July 21, 2004

Does a Settlement Clear Off Your Credit Report

Settlements look bad on your credit reports. The Experian credit bureau warns that they are negative even though they show you negotiated a satisfactory repayment with a creditor or paid off an old bill. Eventually, settlements drop off your Experian, TransUnion and Equifax reports, and sometimes you can hasten the process or even get them converted to neutral or positive information. Definition A settlement is an agreement with a creditor or collection agency, which agrees to accept a certain amount of money as payment in full for a bill...

Tuesday, July 20, 2004

Will Being Overdrawn at the Bank Affect My Credit?

Between 2006 and 2008, over 50 million Americans had a negative checking account balance -- called being overdrawn -- according to the Center for Responsible Lending. In addition to penalties, overdrawing an account can damage your credit rating. Even if your credit rating stays intact, being overdrawn can hurt your chances at acquiring bank accounts in the future. Identification Overdrawing an account does not automatically damage your credit rating, because banks do not report banking history to the major credit reporting bureaus. However,...

How to Get a Quick Jump in Credit Score

If you want to increase your credit score quickly, you have to know which items affect your score. Lenders use a credit score to assess the risk that you will default on a loan. Credit scores range from 300 to 850. A high score increases your chance of receiving favorable credit terms from a lender. The items with the most impact on your score are the amount of debt you have and how you pay it. Instructions 1 Review your credit report to check the balances and credit limits. Look at each credit card account. 2 Calculate how much of...

Friday, July 16, 2004

How Does My Credit History Affect My Future Financial Plans?

According to myFICO.com, "Credit scores give lenders a fast, objective measurement of your credit risk." Credit is composed of five areas: payment history, amounts owed, length of credit history, new credit and types of credit. Managing all aspects of credit is important to ensure you can purchase a vehicle or home when that time arrives. Payment History Missing payments or making payments 30, 60 or 90 days late will lower a credit score....

How to Send a Dispute Correspondence to TransUnion

Your credit report tells your financial story to creditors deciding whether to lend you money, and---more and more---it may even be used by a potential employer deciding whether to hire you. With so much at stake, it is important to stay on top of your credit report and be sure that all the information on it is accurate. TransUnion is one of three credit bureaus who record the information provided by your creditors and generate your credit report....

Tuesday, July 13, 2004

How to Cancel Free Credit Report Accounts

FreeCreditReport.com is a subscription-based online service that will monitor your credit report with Equifax, Transunion, and Experian. FreeCreditReport.com will supply you with monthly credit reports which detail your credit score with the three agencies. These reports will keep you updated on reported payments to debtors and all open loan accounts. If any new loan accounts are opened using your social security number, FreeCreditReport.com will send you alerts in your email to combat fraud. FreeCreditReport.com accounts can be canceled at any...

How to Repair and Report Rent Payments to the Credit Bureau

Consumer reporting for rental payments was not collected by credit rating agencies until 2011, when Experian acquired RentBureau. RentBureau is a network of 45 property companies with owners and managers who utilize its data in their property rental candidate selection, and in turn, report payment histories on a daily basis. Rental payments are reported only by the property managers and owners. RentBureau does not accept consumer-reported payments....

Monday, July 12, 2004

Soft Vs. Hard Credit Check

Credit bureaus profit from collecting personal and financial information about you. They sell reports to banks and other creditors as well as to insurance firms and others who wish to check your credit worthiness. The bureaus also sell pre-screened data to marketers, and they charge you to receive copies of your own reports if you do not use the official free website, AnnualCreditReport.com. Credit checking is considered "soft" or "hard," depending on the purpose. Definition Credit checks occur when anyone, including you, checks your credit...

Sunday, July 11, 2004

The Fair Credit Reporting Act of 2005

Creditors typically pull a consumer's credit report when the consumer requests a loan, credit card or line of credit. Since creditors use this information to determine a consumer's creditworthiness, it is important that credit reports are accurate. The Fair Credit Reporting Act, initially passed into law in 1970 and updated through 2010, ensures that creditors report accurate information, credit bureaus protect a consumer's privacy and consumers have the right to know what is in their credit report. Information in a Credit Report A consumer's...

Does Requesting an Increase in Credit Line Affect My Score?

Credit scores, or FICO scores, are three-digit numbers between 300 and 850. These scores show lenders a borrower's borrowing behavior and credit-management skills. FICO scores of more than 700 are considered "very good," and scores of less than 600 "indicate high risk," according to the Consumer Federation of America. Many factors, such as amount of debt, number of accounts, judgments, credit line increases (and decreases), and credit inquiries affect...

What Is the Cutoff With Having Bad Credit to Get Loans?

People get loans all the time with bad credit and some without any credit at all. The vast majority of loans available to people with bad or no credit are highly undesirable and sometimes predatory. If you have bad credit, adding more debt to your profile is usually a negative for your credit profile, so try to pay down existing debt instead. Identification There is no cutoff point where lenders refuse to approve a loan because of a low credit score. Lenders are free to extend credit to whomever they please. Theoretically, you can get a...

Friday, July 9, 2004

Credit Scores That Will Allow You to Obtain Credit Cards

Credit scores play a major role in your ability to get a credit card, and to obtain low interest rates on them. The score you need to get a credit card varies widely, as lenders have different criteria for credit card approval. In general, the higher you can get your credit score, the easier it will be to get a credit card. Excellent Credit One of the most commonly used credit scores, the FICO score, ranges from between 300 and 850. The median...

Wednesday, July 7, 2004

Does a Negative Checking Account Hurt Your Credit Score?

Irresponsible financial behavior -- such as missed payments to creditors or a defaulted debt -- hurts your credit score. The lower your credit score falls, the harder it is to obtain new credit. A simple miscalculation and the resulting overdraft fees can leave you owing a negative balance on your checking account. Fortunately, overdrawing your checking account once or twice doesn't hurt your credit score. Checking Accounts Although banks hold reporting contracts with the credit bureaus to report consumer loans and lines of credit, banks...

What Credit Scores Are Good?

Knowing your credit score can be an important consideration in trying to get a loan. The higher your score, the more likely it is that you'll get a loan at the best possible rate. Having a low score means some lenders will not loan you money, or if they do, they'll charge you a higher percentage than someone with a better score. Importance In today's society, having a good credit score is important. Business is conducted electronically, and...

Tuesday, July 6, 2004

Georgia Credit Report Laws

Federal laws, such as the Fair Credit Reporting Act (FCRA), and state codes govern credit reporting rights for Georgia citizens. Credit reports contain information about whether or not an adult pays his bills on time and can impact companies' decisions about granting credit card accounts, housing, vehicle loans and, in some cases, employment. Other types of personal information, such as any criminal history, are also reflected on credit reports. Credit Reporting Time Frames If you filed Chapter 13 bankruptcy, partially repaid your debts...

How Long Do Adverse Accounts Stay on a Credit Report?

An adverse account is any item that appears on your credit report that is considered derogatory by the lenders that pull your credit for review. Adverse accounts lower your credit score. Facts Adverse accounts are categorized as either derogatory accounts, such as unpaid debts, or public records, such as bankruptcies. Time Frame Charge offs, collection accounts, foreclosures and judgments can appear within your credit file for 7 years....

Sunday, July 4, 2004

How to Find Out Your Credit

You can find out about your credit by reviewing your credit reports. Your credit reports will provide your credit scores from the three nationwide credit bureaus -- TransUnion, Equifax and Experian. The reports will show the current status of your accounts, and other information including public records such as liens, judgments, bankruptcies or foreclosures. Instructions 1 Get your credit reports for free from the website Annual Credit Report....

How to Improve Your Credit Score After an Eviction

An eviction may or may not damage your credit report. It all depends on how your landlord handled the situation. Some landlords will not take any action against you if they can rent out your unit in a reasonable amount of time. A landlord could purse legal action in a court of law and win a judgment. This process will be damaging to your credit history. If your credit report is damaged, there are some things you can do to improve your score. Instructions 1 Pay all of your debts on time right now and in the future. When you pay on time,...

How to Dispute Incorrect Information On Your Credit Report

The Fair Credit Reporting Act (FCRA) provides U.S. consumers with the ability to receive a free credit report once every 12 months from each of the three nationwide consumer reporting companies, Experian, Equifax and Transunion. When you find erroneous or incorrect information on a credit report from any of these companies, you can file a dispute online at the company's website through a step-by-step form-completion process. However, you can also file a dispute via postal mail. The Federal Trade Commission (FTC) provides basic directions for consumers...

How to Improve a Bad Credit Score Quickly

Too much bad credit can make it very hard to get a loan on a car or even get a credit card. It is always good to improve your credit score and that way you can get a loan at a good interest rate. There is ways of getting a no credit or bad credit loan but the negative thing is you will have to pay a much higher interest rate and it will cost you a lot more money over the life of the loan. Instructions 1 There are some great ways to improve...

Saturday, July 3, 2004

In Texas, Can I Have a Civil Judgment Removed From My Credit Report If I Settle the Debt?

Getting taken to court is never a pleasant experience, but losing a creditor lawsuit can have far-reaching effects that take place beyond the courtroom. Any time a creditor sues you and wins, that information gets included on your credit report, and can negatively affect your credit score. In Texas, as in all other states, credit reports are governed by the Fair Credit Reporting Act, a federal law that applies across the nation. Credit Report A credit report is a detailed account of each individual person's history in using various forms...

How to View a Credit Report

There are many reasons to view your credit report. One of the most important is to verify that your identity has not been stolen and your credit report is accurate. You can view your credit report online or order it in the mail. Credit reports may be viewed free annually, by paying for each separately or ordering a 3-in-1 credit bureau report or by ordering credit-monitoring services. You also may view your report by initiating a dispute online....

Friday, July 2, 2004

How to Fix a Poor Credit Report to Raise it to a Plus Score

Fixing up your credit reports so that a poor credit score becomes a plus or positive score is not very difficult. It is actually something that you can do on your very own without the assistance of a third party or outside source that will charge you hefty fees. However, it will require some time and money, and then after that some time for the credit reports to update at all three credit bureaus. Instructions 1 Order a credit report from Equifax, Experian and TransUnion if you have already used your one free annual credit report. Locate...

Thursday, July 1, 2004

Will Breaking a Lease Affect My Credit in Georgia?

Breaking a lease in any state has the potential to damage your credit in any state, even in Georgia. Whether a lease goes on your credit report depends on the type of property that you lease and how you break it. You may be able to legally break a lease, meaning the creditor cannot come after you for rent or report it to the credit bureaus. What Type of Lease is It? Your credit report follows you around wherever you live, because three major credit reporting bureaus handle the majority of consumer credit reporting in the United States....

How to Pull a Credit History

With the advent of the Internet, pulling credit history is easier than ever. Accessing these personal records only requires that you provide a minimum amount of personal information, including a Social Security number, for identity verification. Credit history can be instantly obtained from Equifax, TransUnion and Experian three of the biggest credit monitoring companies in the United States. It only takes about three minutes to obtain a full, itemized credit history report. Instructions 1 Go to a reputable, online credit reporting bureau....

Credit Rating Methodology

Your credit score, is an important number. It determines whether you qualify for credit, and if so, what interest you will pay for borrowing money. Your credit rating is based on your credit history, which is stored under your Social Security number. Three different bureaus keep a "credit report" on you, which is a record of all of your credit transactions. These three bureaus are Transunion, Equifax and Experian. These credit bureaus use this credit history information to determine your credit rating, or FICO score. FICO Score Formula ...