The Quickest Way to Get Your Credit Score Up

Having a low credit score will affect your ability to obtain credit cards, car loans and home mortgages. Employers and landlords check credit scores to find out if you are financially responsible. Low credit scores are a result of paying bills late, home foreclosure, bankruptcy, overextended credit cards or other financial problems that have occurred. Credit scores range from 300 to 850. A good score is 740 or above. You can get your credit score...

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How to Clean Up Credit Fast

Cleaning up your credit can provide a sense of accomplishment. Most people don't want to deal with bad credit. A low score can result in credit denials, with it becoming impossible to find a good rate and terms on finance packages. A better credit score is realistic. But before you can clean up your rating, you need to know what affects credit scoring. Instructions 1 Work with creditors to remove wrong information from your credit report....

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Reasons to Dispute Credit

The three major credit bureaus (Transunion, Experian, and Equifax) maintain consumer credit reports containing information on a person's outstanding accounts, her bill payment history, employment, certain court judgments and a variety of demographic information. Sometimes these reports can contain erroneous information. This can happen for a variety of reasons, from identity theft to a simple clerical error. Whatever the cause of the problem, an...

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How to Clear a Delinquency

When you are unable to pay your credit card bills, or any other bills, your account goes into a delinquent state. Delinquency will lower your credit score and may affect your ability to obtain loans. If you do not clear a delinquency from your account within a specified time period set forth by the creditor, your account may be sent to a collection agency. Instructions 1 Pay off your delinquent account(s). This is the first step in removing...

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How to Obtain a Free Credit Profile Number

The three major credit reporting agencies in the United States -- TransUnion, Equifax and Experian -- put credit profile numbers on each credit report you request from the companies. This number is used to reference accounts and other report information, especially if you are disputing a credit account with one of the reporting agencies. A credit profile number is not your credit score. Instead, it's an internal number that the credit reporting agencies use in order to reference the specific credit report you pulled. You can request a free credit...

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How to Rebuild Credit After Bankrutpcy

Facing financial turmoil, many consumers turn to bankruptcy to get control of their finances. After filing bankruptcy, you might feel like it's impossible to rebuild credit. According to Smart Money, however, the damage to your credit report might not be as bad as you think. Focusing on the areas that make the largest impact on your credit score will get you on track to rebuilding credit. Instructions 1 Apply for secured credit. According to MSN Money, you have to use credit to build credit. The problem with bankruptcy, however, is lenders...

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Is It Legal for a Bank to Remove a Derogatory Item From a Credit Report?

Customers who delve into the specifics of credit reporting probably know that lenders, such as banks, control the majority of the information reported by the major credit agencies. This also means banks can remove negative items at will. Banks and other lenders are unlikely to remove negative items out of the kindness of their heart, but it is possible. Identification Banks can legally remove a negative item, but the credit bureaus probably do not support this action if the negative is legitimate. However, a bank might change a late payment...

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How Good Must a Cosigner's Credit Be?

You can earn a comfortable income, carry few debts and have all of your paperwork in order, but if you have a poor credit history your lender is likely to deny your loan application. Consumers with damaged credit aren't the only ones who have trouble getting loans approved. Young individuals who haven't had time to build a credit history also face obstacles when applying for loans and credit cards. If you have a co-signer with positive credit apply with you, however, the lender is more likely to approve your application. Lender Requirments...

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How Much Do Past Medical Bills Affect Credit Score?

Medical debt is a growing problem in America. A 2009 CNN Health report notes that, from 2001 to 2007, the number of individuals filing bankruptcy due to medical debt rose from 46 percent to 62 percent. If you have outstanding medical debt, the accounts can appear on your credit report and tarnish your good credit for many years to come. Credit Reporting Common consumer debts such as credit card accounts, mortgages and auto loans can all have...

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How Long Can Medical Bills Stay on Your Credit Score?

"The New York Times" reported in a December 2010 article by Walecia Konrad that hospitals and doctors rarely report bills to credit reporting bureaus but frequently turn unpaid bills over to collections agencies within a few months. Once a collection agency has the bill, the agency can, and often does, report the bill as delinquent to a credit bureau. Delinquent accounts stay on your credit report for seven years, which is how long they will affect your credit score. Credit Scores A delinquent medical bill appears on your credit report...

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How to Force Credit Reporting Agencies to Remove Debt Buyer's Inquiries

Every time you sign up for a credit card, apply for a loan, or grant a potential employer the right to look into your credit, your credit report may reflect this in the form of credit inquiries. These inquiries show a creditor who is looking into your credit. Having too many of these inquiries, or the wrong kind, can negatively affect your credit score. If you want to remove an inquiry, there are specific steps you need to take. Instructions Instructions 1 Know what your credit report says. To remove credit inquiries from your credit report,...

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Can Credit Repair Services Help Raise a Credit Score?

Your credit score is important when trying to attain the best interest rates on mortgages or credit cards, or for when you need to gain new credit. If you have errors on your credit report, or past blemishes, get them fixed so that your credit score is accurate. A credit repair service won't necessarily be able to raise your credit score, however. Credit Errors Your credit can be repaired if there are errors on your credit report, as credit bureaus are obliged to remove any errors, old debts and correct any mistakes, but they can't remove...

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Can a Charge Card Affect Your Credit Score?

Charge cards let you pay with plastic but must be paid off each month. Paying your charge card balance in full every month as agreed can have a positive effect on your credit score over time. Definition While a charge card looks similar to a credit card, there are some important differences in the way they work. With few exceptions, charge cards do not allow you to carry a balance over time. Instead, you must pay your entire bill each month....

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Five Steps to Stop Identity Theft

Identity theft can potentially lead to financial devastation for its victims. Once an identity thief obtains your personal information, he can use it to open new lines of credit in your name, access your bank account, or secure goods and services at your expense. If you're concerned about the security of your personal information, taking five key steps can reduce your exposure. Review Your Information In some cases, it can take weeks or months...

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How to Dispute Inquiries on My Credit Report

The number of inquiries into your credit report may not seem like a big deal, but it affects your credit score. If you have too many inquiries in a short amount of time, your credit score will be lowered, because it indicates that you might be searching for loans or gathering credit lines from many sources. If you have concerns about an inquiry on your credit report, you should dispute the inquiry to protect your credit. Instructions 1 Obtain copies of your credit report. You can request free copies of your credit report once a year from...

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Why Is Paying Off My Auto Loan Negative on My Credit?

It might sound counter-intuitive, but paying off a car loan early could actually lower your credit score. This quirk in the credit scoring system can occur when you have too few active accounts or do not have other installment loans. However, you can never predict anything in the FICO scoring method, so consider the other benefits of paying off an auto loan, such as the money you save in the long run. Why It Might Lower Your Score Paying off an auto loan is never a negative, but it can actually have a negative effect on a credit score,...

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Information on Dispute Letters to Credit Bureaus

Not everyones credit reports reflect accurate information. A U.S. Public Interest Research Group survey revealed that 79 percent of all consumer credit files contained errors. Approximately one-fourth of the individuals surveyed possessed credit reports that contained errors severe enough to result in a denial of credit. You can attempt to correct the errors you find in your credit report through credit bureau dispute letters. Significance ...

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How Much Does Your Credit Score Go Up When You Pay Off a Bad Credit Card Account?

Paying a delinquent credit card could boost your credit score or eat up precious resources that could go to paying more immediate bills and not help your score at all. Once the account goes to collections, there is little you can do for your credit score. Anything before this situation and paying may help you out. How Late Is It? Credit card companies must write down bad accounts as a loss if you do not pay for six months. If this six-month...

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How to Lower a High Balance on a Credit Report

Lowering a high balance on a credit report can help improve your FICO rating. Creditors send notifications to the bureaus each month, and with these notifications, creditors update your balance on credit cards and loans. High balances decrease your score because the more debts you owe, the higher your debt-to-income ratio. You can combat this issue and lower balances on your credit report. Instructions 1 Double check the accuracy of reports. A creditor or lender may fail to update your report and report a higher balance after you've paid...

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How to Improve Credit Score Immediately

A low credit score can impact your ability to obtain a home loan, auto loan or credit card. For this reason, many consumers look for ways to improve their credit. And if you're looking to finance an item in the near future, you're likely interested in boosting your credit score within a relatively short period. Fortunately, there are tactics to immediately raise your FICO score. Instructions 1 Get your credit report. Before creating a plan...

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What Impacts FICO Scores the Most?

A FICO score, instituted and maintained by the Fair Isaac Corp., is the most widely used barometer of an individual's creditworthiness. Banks, mortgage brokers, automobile lenders and other creditors use this score to determine whether and how much to lend, as well as how much interest to charge. Consumers should access their reports at least once each year to keep abreast of changes and to correct any errors that may negatively impact their score. Length of Credit History Creditors like to see lengthy histories, which have proven to be...

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How to Rebuild Your Credit Rating & Score

Maintaining a good credit score is vital for access to loans and good credit terms. After a financial setback such as late payments, collections, bankruptcy or foreclosure, it is very important to get back on a solid footing with your credit. The ideal scenario for rebuilding your credit depends on your individual situation, but there are steps everyone can take to strengthen their credit rating and improve their score. Instructions 1 Procure...

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How to Start Credit Without a Cosigner

You need a credit history to qualify for loans, credit cards and other accounts. Banks and companies use your past performance to evaluate you for new credit. It is tricky to start your credit history because you have no track record. You can get a family member to co-sign for you, but this isn't necessary. There are ways to establish a credit file on your own. Instructions 1 Open a checking or savings account at a bank or credit union, the...

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Does the Deletion of a Collection Account Affect Your Credit Score?

No one wants to see a collection account marring their credit report, as collection accounts lower your credit rating and pose a red flag for lenders who review your credit history. While collection accounts are detrimental, they do not remain a part of your credit profile indefinitely -- forever causing you trouble when you apply for loans and credit cards. The credit bureaus eventually delete your collection records, and this deletion has an impact on your credit score. Reporting Period Collection accounts, like all information on consumer...

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Equifax Credit Rating Definitions

An Equifax credit rating estimates the creditworthiness of an individual based on financial history, assets or liabilities. Credit History Details about your credit accounts including date it was opened, balance, credit limit or punctuality of payments are all included. FICO FICO, or Fair Isaac Corporation, produces a credit score of 350-850 and is used by potential lenders that help determine interest rates and consumers' likelihood...

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How to Fix Credit Rating After Bankruptcy

Applying for and managing credit helps you build a good credit score. But sometimes, consumers use credit irresponsibly and bad habits can bring on a bankruptcy. A bankruptcy can give you a fresh start, and oftentimes, you're no longer responsible for past debts. Recovering from a bankruptcy involves acquiring new lines of credit to help improve your low credit score. Regrettably, getting credit after bankruptcy is easier said than done. Instructions...

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How to Inform Credit Reporting Agencies of a Divorce

Notifying each of the three consumer reporting bureaus of a divorce is important for several reasons. First, if your ex-spouse doesn't comply with the conditions set forth during a divorce and stops paying a jointly held credit card account, you are both held responsible for the delinquent debt obligation. Not only that, but your credit report and score may suffer if the delinquent bill is left unpaid for several billing cycles. Remove any opportunity for delinquencies or nonpayments to be reported on your credit file by closing jointly held accounts...

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Effects on the Credit Score of Canceling Credit Cards

Credit scores help potential lenders assess the risk of lending you money. Your credit score reflects your payment patterns, placing the most emphasis on recent information. The overall amount of your debt is also reflected in your credit score. Canceling credit cards can have a negative or positive effect on your credit score, depending on specific credit score factors. Too Many Credit Cards If the risk factor section of your credit score...

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Does Signing Up for a Credit Card Affect Your Credit Score?

Failing to pay your bills on time and high balances on revolving accounts aren't the only events that can lower your credit score. Applying for new credit accounts, such as credit cards, can harm your credit score before you even use them. Lenders use credit inquiries as an indicator of a potential customer's credit risk, and six or more inquiries usually spells high risks for potential lenders, according to MyFICO. What is a Credit Score Inquiry?...

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What Is the Best Way to Fix an Account in Collections to Increase a Credit Score?

Unpaid debts that end up held by collection departments or third-party collection agencies hurt your credit score because they indicate that you cannot be trusted to meet your financial obligations. If you cannot restore the original account's standing as "current," removing the collection notation from your credit report is the only way to remedy the damage it does to your credit score. In-house Collections When you stop making payments to a creditor, it forwards your account to its in-house collection department. Not all creditors have...

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