Credit Help Solutions

If you are worried about your credit, help is available -- starting with finding out where you stand. Order your credit score from the Myfico website. According to Experian, a good credit score is 700 or higher; with a score in this range, it becomes easier to qualify for refinancing. Also, obtain your free credit report from Annual Credit Report to check for accounts in collection and for late payments. Then, learn solutions to boost your score and improve your credit. Meet Due Dates Open credit card and loan statements when they arrive...

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How Bad Does a Credit Score Go If You Default on a Loan?

Defaulting on a loan is as bad as it gets in the lending industry, but with the release of a new version of the FICO scoring model in 2008, defaulting may not be as terrible for your score as in years past. Missing payments on a loan is usually the last option when you face a financial hardship. Most lenders will work with you to get you current on your account. Identification Missing a single payment puts your loan in default. A 30-day late payment hurts a score by 40 to 110 points, according to CNN. Expect damage in the higher end of...

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The Effect of Multiple Credit Score Requests

Several factors go into calculating your credit score. One of these factors is the number of credit score requests. If you make several credit applications in a short period, it can hurt your score. Multiple applications make you look desperate for money and, therefore, a bad credit risk. However, there are exceptions where multiple credit score requests won't hurt you. Credit Score Requests Every time you want to borrow money, whether as a mortgage, a personal loan, a car lease, a credit card or even a cell phone contract, the lender will...

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How to Figure Out Your Credit Score (FICO, BNI)

Your credit score is used by lenders and credit card companies to make decisions about whether or not to extend you a line of credit or issue you a mortgage or auto loan or business loan. Creditors also use your credit score to figure out how much interest to charge on a loan. Knowing how important credit score is, you're probably wondering who decides what your credit score is and exactly what it is. Find out how to understand the process of credit...

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What Is the Safest Way to Look Up My Credit Score Online?

Managing your credit is important to make sure you get the best financing possible on any purchases you make. Also, the better your credit score, the more negotiating power you have with credit card companies. Choosing the right source for checking your credit is just as important as keeping on top of your score. Credit Agencies There are three major credit reporting agencies, Equifax, Experian and TransUnion. Not all creditors report to every credit agency. Because of these differences, it is important to check all three scores on...

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Who Has Access to My Credit Report?

Your credit report is a very important database of information about you and your financial history. It is rightly kept confidential for most purposes, but several agencies and companies can look at it. Some need your permission to access the report, and some do not. Access to your credit report is regulated by the Fair Credit Reporting Act. You You have the right to see, for free, the information compiled about you by the three credit bureaus once a year. You can do this through Annual Credit Report, the only authorized website backed...

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Can You Really Repair Your Credit?

When it comes to credit mistakes, such as bankruptcies, missed payments and accounts in collection, nothing is forever. However, companies promising quick credit repair are unlikely to deliver through legal methods. There are many things you can do to repair your credit mistakes, but they take time and effort on your part. Correct Credit Report The only way an event or action affects your credit score is if it appears on your credit report. Therefore, the first place to focus when repairing your credit is your report itself. Every piece...

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Keys to Raising Your Credit Score

Maintaining a good credit score is important when using a lender to purchase a home, car or other items on credit. Consumers with high credit scores can borrow money at much lower interest rates than consumers with poor credit scores. If you desire to improve your credit score, follow a few key steps. How much your credit score improves and how long it takes depend on your personal credit situation. Improve Payment History The primary way...

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What Is a Reasonable Credit Score?

It might seem like a paradox, but the average person has an above average credit score, because people with bad credit tend to have extremely low scores that drag down the national average. A "good" credit score is within reach of just about anyone, because it does not require any secret tactics, just paying your bills. A reasonable credit score, however, can vary, depending on where you apply for a loan. Identification The average credit score was 692 as of March 2011, according to the Experian National Score Index. At a score of 692,...

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How to Read Equifax Credit Report Codes

Credit reports can sometimes look like a document written in a foreign language. Equifax credit reports use an Account History with Status Code listing only with some accounts. This number and letter system indicates the current state of the account and shows the status for any month and year that a payment was at least 30 days or more past due. The numbers 1 through 6 and the letters G, H, J, K and L are used. Instructions 1 Read the last...

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How to Raise Your Credit Score Quickly

Learn how to boost your credit score without spending money with online credit repair companies! No matter what your credit history or how low, it can always improve. Instructions 1 Pay your bills ON TIME! A large part of your FICO score is determined by your bill payment history. Set up an automatic withdrawal on your bills. However, be careful not to spend your bill money on shopping sprees! 2 Pay all your credit card bills down to...

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What Can I Do If There Is Incorrect Information in My Credit Report?

Your credit score is based solely on the information contained in your credit report. If your credit report contains incorrect negative information, this information is artificially dragging down your credit score. If you find an error on your Equifax, Experian or TransUnion credit report, dispute the error with the credit bureau that has the inaccurate information. Identify Incorrect Information Obtain your credit report from the credit bureau website or through the Annual Credit Report website, and print out a copy of the report and circle...

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Can I Get a Free Score After Revisions to My Credit Report?

Revisions to your credit report occur when you dispute an entry with the credit reporting agencies and the agencies determine that the disputed notation is, in fact, invalid and remove it from your credit history. A common misconception surrounding revised credit records is that consumers receive a free credit score after the credit reporting agencies revise their records. Unfortunately, this isn't the case. Credit Report Revisions The Fair Credit Reporting Act, or FCRA, entitles you to a free updated copy of your credit report from the...

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How Can I Raise My FICO Score As Quickly As Possible?

The FICO credit score is a number in the range from 300 to 850. The three national credit bureaus, Equifax, Experian and TransUnion, prepare credit reports and calculate the FICO that quantitatively evaluates an individual's creditworthiness. Generally, a higher credit score allows you to obtain loans, mortgages or a line of credit more easily and with lower interest rates. To increase your FICO score quickly you need to improve your payment history...

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Can Being a Cosigner on an Established Credit Card Help Increase Your Credit Score?

Creditors often report credit accounts to the credit bureaus. The bureaus, in turn, use this data to compile individual credit reports on consumers. The Fair Isaac Company, or FICO, uses the data in your individual report to calculate your credit score. Information on your credit report can negatively or positively impact your credit. If you're a cosigner on a credit card, it's beneficial to understand if this can help increase your credit score. FICO Scores Your credit score runs from 300 to 850 and has five major factors. According to...

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Steps to Raise Your Credit Score

A credit score is a number lenders use to help them decide whether you qualify for credit and how much they should charge you for it. It offers a guideline for lenders to determine how much of a credit risk you are and whether you are likely to repay on time. The companies that report your credit score use a complicated mathematical system to calculate it. You increase your score by the way you handle credit. Correct Credit History Inaccuracies...

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How to Write Dispute Letters to Creditors

The Fair Debt Collection Practices Act and the Fair Credit Reporting Act regulate how creditors can collect on debts and how they must report debts to credit reporting agencies. The laws serve as protection from unscrupulous creditors who may try to get people to pay more than they owe or to pay debts that are not theirs. The FDCPA allows consumers to dispute information that is incorrect or to dispute responsibility for debt. Instructions 1 Write the creditor's name and address in the top left corner. Write "Subject:" and the account number...

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Who Can Check My Credit?

Under federal law anyone or any business can check your credit score but only for a legitimate business purpose. Generally, you do not have to give your consent for someone to check your credit score. Credit scores are used to build a character profile and if you have a low credit score, companies may view you as a high risk customer. That could cause you to be denied services or have to pay above-average rates on loans and fees. Credit When you apply for new credit the lender checks your credit score. Your credit report details your payment...

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What Happens to a Credit Score When Items Are Deleted?

Your credit score is based directly on your credit report information. Positive and negative data in your reports are plugged into the scoring formula to determine the three-digit number that represents the likelihood that you will repay your accounts. The score fluctuates as the three credit reporting bureaus -- Experian, Equifax and TransUnion -- continually update your reports by adding new data and deleting items for various reasons. Deletion Reasons The credit bureaus erase credit report information when the allowable reporting time...

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How to Get a Real Credit Report

The Federal Trade Commission (FTC), as part of the Fair Credit Reporting Act, requires the three credit bureaus Experian, TransUnion and Equifax, to issue every citizen a free copy of her credit report once a year. Request a copy of your credit if you have recently been denied credit, as well. There are a lot of scam websites that offer you a free credit report, but then charge you a monthly fee to monitor your credit. Get the real deal by going...

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How Much Will the Credit Score Increase After Closing a Debt?

Paying off debt almost always improves your credit score, but which debts you pay off first determines how fast your score rises. However, you never know how much your score will rise after making the last payment on a debt. In general, it is better to try to pay off all of your debts and accept whatever points you gain than to try to calculate the exact point value of eliminating a certain debt. Considerations The FICO scoring model is so complicated that asking for the exact point value of paying off debt is impossible. While the Fair...

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How to Get a Negative Comment Off Your Credit Report

Your credit score can affect many areas of your life, including lending, purchasing property and automobile insurance as well as gaining employment. Because your credit score is so important, you should check your credit report regularly and diligently work to have all negative comments removed. To get a negative comment off a credit report, one must dispute the item with the credit bureau that has reported it. The dispute process can be easily accomplished online. Instructions 1 Acquire a copy of your credit report. It is best to have a...

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How Does a Credit Report Work?

Chances are good that you've had your credit report checked by a lender or creditor. What your credit report says about your borrowing and repayment habits greatly impacts the loan and interest rates you qualify for. It is very important to understand what a credit report is, who puts the information there and who has access to it. A credit report can best be described as a summary of your credit history. It lists any credit account or loans...

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How to Update an Address on Equifax

Having an updated credit report is the best way to receive accurate information on your credit file. The wrong address can discourage creditors from lending to you because cannot verify your personal information. Understanding how you can change the address on your Equifax report will keep your file updated and accurate. Instructions 1 Write a letter to Equifax asking that it update your credit file. You must provide your Social Security Number,...

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What Effect Does Divorce Have on Credit Score?

It is easy to get caught up in the stress of a divorce and disregard aspects of your separation from your spouse that would impact your credit score. Being aware of the potential credit effects a divorce can have ahead of time can help you prepare for your future. Location If you live in a community property state, you may be held liable for debts that your ex-spouse accrued during the marriage--whether you agreed to those debts or not....

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Will My Credit Score Go Down If I Close My Credit Card Account?

Your credit score is a key factor in whether creditors give you low-interest loans and even whether you get a loan at all. Closing a credit card account can affect your credit score, but the effect isn't always negative. By carefully timing the closing of your account, you can minimize the effects on your credit score. Weight on Your Credit Score Credit reporting agencies use five criteria to calculate your credit score: the length of your credit history, your repayment history, the types of credit you have, the amount of money you owe...

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Fast Ways to Fix Credit

Credit scores can slip easily if you spend more than you can afford and miss a payment. Fixing your credit score is important if you want financial security for your family or if you need to apply for student loans. Overcome your fear of facing your debt, and try a few methods to raise your credit score. Raise Credit Limit Contact your bank and see if it can approve a higher credit limit on your account. Having a high credit limit demonstrates...

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Does Chapter 7 Come off Your Credit Report in 7 Years?

Despite the warnings against bankruptcy, it won't hurt your credit score forever, but it may feel like it. Chapter 7 bankruptcy is considered by some the most attractive of the bankruptcy filings, because you can wipe out unsecured debts without paying a penny on them. As a slight punishment, the credit bureaus also get to report it longer than any other bankruptcy case. Chapter 7 vs. Chapter 13 Chapter 7 comes off your credit report in 10 years, versus seven years for Chapter 13. This is because people who file Chapter 7 are in worse financial...

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The First Step to Repair Bad Credit

More than 30 million Americans have some credit problems, including credit reports riddled with negative information and subprime credit scores, according to MSN Money columnist Liz Pulliam Weston. These problems are a barrier to opening new accounts and getting loans. There are ways to repair bad credit, and certain steps pave the way for a smooth process. Definition Bad credit means financial problems that appear on a consumer's credit reports. Information from these reports is used to calculate credit scores, so negative items mean a...

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Fastest Way to Get Your Credit Report Updated

A company that says it can update your credit report overnight might sound suspicious---credit repair fraud is a top complaint to Federal Trade Commission year in and year out---but this is actually a common service called "rapid rescoring." The potential benefit to your score can be significant if used properly. Identification A rapid rescoring service can fix errors on your report overnight, but only for disputes you already prove are wrong. The major credit bureaus in the U.S. give some companies, mostly banks and other lenders, the...

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Does Paying Off the Credit Purchase Immediately Damage Your Score?

Any time you use your credit card or make a payment your actions may affect your credit score. Paying off a purchase you made with your credit card soon after making that purchase might, in some cases, lower your score, but typically only briefly and not by a lot. . While it's not always easy to predict what a specific action will do to your credit score because credit scoring companies use different score calculations, you can get a good idea of what an action will do by understanding the factors that influence credit scores. Score Factors...

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Arkansas Laws About Free Credit Scores

Your credit score, also known as a FICO score or credit rating, is the number that lenders use to determine your credit risk based on the information in your credit report. The number of accounts you have, your payment history and your degree of debt all influence your credit score. Each of the three credit bureaus may have a different score for you, since each may have different information. Arkansas consumers are subject to the same laws and protections...

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How Long Does it Take to Build Good Credit?

Although many people don't know their credit score at any given point, it is an extremely important part of a person's financial life. A good credit rating can open fiscal doors and loan opportunities that are closed to the majority of people. Unfortunately, however, it can be relatively hard to build good credit and it can take a long time to do so. Of course, the length of time that it takes to build a good credit score depends of several variables that are different from case to case. Identification In the United States, the most...

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Insider Tips for Fixing Your Credit Report

A credit report is like a gateway to financing opportunities, low interest rates, new housing and employment. If you have a bad credit report, the doors to these opportunities may close. This report tells a story about your credit worthiness, spending history and financial past. If you need to fix your credit report, it is never too soon to get started. Your Credit Report The most important aspect of fixing your credit report is knowing what information is recorded on the report. The Federal Trade Commission (FTC) states that you can get...

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What Credit Score Is Considered Good Credit?

Today, credit scores are used by potential employers, landlords, insurance companies, banks, mobile phone companies and other entities that may wish to extend goods or services on credit. Having a good credit score can be the difference between landing a dream job or getting a new apartment...or not. What is a Good Credit Score? In 2010, a 720 score is considered the minimum threshold for good credit. That's about 100 points higher than...

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How to Interpret a FICO Credit Score

FICO credit scores are created by the Fair Isaac Corporation to help lenders determine how creditworthy a prospective borrower is. The FICO credit score uses information found in your credit report and translates it into a number between 300 and 850, with higher numbers representing more creditworthy borrowers. Once you have determined where you fall, examine the five factors that effect your score: your payment history; the amount you owe and the amount of credit available to you; length of credit history; types of credit you use; and new credit...

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List of Businesses That Check Your Credit Score

When a particular business wishes to evaluate the likelihood that a client will be able to pay back a loan, it typically runs a credit check on the person. These businesses can be financial institutions that loan money or other types of companies, such as those that provide products or services before compensation has been provided. Lenders Most institutions that are considering lending money to someone will generally want to know the person's previous credit history. These institutions include mortgage issuers and auto lenders. A credit...

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