fix credit score online

James M asked:


about a year ago i opened a secured card. i gave the bank $400 and they gave me a card with a $400 limit. I have had perfect history with it, never overdrawn and i always pay the whole balance off within a month. after 10 months they refunded my $400 so now it’s a regular credit card. With a cosigners help i bought a car in November. i believe the credit card and car combined has started to lift me out of the credit slump.

i got one of those pre-approved cards in the mail yesterday with a $1000 limit (first one ive been offered in years). the interest rate is 29%, but as long as i pay the card off within the month i don’t even have to worry about that right? it does have a monthly charge of $6.75. but what i want to know is having that card with the higher limit going to raise my credit score faster? assuming that i maintain all payments and a good track record

Rita

Maurice R asked:


Ok, I had a credit card once and i missed a few payments. HOWEVER, i paid it off. It still shows up on my credit report..how can i clean this up?

now when i apply for a card anywhere i get turned down. How do i fix this?

Kathleen

SlevinKelvera asked:


When we first got our home we had to put all four memebers of our family (Parents, me and my sis) on the mortgage. But now we have a chance to refinance our home at a lower fixed rate. I was wondering if my credit score will be affected if I got my name removed from the mortgage and just left my parents on it? And what other side effects this may have? And is it a good idea??

Roberto

David Pit asked:


A credit rating is a numerical depiction of your ability to payback debts, based on your financial history. This can often be the single most powerful three digit number affecting multiple facets of your life. Your FICO rating (Fair Isaacs Corporation) is oftentimes considered by most sleuths as the accurate portrayal of your financial behavior. The three credit reporting agencies are Experian, Equifax and TransUnion and they compute the credit score of an individual based on their distinctive statistical method.

A credit rating can be between 300 to 900 with both ends of the spectrum being almost impossible to attain. Normally, the average credit rating is in the vicinity of 740 to 800 with anything above 690 considered to be outstanding and anything under 619 relegated as a bad credit score. Various factors go into the makings of your credit score like your payment history, recent paid bills, bankruptcy and foreclosures.

The lower your rating the more reluctant the lenders will be to give you a loan. However the power of your credit rating transcends the realms of personal financial behavior and a low credit score is often viewed as a sign of irresponsibility. So a less than perfect credit rating will not only have a bearing on your ability to secure loans but many employers also choose to get a credit score check done for their potential employees. Even though many individuals regard this as an invasion of privacy, employers argue that a good credit score can simply be an indication of how responsible, dependable and trustworthy a person is.

Even though many lenders would decline the loan application of a person with a bad credit rating, this includes mortgages, credit card and personal loans; if you do manage to get a loan, you will be charged a considerably higher interest than the average Joe with a good credit



Lillie

Emmy Y asked:


I recently checked my credit score online and it went from good to low because my credit score was merged with my sister’s. Her medical bills, her credit cards, and her school loans are now in my credit report. I stopped by at the social security office thinking maybe our social security numbers got confused/merged, but they said nothing was wrong. So what happened then and how can I fix this?

Derek

Viki asked:


I’m pretty sure that right now my credit score is being negatively affected by my debt-to-available-credit ratio, since I have almost maxed out my main credit card. However, I can fix that right now, and pay off almost the whole thing in one fell swoop with some cash I’ve saved up (it’s kind of a low credit limit on that card). I just opened up a retail credit card, which means I now have one regular credit card and two retail credit cards. If I open up another regular credit card (say, an American Express since I already have a MasterCard), I’m pretty sure it will have a negative effect on my credit report because I just opened that retail one about two months ago, and I’m also pretty sure it will have a positive effect on my credit report because it will raise my available credit. What I’m wondering is whether opening up that card (not to use, just to raise my available credit) will affect my credit report more positively or more negatively. Anyone have any idea?
I am not a rich person, so I shan’t do what rich people do (and I have my doubts that they all do that anyway). What I want to do is raise my credit score, if that’s the FICO thing you’re talking about, then that’s what I want. Also, what does my net worth have to do with my available credit? As long as it’s not debt, what difference does it make (not trying to be flippant, I’m genuinely curious if it does make a difference).
I know you’re not supposed to open “too many” credit cards “at once”. What I’m asking is how many is too many, and how much time do you wait before opening another one?
Well, the reason I need to open another credit card is because the one that I have as my main credit card cannot have its limit raised. It’s a special account intended for college students, and it’s limit is based on the level of college I’m in, so it cannot be adjusted based on payment history, or age of the account. What I intend to do is open an account that can be more flexible in the future, since I’m not only a college student, I’m a functioning adult paying my own bills.

Jeremy

David Pit asked:


A popular joke among people with a less than perfect credit score is that Santa Claus, the tooth fairy and a man with a credit score above 800 were walking on the road and as they were strolling they chanced upon a $100 bill. But nobody picked it up; why you wonder? Because apparently, all three of them don’t exist. Well, au contraire to this belief it really isn’t so difficult to take your credit score to the tune of 750 and above and simple common sense steps can go a long way in giving you a near flawless credit rating.

Lets start with the first step; how will you ever know what your credit score is unless you go for regular credit rating reports. There are two advantages of checking your credit rating records often; one you will be able to handle possible errors at the earliest and also you will be able to identify instances of identity theft. If there is an erroneous entry in your credit rating report it will be investigated by the credit bureau without any cost to you.

The next and most important step, pay your bills on time. Don’t just go for the minimum balance that you need to keep those credit cards active. Also ensure that your checks reach the lending establishments at least two days before the due date, it would be futile to try and fool the bank by backdating the checks.

Guarding your credit history is another crucial step, according to the Fair Issacs Model; the one responsible for your FICO score, people with a long standing history of good credit usage are less risky. So don’t just go around arbitrarily closing down accounts or canceling credit cards because when you do so you wipe out part of the history and erase your debt to limit ratio and both these things will have a severe impact on your credit score.

Some people incorrectly assume that no loans would equate to a higher credit rating however this would equate to a no score which will as bad as a poor credit score. Since there will be no record of your debt repayment history the lending institution may b not be able to pin a risk level on you and you may find it difficult to get a loan.

Too many loan or credit card applications will reflect poorly on your credit rating.

Also ensure that you repay as much of your debt as you can this will help to increase your debt to credit ratio consequently raising your credit score.

Finally going for the right credit mix will also help your credit rating, so ideally your credit mix should include credit cards, installment loans, auto loans, retail cards and mortgages. If you just own a secured credit card you would still be deemed as a high risk customer by the lenders.



Anne

Mike asked:


me and my wife are wanting to get a house, my credit score isnt very good (560) but hers is like 720. How do banks figure out how to handle a mortgage when the husband and wifes credit score are so different? i have been working to fix mine but we are wanting to get a house within the next 6 months. what should we do?

Juanita

Liz Roberts asked:


Having bad credit can be a huge dilemma especially when it comes to getting a loan. Since lenders want to reassure the credit worthiness of their clients, those with low credit scores can be immediately declined. Yes, bad credit loans do exist in the market, but if you want to stay away from high interest rates, it is a far better option to work on improving your credit score first before applying for a loan. Unless you need the cash in a hurry, rebuilding your credit is definitely the best choice.

How to Fix Your Credit Score

Is there really an instant way to fix your credit score? Despite what some credit-fix companies may claim, the only safe and guaranteed way to fix one’s credit is to address the root of the problem. Why did you receive a low credit score in the first place? What are the factors that led to your bad credit?

Late payments and unpaid bills are the number one cause of bad credit. Excessive use of your credit limit can also affect the result of your credit score. Of course, defaulting on your debts completely means more damage to your credit history. So how do you really address these problems?

The best way to do so is to pay the debts you owe. If your current financial situation doesn’t allow for you to keep up with your repayments, negotiate with your creditors. Call them and request new repayment terms that you would be able to fit into your budget easily. Most creditors would be willing to make adjustments if they can see your willingness to pay your debts. Changes in your own spending habits and lifestyle will also be a huge factor in your attempt to repay your debts.

Avoid incurring new debts while you’re still in the middle of your repayment. If you have credit cards, put them away, some people who really worry about over using their credit cards will actually freeze them in their freezer. That way they have defrost them in order to make a purchase. If you must use them to keep them from closing, use them only for small purchases and be sure to pay back your charges in full before your due. Always be on time with all your payments to all your different creditors.

What else can you do? If you find it difficult to manage your own finances, getting financial advice from a legitimate and reliable credit counseling organization will help. To be sure, choose a government accredited credit counseling agency. Watch out for credit repair agencies that promise to give your credit the ‘instant fix’. As you can see, there is not instant remedy to fixing a bad credit problem. It would take some time, lots of effort and determination on your part in order to fix the problem.

You may need to allow at least six months of working on your credit score before you start seeing improvements. Obtain a copy of your credit report before and after you start working on your credit. Once you see an increase in your credit score, then that’s the time to start considering your loan options.

Even the smallest boost in your score will make a big difference in your plan to get a loan. A better credit score will enable you to get better rates when you do apply for a bad credit loan or a standard loan. It will also increase your negotiating power as a loan applicant.



Wilma

Rachel Mohan asked:


Learn how to increase credit score fast without spending thousand of dollars paying to attorney or credit repair clinics. The answer, as you probably guessed, is you can now fix credit score yourself. A higher credit score can save you thousands of dollars. Both requires a different approach a.k.a “The Insider Techniques”.

Understanding The Insider Techniques

“Credit repair” is simply the name given to the process of improving your credit score, and removing incorrect items from your credit report.

Insider Techniques involve strategies known as :-

The insider techniques tips are provided by Consumer Publishing Group, which publishes the Credit Secrets Bible (in print since 1994 and updated each year).

The Fact

United States citizens are rich with “buying power” but poor in the knowledge and financial intelligence that tell us how to use it. This might be why over half a million people (597,965) filed for Bankruptcy in 2006.

Most people don’t realize that they are “knowledge-poor” in the area of finances and credit until it’s too late. By the time most of us are aware that we lack financial intelligence, the damage has already been done. This is why understanding credit and credit-repair is so important. For many people, credit repair should be the first step that they take towards a better financial future.

Credit Secrets Bible’s insider techniques have helped hundreds to raise their credit score with simple action plan and tips.

DO YOU KNOW THAT…..?

The credit report banks and businesses get to see has about TWICE the financial information compared to the credit report you receive from the credit bureaus? That’s right. In most cases, the credit bureaus send a much more detailed report to businesses than they send to you. A bit deceiving, isn’t it?

This is why banks and businesses (except mortgage lenders) will NEVER give you a copy of “your” credit report. The credit system is full of “little secrets” like this. Most people find them frustrating.

Credit Secrets Bible will show you how to take each one of these secrets and use it to your advantage.

Tips #1 – LOWER DEBT TO CREDIT RATIO

“I have excellent credit, I pay all my bills off in full every month!” This is a false belief for one to buy into and understanding your debt to credit ratio holds the key to getting your “credit mindset” right.

For example, if you have $10,000 in total unsecured revolving credit accounts and you’re currently in debt $2500, then your debt to credit ratio is 25%. Since the main way lenders make money is by charging interest, one of the elements of the credit scoring model is driven by your ability to maintain balances and pay over time. This shows your true (long term) credit worthiness which is most profitable to lenders since they make money primarily via interest and not annual fees.

If your debt to credit ratio is high, you can bring it down without selling everything you own. The next tips will explain it.

Tips #2 -Sub Prime Merchandise Cards

Sub Prime Merchandise Cards can be used to increase high credit limit and decrease their debt to credit ratio. A lot of people misunderstand the benefit of this card due to marketers misrepresenting the cards and the growing number of companies promoting them. When you learn how they work one quickly understands why they have been the subject of much misrepresentation.

Credit Secret Bible have explain in details and here how it works: if you get a $5,000 card and you finance $500, on your credit report it will look like any other credit card and will do three extremely important things for you.

i. It will increase your current “High Credit Limit” by $5,000 almost overnight.

ii. By carrying a small outstanding balance it will positively impact your credit report by building and showing potential lenders your credit worthiness.

iii. With a good payment history you are virtually guaranteed to receive “legitimate” pre-approved credit offers in the future due to other lenders renting your name from the credit bureaus.

This technique is hard to beat for both cost and effectiveness. The whole key is knowing exactly which cards report to the credit bureau and offer the best rates.

Tips #3 – Piggybacking

Piggybacking is not used by nearly as many consumers as it should be. Although it is easy, effective, and extremely fast. Unfortunately, it’s mostly used among parents and siblings while those who can really benefit stay in the dark. You can easily benefit by being an “Authorized User” or “Secondary Account Holder”for a credit card holder.

For an example, if your fiancee holds a credit card with a $10,000 limit which has been paid as agreed for the last 10 years, then that complete history will be posted to you if you are the authorized users’ credit report. As you can see, this strategy is usually only used by parents and their reaping credit wise! In fact, in recent years, due to its’ effectiveness, this technique has led individuals with excellent credit scores to “rent out” authorized user accounts on one or even multiple credit cards in return for a fee!

Learn more tips on how to increase credit score fast with all the secret of insider techniques such as advanced credit profiling, deposit loan programs and many more.



Renee