Johnny Tebowr asked:




How Can I Fix My Credit Score?

Many, many folks have found that their credit scores are less-than-appealing – especially in such a weak economy with so many layoffs and company restructuring efforts that have left tons of people jobless. Regrettably, it is a heck of a lot easier to lower your credit score than it is to increase it. Credit scores are measured on the Fair Isaac and Co scale or FICO with the majority of lenders. Your FICO score is used to determine your creditworthiness or lack thereof. This score is compiled based on information that is reported about you and your borrowing habits to the three major credit reporting bureaus (Experian, Trans Union, and Equifax). Having a bad or damaged credit file makes your FICO score lower, which results in everything from denial of credit to denial of employment. Let’s look at ways that you can increase this all important FICO score:

“Fix My Credit Score” Tip #1: Verify the Accuracy of Your Credit Report

It is crucial that the information being used to calculate your credit score is factual and up-to-date. All three of the above-mentioned bureaus may have a different accounting of your borrowing behavior, so it is important that you pull your credit report and score from each one. You can receive a free copy of your credit report once each year under federal law; you will be charged for your score, however. Look your three reports over carefully. Can you dispute any of the information that is contained in your credit file? Do you recognize any discrepancies and errors? Even simple items like a late payment that you actually made on time should be reported and disputed to the bureau holding the erroneous record. In many instances, the creditor will need to prove that a debt is valid in order for it to remain on file. Also keep an eye out for duplicate reports of the same negative item – this is a common mistake that occurs when debt is “sold” to collection agencies who may resell the debt to other companies.

“Fix My Credit Score” Tip #2: Make Timely Payments

The most important thing that you can do to be regarded as a responsible borrower (and to keep your credit score looking good) is to make timely payments. Thirty-five percent of your FICO score is based on your payment history (yes, more than a third). Pay on time, each and every time that your payments are due.

“Fix My Credit Score” Tip #3: Pay Down Debt

A whopping thirty percent of your FICO score is based on the amount you owe. A simple fix that can raise your credit score: pay down your credit cards and other installment-type loans. This doesn’t mean moving the debt from one card to another, but actually eliminating it. Make small steps – like an extra $50 per month, if you cannot afford to pay a big chunk of your debt off at once.

“Fix My Credit Score” Tip #4: Keep Your Oldest Accounts Open

One of the biggest mistakes that can be made in regards to credit is closing old accounts. Newer accounts lower your score; older accounts raise the “average length” of your credit history – which is a good thing. Keep your older accounts in good standing, and don’t run more than a thirty percent balance on them as compared to the available credit you have. For example, if your Visa card has a $10,000 limit, run no greater than a 30% balance on the card at any time.

Joe

Brooke Ashley asked:




Looking for ways to raise your credit score instantly? The first thing you should do is obtain a copy of your credit report, including your FICO score. This will help you know exactly what you need to do. Once you have a copy of your report, call in disputes on each negative report. When you dispute things on your credit report, the businesses will usually just drop the issue because it is not worth their time to fight you on it. Keep disputing it until they agree to remove it.

When you are looking over the report, be sure that there are no unauthorized inquiries or other remarks on there that were placed on your report without your knowledge. It is not uncommon these days for someone to use your name to subscribe to magazines, newspapers, or even credit cards. So be sure that every report is something that you knew about and that no one has stolen your identity. If so, you will definitely need to get this removed in order to raise your credit score instantly.

And finally, you need to try to get more credit. If you have a bad credit score, you can try obtaining several low balance or secured credit cards. Because the available limit on these is usually very low, you will need several so that their combined balance will work to raise your credit score instantly. Be sure that you apply for them at the same time, or within a few days of each other so that it won’t count as several separate inquiries.

In these tough economic times, your credit score is more important than ever. Even people with seemingly good credit are getting turned down for credit cards and home and automobile loans. Everyone is frantically searching for a way to Raise Credit Score so that they can get the loan they need.

Another thing that is happening is that businesses are being more harsh when it comes to negative credit reporting. Many people have noticed their credit score dropping as much as 200 points in one month just for being late on a few bills. The companies that are doing this hope that this will give their customers a little motive to start paying their bills – and paying them on time.

Patrick

ImproveCreditScores asked:

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Kelly

Alex Post asked:




Having a good credit score is very important in today’s world. It allows you access to credit at lower interest rates, which means you can obtain better mortgage, auto, and business loan rates. By having a higher score, you can lead a better life with access to more opportunities. This is why people work hard to maintain their credit score. Luckily, if you have a bad score there is always time to improve it.

If you are plagued with bad credit and now want to make a serious attempt to improve it, there are simple things you can do. Why many people may promise you they can improve your credit over night, that is simply impossible to do. That being said, just doing a few things can get results in a relatively short time, usually a few months to over a year.

Repairing bad credit requires patience. By increasing your credit score, you can improve your life and provide better opportunities to you and your family. So it is well worth the effort. Before you start repairing your credit, understand fully why it is important. Landlords, creditors, banks, insurance companies, and even potential employers rely on your credit score to make decisions. If you have a low score, you are losing out. Even when you get credit, it is often provided to you with extremely high interest rates. Usually, this puts you even further into debt and the whole thing becomes a vicious cycle. As you can see, a high credit score is very important.

The first thing you need to do is determine what your credit status currently is. You can receive a free annual credit report as provided to you under current Federal laws. Also, I recommend accessing your FICO score. Your FICO score is determined by information found on your credit report and is used by lenders to make quick decisions on your eligibility for credit.

The next step to improve your credit is to start tacking your debts. Make payments every month. Late payments produce a negative credit history, which is reflected in your credit score. Also, pay more the minimum. Pay as much as you can. This will differ from person to person, depending on your financial status. The idea is to reduce debt load over time. By doing so, you will improve your debt to income ratio and your credit score will go up.

Since you have a low score, you more than likely have a history of late payments, defaults, and excessive debt. You have to change this trend. Keep in mind that companies don’t just report negative information to credit bureaus. They also report when you make a payment on time. So by making payments, you create a positive credit history. Since FICO weighs recent credit and payment activity more than older activity, your score will improve over time even though your negative payment history will remain.

After a certain period of time, older credit history has little effect on a credit score. This provides hope for those who have bad credit, as you simply have to reverse your habits to improve your situation. Simply stick with the plan of paying on time and paying down your debts. You will see positive results and your life will be better because of it.

Sandra

Irena Bocheva asked:




Do you want to raise credit fast? Do you want to qualify for a favorable mortgage or auto loan, but fear that your FICO score is too low? Are you worried that the job you want to get requires a mandatory credit check? Whatever your case is, you are not alone. More than 35 million Americans are dealing with issues related bad credit score.

Contrary to the popular beliefs, fast credit repair is possible. The only requirement is knowledge about the inner workings of the credit system and the various loopholes in it.

Here are 3 simple tips that will help you understand how fast credit repair works:

1 You are not the victim…learn your rights.

Harassing collection phone calls, tons of unwanted mail, refusals to get financed on your mortgage or auto purchase-a lot of factors can leave you with the impression that you are a helpless victim of the credit system. In reality, however, you have numerous rights and you are far from being powerless. For example, under the Fair Credit Reporting Act you can dispute any incorrect, outdated, incomplete, questionable or unverifiable information on your report. The disputes can be filed on multiple levels -credit bureaus, companies reporting to credit bureaus, collection agencies and original collectors (623 Dispute). You can dispute the validity of the whole negative account (the account is not mine) as well as separate listings within the account (wrong balance, wrong account limit, you did not make a late payment that month etc). Under the protection of FCRA you can sue credit bureaus if they fail to conduct investigation on your case within 30 days. You can also sue original creditors if you dispute a debt and they fail to report it as disputed to collection bureaus or if they pull your credit report without your authorization. Collection agencies can also be held accountable if they can’t validate a debt (provide proper documentation that the debt is yours), but continue to pursue collection activity. The Fair Credit Reporting Act and the Fair Debt Collection Practices specify numerous rights for the consumer and limitations for the practices of the credit agencies and debt collectors. The more you know about these rights, the better your chances to raise credit score fast.

2 Are you taking advantage of the loopholes in the system?

The credit system is rife with loopholes. However, you have to be knowledgeable in order to take advantage of them. A simple example-the so called Dispute 623 allows you to dispute a listing ( within a negative account ) with the original creditor. Only a small percentage of creditors keep a decent records. The rest preserve records for 13-18 months the most. The reason is simple-it takes a lot of money to keep huge database updated or to input data from one system to another (in the case of acquisition). If your debt is more that 18 months old, file 623 dispute. More than likely the creditor will not have the proper documentation to verify the debt. Under these circumstances, creditors are required to remove the whole item ( even though you disputed a separate listing) from you credit record. Nice, isn’t it…

3 No written proof…no guarantee

Another thing you have to keep in mind is that fast credit repair requires keeping proof of every piece of paperwork you ever exchange with credit institutions. If you attempt to engage in credit repair over the phone or e-mail, you mind end up on the losing side. Use certified mail and fax instead.

If you want to raise credit fast, you have to gain knowledge about the credit system and the various loopholes in it. You don’t have to reinvent the wheel here-simply use strategies and little known secrets that worked for others.

Christian

Ernie J. Gentile asked:




Are you struggling to get credit? Is your FICO score so bad you are afraid to apply for a mortgage, a job or even a simple car loan? Are you tempted to hire a professional credit restoration firm, but don’t know what to expect? In this article we are going to take a quick and insightful look at self help credit repair, and learn how you can HONESTLY repair your credit from home whenever you are ready. Care to know more? Great….continue reading as we take a closer look below!

The truth about credit repair:

There is nothing a credit repair company can do for you that you can’t do for yourself. Ever heard that before? If you have…..it’s because it’s true! The fact is, the very same techniques that a professional credit clinic, or high powered attorney will charge you BIG bucks for….you can easily do for yourself with expeditious ease. (and for a fraction of the cost)

The nuts and bolts of honest credit repair:

It’s all about being “armed” with information. Once you understand how the credit bureaus work, and what rights you are afforded by law (The Fair Credit Reporting Act) you can quickly and easily identify things on your credit report that you can LEGALLY dispute, and guarantee yourself a good chance of removing from your permanent record. (especially useful for accounts that are 2 years old or more…..or even better, have been submitted to a collection agency)

The fact is…..there is NOTHING that cannot be removed from your credit report…PERIOD!

And don’t let anyone tell you otherwise. The truth is, the very same laws apply to everything from Bankruptcy to simple occasional late items, and fundamentally, the FCRA (the law mentioned above) guarantees you certain rights, REGARDLESS of how bad, or how damaging the actual items are you want to remove from your report. In other words, you can dispute, or challenge any negative, or derogatory information on your report that you wish….and once you learn how, there is nothing that you can’t HONESTLY get off of your credit report, no matter how bad it looks right now. (and ethically as well…..as there are simple loopholes in the law that give YOU and unfair advantage over the credit bureaus once you know where to look!)

The bottom line?

Credit repair is ethical, reasonably easy and very worthwhile for anyone who is suffering from a less than optimal credit score. You don’t need to pay a “fat-cat” big bucks to do it either…..simply arm yourself with information, and you can start boosting your score whenever you’re ready. (and if you’re like most of us who have suffered with bad credit in the past…….my guess is, you’re ready now!)

Bertha

Lyn Collier asked:




You don’t have to sign up for a trial membership of a credit protection service to get free copies of your credit reports. There a few one-stop websites where you can order credit reports from all three credit bureaus: Experian, Equifax, and Trans Union. It’s easy. One site, Annual Credit Report, is even recommended by Consumer advocate Clark Howard as well as the Consumer Credit Counseling Service.

By the way, your “credit report” is not the same thing as your “credit score.” The reports will give your credit activity only – not your FICO score. The FICO score is a number that is generated using info from all three agencies. It is a product of Fair Isaac Credit Org. (FICO) and must be purchased – $15.95

When you get to the site and start clicking around to request your free report, a few things might concern you. The main thing…and it is kind of unavoidable is the request for you to enter your Social Security number. If you have strong reservations about entering your SS number online, you can just skip the rest of the article and look up the 800 number and do the transaction on the phone. But either way, you will to have to provide your social security number.

Back to the online request. At some point during your online request for a free credit report , each bureau will try to sell you their products. Stay focused.

Here is the protocol for Experian for example: (and they are all pretty much alike so I will spare you the details on the other 2)

Step 1 on the Experian site will offer to sell you your Experian credit score for $5.95. Each bureau assigns a score, but their scores do not represent your FICO score.The FICO score is the one that most creditors use. I don’t recommend buying a credit score from anyone other than FICO. it’s the only one that counts. When asked if you want to purchase your “Experian” score, scroll to the bottom of the page and click on “No thanks, I just want my free annual credit report.”

You will cruise through the steps pretty quickly. The only time you might have a problem is if you don’t answer the identification verification questions correctly. If you answer incorrectly you will be given a toll-free number to call where your i.d. can be verified manually.

Once you are done on the Experian site, you will be prompted to return to the Annual Credit Report site and continue with the other credit bureaus.

All the sites will walk you through the same process offering to sell you their products along the way. Remember, your goal is to get free credit reports, not buy stuff. Follow the prompts and you will instantly get your three credit reports free of charge.

Allan

Gressly Stevens asked:




If you are sick of living with a horrible credit rating, then you need to discover how you can fix your credit and do it before it is too late. You need to know what you can do in order to make sure your FICO score is high enough to get you good financing for things like a home, a car, and other things you might need along the way. This is very important because if you do not get your credit under control you will be living a life of financial misery. Here are some helpful tips

First, you need to know what makes your score so bad. The worst thing you can have on your report is a lot of bad debts. These are the types of debts that you have been late on the payments or have decided you cannot afford anymore so you just don’t pay them. The worst of these are credit cards and anything else that is not secured.

Second, if you want to fix your credit you need to decide whether you can do this on your own or if you are going to need some help from a financial adviser or a debt service. When you decide to fix your credit on your own you should know that you will have to have a lot of discipline and it will not be easy.

Last, if you decide to use a service or someone else to help you, then all you have to do is dedicate yourself to their plan and follow exactly what they say so that you can get your finances back on track. If you follow their instruction you can be debt free and living a better financial life within about 2 to 3 years with most services.

Brandon

Suzy Vanstrusen asked:




This article contains tips on how to read your credit report correctly and how to take the appropriate action based on the contents of your report. We’ll also discuss the steps you should do to fix your credit report and boost your credit score.

Your credit report

Your credit report is divided in four parts and these are your personal identity section, your credit history, public records (if any), and the inquiries made by to your report. The first section obviously contains details about your personal identity while the other three sections contain information about you and your relationship with creditors, insurers, lenders, and employers.

Keep in mind that a credit history will reveal everything that concerns you and your creditors. This is where all your accounts, debts, unpaid charges, credit limit and payments are recorded. The next part of your report is the public records section where tax liens, bankruptcy, foreclosures, judgments and other legal remarks are reflected. An ideal credit report should have this section blank or empty as any remark contained here can affect your credit rating really badly.

The last part of your credit report is where all inquiries from potential creditors, insurers, employers and other companies are reflected. If you submitted a credit card application or a loan application, your prospective lender will be inquiring about your credit report and you can see it under this section. These inquiries are called “hard inquiries” and can very well affect your credit score. But inquiries that are initiated by companies who are interested in offering you credit are called “soft” inquiries and will not damage your credit score.

Your Credit Report Score

The system of calculation used by the three major credit bureaus and most companies is the FICO system. The FICO score ranges from a low of 300 to a high of 850. Each lender has different sets of qualification when it comes to considering a credit score. However, a credit score of 700-750 is usually considered as good while a score of 750-800, excellent. Obviously, with a higher credit score, you can bet on the approval of your application and demand for better rates or higher credit limit. A score of 650-700 can be considered fair and it would be up to the lender whether you’ll be granted an approval or not.

A score of 600-650 is considered as bad and a score of 600 and below makes you a high-risk borrower. In such case, your only chance of getting approved is if you apply for a bad credit or a sub-prime credit card or loan.

Improving Your Credit Report Score

After reading your credit report and finding out about your credit score, you can now gauge your status to prospective creditors. If you’re thinking about applying for a credit card or a home loan, reviewing your credit report is a must. What is the next best thing to do once you find out that you have a poor credit rating? It is advisable to work on improving your credit score first before submitting your application to any lender. This will prevent rejection of your application which can only worsen your current score. It’s best to wait to wait at least six months and pay off your unpaid debts to your existing creditors. Keep up with your payments on time and you should see a progress in your score after a few months. By this time, you will be more prepared to take on a new account without fearing rejection.

Patricia

Danny Fredricks asked:




In this article we are going to look at whether or not you can fix your credit by yourself. One of the biggest myths about restoring your credit is that it’s something that requires a professional hand or guidance to do – and it’s simply NOT true. Now, that doesn’t mean that someone who is more experienced or well informed about the process MIGHT be able to do a better job than you will on your first try, but it certainly shouldn’t keep ANYONE with a little bit of energy and ambition from getting the job done. Read on as we take a closer look below..:-)

Self Help Credit Repair – What is Involved?

Essentially, the steps to fix your OWN FICO score are no different than if you hired someone to handle it for you. You simply need to find, itemize and challenge ALL of the information on your report that is erroneous, outdated, obsolete or incomplete. The Fair Credit Report Act and all of it’s subsequent amendments and revisions give you TONS of rights as a consumer – the most important one being the right to challenge ANYTHING on your credit file you believe is incorrect!

The Advantages of Filing Your Own Disputes?

Obviously, it’s going to cost a lot less than hiring a pro..:-) You can save many hundreds, if not thousands of dollars by simply undertaking this process for yourself, rather than farming it out to a clinic or expensive attorney. Be forewarned though: You DO need to know what you’re doing…or you’ll find yourself saving a lot of money, but wasting a TON of time instead! I’ve fixed my own credit on several occasions, and can tell you first hand that the price of a little bit of education is FAR less than spinning your wheels for 6 months without easy improvements, only to find out you’ve overlooked the basics and dropped the ball to boot!

Joe