Credit Repair Service
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By [http://ezinearticles.com/?expert=Trisha_Dingillo]Trisha Dingillo
In today's current economy, its much harder to qualify for a loan. Now you need a very good credit score to qualify for most types of credit. So what's a good credit score rating?
850 is perfect credit and the highest credit score rating possible, though I've never personally seen anyone with an 850. A good credit score starts in the 670 range. Scores lower than 670 are not considered good credit.
How to Get a Good Credit Score:
There are 5 criteria that your credit is scored upon, and they're rather simple to follow.
1. Payment History accounts for 35% of your credit score.
Do you pay your bills on time? If you do nothing else but make timely payments, you will have a good credit score in two years. Obviously, avoiding new collections, court actions, and most easily late pays will help your credit.
Past delinquency plays the largest role in hurting your credit score. One recent 30 day late payment will lower your credit score, most likely by 20 points! A couple of late payments, and your score will drop very far, very fast. 60 day lates hurt your score even more and 90 day lates are a real issue. It is important to know that the more recent the delinquency, the more negative the effect on your score. One 30 day late last month will hurt more than even a 90 day late 4-5 years ago (5-10 points).
Make sure to stay on top of your debt. Take caution to make timely payments and take care of accounts before they are late or go to collection. Do not overextend yourself in such a way that it hurts your chances of making timely payments. If you have old late pays that cannot be disputed off your credit report, know that time does heal old wounds and your score will increase given that no new delinquencies are reporting.
Pay before the Grace Period on your Credit Cards. Creditors charge additional fees for late payments. This is a very large profit center for a bank. Now, not only is there a due date, but there is also a due time. A bank may charge a $30-$35 fee for being 2 hours late on your payments! (make sure to look at the fine print of all agreements) Also, many banks have implemented under 20 day grace periods, shortened from 30 days, to increase overdue charges. Don't wait for the due date! Get your payments in fast or sign up for automatic debit payments online.
2. Amount Owed accounts for 30% of your credit score.
The credit scoring model calculates credit balance against your high credit limit. This is calculated in percentages. It's important to keep your balances as low as possible. If you have a card with a $5,000 credit limit, keeping your balance below $500 puts you in the 10% range of available credit. There are thresholds in debt ratio that will make your credit score jump higher. These thresholds are 70%, 50%, 30% and 10%. If you can't pay off your credit cards all the way, pay them down BELOW the next possible threshold. Calculate your credit limits in this way.
If you have a card with a $5,000 limit, multiply 5000 x.10 (or.30,.50,.70) You will want to pay your balance below these amounts. In this case - less than $500 (or $1500, $2500 or $3500).
Remember, the first thing to do is to check your credit report for credit limits. If your high limit is not reporting, the scoring model will use your balance as your credit limit. This means you're using 100% of your availability. Call your creditor and make sure they correct it. Distribution of debt is an easy way to make sure you maintain a strong score. Try to have a good spread of debt with lower balance to limit ratio. For example, its better to have $2,000 on five cards than it is to have $10,000 on one card with four others paid off.
If you're bumping up towards your credit limits, apply for more credit, or ask for an increase in credit from your existing accounts. This criteria is based on total availability, not size of availability. It doesn't matter if you borrow $500 or $50,000. It's how you handle it that matters. Distributing debt onto additional cards or credit lines can help you raise your score quickly.
3. Length of Credit History accounts for 15% of your credit score.
Length of credit history means how long you've had your credit accounts. If you've had an account for 15 years, it is stronger than a having a new account open for only two months. An important tip here is to never close your credit cards. Keep your old accounts open if they are in good standing, even if you don't use them and there's a zero balance. Remember though, you do need to use your credit lines at least every 6 months.
Accounts unused for 6 months become inactive and are ignored by the credit bureaus, unless there is a delinquent activity attached to that account. Keeping your credit lines open also aids in improving your credit availability, explained in the previous section.
If seeking to add credit, ask your card company to increase your credit limit. The best place to increase your credit lines, aside from getting a new card, is to extend your line on an old account with a good long history. Make sure they report the credit amount increase to the bureaus accurately.
One common factor of extremely good credit scores are long credit histories. Credit reports that have old accounts with a 15-20 year history are likely to have much higher scores. It is, however, possible to add an old tradelines to your credit report.
4. Amount of New Credit accounts for 10% of your credit score.
New credit means brand new accounts recently open. You do have to start somewhere, but build slowly. If you have just applied for 10 credit cards, banks tend to assume the possibility that maybe you've lost your job and are in need of a back up plan. Try to start with one small line of credit and build from there. Make sure that you can handle the payments consistently, are never late, and keep your balances as low as possible, or completely paid off.
5. Type of Credit used accounts for 10% of your credit score.
The credit scoring model likes to see that you have a variety of types of credit in your file. The very best placement of credit is to have a loan on a home, a car payment and a few credit cards. This credit is spread across different types of lenders and type of credit extended to you. There are a few types of credit to stay away from. Payday loans are very bad places to have credit with and your scores take a hit for having these types of high risk loans. Other very bad types of credit are the offers that allow you to have no payments for a year. These are dangerous, because the terms of the agreement may include that if you do not pay the loan off in a year, on day 366 you will owe the entire years worth of payments at typically 20% interest. This is a disaster waiting to happen. People who repeatedly go for these offers, are people who get into credit trouble. You should not have that kind of credit on your credit report.
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Does Lexington Law Firm Really Work?
By Natalie J. Johnson
Despite of careful measures and precautions you may come across the conditions where you find yourself in difficult and tough situations to manage your finances. Losing the job, accidents, late payments or unexpected situations could push you in the valley of financial troubles. Your shinning & positive credit worth could shape into ugly and undesirable. Your credit report would be piled up with collections, judgments, late payments, foreclosures and negative marks. You would not get success in obtaining new loans and credits from banks and financial institutions.
Hiring a credit repair firm is an ideal option at front of you to bring back the positive credit worthiness again in your life. We do have large number of credit repair firms at front of us to choose from. Few of them are experienced and carry the good repute in solving credit repair issues, but without any doubts Lexington Law firm is the best choice as compared to others.
Lexington firm is in business since 1991, and helped numberless people to solve their credit related problems. The process of Lexington credit repair firm is quite simple and effective as compare to other credit repair firms. You just need to send them your credit report with indication of objectionable items you are interested to wipe out from your credit report, the rest belongs to Lexington Law Firm.
The service fees of Lexington Law firm are very reasonable and affordable for ordinary folks. You could start with their services from as low as $39.95 a month with no hidden fees. It has designed three service plans - you may choose the one which is more near or suitable to your needs and requirements. In case, they fail to provide you agreed services for a given month then they would not charge you for that particular month. If you have already paid service charges for that particular month then they would refund it.
In addition, the firm is providing free support via their toll free number, email and online chat.
Tell your credit story and get instant help, dial: 1-866-246-7311. Find out more information on lexington law reviews [http://www.lexingtonlawreviews.com/] and figure out how to deal with lexington law complaints [http://www.lexingtonlawreviews.com/].
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The Lexington Law Firm Review
By Jacobey Larstons
The Lexington Law Firm is a credit repair service. They will file a dispute with the bureaus and try to remove negative marks from your report.
Removing negative items will improve your payment history. If you pay your current bills on time and remove old negative items then your payment history will improve and so will your FICO score. Your payment history is taken into account for almost 40% of your overall score calculation.
How Do They Work?
- You Need Your Reports - you will need to forward these to Lexington. You also need to tell them what items you feel are questionable and you would like to have disputed.
- They Will File a Dispute - this is done by writing a letter to each bureau. In the letter it will need to have; your personal information, the items you are challenging, and the reason it is inaccurate. Congress passed the Fair Credit Reporting Act (FCRA) this law gives you the right to challenge any item that you feel is inaccurate.
- Bureaus Will Investigate - the bureaus will contact each lender or debt collector and ask them to verify the account, the dates, and the balance. If the account can not be verified then it must be removed from your report.
- Check Your Mail Box - you will get notification from the bureaus of their results by mail. They will tell you if the item was removed or updated with accurate information. You need to forward these letters to your service so they are up to date with your progress.
- Watch The Items Fall Off Your File - sit back and relax and watch your report get cleaned up.
How Much Will It Cost?
We can not provide you with a concrete figure as it will depend on how long you use the service. It also is dependent upon how much work needs to be done to clear your file.
There is a $99 up front fee and then a monthly fee starting at $49 a month. Often clients will use the service for about 8-12 months. At the end of the day you are looking at about $500 to use this service.
They will not guarantee results and anyone that does, you should view very skeptically. Unfortunately everyone has a different set of circumstances and while you can rest assured you have experts working for you with a service, they still can not make any guarantees. However a good idea is to look at their past results, how long they have been in business, and what prior clients have to say about their experience with a service.
I Thought This Was Illegal?
Somehow this myth has been spread through our society and couldn't be further from the truth. Congress passed the FCRA which gives you the right to dispute items on your report, and this was passed to protect consumers from debt collectors and the bureaus.
It is 100% legal and no one has ever faced any criminal prosecution for filling a dispute. Did you know the experts estimate that 25% of all reports have an error on them? Without the FCRA you would have to just live with these errors, which could be damaging your score.
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Lexington Law Has a Record of Success
By Terry Lamb
Today it is getting tougher and tougher just to keep up with our bills. Add in credit cards, auto loans, mortgages, and other debts, and it can get overwhelming fast. And when that happens, you may run into some trouble every once in awhile. What's most frustrating is that just getting a few months behind can cost you thousands of dollars due to higher interest rates. Is there any answer out there?
Fortunately, companies such as Lexington Law are able to assist you in straightening out your situation. They have various approaches to repairing your credit and then aiding you in maintaining an improved credit history. The first is consolidation of your various bills. That can frequently result in a lower rate of interest as well as just a single monthly payment to cope with.
You can also receive additional credit repair tips through the Lexington Law service. Lexington Law has an outstanding history of providing their clients unparalleled service. Every step of the process will be explained in detail so that you are not kept in dark, worrying if anything is happening or not. Lexington Law will also explain the ins and outs of the Fair Credit Reporting Act in a manner almost anyone can understand.
It can be terribly embarrassing to have to admit to a stranger that you are having credit problems. I was worried I would be made to feel bad about myself but when I contacted Lexington Law they were very kind and understanding. They kept everything professional and did not make me like a bad person just because I got into a bad situation.
After you've gotten help from a credit repair company once, it's important to stay on top of your bills in the future. After you get everything sorted out, the last thing you want to do is get in more financial trouble and have to go through the same thing all over again. Make sure you also monitor your credit report to make sure it's carrying accurate information about your financial life.
If you find that you've gotten behind financially and are unable to pay your bills, never hesitate to ask for help. After all, you're far from being the only person in America who is stressed out over insufficient funds. There are professionals out there who can help you get out of the debt you're in so that you'll be able to start over with a clean slate.
It's getting more and more difficult to keep up with the bills. With car loans, credit cards, student loans and mortgages, it may become overwhelming. To compound the problem, a few months of falling behind may mean thousands of dollars in higher interest rates. Fortunately, legal firms such as lexington law can help you out of the jam. The firm can work with your creditors to consolidate all of your bills into a single, more affordable monthly payment. They can also provide credit repair tips [http://www.lexington-law-review.com/], and explain the fair credit reporting act [http://www.lexington-law-review.com/] in a way that you can easily understand.
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Does Lexington Law Get Results?
By Natalie J. Johnson
A low credit score restricts individuals from any further borrowings or loans from banks or financial institutions. Many of us are not much more skilled or carry expertise to handle credit repairs, individually. Taking the services of credit repair agency could be benefited to solve your credit related issues in much more effective and efficient style. There are several credit repair agencies which are providing their services to help consumers in retrieving their credit score. Lexington Law is one of the leading debt management firms. It has been in business since 1991 and has helped more than 1/2 million clients to solve their credit issues.
We find a large number of people who have utilized the services of Lexington Law and shared positive reviews about them. We also find success stories of people who were able to remove negative marks and improved their credit score by taking the services of Lexington Law.
If we compare different reputed credit repair firms then we find that Lexington Law carries the simple procedure and their customer service department is also helpful and active in providing you updates in regard with your case. You start the process by simply sending your credit report with the information of negative items which you wish to get rid of.
In any cases where Lexington Law do not get success to deliver you agreed services then they would not charge you for that particular month or if they have already charged then they would refund the whole amount as described in the their company policy.
You may call the credit repair attorneys directly who are dealing with your case within their working hours to find updates about your case. Thus, a small number of consumers are not happy with the service level of this Law firm but majority of clients got successful results and recovered their credit score.
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Reviews and Ratings of Lexington Law
By Natalie J. Johnson
Lexington Law is one of the leading and pioneer credit repair law firms. They have been operating and providing their services since 1991. When your credit report messes up with negative marks and collections, it is a red signal to your credit merit, your credit worthiness starts to drop rapidly that causes hurdles in applying for credit cards, mortgages, any loans, etc. Whenever individuals are trapped into this sort of situation, they try their best to get out of these circumstances as soon as possible.
Thinking of taking the services of law repair credit firm is a great idea, because individuals are not much more trained and skilled to deal with their credit related issues, especially when there are too many negative marks on your credit report or your case is complicated and worst.
Lexington Law firm's procedure of handling cases is quite simple. You just send them your credit report, along with any needed documents and point out the collections you want to remove from your credit report. Now, you are hassle-free, just waiting for positive results.
Normally they charge a fee on monthly basis starting from a minimum amount $39.99 per month. If they fail to provide services as per their promises, they would not charge fee for that given month or if they have already charged, they would refund it. Whenever you want to know any updates, just dial their number and the customer services department would provide you all details in a very friendly atmosphere.
Whenever I talked to people about Lexington Law reviews ratings, I found the positive feedback - almost all of them got positive results and are happy with their services. There are too many credit repair law firms available in the market, whenever you decide seeking services of credit repair law firms, be careful in choosing the one that is reliable and having good repute. There is not any doubt, Lexington Law is the best.
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Lexington Law - Credit Attorneys
By Jessica Lambert
The confusing world of credit repair can be stressful and time consuming. Lexington is billed as a consumer advocacy law firm with over 20 years experience. They offer a network of attorneys and paralegals throughout 18 states to work for you using their knowledge of consumer law.
Initially, you will be offered a consultation. From there a level of service is recommended based on your needs. For each, there is a flat monthly fee. The benefit to this is that there is no billing per deletion so you always know what you will pay each month. Those considering this should also be aware of the First Work fee. This fee is $99.95 regardless of the service you choose and is charged after the first round of disputes is completed.
At the Regular level, $59.95, you can expect to receive unlimited number of disputes, and no charge for phone, email and chat support, as well as a same day consultation. They will begin gathering information about your case the day you sign the retainer agreement.
The Concord Standard is $79.95 a month and offers the above assistance as well as Goodwill Interventions. These are non-confrontational interventions that are recommended for mildly late accounts. According to Lexington, these interventions help your relationship with the lender and can positively impact the reporting of your record to the bureaus.
Concord Standard also offers Escalated Information Requests. This is recommended for seriously late accounts and requests information concerning compliance with consumer protection legislation, as well as a request for a change in the way the information is reported. Debt Validation is also offered at this level. It is used for charged-off and collection accounts in which a complete history of the debt is demanded as well as its removal from your report if necessary.
At the highest level, Concord Premier at $99.95 per month. Offers you the aforementioned services and TransUnion report monitoring, a monthly score analysis and Identity Theft Assurance. You also receive ReportWatch, in which alerts of changes to your report are sent through email. These alerts notify you of both positive and negative changes that will impact your score. Another feature of the Concord Premier is Inquiry Assist. Inquiries can have an impact on your score and they will help you address any of these that are questionable.
They recommend that you retain their services for 12 months to receive the maximum benefit; however, you are free to cancel at anytime without penalty. You should be aware that you are able to submit disputes on your own free of charge, as often as you would like. Further, if you feel that you can not afford these services, they also offer a free guide so that you can begin working on it immediately, and keep them in mind should you find the process overwhelming and feel the need for assistance. However you choose to fix your fico score realize that you are fully capable and legally able to do this.
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An Overview of Lexington Credit Repair
By Patsy Rose
As opposed to many credit repair programs and credit repair services, Lexington Credit Repair is a law firm that specializes in credit repair issues. For consumers who are interested in legally improving their credit scores, Lexington Credit Repair may be the right choice.
Lexington credit repair offers several different credit repair programs designed to help consumers with different needs. Their basic program is similar to most legal credit repair programs in that they assist you in removing inaccurate, obsolete and unverifiable information from your credit report. FICO scores are based on the information contained in your credit report. Removing negative items will generally result in an increase in your FICO scores. Lexington credit repair has helped over 300,000 Americans repair their credit reports by deleting hundreds of thousands of negative items.
In addition to their basic credit repair programs, Lexington credit repair offers additional services which include goodwill interventions. These involve asking creditors to remove negative information. Sometimes, simply to keep a customer "happy", a creditor will remove past negative information, particularly if improvements in the account have been made. Most credit repair programs do not include this service and it can be quite effective.
Other services offered by Lexington credit repair include identity theft insurance, monthly credit score improvement analysis, report watch and inquiry assist. All of these services are unique to Lexington credit repair. Identity theft insurance is an increasingly popular way to protect your credit standing. Identity theft is increasingly common. Just recently a large number of military personnel were put at risk when an employee took private information home from the office. The information was later lost and no one is sure who now has these records. Identity theft insurance is a good idea for anyone, whether they are currently involved in a credit repair program, or not. If you believe that you may have been a victim of identity theft, you should immediately request that the credit bureaus put a fraud alert on your record.
Lexington credit repair has been in business for over fourteen years. They have numerous client testimonials. Effective credit repair programs can save people hundreds or thousands of dollars in interest per year. Because they employ lawyers and legal assistants, their clients never need to worry that anything they recommend is illegal. Because their specialty is credit repair, Lexington credit repair lawyers are always aware of new laws concerning credit repair programs. The laws are always changing.
For more information about Lexington credit repair, visit the Credit Repair Blog.
The writers and editors of the credit repair blog are committed to providing accurate information about credit repair programs. Visit us at http://creditfixnow.blogspot.com
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Do Services Like Lexington Credit Repair Work Or Will Do it Yourself Credit Repair Work Better
By Darin Sewell
Do an internet search for credit repair and Its hard to avoid all the ads for credit repair companies like Lexington credit repair. They all promise great results and if you need your scores improved you may have thought about trying a service like this. But do you really need the services of a paid company or can do it yourself credit repair work just as well?
What you must first realize is that what companies like Lexington credit repair and the others are doing for you you can do yourself, in fact according to Federal law they must tell you this.
Secondly there is no magic way for negative items to disappear from your credit report, you can dispute there accuracy that's it. And if you or the credit companies dispute the negatives and the companies that hold the accounts can prove they are accurate there is not much you can do.
Thirdly you are paying for the convenience of having someone else do the work for you. This is the same as paying someone to clean your house, they will do the same things you could do but they are putting forth the effort not you. You are just enjoying the benefits their work produced.
While there is nothing wrong with using one of these companies you can actually save money by doing do it yourself credit repair. Not only will you get the satisfaction of knowing that your credit report is being worked on with 100% effort and focus you will also gain valuable knowledge in the process.
There are many do it yourself credit repair kits on the market that can give you everything you need to succeed at do it yourself credit repair and avoid paying the high fees to places like Lexington credit repair. In fact most of these kits cost less then one months fees that a paid service charges.
But if you feel that do it yourself credit repair may be to much of a hassle or you just do not have the time to do it you may then want to look at a paid service like Lexington credit repair to help you get your scores and report cleaned up.
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Credit Repair Firms - Are They Really Worth It?
By Dave M Williams
When you are in need of some financial relief, then you need to start by researching the best places to go for the most up-to-date information. You can get started online by researching some of the credit advisors and information provided to you on these websites. Although there are several great credit repair firms out there, I personally know of a lot of people who have had some decent success with Lexington Credit Repair and it is as good place as any to find some solace. You can literally place your credit and your credit report in the hands of those who know all about repairing credit.
Today, it is more important than ever before to have excellent credit. In a day and age where unemployment is high and the real estate market is failing, those who have excellent credit are those who will stand while those who do not are unable to make it in the toughest of times. If you don't have good credit, you must take the initiative and work on your credit. It's the only way to have peace of mind when everything falls apart in your financial life.
What a lot of people don't realize is that when the economy is bad and jobs aren't secure, the credit history you have or have worked to build is the only thing you will have when everything else is gone. If you aren't able to buy a home because you don't have the money or your job isn't secure, it is going to be a good bill of health on your credit report that will save you. It may even be all you have when you need financial resources.
Credit repair firms such as Ovation and Lexington Law can ensure you keep your credit report in top shape. If you know you're credit history is less than desirable, it may already be time to check out Lexington.
Credit repair isn't a tough task to undergo but at the same time, ignoring credit issues will not make the bad credit go away if you don't have good credit. If you need assistance in building up your credit or if you need to update a creditor's reporting on your credit history, a service can help you find the resources needed to handle this more efficiently.
There are plenty of steps to take when you want to build up your good credit reputation but if you have bad credit, you need to do this now before it is too late. If you know you have a few blemishes to take care of then the first thing you need to do is talk to someone to find out how to do this in the least amount of time possible.
When you have good credit, you don't have to worry about your family or yourself in the worst of times. If you have an emergency situation, you can get the money you need to take care of the sudden events that warrant cash in hand but without good credit; it's difficult, if not impossible. Today, there's a way to fix the problem credit. However, you have to be proactive and keep a keen eye on your credit report.
Dave Williams has been working as a fast credit repair [http://www.urgentcreditrepair.com] specialist for over 10 years. Because he feels strongly that everyone should be given a second chance when it comes to a low credit score, he has recently partnered with Lexington Law in order to promote the most effective credit repair services for a very affordable price. To see what Lexington Law can do for you, visit Lexington Law [http://www.lexingtonlawreview.com] today.
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All Problems Have Solutions - Repairing Your Credit Is Now Within Your Reach
By Natalie J. Johnson
I once heard a credit educator encouraging people to avoid a judgment on credit at all cost since according to this educator, the SOL (statute of limitation) on judgments is usually in the region of 12 to 20 years. Scary! The educator further stated that even in cases of "satisfied judgment", you would still have to live with it for about 7 years. Well, the truth is that if possible, avoid a judgment on credit as much as you can. Another truth in life is that many times things we never planned to happen do happen so the question that arises is this - Is there no hope for repairing a damaged credit in less than these years mentioned?
In sincerity, not all judgments are awarded correctly. I have in fact learned that up to 80% of judgments are awarded in error. This is for people who may have just been sued by a judgment creditor. For this people, there is a lot of hope if you take the right actions. Contacting a legal service very competent in this area can help you a great deal. You may not realize that the SOL (statutes of limitation) for the debt has expired meaning you have no case to answer. This is just one example of ways you may escape having a judgment on your record and how handing your case over to competent attorneys can get you off the hook.
I know that there are others who may have missed this chance and have been handed a judgment. There is hope for you too. You do not have to wait for 7 or 12 years. You can begin to work to remove a judgment from your credit report. Here's a quote from "Credit Revolution" from Lexington Law. "The United States Congress has provided a number of ways for a person to take control of their credit report and positively affect their credit score. There are legal and practical ways to structure step-by-step recovery from financial disaster." It goes on to say this - "Credit recovery is complex, to be sure." This basically means that though it would need some level of commitment from you, it is very doable.
For people who have been burdened with bad credit reports, there is light at the end of the tunnel. The mighty question then is whether you are willing to make the commitment and work with people who can help you make this happen or would rather believe that "it is impossible" and then sit and blame every other person for your woes? The choice is really yours to make.
You can rebuild your credit starting from today if you so desire.
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How Can I Fix My Credit Score the Easy Way?
By Tim Lambert
If you are asking yourself this question: "How can I fix my credit score the fast and easy way?" Panic no more because these tips will surely be the answers to your question.
- Contact one of any of the three credit bureaus and ask for a credit report. You can call Equifax, Experian or TransUnion in ordering a copy of your report.
- When you receive your report, read it carefully and check for mistakes or errors. Look for the errors in the account number and name, credit limit, transaction history and others.
- If there are mistakes and negative marks on your report, call the bureau immediately and ask them to investigate your report. In addition, request for a correction of those errors and let them send you a copy of the corrected version.
- If the negative marks are due to large amount of debt, give your attention to it.
- Start paying your debt promptly using your savings. Do not buy items that you do not need and just purchase your basic needs. In doing so, you will be able to raise your credit score and lower your debt.
- Reestablish good credit by paying your bills on or before their due date. When your bill arrives, settle your account immediately. Do not let yourself pass any payment due date any longer.
- Call your creditor or lender if you are having a difficult time in paying your debt. By doing so, they can come up with a payment plan which suits your current situation. In addition, never hide from your creditors or lenders because doing so will only worsen your situation.
- If you have already paid all your debt, reestablish good credit by applying for a new card and paying for the monthly balance on time.
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How Can I Fix My Credit Score? How to Use Credit Repair Tactics to Boost Your FICO Score
By Darin Sewell
How can i fix my credit score is often desperately asked by individuals that have just been turned down for a loan that they needed very badly. If you are one of these people this article will help shine some light and help you understand how you can fix your credit score yourself using basic credit repair methods.
To start with you will need to be aware of why your FICO score is low. The only place that you can find this out is in your credit report so you will need a copy of it before you can proceed. Once you have a copy of your report start looking i over for negative accounts and list them on a piece of paper starting with the oldest account first. Negative things like late payments,collection accounts and charged off accounts are what you are looking for.
Next draft a credit dispute letter that states your name, account number and social security number. In the letter you will want to say that you do not agree with a certain part of the account. For example you could state that you do not agree with the amount owed, the date of the late payments of something specific of that nature. Simply stating the account is not yours will work but not as well.
The credit bureau will upon receiving your dispute letter contact the lender who originally held your account. They will ask them to prove the information is correct. If the company fails to prove the information true within thirty days it will be removed from your report and your FICO scores will increase.
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How Can I Fix My Credit - The Real Truth
By Tim Beachum
Somewhere along the line you have asked yourself the question, "How Can I Fix My Credit." No matter what the reason is for this awakening, I want to congratulate you for finally getting to this point. It is important that you understand that there is no magic button to push and your credit will be all better. The goal of this article is to help you discover why it is so important to take the future of your credit in your own hands and what you can do about it.
Before we can get into how to rebuild your credit it is important that you understand how things work. This is the point were most people go wrong and find themselves in over their heads. By the time they realize what is going on (if they ever figure it out) their credit is totally destroyed. With this thought in mind lets start out by first understanding the foundation of this Multibillion Dollar industry that is known as Credit.
It is more advantages to the credit bureaus for you to have bad credit than it is for you to have good credit. It use to be that the credit bureaus only made money by selling access to your information. Over the last few years the credit bureaus have added an additional revenue stream to their business model. This new revenue stream comes directly from the consumers pockets. Chances are you have seen the commercial free credit report dot com. This company was recently sued because they were tricking consumers out of their money by luring them in with promises of a free credit report. Guess who is the owner of fraudulent company? Experian - one of the three major credit bureaus.
Consumer beware is the warning put out by the Federal Trade Commission to consumers wanting to use credit repair services. The statement went on to explain to consumers that there was nothing that any credit repair service or company could do for you that you could not do for yourself. Even with the warning people still waste thousands and thousands of dollars in an effort to repair their credit. The reality of the matter is more people care about what time American Idol comes on than they do the status of their credit report which could affect their entire financial future. The hardcore pathetic truth is, no one wakes up in the morning worrying about their credit report, until they want to make a major purchase and they are denied.
I dedicated myself to helping others learn the truth about credit and its inner workings every since the day I was told that I could not buy a bag of marshmallows with a cosigner. What I discovered was the credit system is nothing more than a big lie that was designed to keep you in debt. Unfortunately there is no way for me to cover all of the details and help you to repair your credit in one single article. It is for this reason that I created some videos for you to watch that will help you accomplish two things. The first video will expose the credit repair crime that is taken place right before your eyes. I touched on a bit of this information in this article. In the second video you will discover the ONLY source for getting a free credit report, as well as the 5 Credit Repair Myths the will forever change your life.
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How Can I Fix Bad Credit
By Susanne Myers
So, you've made a few mistakes, or maybe just had some bad luck. One way or another you ended up with some bad credit, which usually means you have a low credit score making it harder for you to get any type of loan, especially a mortgage to purchase a home. What you need is a strategy to fix your credit and do so fast. Here are some tips to get you started.
Tip#1 To Fix Bad Credit - Stop Spending
The first thing you should do to fix your bad credit is to stop spending money. Cut back to essentials only until you get your debt under control. Put away your credit cards, cut out unnecessary spending like going out to dinner or the movies. Don't buy electronics, clothes or furniture unless you absolutely need them. Take a look at your cable and phone bills and see if you can't downsize to lower-cost plans. Take a look at every dollar you spent throughout the month and determine if you can't save it and work on paying off you debt instead.
Tip#2 To Fix Bad Credit - Check Your Credit Report
Get a copy of your credit report and carefully read through it. You may just find some charges and debts on there that aren't actually yours. If you can clear up just one of those, your credit rating can improve quite significantly.
Tip#3 To Fix Bad Credit - Avoid Bankruptcy
While it may seem easier at first glance to just wipe the slate clean by declaring bankruptcy, you should avoid it whenever possible. The fact that you went bankrupt will stay on your credit report for 7 years and will thus affect any future credits you apply for. Work with your creditors or even a non-profit debt consolidation company to avoid having to file for bankruptcy.
Tip#4 To Fix Bad Credit - Make Regular Payments On Time
You should diligently make payments and make them on time for your existing debt. A good payment history is the most surefire way to improve your credit. The key is to not be late with your payments. When you restructure your debt, or when you create new debt, make sure you will be able to make your payments in full on time. It takes a little while before you see your credit score rise, but stick with it and make those payments and your credit will improve.
Tip#5 To Fix Bad Credit - Open Small Accounts - Carefully
This is a great tip, but you have to be very careful not to get into worse trouble. The idea is to improve your credit score by opening small credit accounts, like secure credit cards and charge small amounts to them each month. Now the next step is absolutely crucial...You need to be able to pay them of at the end of the month.
Tip#6 To Fix Bad Credit - Get An American Express Card
Along the same lines as the previous tips, try to get an American express card. Charge some money to it each month and pay it off as soon as the bill comes in. Again, be careful with this. You don't want to damage your credit score more by not being able to pay the charges at the end of the month. And don't just make minimum payments; pay it off in full at the end of the month. Rinse and repeat the next month. American express cards seem to give you more points faster on your credit score than other credit cards.
Implement a few of these tips and watch your credit score rise. Before you know it your bad credit will be fixed. Another great way to help you get and stay in control over your finances is a family budget. Go to http://www.ourfamilybudget.com and sign up for our free newsletter.
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How to Get a High Credit Score - Jacking Up Your Credit Score
By Brooke Ashley
Are you thinking of ways on how to get a high credit score? If you are, you are just one of the many American consumers searching for the holy grail of credit reports. But first, why is this score important to you as a consumer?
If you are thinking of buying a new car, and you are planning on paying for it with cold, hard cash, then you need not worry yourself with these scores. But if you are planning to get a loan to pay for it, then that is an entirely different story.
Your score will decide whether or not you can get something that you really want. The higher the score you have, the higher the chances that your loan will be approved. You can also get better deals with your loan application like lower interest rates or more flexible modes of payment if you have a high score. This article will tell you how to get a high credit score.
For you to understand the intricacies of getting a high score, you must first know what lenders look for in your credit report:
1. The history of your payment of your loans. If you have been paying on-time, chances are, you'll get a higher rating. Bankruptcies, delayed payments and other negative factors can impact your rating.
2. The total amount you owe. In all your loans, if you have a total balance that is higher than your limit, you will get a poorer rating.
3. The length of your history. The longer your history, the higher the rating you will get. However, you can still get a high score even if you have shorter history just as long as you show that you can manage your loan by paying responsibly.
4. If you have opened new accounts. You should at least consider the interval between your loans before deciding on opening a new one. Don't open new accounts if you are already up to your neck in existing debts.
5. Other factors, such as the variety of loans you have. If you have credit cards, installment loans like mortgages, housing loans, car loans, etc., your score will increase.
So with these in mind, you will be able to gauge where you are currently in terms of your score. If you think that you are currently at a not-so-good level, here are some tips on how to get a high credit score. Always pay your bills on time. Be current in all your bills, and try to stay current because missing a payment has a greater impact than you think. Try to avoid incurring high balances on your cards. Never apply for loans or cards if you don't need them. And always check the accuracy of your credit report.
Hopefully, with all the tips listed above, you will get an idea on how to get a high credit score. So go ahead! Start checking your rating and find out if you can get your dream car (or house) today!
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 for How to get a high credit score [http://www.onlinecreditscorehelp.info] 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.
So how do you fight back? Is there a way that you can raise your credit score quickly so that you can get that car that your family needs, the house you have your heart set on, or even just a credit card or small loan? Absolutely. Visit How to Get a High Credit Score [http://www.onlinecreditscorehelp.info] to learn more!
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How To Get A High Credit Score
By Adrian Hargray
Do you want a high credit score? A lot of people do, but they don't know how to go about getting a high score due to the lack of research on their part. You need a high credit score for a variety of reasons in life. One reason that you need a high score is to get financing for a home, car, or even for emergency times when you're in a dire situation.
A high credit score is the backbone of a good lifestyle. Without a high credit score, it's tough to do things in life. With good credit however, you can find yourself getting the best deals on loans and credit cards that you apply for. One of the fastest ways to improve your FICO score is to have a good track record with your lenders. This is something that I currently do till this day.
When you can't get a loan from anywhere else, you can probably go back to your current lenders and ask them for a credit line limit increase. This is the easiest way to get more financing instead of applying with people who doesn't know anything about you. When you go back to your current lenders, it doesn't matter if you have a high credit score or a low one - all they're looking at is your payment history with them. And if you can have a solid history with your current lenders, then more than likely they will approve you for the loan.
How else is someone supposed to know if you will pay them back on time? The only thing that they have to go by is your credit score. This may seem like a tough thing to swallow, but it's the truth. When a lender takes a look at your credit file, all they're looking at is your repayment history. This is the only thing that they have to go by.
Your 3-digit credit rating is all that they have to go by to determine whether or not you will repay them - so it's important that you have a high FICO score. One of the best things that you can do for yourself is to develop a habit of paying your bills back on time. This is something that I pride myself on doing. And when you pay your bills back, make sure that you pay them off in full. Lenders love it when someone pays their bills off in full, because it shows that you have what it takes to pay them back their money.
One thing that you don't want to do is to go around with a low credit score. A low credit score can bring you down in life. A low score says that you're a financially irresponsible person and that you have a hard time paying your bills on time. Whatever you're doing to cause yourself to have a low score, you want to stop it immediately.
Your credit score says a lot about you, so it's important that you do what it takes to make it as high as possible.
Good luck with your credit and getting a high credit score.
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Steps For Getting A High Credit Score
By Adrian Hargray
You will need credit in life for a lot of reasons. I can think of right now from the top of my head reasons that you will need credit. You will need credit to get a new car, to purchase a home, to get an apartment, to get a job, or even to get some emergency cash when you're tight on funds. With that being said, I think it's safe to say that having good credit can really come in handy in life.
One thing that you don't want to do is pawn your items just to raise money for the things that you need. I can remember when I was in my younger years (where I was young and dumb), I pawned almost everything in my house to pay for my rent. I sold my Xbox 360 console, my TV, my stereo, and other appliances just to pay the bills. If you've ever done this before, then you know how much of a hassle it is to go through this.
Fortunately for you, you're reading this article and you know that you don't have to go through this. The situation above could have been easily avoided if I had good credit, but I was young at the time and didn't know any better. But if I had the chance to go back and do some things over, there are a lot of things that I would change.
With a good enough credit score, you can avoid situations like this. If you can get a handle on your credit score now while you still can, you can avoid going into predicaments like the ones I had to go through. But you should know that even if things are going well in your life, you still will need good credit eventually.
Things could be going fine, you're making a nice income, and everything else, and you will still need a good credit score. You will need a good credit score for a mortgage, a car loan, or maybe even a business loan if you decide to pursue it. The better your score, the better your chances are at securing one of these types of financing.
So are you wondering what the steps are for getting a high credit score? I'm glad you asked. One of the first things that you will want to do is to purchase a copy of your credit report. Your credit file is what you will want to look over to check for inaccuracies that could be plaguing your credit score.
In addition to checking for inaccuracies, you will want to take a look at the comments that are being said about you. If you're someone who hasn't been taking care of your finances, hopefully the comments located here will motivate you to do better. I can remember a time where I looked at my credit file and it said that I was 2 months past due on one of my credit card payments. I couldn't believe my eyes. When I saw this, I knew immediately that I wanted to start taking better care of my credit score.
So after you have purchased your credit reports, it's time to start paying your bills on time. Don't wait until the day after to pay your bills, start paying them on time right away. It's in your best interest to get on an automatic payment plan that you can use to schedule payments.
Scheduling payments will allow you to not have to worry about when your bills need to be paid. I like the automatic payment plan - they are my best friend. You should strive to pay your bills about 1-5 after your monthly billing statement is released to you. This way you're making paying your bills a priority.
If possible, try to cut back on how much your spending. You may want to go on a beans and rice plan so that you can save more money and put a lot of your cash towards making payments on your loans and credit cards. A beans and rice diet plan doesn't sound the most desirable right now, but it can save you a ton of money.
Try to use your credit cards only when you need to. The last thing you want to do is to freely use your credit cards and forget how much your charging to them. So keep this in mind as you're making purchases with your credit card.
Use these tips to raise your credit score and to develop good financial habits.
Good luck with using this information to boost your credit rating.
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How to Get a Better Credit Score - Top 10 DO's and DON'Ts to Improve Your Credit Report
By Roger Gannett
Can you improve your credit score? Yes indeed. Your credit score is based on your credit report, which is a compilation of several kinds of information about you. From those facts (and often errors!) your credit score is calculated. You can improve your credit report and credit score in several ways. Some are obvious - others not so much.
1. DO pay all bills on time, every time. Every bill you do not pay on time can affect your credit score, while every bill you do pay on time builds your standing.
2. DO keep all financial documents. That includes bills, bank and credit card statements, receipts, cancelled checks and so on for the last several years. This documentation will help you dispute errors on your credit report, including unauthorized charges. If you ever have to deal with identity theft this information will help as well.
3. DO get your credit reports. You need a credit report from each of the major credit bureaus, TransUnion, Experian, and Equifax. They are different companies and their credit reports often contain different information. Creditors often check all three and average the credit scores they provide. To comply with US law, the three sites have set up a website giving you access to your credit reports once each 12 months at no charge. Credit reports do not include your credit score but they will offer to sell you your score when you request your free report, probably charging $8-12 each. Requesting your own credit report does not affect your credit score.
4. DO clean up your credit report. Once you have your credit reports disputing negative items is the fastest, easiest way to remove them and directly increase your credit score. How does that work? Credit reporting agencies have 30 days to confirm disputed items with the original source or they have to remove them from your credit report. If the item is in error (and there are many errors in credit reports), they remove it. If the paperwork is not completed in time (and this often happens) they remove it as well
5. DO reduce your level of debt. Focus on paying off credit cards both because they have high interest rates and because they affect your score a lot. If you have memberships or other expenses you can drop to lower your bills, consider doing that and applying that money to paying down debt. One good strategy is to put everything you can into paying off the smallest debt while paying the minimum on all the others. When the smallest is gone, use the money you were paying on that one to add to the minimum you were putting into the next smallest debt and pay it off completely. When that is gone you have freed up more money so you can make bigger payments on the next smallest debt. With each debt cleared you have more to put into paying off the next one. When they are all gone you will have wads of money left over each month. This is called the snowball effect and it is powerful. As you pay down your debts bear in mind that credit agencies like it when you use your credit, but not too much. So as you pay off what you owe, continue using the cards a little bit, but only if you can avoid going over 30% of your credit line.
6. DO minimize the number of inquiries on your credit report. Single inquiries (as from new credit applications you make) will not have a big impact, but a number of inquiries in a short time period can damage your credit score. Your own inquiry does not count. You can also get inquiries removed from your credit report.
7. DO request a credit limit increase from your credit card company. To avoid another inquiry on your credit report (not big but still a negative) ask for the largest increase they can do without an inquiry. If there have been not inquiries for a long time (as you know from your credit report) if you could get a big increase it could be worthwhile. An increase in your credit limit will improve your ratio of available to used credit, but only if you do not use it. If you are maxed out, get more credit and then charge against it, you are hurting yourself, so be careful with this one. Get the increase, then let it sit there as available, unused credit. That is how to get a higher credit score.
8. DO keep open but unused credit card accounts, especially older ones. The longer your average account age and credit history the better, so keeping old but unused accounts open can improve your report in both of those ways. Unused credit also improves your ratio of used to available credit. You can destroy the card itself or put it somewhere safe. If the card is not secure then of course close the account, and likewise if you have too many cards.
9. DON'T apply for or take on new revolving credit unless you really have to. If you are already maxing out your available credit then new applications and owing more will only hurt your credit score.
10. DON'T go bankrupt if there is any possible way. Bankruptcy can take hundreds of points off your credit score and years to overcome. It may be the only way out of a bad situation, but be very sure before you do it.
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How to Get an Excellent Credit Score
By JP Burkhart
The time to start being concerned about your credit score isn't when you are about to apply for credit. At that point, there is nothing you can do to change your current score. Your concern and efforts to ensure that you have an excellent credit score should be an ongoing process.
If you haven't been doing what is necessary to ensure a high score, now is the time to start. Here are some tips on how to get an excellent credit score.
· Get a copy of your credit report and make sure that it is accurate. Inaccurate information can harm your score. Get rid of any information that is wrong. This one step can improve your credit score dramatically.
· Get credit only when you need it. Don't take out lines of credit just because you can or "just in case."
· When you do you use credit, always make your payments on time. This may be the most important factor of all.
· Keep the balances on your available credit low. It is preferable to only be using about 25% of your available credit. Part of your score is based on the ratio of your debt to your credit limit. By keeping your balances low, you turn this into a favorable ratio. For this reason, do not close out old, unused credit accounts. Accounts with a zero balance will help improve the ratio.
· Part of your credit score is based on how often your credit report is accessed. Keep the number of times it is accessed to a minimum.
· Have a variety of types of debt. A mixture of fixed payment installment loans (mortgage, automobile, student loan) and revolving lines of credit (home equity, credit card) is favorable. It shows lenders that you can handle both fixed payments and variable payments at the same time.
· Educate yourself on what a credit score is and how it is determined; this may help you take steps to make sure that your score is favorable.
· Work diligently and patiently to improve your score. It may take time, but it will happen.
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