101 Most Effective Credit Repair Tips to Increase Your Score Right Away + Plus Bonus
101 Most Effective Credit Repair Tips to Increase Your Score Right Away + Plus Bonus
101 WAYS TO DECREASE YOUR DEBT AND INCREASE YOUR CREDIT
1. Pay your bills first: It’s important to put the money aside to pay your bills as soon as you get paid. That way you will be sure to have enough money to pay them. Don’t go out and buy things, not even groceries until you’ve put the money aside for your bills. Most of your day to day expenses are likely to have some flexibility in them, you can limit how much you spend on coffee a day or buy a less expensive cut of meat, but the power company wants all their money.
2. Make your payments on time: Every late payment can hurt you, and in more than one way. Many utility companies report your payments to the credit reporting agencies, so a history of late payments can hurt your credit score. It also costs you more if you pay late. Late fees may be small but when you’re working on reducing debt, every dollar counts. Three dollars a month in late payment charges on three bills works out to over a hundred dollars a year.
3. Write down what you spend: Managing and paying down debt is all about taking control of your money. You can’t control what you don’t know, so it’s important to keep a journal of how much you are spending and what you’re spending it on. Do it before you make your budget and you’ll be able to see what you really do spend money on, rather than guessing and coming up short because you forgot to account for something when you wrote up the budget.
4. Know your credit report: Your credit report is your scorecard in the fight against bad credit. If you don’t know where you stand it’s hard to move forward. Most countries let consumers see their reports for free at least once a year. Take advantage of this, you might find a debt on there that you already paid which wasn’t reported to the agency. Reports of unpaid debts can really hurt your credit, so it’s important to make sure those are accurate.
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Average Credit Score Tips
The reliance of making transactions through credit has been widespread from the late 80’s. This way of completing transaction grew wider and wider to what it is today. This expanding reliance made the major bureaus employ a scoring system. However, this system was developed three decades even before it came into major use. In the late 1950’s, Earl Isaac, a mathematician, and an engineer, Bill Fair, formulated a system that rates a person financial performance.
Today’s system is being used more than ever since its formulation. This system is based on your performance when it comes to managing both your debts, both long-term and short term, and as well as your bills, and applications for credit cards. Much to the misunderstanding of most people, the scores that are being given by this system are not reviewed by creditors in terms of absolute figures. Instead, they review your score based on relative terms.
Meaning they decide whether they should give you a higher or a lower rate of interest based on your distance from the average credit score. The average score varies according to its scope of calculation (be it from country to country, city to city, or from state to state). This is to say that if the scope of calculation were just in the state of South Dakota, the average credit scores would be different, than it would be if the average would be calculated based on Iowa.
This is where knowing your own score and the average score comes in handy. By knowing your own score and by comparing it to the average, you will be able to budget your income. By doing this, you will also be able to determine whether potential creditors would say that you have a good credit score or not.
It would also help you determine how high or low your interest rate would be should you apply for a loan. A major misconception of most is that the average credit score is always computed by total score over the number of factors. Most of the time, the average score is the median of all the scores on a given state. Meaning, the average rating is the score where there would be equal number of people with higher ratings and lower ratings.
As of now, the latest reported national average credit score by FICO is 728. This means that if you have a rating of 728, there are some 50 million people with better scores than you are, and there are also 50 million people with lower scores than you have. As of 2008, the state with the highest average credit score is Minnesota with 721 and the lowest is from Nevada, with a score of 668.
Your credit score can easily be improved once you take the necessary steps. By requesting your free credit report you will be able to identify and correct errors, false information and inaccurate listings. This will clean up your report to ensure you have a good credit score.
Theres more where this came from. Check out additional ways to improve a credit score and learn how to get a good credit score.
Looking for even more useful hints and tips similar to this article? Check out our blog or hints and tips page for additional information that will improve your quality of life. http://www.QualityLifeResources.com
Categories: Credit Score Articles Tags: Average, Credit, Score, Tips
Homebuying Tips on Credit and Credit Scores
Homebuying Tips on Credit and Credit Scores
This Element is an excerpt from Homebuyers Beware: Who’s Ripping You Off Now?–What You Must Know About the New Rules of Mortgage and Credit (ISBN: 9780137020164) by Carolyn Warren. Available in print and digital formats.
The new rules of credit: what you need to know–and do–to get credit today!
For many years, it seemed as if anyone could get credit–and they did. Well, we know how that turned out! In the fall of 2008, that house of cards came crashing down. Today, credit is king. What do you need to know about good credit in the new credit era?
This Element is an excerpt from Homebuyers Beware: Who’s Ripping You Off Now?–What You Must Know About the New Rules of Mortgage and Credit (ISBN: 9780137020164) by Carolyn Warren. Available in print and digital formats.
The new rules of credit: what you need to know–and do–to get credit today!
For many years, it seemed as if anyone could get credit–and they did. Well, we know how that turned out! In the fall of 2008, that house of cards came crashing down. Today, credit is king. What do you need to know about good credit in the new credit era?
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Categories: Credit Score Products Tags: Credit, Homebuying, Scores, Tips
5 Tips to Raise Your Credit Score Fast
Are you one of the people who want to learn about raising the credit score? Do you want to improve your credit score quickly? The video you are about to see will help you be guided in enhancing your credit score in a fast pace.
This video by Linda Ferrari will share to you 5 simple things you should remember on how to make it easy and productive. It will provide you necessary adjustments and advices for you to do in raising that credit score.
She will share to you 5 tips that are initiate changes. By watching this, you will learn essential steps for you to follow so you can manage your credit properly. The tips you will about to learn is based on facts.
So enjoy and take down notes, for this video will talk about the things you can do to help raise your credit scores quickly.
Whats my tips to get a new credit card (whats my credit score)
Article by Shane Lee
This article is about questions like: how to get my first credit card, whats my credit score, how to check my credit score, etc.
For the people who has a poor credit score or don’t establish his/her credit history yet, it is hard to apply for the loans or new credit cards. Actually there are still some opportunities for these people to improve their credit scores. ( you can get “whats my credit score” info from Whats My Credit Score Dot Travel2ChinaInfo Dot COM )
1. The shopping credit cards from the department stores or shopping malls
Usually, the department stores and shopping malls will encourage their customers to apply for their own credit cards. Although these credit cards can only be used for shopping in these places, they are still the real credit cards, which can help you to improve your credit score or establish your credit history. These credit cards don’t have a high credit limit and they are not difficult to get because of this low credit limit. (the low credit limit means low risks for the companies) You can use these shopping credit cards to gain a better credit score by always paying your credit card bills on time. Once your credit score is improved, you will have much more chances to get loans and other good credit cards.
2. Get your first credit card by opening a checking or saving account first
In the U.S., the big banks have many branches in the big cities. These bank branches provide a lot of services and will love people to open checking or saving accounts in them. They often come to the colleges to do the promotions. For the students who don’t establish their credit history yet, this is a good chance for them to get their first credit cards. Because the purpose of these banks is to absorb deposits, you can open a checking or saving account first. This will help you to get your first credit card. These credit cards will not have a high credit limit of course. But they are still a good choice for the students or people with poor credit history to improve their credit scores. If you are a college student, usually, the local banks will do some promotions at the beginning of each semester. This will be your good time to get your first credit card.( you can get more “whats my credit score” info from Whats My Credit Score Dot Travel2ChinaInfo Dot COM )
3. The credit cards for students
Now the banks and credit card companies pay a lot of attention to the student credit card market. They have many student credit cards now. For those college students, you can find the materials for the student credit card application in the bulletin board of your school. These materials will help your to get your first credit card. Usually, you will need to send your student ID copy, registration certificate copy, tuition bill copy, etc to the banks or credit card companies. These will prove your pupilage and you will have a good chance to get your student credit card from them.
4. Find a cosigner
Why is it hard to get a new credit card for the people who has a poor credit score or don’t establish his/her credit history yet? Because it is risky to give them credit cards when the banks and credit card companies are not sure whether they will pay their credit card bills on time or not. In this case, you will get your new credit card much easier if you can find a cosigner who has a very good credit history and credit score. He/She will be responsible to pay your credit card bills if you don’t do it on time. You can use this method to establish your own credit history or repair your credit record. When your credit score is better, you can apply for your own credit cards (without cosigner) then.( you can get “how to check my credit score”, “whats my credit score” info from Whats My Credit Score Dot Travel2ChinaInfo Dot COM )
5. The pre-approved credit card
Sometimes, you will find some pre-approved credit card application materials in your mail box. Because they are pre-approved credit cards, you will get them for sure if you submit your application. But these offers are usually sent to the people with good credit history and credit scores in my point of view. I never receive these kind of offers when my credit history is still very short. Now my credit score are very high and I receive these kind of pre-approved credit card offers every week.
6. Credit card from the credit union
My first credit card is a Mastercard from a credit union. You will not be able to get a very good credit card from them, like 5% cash back, $ 100 bonus, travel insurance, etc. But these credit union credit cards are not difficult to get and they can be your good choice to establish your credit history or improve credit score. By the way, the credit limit of these credit cards are very low. I only get a $ 500 credit limit for my first credit card. Now I have a $ 6000 credit limit discover credit card. But my request for the credit limit increase of my first credit is still rejected by the credit union.:-)
By Shane Lee. Date: 06/12/2009.
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About the author: Shane Lee. More flights and airfares info at: Direct flight RDU to BWI. And: Flights from Cincinnati to Las Vegas, and: Airfares RDU Boston.
Practical Tips to Responsibly Manage Credit Cards & Maintain a Good Credit Score
Article by New Credit Applications
A good credit score can be maintained by following practical tips that will allow you to responsibly manage credit. Maintaining a good credit score and managing credit cards responsibly will afford you the future you desire. Without good credit you can not obtain a credit card, a car loan, or a mortgage. Having credit cards is a responsibility that will make or break your credit score.
Practical tips in establishing good credit card habits and being credit worthy are often not discussed enough with teenagers who leave home for college before they take on the responsibility of managing credit cards. What are some practical tips that will enable college students to responsibly manage credit cards and maintain a good credit score? There are 5 practical tips listed below that will help you to responsibly manage credit cards, and maintain a good credit score thereby boosting your credit worthiness.
Practical Tip #1 – BEGIN BY ESTABLISHING CREDIT
Compare credit cards on line, and choose one that has a low APR, and one that does not charge you an annual fee. Until you get the hang of responsibly managing credit only open two necessary credit cards to establish credit, and to maintain a good credit score. Learn how to manage two accounts simultaneously before opening additional lines of credit. Remember credit is a privilege, and a responsibility that should be responsibly managed.
Practical Tip #2 – PAY YOUR CREDIT CARD ON TIME EVERY MONTH
Missing a credit card payment or even being late on a credit card payment is not an option nor is it responsibly manage credit. If you intend to maintain a good credit score, than you must make your credit card payments on time every month. Missing a credit card payment can also negatively affect your good credit score, and it can stay on your credit report for seven years. It’s very important to be responsible by not allowing any negative marks to appear on your credit report if you want a good credit score.
Practical Tip #3 – WATCH YOUR EXPENDITURES
Responsibly managing credit cards and maintaining a good credit score includes watching your expenditures. As a rule of thumb it is generally a good idea not to charge your credit card for anything that you will not have when the credit card statement arrives. Managing credit responsibility will help you develop a thinking pattern to decide which credit card purchases are necessary. The exception to this rule is using your credit card for a specific bill you must pay each month anyway such as your car insurance. Not buying anything above what you already have to pay for monthly expenditures will build your credit and improve your credit score.
Practical Tip #4 – RAISE YOUR CREDIT LIMIT
As you continue to responsibly manage your credit cards on time most companies will allow you to request a credit card limit increase. Every credit card company and terms of each credit card is different. Some credit card companies will allow you to raise your credit limit by every 3 months, as others will only allow you to raise your credit limit annual. So keep in touch with your credit card company and find out what their terms are for raising your credit limit. As soon as you are able to raise your credit limit do so. This is to your advantage. The higher amount of credit you have available with the lowest mount of overall credit usage will significantly raise your credit score. Increasing your credit limit on a credit card is like applying for new credit only not being punished for having any additional credit inquiries added to your credit report.
Practical Tip #5 – ADD NEW LINES OF CREDIT
Once you’ve mastered responsibly managing credit cards and maintaining a good credit score than you can begin to open a new line of credit, but do so should only be done as the need arises. For example if you have to make a major purchase like a washer and dryer or a refrigerator, applying for a new line of credit to make this purchase maybe the only way for you to afford the item. Remember though you should pay the item off as quickly as possible so your debt to available credit ratio declines and thereby increases your good credit score once again. Adding new lines of credit responsibly does not afford you the opportunity to buy items on credit that you don’t need, or to go on a shopping spree when you can’t afford to do so. Also when adding new lines of credit you should remember to do so only once or twice a year as too many credit inquiries on your credit report will drop your good credit score.
Following the 5 credit tips above is a sure way for you to develop good credit habits and ultimately developing the best credit score you can. To responsibly manage credit cards and maintain a good credit score begin by establishing credit. Compare credit cards online at http://easycreditapp.newcreditapplications.com/, and choose the credit card that fits who you are. Most credit card applicants are approved instantly!
New Credit Applications is committed to helping those who don’t have a credit card or who have had credit lines taken away in the past. Easily apply online for instant approval for the credit card that most fits your needs!
Categories: Credit Score Articles Tags: Cards, Credit, Good, Maintain, Manage, Practical, Responsibly, Score, Tips