Posts Tagged ‘credit score’

How long does negative information stay on your credit report?

According to, negative information on your credit report has a statute of limitations.  In other words, negative information will stay of your credit report for 7 years in most cases (seven years from the date that the initial missed payment that led to the delinquency). Active positive stays on the report indefinitely, unless the account was closed, then it is 10 years.

If an account has or was ever in “collection: status, then that negative information stays for 7 years from the date of the first 180-day late payment

 However there are always exceptions to every rule.

Your Free Credit Scores May Not Be Free

You have heard the ole saying that “there is no such thing as a free lunch”, well the same could be said for credit scores.  I am sure you have heard those annoying commercials 3 free scores and more.

You may get a number from these services, but usually you will first have to fill in a form and give them your personal information.  That means you’ll start receiving calls or emails from these companies trying to sell you on something else, like some type of monitoring service, or they automatically enroll you in their service where you get charged a monthly premium.  The free score may not be free after all, watch for the fine print to see what they are really offering.

Identity Theft from Social Media ?

Identity theft was a problem even before social media became popular but there has been a major upswing in identity theft ever since social media became popular. According to a recent survey conducted by Consumer Reports,  66 percent of U.S households use Twitter, Facebook or one of dozens of other social media networks and as many as 40 percent of those users share their full birth date on the social media networks. Birth dates are gold nuggets of information for identity thieves.

Credit Report 3 1 – The Key to Better Rates: Improve Your Credit Score

Whether you accept the idea or not, your credit score and credit report are key elements when applying for new loans, or credit cards. Your credit score is computed using the information found on your credit report 3 1. Once you have debt under control, it’s time to tackle the credit rating/scoring game. 

Credit scores were created to assist banks and businesses to help make financial decisions about you. A mathematical calculation is used based on your credit report data.  The end result is a numerical rating. FICO scores vary from a low of 300 to a high of 850. Lenders consider a score of 760 and above as ideal.   

How to use pre paid cards

Pre paid cards are funded from using money from your checking or saving accounts, i.e. you have to deposit money into the account before you can use the card.  Consequently, these cards do not report to the major credit bureaus and, generally speaking, there is no impact on your credit history. 

If you have ever been turned down for a credit card then you may want to consider using a pre paid card, (or secured card). These cards can be used in place of credit cards for things such as making hotel, airline reservations etc.