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Credit Repair, My Credit Score & Credit Monitoring
Credit Repair
Recently gone through bankruptcy, have
High Debt, Can't Get Loans because
of bad credit?
Get a FREE credit repair consultation (no obligation)
Call Now: 888-649-1708
Repairing your credit is the next step after reducing or eliminating debt.
Once you have received reviewed your credit reports, examine them carefully. Look for any errors.
Make sure it is your credit history and not someone with the same name. Look at
your address. Someone with the same name and different addresses can cause
confusion. Also look of outdate information or signs of identify theft. Look for
delinquencies, strange or unrecognized items etc.
If you find errors, contact the appropriate credit bureau immediately.
Fixing your credit is a time consuming and sometimes tedious process of
constantly communicating with the credit bureaus. Allow up to 12 months to
complete the process.
One key element of repairing bad credit is to have negative items removed from
your credit file. There are professional companies who help guide you through
the process of credit repair.
Call Now: 888-649-1708
Build Up Your Credit
Using credit cards wisely can build up a good credit history and contribute to a good score. If you are just starting, charge 1 item
a month or every couple of months but pay it off when the bill arrives. Don't
go overboard.
Using a good credit card wisely can build up a good credit history and contribute to a good score. If you are just starting, get a credit card and charge 1 item
that you can afford every month or every couple of months but pay it off on
time when the bill arrives. If you are already in debt, just focus on
paying down the debt.
My Credit Score
Whether you agree with the concept or not, your credit score and credit report are important factors when it comes to getting any type of a loan or credit card.
Your credit score is calculated using the data found on your credit report.
Briefly, to raise your credit score, the experts say you should :
- pay your bills on time
- don't max out the available credit limit
-
pay down outstanding balances. You don’t need to have 0%
utilization in order to maximize your credit scores, but if you can pay the
balances off, leave the accounts open
after they are paid off because lowering your percentage of total available will raise your credit score
(credit utilization).
- Fix or repair your credit report by addressing negative items on
your credit report
- Build up your credit
- Monitor your progress regularly
Credit scores were created to help banks and businesses make decisions about
you. A mathematical formula is used based on credit report data. The result is a
numerical rating. FICO scores range from a low of 300 to a high of 850. Mortgage
lenders consider a score of 760 and above as ideal. Most of the big banks,
credit card companies and auto loan lenders also use the FICO score. This is the factor that
determines your mortgage rate, auto loan rate and credit card terms.
While FICO score is the most widely used, it is not the only method by which scores
are calculated. The three major credit reporting bureaus -- TransUnion,
Experian and Equifax calculate the Vantage Score, which ranges from 501 to 990.
You may have to pay to get an exact score. However to get an idea of where
you stand you can obtain a free copy your credit report once a year from the 3
main credit bureaus: Equifax, Experian, and TransUnion. By law, you have the
right to get a free copy of your report once each year - but you have to pay to
get your credit score from these bureaus. Other services will provide you
with more than just your credit report.
*Update: As of July 21,2011 lenders will be required to automatically provide credit scores to borrowers who
are declined for loans or who aren't given the most desirable interest rate.
Each of the three credit bureaus — Equifax, Experian, and TransUnion — issues
its own credit score. Under the new rules, lenders will only be required to provide the score
that was used to make the decision. Also, lenders will be required to show the range of possible
scores so borrowers have a sense of where they stand.
Credit Monitoring
Free Credit Monitoring Guide -
Get Your Credit Scores for FREE when you enroll
You should monitor your credit score when:
- you are working to improve them
- you make frequent purchases online (monitor for signs of ID theft)
- you have been a victim of ID theft , or had your personal information stolen
Monitor your credit report at Equifax on a daily basis and your FICO® score on
a weekly basis. Get notified you when you reach your target score or when you might
qualify for a better interest rate. Alerts you when unexpected changes to your
credit report cause your FICO® score to drop. Provides two Equifax Score Power
reports each year.
See more on ID theft here.
When getting out debt, keep in mind that some forms of debt relief such
as bankruptcy and debt settlement will lower your score.
Remember a higher credit score means a lower interest rate (APR) on your loan or credit card. This will save you money in the long run.
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