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Credit Tips

How’s Your Credit?

As a business owner you’re entitled to create for yourself a business credit profile to eventually obtain a massive amount of money in your business name alone.

But what about your personal credit? Many work from home business owners credit scores are just too low. Costing them thousands of dollars and can be easily rectified if they could learn how to raise their credit score.

So what do you have to do to raise your credit score?

Well for starters you’ll need to see what’s on the three major credit bureaus (Experian, TransUnion, Equifax) reports on you. You can obtain a free credit report from each credit reporting bureau once per year or if you were denied credit recently. If you don’t want to wait 2-3 weeks for your reports to come in the mail you could always pay the $40 fee to Experian.com and get immediate access to all of your reports.

Once you’ve acquired your credit reports, if you discover you have any negative items on them, then you’ll need to be about the business of getting those items removed, even if you were at fault for them being there.

What most people don’t know about restoring their credit is that when you have negative items on your reports, you can dispute them with either a dispute letter via the mail or online at Experian and TransUnion. Equifax won’t allow you to dispute negative items online, you’ll have to go via the snail mail route with them. There is an advantage to disputing those items online because it’s less time consuming. And besides, who wants to wait for reports to come in the mail if they don’t have to.

So when you file a dispute, the credit reporting bureau Experian, TransUnion, Equifax has to contact the creditor who reported the negative item or delinquency on your report and ask them to verify the accuracy of the account. The creditor is required by law to provide proof of the account within a 30 day time period. If they don’t, those item(s) will automatically be removed from the requesting credit bureau for failing to provide proof.

If for some reason you later check your reports and see that the negative items were not removed, then you’ll need to challenge it in writing. If you’ll consistently challenge the credit bureaus about items that don’t come off, eventually the creditor will stop responding or fail to provide proof of the account. When that happens that creditor will not respond to the credit bureau’s request within the 30-day required time-frame and the delinquency will then be removed.

Take the power into your own hands and raise your own credit score.

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Credit Tips

Credit Repair Programs: Benefits of Choosing the Right Company and Raising Your Credit Score

There are many benefits of joining credit repair programs, as long as you stick with the ones that are legitimate. Cleaning up your credit report and maintaining a high score will allow you to keep more money in your pockets since your interest rates will be lower and you won’t have to worry about getting sued. You’ll be more likely to get more credit if and when you need it, and it will be easier to get an apartment. Application processes will be faster, if not instantaneous. Also, a higher credit score means you have more bargaining power when it comes to negotiating with retailers, banks, and credit card companies. Need a new car all of a sudden? A high credit score will make that easy to get.

No matter how or why you ended up with bad credit, whether it was poor money management on your part or you experienced an emergency that cost a lot of money, there still might be some things about it that can be fixed. Negative items could potentially be removed. You could contact the credit bureaus yourself and try to have them removed, but that could take some time and your chances of being successful aren’t very high. It’s better to compare some credit repair programs and contact the one that seems to fit your needs the best.

Use Only Legitimate Credit Repair Programs

You absolutely must familiarize yourself with the Credit Repair Organizations Act so that you’ll know how to avoid scams. You do have legal rights when trying to get your credit report fixed. Before spending any money, you should be provided with a free consultation and a detailed guide explaining the services the company will perform. There should also be some sort of money back guarantee just in case you are not happy with how things are going.

Since there is absolutely no way of knowing 100% sure how the creditors and credit bureaus are going to deal with every single negative item on your report, stay away from any company that claims that it is going to provide you with specific results in a certain amount of time.

None of these programs will be able to do everything for you. You will still be responsible for making your payments on time. What they will do is help you get some of your previous credit problems resolved.

Check and see which credit repair programs are available in your area. If Lexington Law offers services in your state, you’ll definitely want to consider it, as it is a highly-rated and reputable organization.

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Credit Tips

How to Build Credit in 5 Simple Steps

A healthy credit score can make life much easier and enjoyable. Unfortunately, many people don’t realize how important a credit score is to getting the things they want most out of life, like a new car or a their dream home. Missing a payment on a credit card or allowing a bill to go to collection can have long lasting effects on a credit report. Negative marks on a credit report can cost several points and when it comes to a credit score, every point counts. It is time for everyone to learn how to build credit again and achieve those dreams that they had years ago.

Here are Mark’s 5 tips to rebuilding credit.

1-Make a concerted effort to pay every bill on time every month, even if it is only the minimum balance. If there is no possible way to make the payment, call the creditor and ask for an extension. A five to 10 day extension may be granted if a promise to pay is given usually with a checking account number or debit card number.

2-When considering how to build credit, consider opening a secured credit card to begin the rebuilding process. Charge only what can be paid off within a month or two. Avoid charging more than 50 percent of the total credit line in a single month. Meaning, if the card has a $200 credit line, do not charge more than $90 in a single month. Fees and interest must be considered.

3-Do not apply for numerous new accounts within a short period of time. Every hard inquiry negatively impacts a credit score. Creditors view it as a bit of a sign of desperation and will hesitate granting a new credit line. Stick with the current cards presently open and work at establishing a positive payment history.

4-When rebuilding credit, it is important to stay apprised of any happenings on a credit report. A credit report should be pulled every six months to check for any negative marks as well as movement on the credit score. Ideally, if a person pays each of their accounts on time every month and does not have any negative remarks reported, the credit score should start climbing upwards. If there are unwarranted negative marks, take immediate action to have them removed.

5-After 12 months of paying bills on time and carefully managing open credit lines, it is a good time to apply for an unsecured credit card. Try working with the company who holds the secured credit card. Make the call and ask to be switched to an unsecured card. If it isn’t possible, only apply for one card through another bank.

It is possible to recover from past credit mistakes. For those who want to know how to build credit, follow these five simple steps and remember patience is of utmost important. Good things do come to those who wait. A damaged credit score does not have to be permanent. A little diligence and patience is all that is needed to begin the rebuilding process.

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Credit Tips

Affordable Credit Repair Services Overview: How to Tell If a Company Is Reliable and Worth Investing

There are companies that help people with bad credit by using a variety of strategies, such as getting negative items removed via negotiation, identifying errors and having them fixed, etc. Since the industry is wrought with scams, it’s important that people are careful with their choice of a company. Not all affordable credit repair services are legitimate.

It’s possible to identify the trustworthy companies by knowing what kinds of red flags to look for and to avoid any company that has those red flags. A few of these red flags include:

• Trying to charge money upfront. This is actually banned by the Credit Repair Organization Act.

• Promises of a “quick and easy fix”. This is simply not possible – especially if they haven’t taken the time to first look at the client’s credit reports.

• Making any types of guarantees or specific claims, such as “Raise your score 200 points!”

• Having a lot of negative reviews and complaints filed against them.

• Not being open about what types of strategies they are going to use.

• Suggesting that the client actually create another identity. This is obviously against the law.

The ideal credit repair organization will always be upfront about what they will be able to do and what they won’t be able to do. They should have a team of lawyers working for them and use only legal means to get negative items removed.

Find Affordable Credit Repair Services

What about affordability? Only AFTER giving a free consultation should a credit repair company bring up payment. Some affordable credit repair services offer different levels of service at different prices. The lowest priced option will at the very least offer Bureau Challenge services and Credit Interventions. Even though they cannot make any specific guarantees regarding credit scores, they can provide a personalized score improvement analysis each month, which includes targeted information that could potentially help raise the score.

Communication is another important factor, in addition to price and payment plans. It’s very helpful if each client has a legal expert such as a paralegal assigned to their case, with whom they can communicate at any time, via email, phone, or chat. There should be coaching and guidance, as well as tools to help clients keep track of their case and monitor the results 24/7.

There are many credit report repair companies and only a few of them are legitimate and affordable. One company to really consider is Lexington Law, where free consultations are available. There are a few different payment plans to choose from, all of which include affordable credit repair services.

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Credit Tips

How to Use Your Credit Card Smartly?

Gone are the days when only a handful of people used these Cards. The present scenario narrates a different story and every individual today swipes his or her Credit Cards for making purchases. Executing transactions through these cards have become a common affair. Take a look around, and you will come across innumerable people swiping their respective cards. It’s here that individuals consider the positive impacts of using these cards.

Possibilities of rewards

When it boils down to making effective financial transactions, Credit Cards play a crucial role. This particular mode of payment can be useful, effective, and rewarding if the users know the art of using it. Try utilizing your card smartly, thus reaping the maximum benefit out of it. Here are some tips to help you out:

Tips to make the most of these Cards

If you are wondering about how to use your credit card, following the effective and smart tips will surely help you out. Seeking professional assistance will be the best thing to do, as that will help you spend smartly and earn more. Always try to strategize your expenses and spending behavior for smarter and better transactions. If you wish to make the most of your transactions, these suggestions can be useful:

1. Higher Credit Limits

While accepting Cards from a bank, you must check the credit and spending limits. Always look for highest limits, as that will help you emerge as qualified creditors. You will not only gain the flexibility to plan high-priced purchases but also get the opportunity to prove your credit worthiness.

2. Paying bills on time

Overdue amounts and card bills can affect your credit score negatively. If you fail to pay the overdue amount within stipulated periods, make sure you have adequate finances to pay off the pending amounts. It’s highly imperative to pay overdue on time, as that is the key to getting qualified for higher credits.

3. Understand rewards

Most of the individuals receive special gifts on their cards. However, they fail to understand the ways to use them. You should comprehend the clauses, understand them, and then redeem special discounts. Every Card owner must know his credit limits as that will give him the freedom to pay.

4. Clear, complete overdue amounts

At times, you might come across an option where minimum overdue can be paid. Steer clear of choosing such options as that won’t help you in any way. Try clearing the complete bill without keeping any pending amount. Minimum payments can lead to exorbitant interest rates on the remaining amounts.

5. Ensure complete security

Always keep your cards in secured places and make sure it is safe. The details related to the Card should be open to you and not to anybody else. Sharing such crucial details will pave the path for fraudulent practices. Be crystal clear about the usage of your card and keep it secure. That’s the key towards making authentic transactions.

Final thoughts

These suggestions can help you to a great extent. Other than these tips, you can also follow some of the other crucial strategies too!

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Credit Tips

Affordable Credit Repair Companies Guide: Why Consider Professional Repair Services?

When it comes to fixing your credit report, you have two options: the DIY approach and requesting assistance from the pros, who will perform the service for you and take care of all of the hard work. However, since there are obviously scams out there, you should be really careful about who you choose. You don’t have to spend a fortune, as there are some affordable credit repair companies. You just need to watch out for red flags. For instance, never trust a company that tries to charge you a fee upfront. Only consider organizations that offer free consultations.

Before contacting any credit repair company, you should first request copies of your credit reports and go over them yourself. If there are just a few minor issues, then the DIY approach might be ideal after all. You just need to check online for sample letters to send to the credit bureau(s) and the lenders. Some patience will be required as well, since it will take some time for them to make a decision and give you a response.

If you’re not entirely sure how credit reporting works, or feel confused by some of the negative items, then it will probably be better to let the professionals do it. As long as you choose a legit service, they will be able to get a response more quickly than you would if you were doing it on your own.

Some affordable credit repair companies offer multiple levels of service depending on how bad your credit scores are and how many items need to be removed. Some negotiation might be required as well, should the creditors dispute.

What Affordable Credit Repair Companies May Dispute

What kind of information can be disputed? Anything that is obviously erroneous such as your name misspelled or typos. If you’ve been a victim of fraud, then anything that the identity theft has done using your name and SS # could potentially be disputed, although you might need legal assistance to do so. There are also factual mistakes, unsubstantiated accounts, and outdated information that can be disputed.

If you are worried that some of the items might be difficult to be removed, then the best thing to do is go through a credit repair company that has a network of lawyers and paralegals. This company should provide you with a paralegal who will help you with your case personally.

Of all of the affordable credit repair companies, the one that is trusted by most people is Lexington Law. It offers services in most states and does assign each client with a paralegal. There are three levels of service to choose from. Check for Lexington Law discounts today to find out if there are any current deals or savings available. A personalized consultation is always for free.

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Credit Tips

Your Credit Score and What It Says About You

A person’s FICO credit score isn’t something that should be taken lightly. Obtained through a system called credit scoring, it greatly determines the decision made by creditors about whether or not to give you credit. A credit score may also be utilised to determine the terms and rates of credit advanced to you.

The score is arrived at after the evaluation of your credit report. Some of the elements that make their way to the credit report include the number, types, and ages of accounts you hold, bill paying history, whether you pay your bills on time, and the outstanding debt. Creditors then use a statistical program to compare your loan repayment history with that of consumers who have similar profiles.

Generally, the scoring system attach points to every factor that has the capacity to predict the person most likely to repay a debt. The credit score, which is the total number of points, predicts the creditworthiness of a person. Ideally, it represents the likelihood of a consumer repaying debts when they fall due.

Why is a good credit important to you as a consumer? As already mentioned, your score largely determines the decision made by the creditors on whether or not to lend you money. Should a lender decide to advance credit to you, your score will also be used to determine the amount as well as the terms and rates. Some insurance companies also utilise credit reports to anticipate your likelihood of filing a claim and the amount. As such, this information is useful to them when deciding if to grant you insurance, and the premium they will charge. This includes the auto insurance companies. Insurance firms refer to these scores as insurance scores.

Consumers are advised to maintain credit worthiness for various reasons. Below are other benefits that you can reap from having a good credit score:

• It makes it easier for landlords to approve your application for rental houses and apartments

• It gives you more borrowing power. Banks and other financial institutions will find it easy to allow you to borrow more money at lower rates. This is mainly because a good score adds to your negotiating power

• A good credit makes you feel good about yourself – especially if you have had to work extra hard to take your credit score from worse, or bad to good.

Bottom line: while lenders usually consider many factors, besides the credit score, to make credit decisions, a good score makes them perceive you as low risk. Ultimately, you will qualify for many types of loans and credit offers at the lowest rates availed to you.

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Credit Tips

Write Credit Dispute Letters

Are you ready to write a credit dispute letter, but don’t quite know where to start? Well these tips will help you to know exactly what to do so that you can get the deletions you’re looking for.

1. Type your dispute letters on a type writer or a computer word processor.

Using a program like Microsoft Word, Word Perfect or Open Office will help you to make your letter clean and professional. Credit bureaus will not accept hand written dispute letters, so be sure to type your letter out.

2. Write a different letter with each credit bureau’s address and name on it.

Every credit bureau is their own entity, and they will not honor a letter that is addressed to all credit bureaus.

3. Include your account name and account number in your letter for each account you are disputing as well as a reason why you are disputing that item.

If your account number has Xs in it, include them. Type the account information the same way it looks on your hard copy or online credit report.

4. Dispute all items as “This account is not mine” first.

This will allow the credit bureaus to do their own thorough verification of that account. If it comes back as verified, you will need to send additional letters out, or, finally settle the account.

5. Include a portion of the Fair Credit Reporting Act sections to back up what you are saying.

The credit bureaus will take your letter more seriously if they can see that you know what you are talking about. Siting the sections of the Fair Credit Reporting Act will help hold them to the proper agreement.

These are some great basic tips for you to take when writing your own dispute letter.

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Credit Tips

5 Tips for Buying a House

Buying a home can be nerve wrecking and thrilling at the same time. This is especially for a first time home buyer. It is also difficult to know what exactly one should expect. The learning curve is obviously steep but the issues can be resolved by simply doing some homework on it. Some important tips have been explained as below.

1. Evaluate your credit

Your credit score is extremely important because it can be helpful for you to qualify for the loan. The standards are also higher in terms of what score you actually require and how exactly the cost of the loan is going to affect you.

2. Evaluate your liabilities and assets

This should be done so that you don’t owe a lot of money and all your payments are processed up to date. However the exact manner in which you spend your money must be taken into consideration. Any first time homebuyer should have a very good idea of what is owed and what is exactly coming in. Understanding a little bit about the monthly cash flows can also help you.

3. Organize all your documents

While you are applying for a mortgage, you must document all your taxes and incomes. Buying a home can take a long period of time but exactly knowing what you require and where you have to find it can help you to save time whenever you are ready.

4. Qualify yourself

As any first time homebuyer, you should know how much you can exactly afford to spend before any mortgage lender tells you how much you can qualify for. There is however no ratio of fixed debt to income that the lenders might require, but the old standard can dictate that not more than 28 per cent of the gross income will be devoted to housing costs.

5. Your down payment must be figured out

It takes a lot of effort to scrape together your down payment. There are also a variety of programs that can assist the buyers with qualifying situations and incomes. You can also speak with all the mortgage lenders when you are beginning the process. Check with all co-workers, friends and neighbors to find out the lenders they have enjoy being associated with. Take their advice to how to go about with it as it can help you to simplify the process. It is one of the important things to remember.

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Credit Tips

A Good Credit Score Is The Need Of The Hour

Wonder what the future has in store for you? If you have, then you might be aware that monetary needs are one thing that goes hand in hand with unexpected future events. One slight misjudgment can lead to having a bad credit score with us depending on unplanned expenditures and improper management of money.

Reasons why Credit repairing is important

This is something you don’t want to face and it is associated with many problems like

Issues in sanctioning of loan in times of need

Renting an apartment

Tampering with your employment.

Even the mobile operators check your credit score nowadays in some places.

Steps to avoid Bad credit Score

Some basic steps taken by you at the preliminary level can help you avoid a bad credit score:

1. Keep a check on your payments

2. Keep yourself organized with your payment deadlines

3. Researching the marketplace before making a purchasing decision

4. Make sure that all your costs are in the open while for a load or anything

Credit Repairing Service Providers

To avoid you from getting stuck in this bad Credit web you need to optimize your credit scores. This requires some expertise which is provided by the Credit repairing service providers. They provide you with tutorials which will give you an insight about the proper management of your credit score.

These Credit service repairs have proven to be effective and worth looking at rather than having a bad credit. Tutorials will also provide you with some rules and regulations related to the credits and give you in upper hand for the future. This is so to maintain a good credit for possible prospective landlords, insurers, etc. These help you with the technical part of your credit repairing. The common sense factor will develop somewhat based on your research about crediting as well as your crediting pattern.

They also provide you with consultations regarding smart investment and crediting and cuts your work on researching the rules and laws of crediting right for your needs. The consultation also involves a thorough assessment of your credits and find the problems which are harming your score and as a solution tips and tricks are provided to enhance it.

They make it their job to give you the best in class consultation and services to prevent your score from damaging and save you from money troubles when the need arises in the future.

Smart management is the way to living a peaceful life and credit repairing services provide you with it.

Even if your credit scores are bad, don’t worry, you may get government help in terms of loans for your startups, loans for single parents, etc. They often provide loans to special people with 0% interest or very less interest if their ideas are able convince the government.

Finally, it is always better to be aware and ready rather than being helpless and dependent at the time of crisis. Rightly said by someone, Prevention is better than cure.

“A wise decision would be to organize and plan your credits effectively.”