Tap to Call

Order Your Credit Reports

Why you should order a credit report? Your financial status is reflected on many assets and credit reports are one of them. Being able to improve your credit and restore your credit score depends on information that you can gather from those reports. Not only is this important in the repair of your credit score, but it can generally be helpful in the improvement of your financial status. This process is fairly simple too, and cost free if you choose the right way to do so. The only thing you need to do to get started is to access your credit reports. Assessing your credit status and trying to repair your credit score, will come after that. What is a credit report? Well first of all before going deep into the matter on why you should order your credit reports and how you would be able to benefit from them, we should first try to understand what credit reports are and how anyone and also you can make use of them. A credit report, basically is information about your credit history and your current credit status of the accounts you’ve borrowed money. This report contains information on how much credit you have left and how much you owe, publicly. Those reports can also contain information about your financial status and current financial duties. The Fair Credit Reporting Act (FCRA) requires Equifax, Experian and TransUnion to give you free report on your current credit status, once every year. The important thing here is, that this service is free. You should not be paying anyone for this report since this is a mandatory free service provided by those three nationwide credit companies.  They have the obligation to provide you with this data for free. One thing to keep in mind that the Credit Report and your Credit Score are two different things. Order your credit reports , now! Don’t hesitate; there are several good reasons why you should be ordering your credit reports and why you should be reviewing them. Your credit reports contain very important information about your financial behaviors and it simply is very important how those reflect on the files. What is the benefit in ordering credit reports? Well, there are several benefits in ordering credit reports. One of the main reasons to order credit reports are to examine those reports and assess your current financial situation so...
read more

Examine Your Reports Carefully and Dissolve Your Debt

How to examine your credit reports and dissolve your debt If you have ordered your credit reports, now it is time to evaluate them. This would be the first way to start repairing and improving your credit score. In a previous article we have explained what credit reports are and why they are important. This time we will examine how to inspect those reports and what can be learned from them. What is included in credit reports? Although you can get professional services for the evaluation of your credit reports, you still should have some information on how to assess your own credit score. So what is included and how can this information be used to repair or better your credit score. Credit reports may seem confusing at first, but basically they include personal information about you like your full name, addresses, date of birth and SSN (Social Sec. Number). But this is just the tip of the iceberg, furthermore those reports include credit information like the list of active and closed credit accounts and the identifying numbers linked to those accounts and your payment history for the past two years so basically your credit experience. One more important item that the reports contain is a list of individuals or companies who have obtained copies of your reports, again for in the past two years. How to dissolve your debt Now that you have evaluated your own financial situation, let’s see how to better the situation. We all know that getting out of debt is not easy but one of the key factors of getting out of debt is not to get into it in the first place. Overspending is a real problem and it often leads to debts not being paid in time which in turn has problematic effects on your credit reports and therefore on your credit score. Another great tip for dissolving debt is to prioritize it. You have to rank your debt and try to pay them in an order that would benefit you the most. Tracking your spending is also very, very important. It does not make much sense to create new debt while trying to clean the existing debt. Dissolving debt is more of an art and science, there are lots of tools out there available for your use and you should be easily able to calculate metrics like your net monthly income,...
read more

Add Stability to Your Credit File

How stabilization of your credit file will improve your credit Now that you have both ordered and reviewed your credit reports, it is time to stabilize your credit file. This is essential to get a better credit score and is something that paves a way to a better financial status for you and your family and improves your credit. Repairing your credit score and adding stability will further and improve the quality of your life. Steps to stabilize your credit First step is always assessment, compare interest rates and fees of all your credits and prioritize them in a way that it would benefit you the most. Building a good credit history is also of high importance and should be taken into account when attempting to repair credit also. Get a secured account as soon as you have the chance. This is important so you can lay some money on the side and put some money in the banking system so there can be built trust between you and your lenders. This is very essential to repair your credit and also improve your credit score. Always pay off your balance. Like, every month. This is very important also since you have bad credit; bureaus will want to see that you can pay debt off. Further precautions to improve credit Pay off your debts, buy only stuff you need with the money you have left at the end of the month, don’t spend more than you can afford. This will also cut down on your bad habits of spending unnecessarily. Having a budget for your expenses also helps immensely. Besides that you should also try to build a small savings account if possible. This savings account should automatically pay small amounts of money that will be required. One of the most important things to better your credit is to do all your financial stuff through one bank, which will make it much more manageable for you. Don’t apply to every possible credit and credit card because those will show up on your credit reports and will leave a bad impression on lenders, that means you should only apply on credit you might likely get. Restoring your credit and stabilizing your file is a long term process. Showing lenders that you are responsible with the money they give you is also very important, this means you should make a good impression...
read more

Up to 1 Million People Not Able to Pay Credit Card Debt

According to information from the Turkish Banks Association, 55 percent in 2013 year-over-year 1 million people were unable to pay their debt on credit cards only. In 2012, the number of unpaid debts increased by 228,000 and 155,000 were just credit card debts alone.  Also in 2013, statistics from Turkey’s Interbank Card Center indicated that the amount of credit card purchases totaled up to 409 billion. However, credit cards are not the only debt people seem to be struggling with in fact, 15 percent of those spending where from food markets. While gas was 11 percent, clothing and electronics had a sum of 8 percent. What about the other critical debts?  Yes like the mortgages, auto loans, and personal loans. From 2012 through the year of 2013, the number of people who were incapable of paying their vehicle, home, and personal loans raised from 308,000 to 464,000. Measurements will be taken soon this month to prevent and reduce credit card spending. Once this becomes effective it will include the government to limit and eliminate the installment option for some...
read more

Twins enter credit card swipe dispute after opting out of class-action dea

The battle of the merchants and the Minnesota Twins are now at the sixth to seventh inning in a battle against Visa and MasterCard over high transaction fees. The teams are now amongst the two latest and dominant businesses in the credit card networks. They are accusing them of breaking anti-trust laws by fixing bloated fees that retailers have to pay when accepting their customers’ credit cards. Each swipe fees amount to around 2 percent a purchase and were the focus of a running class action antitrust fight which was between the retailers, card networks, and card-issuing banks.  In 2012, the lawsuit settled for a record of 7.25 billion. The federal judge ultimately approved 5.7 billion after thousands dissatisfied retailers opted out of the damages portion of the deal. On February 7th, a lawsuit was filed in U.S District Court in Brooklyn by the Twins including Granite City Food & Brewery and JB Hudson Jewelers part of a local group of opt-outs. The complaint however, doesn’t say how much the companies think they are owed. Kevin Smith, Twins spokesman,characterized the lawsuit as something of a technicality “To protect our interests.”  He quoted “Once we opted out, the legal system pushed the burden on us to move forward with obtaining a fair result,” “We’ll see what happens,” Smith said. The Minneapolis antitrust lawyer representing the group, Vincent Esades, said that the companies are basically making the same case against Visa Inc. and MasterCard Inc. as the original antitrust class lawsuit. The lawyer Esades estimated that “hundreds” of these cases have been filed in the wake of the settlement.  However, he feels confident that the group will receive more in damages on their behalf than they would as part of the settlement. K. Craig Wildfang is the Minneapolis antitrust lawyer who quarterbacked the historic interchange settlement for retailers. He stated that the record on what opt-outs have been awarded in damages on their own, after opting out of class-action antitrust settlements were mixed.  “They should plan on litigating their claims over the next several years,”Wildfang...
read more

What to Say Before Accepting an Increase on Your Credit Card Limit.

When receiving a call from your bank saying you are eligible for an increase on your credit card limit. Would your answer automatically be “yes”?  Read further to find out why this wouldn’t be good idea: How does credit limit actually work? Let’s just say that you are a cardholder of a certain bank and you hold your salary or savings account with them, well most likely you will be sold a credit card from this bank.  This is exactly how banks cross-sell credit cards to their existing customers. Most banks reach their decisions by reviewing details of your salary or savings account and based on themthey set up your credit limit. As soon as the bank tracks down your spending patterns and income flow they will consider an increase or reduceyour credit card limit. Paying only the minimal dues you will unlikely receive an offerfor a credit limit increase. Your credit limit may also go down caused by any existing or chances of defaulted payments. However, if you pay your bills regularly and have a steady income then your chances of be receiving a phone call for that credit limit increase will be high. Your income depends much on your credit card limit. No matter the earnings, you may earn less but have sufficient to pay your bills on time then your bank sees that they may increase your credit limit.   What You Can Do? Generally the banks revise a person holding the card after 6-18 months of the offer with a minimum of 50% increase. Credit limit changes could impact, but if it will give you relief then decide onit. Be sure that you only use 30%-35% or less of your credit limit spending. You do not want to which in reverence it is called overutilization. If you are concern about overspending you can always request or opt for temporary enhancement by contacting your bank’s...
read more




Translate »