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Order Your Credit Reports

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on Order Your Credit Reports

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 it can be improved. One more reason is to check for credit fraud and mistakes that may cause your credit score to go low when there is no apparent reason. You would also want to order your credit report to be able to see what lenders will be looking at when they are going to go through your information. These all are reasons to check out your credit report and since this service will not cost you money or hurt your credit score; there is simply not a single reason not to do it. Go to http://www.annualcreditreport.com and go through this process without...

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Examine Your Reports Carefully and Dissolve Your Debt

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on Examine Your Reports Carefully and Dissolve Your Debt

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, average spending, mortgage payments and so forth but being able to bring those information together in a meaningful way may not be easy. If you are struggling with it, you should consider contacting professionals. Refinancing and consolidation for repairing credit Both refinancing and consolidation can be viable options to repair credit and improve it but should be approached with caution. Wrongful applications would only further hurt your credit. All in all, getting out of debt and repairing credit score may not be as hard as it seem, the important thing is to make the right assessments and take the right...

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Add Stability to Your Credit File

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on Add Stability to Your Credit File

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 on them and therefore you should use long term addresses, fixed landline phones and a good, long-term record with a bank. The better your credit history is the better your future credit file will be. This means also that you should take into consideration when making payments to dissolve debt, that those directly affect your credit file. To put it short, you should proceed carefully when your credit score is already bad and repairing credit will not be an easy task and neither a fast one. Still, there is hope if you change your...

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

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on Up to 1 Million People Not Able to Pay Credit Card Debt

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...

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

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on Twins enter credit card swipe dispute after opting out of class-action dea

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...

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

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on What to Say Before Accepting an Increase on Your Credit Card Limit.

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...

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Tips on Finding a Good Credit Counseling Agency

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on Tips on Finding a Good Credit Counseling Agency

Tips on Finding a Good Credit Counseling Agency

Financial obligations may heap up due to neglect or emergencies. Soon, you may find yourself wiping out your savings and maxing out your credit cards. This hurts your finances and credit rating. Who are you going to call then? It may be late, but finding a good credit counselor or counseling agency is your best option under the circumstances. You want to pay off your debts and re-establish your credit score, not to mention get rid of the pesky telephone calls from your creditor. As you contemplate on your situation, what can guide you in choosing a good credit counseling agency? Here are some of the most widely recommended tips when looking for a credit counseling agency. Go for reputation – Ask around for a reputable credit-counseling firm. Chances are that your friends or relatives have used or know someone who has used the service of a proven, trustworthy company. It may be embarrassing to discuss your finances, but keep in mind that your most trusted friends and family will want you to succeed in your dilemma. Weigh your options – Your decisions will reflect on your credit score. In that case, bankruptcy should be far from your options as it will impact your credit rating. Look for an agency that will help you preserve your credit standing through a doable debt management plan and credit counseling. Check-out the agency’s list of services – The most experienced credit counselors will have helped managed several types of portfolios, from simple credit card debt eradication to complicated monthly budget and debt management plan. Many credit counseling agencies have websites that list down the services they offer. Look for variety in the services, such as bankruptcy filing (before and after), debt education, home buying and mortgage counseling, even student loan counseling. Choose an agency that offers financial literacy – Do not be rushed into signing up for a debt management program or various services. Seek an agency that is willing to take the time to educate you on your personal finances. Such a counselor will provide you with tools and resources that will prevent you from doing the same mistakes again. Check out the fees – Credit counseling is not cheap, but neither should it be exorbitant. After all, you want to get out of debt, not enter into more. Seek an agency that suits your budget. The charge should be reasonable. Avoid upfront fees and recurring monthly charges. Look for properly licensed agencies – Most states require credit counseling companies to register, and their agents to have a license to practice. Make sure the credit counseling firm abides by the law. Licensed credit counseling agencies such as Score Inc. vouch for their legitimacy by keeping their website visitors informed of their registration status. Let’s face it: some become complacent in guarding their finances until they finally realize they need help. Good thing that financial advisers and credit counselors are here to help. Follow the above tips, and you’ll never go wrong in finding a good credit counseling...

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A Perfect Credit Score – Is it worth?

Posted by on Feb 28, 2017 in ARTÍCULOS, Legal créditos | Comments Off on A Perfect Credit Score – Is it worth?

A Perfect Credit Score – Is it worth?

Your credit score can mean the distinction between being declined or accepted for credit and a high or low interest rate. A good score can help you to be eligible for a residence lease and even help you to get resources linked without a deposit. What is it? Your credit score contains a 3-digit number produced by statistical criteria using details in your credit score. It is developed to predict threat, particularly, the possibility that you will become seriously delinquent on your credit responsibilities in the 2 years after scoring. There’re several different credit-scoring models present, but there is one that rules the market: the FICO credit score. As per the myFICO.com statement, the customer site for the FICO score developer, “90 % of all banking organizations in the U.S. use FICO scoring in their decision-making procedure.” FICO score varied from 300-850, where a greater variety indicates reduced threat.  A customer has 3 FICO scores, one for each credit report offered by the 3 significant credit bureaus: Experian, TransUnion and Equifax. Regrettably, customers presently have access to only their TransUnion and Equifax FICO scores. Experian ended its contract with myFICO.com during 2009. If your objective is to enhance your score to the level where you specify for the best interest rates, financial perks, offers, and advantages, 760 is your miracle number. In an excellent piece at LearnVest, Jacqui Kenyon explains her own pursuit to enhance her credit score, regularly verifying it, remodelling her investing and saving habits every time she discovered new guidelines or discovered a little more about the strange magical arithmetic FICO uses to figure out it. She was attempting for a perfect 850, but easily discovered that there’s really little point: Anthony Sprauve, director of PR at FICO, states, “If you have a FICO score above 760 then you are going to get the best rates and possibilities”, the statistics organization whose credit score ratings are most frequently used to figure out a borrower’s stability. “While it’s awesome to draw a bead on, you really do not need to,” he says. Bingham stated that a perfect 850 may not even be possible. “The maximum I have ever seen was an 847,” says Bingham, who monitored 1,500 credit scores for many decades while exploring scoring techniques. Sprauve says that when FICO investigates credit scores, they do so in variety, so even if someone did have an 850, they would never even see it. So the significance of the story is that while there is nothing incorrect with trying to increase your credit score specifically if you are in a place where your previous investing habits or old financial debt have left your credit a little missing, the best advantages of a higher score come around 760, and it’s a much more obtainable number than 850. Sure, greater scoring get the best rates on credit cards, loans, financing and more, but you do not need to pursuit excellence to be able to obtain those advantages. Don’t forget that your score is measured in variety, so if something happens to make your score fall from 760, your advantages may fall down a level. Still, enhancing your score is beneficial, but it’s nothing to get stuck over. As we have described, the people with the best scores are the ones...

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