Monthly Archives: August 2016
Bad credit or too much debt can you a feeling of hopelessness? Even though you might be in a bad financial state today, there are ways you can reverse your situation and get back on your feet. Remember, that many people go through tough financial times. Losing a job, getting a divorce or other personal problems can cause a financial setback. But just because you are discouraged and overwhelmed with what’s going on doesn’t mean you should give up! I’m going to show you the best ways to repair, rebuild, and protect your credit.
Remember, you not going to fix your credit in just one day. In fact, using a well-reviewed credit repair company like CreditRepair.com may require several months or even a year to see major improvements. However, you can protect your credit while working to repair it, and consolidate you debt too with a reliable company like Cure-A-Debt by following these best ways.
1. Don’t Miss Any Monthly Payments
Very important. If your credit score is already bad, you can’t afford to miss additional monthly payments. Timely payments make up 35% of your credit score. So even if you have a lot of debt, you can maintain fair or good credit just by paying bills on time every month. This includes credit cards, mortgages, auto loans, student loans and any other loan you might have. With each timely payment, your creditor sends positive activity to the credit bureaus, and it’s this activity that helps repair a low score.
There are several tricks to ensure you never miss a payment. Set up a reminder or pay bills within one or two days of getting the statement. You can submit a payment up to a certain time on the due date without penalty. Some people have had good success with automatic bill pay. You can set up automatic payments between your bank and creditors, and this amount is automatically drafted from your bank account every month. this is what I recommend to my clients.
2. Order Your Credit Reports
Ordering your credit report is the only way to get a clear picture of your credit history. Your credit report includes information about all your accounts, including the dates you opened these accounts, the amounts you owe and whether accounts are in good standing. Also, if there are errors on your report, or evidence of fraud, you can identify these problems early and take steps to remove negative information from your credit report. Errors on your credit report can do significant damage, and until you correct these issues, it might be difficult to get a loan or credit card, or you might qualify for higher rates.
Order your free credit report from CreditSesame at least once a year, or contact the bureaus directly. Review the reports and dispute any unfamiliar activity. Also, you can freeze your credit to prevent identity theft and fraud. This restricts access to your credit reports, making it impossible for thieves to open accounts in your name.
3. Don’t Apply for New Credit
If you’re already struggling with debt, do not apply for new credit or any loans. Not only will this add to your monthly expenses, which can create additional hardship, each credit card or loan application submitted creates a new inquiry on your credit report. Too many inquiries can damage your credit and knock additional points off your score – as much as 2 to 5 points per inquiry. Use cash and only apply for credit when absolutely necessary.
4. Don’t Co-sign for Anyone
Never cosign a loan for anyone. If you have okay credit, but too much debt, co-signing a loan adds additional debt under your name. Although you’re not the primary account holder, you will have a measure a responsibility for this debt. If the primary account holder doesn’t pay, the lender will contact you for repayment. This account will also appear on your credit history. Understandably, you may want to help a friend or relative get credit. But at a time like this, you need to be more focused and concerned with repairing your own credit.
5. Use Credit Repair Services
Even if you dispute a negative item on your credit report, there’s no guarantee the credit bureaus will delete this information in a timely manner. Sometimes, you need professional assistance. A credit repair company can work on your behalf to remove legitimate errors from your credit file. Different types of errors can appear on your report. For example, some negative items should automatically fall off your report after seven years. But in some instances, this information remains longer. Working with a credit repair company can speed the removal of these items, plus help with the removal of other erroneous information, such as late payments, collection accounts, etc.
6. Don’t Give Anyone Your Credit Card Information
As you repair your credit, must keep your credit card information safe. If your personal data falls into the wrong hands, a dishonest person can do further damage to your credit score. Learn how to recognize phishing techniques, which is when someone sends an email asking for your credit card number and expiration date. Understand that your credit card company – or any company for that matter – will never request this information through email. Also, you can sign up for credit monitoring services like Identity Force to receive alerts anytime someone attempts to open an account in your name. Additionally, monitor your accounts on a daily basis to check for fraudulent activity.
The consequences of a low credit score and too much debt can be long-term. It’s harder to buy a house and car, and a bad credit rating can result in higher insurance premiums and stop certain job opportunities. Recognizing a problem is the first step to recovery. You won’t see dramatic improvements within the first couple of weeks or months, but if you continue to progress, you’ll eventually achieve a top-rated score.
Do you have poor credit that needs improving? Get your free credit score now!
What is Fast Credit Repair?
Find Out Why You Should Always Beware of Fast Credit Repair. How fast is fast? According to a recent poll performed by the Associated Press, Americans do not like to wait for anything. According to the Federal Trade Commission, the consumer should be skeptic of any credit report repair services which offer fast credit repair.
Most credit report repair services offer to assist individuals in getting certain information removed from the files maintained at the various credit bureaus. Consumers are allowed to dispute information that they believe is inaccurate. The credit bureaus are allowed to take 30 days to investigate. Ideally “fast credit repair” would take at least 30 days plus the amount of time it takes to send the letter and get a corrected report. So, be very skeptic of credit report repair services which advertise that they “may” be able to improve your credit score in less than 30 days.
American’s distaste for waiting is what created the interest in credit report repair services in the first place. People who are patient would simply wait for negative items to be removed from their credit reports. But, anyone who cannot wait in line for 15 minutes without becoming angry is not going to be happy waiting five to seven years for an item to be removed from their credit history. So, anyone with a less than perfect credit score seeks fast credit repair.
No credit report repair services can guarantee results in a specific amount of time. No reputable credit report repair services make such claims. If they have been in business for quite some time, they may be able to provide examples of what they have been able to accomplish for other people. No company can honestly promise fast credit repair to everyone. Therefore, always beware of fast credit repair.
According to the Federal Trade Commission, credit report repair takes time and patience. This is true if all the information included on your credit report is correct. A quick look at your credit reports will help you determine if any of the credit report repair services can help you. If credit report repair services suggest “file segregation”, changing social security numbers, using or changing employer idea numbers, then you have selected fast credit repair that is illegal. Legal credit report repair services simply correct information, at your request, that is misleading, inaccurate, unverifiable or incorrect. Making false statements on a credit application is illegal.
Legal credit report repair is simple. You can do it on your own if you have the patience, but as we know, most Americans do not have the patience. If you do choose to get help from one of the many credit report repair services, choose one that is reputable and has been in business for many years. When you’re dealing with something as important as your credit, you don’t just want someone good on your side. You want the best. That’s what CreditRepair.com offers. It’s a process that has been developed, refined and proven over many years and thousands of customers. It’s people who are not only experts in the credit repair field but also experts at helping individuals meet their credit goals. I highly recommend them. And please let me know how your experience was with them.
Find Out Why You Should Always Beware of Fast Credit Repair
Get The Best Pointers And Tips For Marketing Your Financial Services Business Here
It may take upwards of a few months to get your first paying customers, so stay patient if your web financial consulting business is new. Financial services business owners must dedicate enormous amounts of effort to growing their financial services consulting company and work diligently toward its success. Patience is the essential element to building a successful company; focus on your long-term goals and give your business an opportunity to grow. Do not let inattention to growth opportunities derail your business strategy.
It takes specific skills to be successful in the world of financial consulting business, and most experts believe that the best way to acquire them is by personal experience. Being well-versed in the business world requires actually participating in the day to day operations in order to truly learn what it means to be a businessman. Everything you pick up along the way will certainly help you establish yourself as a great professional. By gaining workplace experience, you’ll develop skills that may take your business management abilities to the next level, while business books certainly are a more detached method of learning that doesn’t necessarily provide a solid education.
A following of faithful customers is exactly what every successful financial consulting business needs to have. Multi-generational businesses cater to their customers and treat them like family; that is really the secret to their success. Effective businesses will do whatever it takes to protect and develop their online reputation at every chance. In order to minimize the negative impact of a low review on your business, there are a number of online character management tools available for access.
If you do want to apply for a consolidation loan and still think you can qualify for a personal loan, here’s a list of your best options for applying for a consolidation loan.
Here are the best options to consider:
- Your existing bank or credit union is the first place you can start. If you feel like you have a good relationship with them, and you think they might be willing to overlook your recent credit history, then give it a shot.
- Next, you have the companies specialize in bad credit debt consolidation. A company like CurADebt. A whole host of online lenders claim to offer these types of loans. This is the company that I recommend. See if they fit your personal needs.
- Peer lending networks like PersonalLoans.com are yet another option at your disposal. This is where you attempt to get a loan from your fellow Americans. You sign up for the service and post what your loan needs are. Everyday Americans will decide if they want to risk their money by lending it to you. But keep in mind that they will also have access to your credit score. Check them out.
- Equity Loans are a solution you can look at if you currently own a home and have enough equity in it to ask for this loan type. Keep in mind that this is the riskiest option available to you because you can lose your home if you’re unable to pay the loan back. Only use this option if none mentioned in this article are available.
- Get a loan from someone you know through a peer-to-peer lending site. If you know of a family member or friend who might be willing to lend you all or some of the money you need, then this might be a good option.
The person giving you the money will want some type of contract, so if you both sign up with a peer lending network, all of the legal stuff is mostly taken care of for you. The peer lending network’s site serves as a legally binding agreement.
Lastly, you can try calling all of the companies you owe money to and negotiate with them yourself. However, this can be difficult to do if you’re not comfortable as a negotiator. Educate yourself first about how to approach your companies.
Now is the time to Put the Car In Drive and Get Going…
Whether you decide to use the solutions listed on this page, or some other strategy, taking action is usually the most difficult part. The longer you put it off, and the longer you procrastinate, the more debt you are going to accumulate. It only gets worse.
Months from now you could still be struggling – and worrying – and wishing you had taken action today. Or you could be enjoying a better, happier life… a life you promised you’d give yourself and your family.
Reducing your debt and strengthening your finances may seem hard now, but once you get serious and take steps to actually start the process, it will get easier and easier.
As you put the wheels in motion, day-by-day you start feeling more and more confident.
So get going now, and try these Best Options for Applying for a Consolidation Loan. Best of luck in your journey back to financial freedom.
Understanding Your Credit Score and Obtaining Your Credit Report
A credit score is an important part of your credit history and overall is essential for many purchases, loans and other important financial decisions or transactions. It can help determine a lot of things, such as interest rates that you’ll receive. That’s why understanding your credit score and obtaining your credit report is so important.
Wondering how to obtain a credit report and what your credit score really is?
Check out these tips and advice:
1. Your credit score is based on five different and important categories. These include different types of credit (mix it up), new accounts and credit requests, records of paying bills on time or not, total indebtedness, and the time frame of your credit history. The better you are in each category, the better your total credit score will be.
2. There are different ranges in credit scores, and these ranges will help you know if your score is excellent, good, fair or bad. The best score you can get is around 760-850. The lowest you can get is 300-549. Lenders use your FICO credit score to determine if they’re willing to give you credit. The median and average score is typically 699-720, and the “risks” are usually 600 and below.
3. There are many different ways of improving your score. You can do this by improving your payment history, meaning paying your bills on time and paying off any missing payments. Try to keep your balances low, pay off your debts and do not close unused credit cards. Also, check your credit report often, and manage your credit card with responsibility. You can get your free credit report from Creditsesame.com
4. There are a few other things that can possibly hurt your credit score. This includes any unpaid medical bills or parking tickets that you may have received. Heavy use of credit can also lower your score, and if you sign up for a department store card in order to get a discount your score will possibly drop as well.
5. A good mix of different types of credit (revolving accounts like credit cards as well as installment accounts, like mortgages, student loans, or car loans). Keep your credit utilization on revolving accounts low (no more than 30% of your total credit limit, but ideally under 10%).
6. The older the accounts, the better! If you have an old credit card you hate, don’t cancel it. Keep it open and use it occasionally since that account may be helpful for your score given its age.
For some people, having a good credit score may be hard to understand . But if you are trying to qualify for a loan, get a job and save some money in the long run, a good credit score is essential. A bad score can prevent you from purchasing things like a home or a vehicle, and overall makes life much more stressful.
Understanding your credit score is as simple as knowing the different ranges, what is good and what is bad, and where your score falls on the chart. Be sure to check your credit report and score often and work on improving it each chance you get.
Go to CreditSesame today!