Friday, October 31, 2008

Don't Be Scared of Your Credit

I know sometimes it's hard to understand your credit and where to begin. Just post your question its that easy. I will answer all questions honestly with facts not fiction. This is what I do and best of all the info is FREE!!!! Let me show you how to repair your credit, keep the credit you have and if you need to reestablish your credit, I will show you how for FREE!

Did You know Outstanding Credit Balances

have a 30% impact. Debt ratio of outstanding balance to available credit is important. Keeping that below 50% is wise and below 30% even wiser. It is NEVER a good idea to close an account; the debit ratio will go up and the number of seasoned lines will decrease. Pay outstanding debt down as close to zero as possible and evenly redistribute the remaining balance among the open lines. The increased interest incurred by moving a balance from a 0% card to a 23% card will be minimal to what the increased mortgage debt might with a lower credit score. Hitting the maximums of available credit can be very negative. It may be worth calling and asking the credit company to increase your available credit to lower your debt ratio, provided they do so without a hard credit inquiry.

Thursday, October 30, 2008

How Long does Credit Repair take?

It depends on how many things need to be corrected or repaired. Also, if you have to payoff any collections before you send the paperwork to the bureau/bureaus. Credit reports with little work needed results in 30-60 days others with more extensive payoffs and corrections can be much longer 12-24 months. There is no quick fix out there don’t be fooled by fast talking salesmen or ads. Credit reports that need corrections, updates, or repairs take time.

Vote IN MY POLL

Hey all vote in my poll about how long a collection stays on your credit report. I will post the correct answer next week.

What do I look at first when I get my credit report?

Check your personal information first: name or names (women may have changes because of marriage), current and past addresses, and, current and past employment information to make sure that it is being reported correctly. If any of the information is not correct it could be because someone else’s information was mistakenly merged with your information. You need to contact the bureau/bureaus directly by certified mail to have information corrected.

Credit Cards Games!!!

Games the credit card companies play:

They lure you in, get you drunk on plastic with low interest rates, and then once they see you've got a big balance going, they say, "We were just kidding! Your interest rate is now 17%!" Some go as high as 39%. Under current federal regulations, a bank is allowed to raise your interest rates on previous purchases with only 15 days notice. There's been so much uproar about it around the country, that after great delay and much legislation, the Fed and other agencies have issued some proposed rules for the credit card industry. Instead of 15 days notice, you'd get 45. Another new rule is that a bank would be free to raise interest rates on future purchases, but on any balances that already exist, the interest rate you purchased under would apply. The banks are going crazy, because these rules would destroy their ability to cheat you. (I see tears rolling down all your faces) poor banks. We only care because I am sure they will find another way to make up the loss. Let me know what you think.
Creditrepairman21

Wednesday, October 29, 2008

Credit bureaus reluctant to correct credit-reporting errors

What you don't know about your credit report can hurt you. But what can really hurt you even more is when you report errors to the credit bureaus and they don't care to update them. Accuracy costs money; the bureaus are only too happy to sell somewhat accurate reports. More than 1 in 4 people have errors on their reports that can lead to higher interest rates, denial of a job and worse. A Florida woman recently sued Equifax because her file was married with someone else's who had bad credit. She repeatedly provided documentation to clear her name. Equifax refused to do anything about it and the company's negligence cost the woman $220,000. When the case went to trial, the jury awarded the woman $2.9 million! Equifax has vowed to appeal.

FREE CREDIT REPORT!!!!!!!!!

You can now get your credit report for free online at annualcreditreport.com.
A credit score must be purchased separately and is a number between 300 and 850 that evaluates your risk as a borrower.
To improve your credit score quickly, always pay your bills on time and pay down the total amount you owe.
There are three major credit bureaus - Equifax, Experian, and TransUnion - and they don't share information. So even if you correct an error on one credit report, you will have to do the same on the other two.
You have the right under federal law to challenge items on your credit report. The credit bureau then has 30 days to decide whether that item should be removed.
If a credit bureau refuses to correct a mistake, you can sue.
Get copies of all three credit reports six months before you apply for a home loan. An error on your credit report can take months to clear up.

What exactly is a credit report?

A credit report is a snapshot of your financial and personal life at the time your credit is pulled; that is, if everything on your report is accurate and there are no mistakes. Your credit scores move on a daily, weekly, and monthly basis. How much they move is based on the balances and when your creditors report their data during the month.

How Long does information stay on my credit report?

Credit information can, and usually does stay on a person’s credit report for seven years. Collections stay on the report for seven years from date of last activity – whether that is the date that the account was filed as a collection or the date the account was paid in full.

Tuesday, October 28, 2008

Credit Repair company LIES

I am sure you have heard this before:

we guarantee to fix your credit fast!

we can raise your credit scores 80 points in only one month!

or my favorite

We can give you a whole NEW credit file! (can we say illegal)

Hide your wallet and RUN BABY RUN!

All of these are lies period! There is no quick fix to credit, no guarantees it took time for you to build your credit and time for it to go down. Why do you think there is a quick fix?
There is a lot of confusion surrounding your credit score and how it really works. In today’s market and the market to come your credit will continue to be a very important part of everyday life. Credit affects your everyday life whether you realize it or not. Bad credit affects getting things like cell phones, apartments, insurance, and even your ability to get a job. That’s right more and more employers are running your credit to see if your credit is good enough for you to work for them not just your resume.