Relationships With Credit – Are You And Your Partner Ready For It?

As you found the love of your life at last, one of the most acute problems that your couple faces is how to manage the both partners' finances. It is usually no easy for the partners to determine how they will spend together and how they will own the property in possession.

There are some guidelines to help couples organize their spending according to their choice and lifestyle and the way they make their relationship. You and your partner are free to share or not share your property and earnings.

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There are a number of models to organize the financial aspect of your relationship:

You spend as a married couple: that is you have joint accounts and are both reliable for payments, plus both of you are involved in the ownership. You also make credit card applications in both names, building a joint credit history.

Partnership for spending: you can get joint accounts for certain expenditures, such as rent or household payments, on other needs each of you spend on your own.

Keeping independence-model: each partner pays for himself and you manage to pay for mutual needs (household, food, holidays) in turn or making equal contributions.

When living together, young people can't usually do without big purchases. A TV, a sofa or a washing machine – sooner or later the couple gets in need of such sort of things.

No wonder, a loan or a credit card plays the main part in this case. It goes without saying you should be careful and wise to play it fair and safe. Remember, you should be 100% sure of your partner before putting your name on an application or agreement. These are some possible threats that each of you should be aware of when some of you decides to apply to the bank. - Be careful becoming a co-signer. If your partner fails to pay off the debt or you fall apart, you will have to pay off the balance, as a second responsible person. Besides, it is fraught with damage to your credit score.

Joint accounts for credit cards or loans seem to be a good option, but not in cases when the relationship is unstable and seems to be not to last long. Though in this way you can build your credit rating together and both of you are responsible for payments, there are pitfalls to beware. If some of you fail to pay or exceed the limit, the other's credit history can be damaged and he or she will have to pay the balance and all the penalty fees. If one of the partners has bad credit, it is required that it should be under repair, in order to prevent future problems with approvals.

Before taking the decision to apply for mortgage or a car loan, which are long term and money consuming types of lending, you should know for sure you can trust your partner. Mistakes in this matter can cause serious troubles like bankruptcy. Love has nothing to do with money. So if you want to be protected, it doesn't mean you do not love your partner. Create your relationship and do not forget about future and financial security.

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Credit Cards – How Much Do We Really Owe?

Credit card debt seems to be growing and people are getting more and more concerned. Americans are once again polarized.

Some like David Ramsey encourage consumers to shred all credit card applications and buy only things they can pay for in cash. Some say that a mature person can use loans and credit cards for his or her benefit. Of course, there are some things most people need but can not buy with cash like cars and houses.

Student loans are also looked upon as a necessity. That is why credit cards are mostly under attack. It is a widely known fact that an average American carries about $8,000 in credit card debt.

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However, this number is often misinterpreted. It actually shows how much an average American household that has a credit card owes to the card-issuing financial institution. Moreover, this number is greatly influenced by credit card users with enormous credit card debts thus making the average number so shocking.

According to the recent Federal Reserve report, if you add together the number of households that do not use credit cards or own nothing on them you will see that more than half Americans have no credit card debt. The median credit card debt for those that do carry a balance is a little bit less than $2,000. Almost half of them owe less than $1,000. This figure seems to be far less alarming. Especially if you take into account the fact that the situation with paying off credit card balances is slightly but constantly improving.

The data provided by the Federal Reserve System does not differ much from the one disclosed by another acclaimed credit resource – Fair Isaac. Only a little bit over 50% of Americans with credit history owe more than $1,000 on their credit cards. More than 50% credit card owners use less than 30% of their credit line. That means that Americans are not as irresponsible when it comes to money as they are portrayed.

So does this mean that the problem of credit card debt does not exist? It surely does. Although most consumers try to avoid high balances on their plastic but there is still a significant part that is balancing on the razor’s edge.

One third of those who have more than $10, 000 in credit card debt have a household income of less then $50,000. The number of bankruptcies filing is still extremely high with about 1.5 million personal filings a year. Another problem is unfavorable policies credit card companies use to make more money especially on those clients that fail to pay off their full balances on time.

Definitely, the government needs to step in and force the banks to make credit card terms and conditions less confusing for average consumers. But the biggest issue is financial literacy. People need to be more educated about credit and its costs. Americans need to learn to compare credit card offers before mailing another credit card application and calculate the amount of money they will need to pay back. The situation with credit card debt is not as terrible as it is usually described by the media but there are still many problems to be solved.

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Why Minimum Payments On Your Credit Card Deals Are Rising?

There are several aspects that should be taken into account when people choose credit cards. When they decide what type of credit card deals they should own, they pay attention to annual fee, APR, introductory APR, rewards and cash rebate.

The Complete Credit Repair Kit (+CD-ROM) by Brette McWhorter Sember Learn how to keep your creditors from harassing you, reduce your monthly payments and lower your debt. Find out how to get a copy of your credit report, understand what it really says and make it read more favorably for you. Stop worrying about identity theft by teaching yourself what to do to prevent it and how to react if it happens to you.

It’s not a secret that lots of people are attracted by low payment. Many people are sure that the lower monthly payment, the more convenient credit cards. Nobody can guarantee that payment will remain the same. You must be aware of the fact that it may change. If one day you find out that your minimum payments have increased, don’t be shocked. As a matter of fact many credit cards have low monthly payment, which is very attractive for people. However, it may cause different problems. This low monthly payment is convenient, as you pay this minimum each month just because you can. But at the same time the process of paying off your credit balance will be very slow and you will lose more money.

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As a rule, lenders offer a lower monthly payment but a higher interest rate. So while choosing a credit card, examine both positive and negative sides of this type of card. It goes without saying that the program of increasing payments has both advantages and disadvantages. This change will not affect consumers who paid their balance in full each month or who paid more than their minimum payment.

So they even won’t see this increase. But this change may be devastating for those cardholders who don’t know how to make ends meet and who can afford to pay only minimum payments. Increasing monthly payments may cause new debts and at one time or another they will find themselves in over their head. But you should be conscious of the fact that it is for your own sake.

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Credit card companies have been asked to raise the minimum payment on balances from two percent to four percent. Two percent of credit balance required by credit card companies covered only interest and other fees, so it may take people many years to pay off the principal balance. Four percent should cover interest, any fees and one percent of the principal balance. The real motive of this increase is to get out of debt faster.

Only imagine that you may pay down your credit balances in a shorter period of time and save money in interest. Increasing monthly payments gives cardholders an opportunity to reduce their balances. Another reason for increasing minimum payments is the fact that plenty of people have many credit card deals and they can’t stop spending more than they can payback. The way out for such consumers is to stop using credit cards frequently or to control their expenses. On the whole increasing minimum payment is in the interest of consumers, as it is an excellent opportunity to pay off balances in a shorter period of time and get out of debt.

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Credit Cards Account after Divorce

Divorce might be a very painful process and money issue often makes it even more unpleasant. You need to divide both assets and liabilities. The situation can be especially complicated if you have joint credit card accounts or your spouse is an authorized user on your account.

You need to know the law to make sure your interests are defended. First of all, you need to understand what a joint account is. A joint credit card account means that both you and your spouse are equally responsible for all the transactions and payments. It is a good option for a married couple in a situation when one of you does not have too much of a credit history or a strong income and can not qualify for a good credit card deal.

When considering applicants for joint accounts creditors check credit reports of both family members. If you will be late with your payments the information will be reported to credit bureaus in both names. If your marriage has fallen apart and you are getting divorced do not forget that both of you are responsible of making the payments.

According to the law, your bank cannot close your joint account just because you are divorced. Your ex-partner or you need to request the bank to do it. However, the creditor has the right to ask you to reapply for a credit card deal on an individual basis. Thus the credit-issuing company checks your individual creditworthiness. If the credit card is opened in your name and your spouse is an authorized user. Although credit information might be reported to credit bureaus in the user's name you alone are responsible for payments.

So if you are getting separated make sure you have enough income to make at least minimum payments. If you and spouse have separate credit card accounts usually you won't have problems dividing responsibilities. However if you are lucky to live in a community property state you might be held responsible for any debts incurred during marriage. Moreover, your spouse's debt may affect your credit score. The best way to clinch the matter is to get the divorce decree that will state who is responsible for what credit cards. Make sure you discuss the issue with the bank because your creditors are not parties to the decree. If you have joint accounts you might still be held liable. If you act according to the law you should not have a problem separating your financial responsibilities.

However, you need to pay special attention to your credit report and make sure everything is correct. If the bank charges you for late payments your spouse is responsible for you should immediately contact its representative. If the creditor does not want do anything and keeps billing you the best way would be to get a lawyer and file a complaint.

Of course, it is hard to be clearheaded when you are in love but if you have decided to get married do not forget about the possibility of a divorce. So, if you and your spouse have found a credit card deal that you want to apply for carefully consider all the possible types of credit card accounts.

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How the Pin Helps Reduce Credit Card Fraud

The newly introduced Chip and Pin scheme has been incorporated in almost all shops, shopping centers, restaurants and web sites. The main intent of introducing such a system is to prevent credit card owners from signing for their purchases with the hope that it might, to a large extent, curb credit card fraud.

For an initial period of time, card owners could persuade shops to accept their signatures by pleading that they have forgotten their Pin and shop keepers could bypass the Pin requirement as requested. For some time now, this has become largely impossible and now you can no longer sign for purchases, making fraud that much more difficult.

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With this new system, even though your card might get stolen and even though your card details can be leaked, it cannot be used unscrupulously without your credit card Pin.

How the Chip and Pin System Works
The Chip and Pin is given to you by your bank - if you haven’t yet received it, you should request it immediately. The bank sends you a default Pin number which you can change if you wish, to do this you will need to visit the nearest ATM, and select a number you are likely to remember.

Selecting a Secure Pin Number
Avoid using numbers which can be derived from your card or your records, for example, avoid selecting obvious choices such as your birth date or part of your phone number as your Pin. Additionally you should avoid too many repetitive numbers; if you’re stuck for suggestions you could try following these tips to select a secure Pin number:

• Shift all numbers by one. If your preferred Pin number is your birth date - 020470 then your new , more secure Pin number could read 131581 or 010369
• Work out a pattern on the keyboard of your ATM
• Reverse your favorite digits, read them from right to left, or add a sum of 44 or 77 or whatever to make your Pin number more difficult to guess

Once you have selected and changed your Pin, remember to keep it secret as it’s the only security you have against credit card fraud. If you have several cards, you could juggle the numbers between them for extra security. After all, how many Pins can you remember? If you have trouble recalling the numbers, either put them in a password protected file on your PC or make a note of it in your mobile phone. Then, of course, keep praying your wallet and cellular phone are not stolen together by the same thief. More on this article...

Getting A Higher Limit On Your Credit Card

Nearly everyone who has a credit card always has the goal of a higher line of credit. A higher credit card limit will enable you to make much higher purchases, normally purchases that you are unable to get with your current line of credit.

There are ways that you can get a higher credit limit. Below, are some tips that will help you raise the limit of your credit. The most important thing to do when improving your credit limit is to improve your overall level of credit worthiness. This tells banks and lenders that you can be trusted with credit, and that you are little to no risk for them.

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When lenders and banks look at your credit report, this is the first thing that they look for. You can attract a lot of positive attention with a credit card company or bank with your finance purchases. You should pay them every once in a while, although you shouldn’t go out of your way to make a habit of it. Normally, this should be done as a last resort when all else fails to increase your overall chances of raising your line of credit.

Once you prove to a bank or credit card company that you can be trusted to borrow money, they may raise your line of credit. You should be careful with this strategy however, as this could only apply to your bank or current credit card company. Having a higher credit line may allow you to have more purchasing power, although it can also leave you with more fees and even an increase in your current interest and APR charges.

Another great way to increase your credit limit is to use your credit card every chance you get. When you have a credit card, don’t use it just for emergency purposes. If you save your credit card for emergency purposes only, you’ll rarely use it. When this happens, your company will begin to wonder about your spending behavior and ability to pay it back, therefore they will start to think twice about giving you a higher line of credit. When you send in your payment, always try to pay more than just the minimum amount.

If you can afford to, you should try to pay the whole outstanding amount. Doing so shows credit card companies and banks that you are striving for better credit. This way, you’ll show them that you deserve to have a higher line of credit. If you follow the above tips, you’ll get your credit limit higher in no time at all. Once you get your limit raised, you should protect it at all costs. If you continue to strive for perfection - you’ll get a higher line of credit than you ever thought possible.

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Do Credit Card Debt Reduction Possible?

Everyone wants credit card debt reduction, but nobody wants to give up shopping and splurging. Such is the world of plastic! When you go out on a Friday night, all you want is to blow up a lot of money on a night full of fun. Knowing that you do not really have to pay any cash only spoils the situation further. Moreover, before you know your monthly credit card bill amounts to more than what you had bargained for.

Being in debt is not a matter of choice for people using credit cards. When you use credit, you will obviously owe something to the bank. But you can surely reduce or limit that amount. There are many ways of debt reduction. If you find yourself in the pit of mounting card bills, you can get help in the form of a credit card debt consolidation program or a free plan. Some companies even offer free credit card and debt consolidation.

Tips For Credit Card Debt Reduction

• The first and most obvious tip for credit card debt reduction is to stop using credit cards altogether. Most people will find this tip impractical and difficult to follow. But what you can do is keep the use of credit cards in check. Try to pay in cash as far as possible. Minimize the use of plastic money and use it only in emergencies.
• Homeowners have another option available to them, in the form of home equity loans. Home equity is the difference between the amount you owe to the mortgage company and the market value of your home. By obtaining refinancing on your home, you can cash in on this equity. The money can be used to pay off huge credit card bills to eliminate credit card debt. The debt reduction will automatically reduce monthly payments; hence your debt burden is lowered.
• Debt management agencies are also very helpful in credit card debt reduction. These agencies will negotiate with all your creditors and get you lower interest rates and waived off fees. Credit card debt consolidation will make the debts easier to pay off. Since, you will be making payments to the agency only; you will not have to deal with individual creditors or banks.

The time it will take for you to get out of the debt trap also depends on which credit card debt consolidation program you choose. There are numerous players in the market and you will need a little research before you make a choice. Getting in touch with multiple credit card debt consolidation companies to compare fees and interests is a good idea. Some of these companies even offer free credit card debt consolidation services. Once you hire a debt consolidation company, you are on your way to debt reduction.

It is not very difficult to achieve credit card debt reduction, which, reduces the amount unpaid on your credit card bills and can save you thousands of dollars every year with the help of a low interest consolidation loan. All you need to do is be careful while spending and using the plastic money sparingly when you are opting for a credit card debt consolidation program.

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How to Get a Grip on your Credit Score

Financially and economically, they say times are pretty good right now. I guess everything is relative, but for the most part, that statement is correct. Mortgage rates are not the lowest they have ever been, but they are manageable without being ridiculous. Personal loans are available, car loans are available, all at competitive interest rates.

Most people know they have a credit score but very few know that they can raise their credit score by just a few simple steps, and they don't need to take on more debt to do it. Start enjoying the rewards that having excellent credit can provide for you.

That is, times are pretty good for people with good credit or excellent credit. But what about people who account for the vast majority who do not have good credit, and may even have bad credit. Are times as good for them?

The answer is not no, depending on who you ask. If you ask the average consumer with bad credit, you will probably be told that times are not good. But if you ask the savvy consumer with bad credit who understands how loans are determined and rated, you might be surprised to find out they would agree with you that times are pretty good.

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What is the difference? The big difference is knowledge. Knowing how the credit score game is played and how to score points in it are a huge advantage over the consumer who simply accepts their bad credit score and goes glumly on their way.

If you have a bad credit score, there are things you can do. Or more correctly phrased, there are things you need to be doing, starting today, because you do not want to keep the label of a person with "bad credit". Determine what it is that puts you in that category, and then get it changed. Despite what some companies will tell you, it does not happen overnight, but if you start showing a track record of on time payments for all your financial obligations, as well as taking other steps to improve your credit score, it will make a huge difference.

The place to start is with your credit reports. Yes, that is plural because you have three totally separate and distinct credit reports, one from each of the big three credit reporting agencies. These companies do not share information, so they each have a different view of you from a credit perspective. The thing you will very likely discover when you are going over your credit reports is that they contain errors. One of your creditors is reporting late payments, another is still reporting a loan you paid off years ago, and much more. These errors will be reported for years to come if you do not dispute the errors with the credit bureaus. Once you dispute an item, it is their legal responsibility to investigate the error with the creditor, and if it cannot be proven, it needs to be removed from your credit report. Many consumers find that their credit score can jump to the next level by just getting errors corrected in their credit reports.

Next, negotiate with your credit card issuers. If you have been a long time customer of theirs and they are still charging you 22% interest or more, then ask for a reduction in interest. If they decline, show them how much you appreciate them by closing that account. It's a competitive industry and there is no sense in allowing them to make money off you by the truckload with their high interest rates.

If you have several accounts with the same issuer, ask if you can consolidate your accounts into just one or two cards, perhaps combining the credit limits to give you a decent credit limit on one or two cards. If they won't do that, then close some of those accounts.

For the accounts you have open, try to keep your outstanding balance under approximately 30-35% of your credit limit. More than that raises red flags with credit issuers, and less than that indicates you don't use the account enough for it to be a real indication of your credit.

Above all, make each and every payment on time, paying more than the minimum amount when you can.

Just these simple steps can raise your credit score by an appreciable amount, and you haven't taken on any more debt to do this! Keep your credit clean and treat it with the respect that it deserves so that you can reap the benefits of having excellent credit.

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Do you need a Business Credit Card

Ready for a business credit card? Credit plays an important part in the growth of your business. If you have yet to establish corporate credit, read on...

Are you ready for a business credit card? You might not know this, but there are certain telltale signs to look for. If you think you might be ready to take the next step in business finance, these 4 tips will tell you whether or not your instinct is right.

• Your Business Needs Are Occupying Your Personal Credit
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• Your Business Isn't Being Rewarded
  Now I'm not talking about rewards as in "high-interest rewards programs" here. I'm talking about rewards such as business travel insurance, group buying power and the other perks associated with carrying a business credit card.
  Let's face it, a growing business can use all the help it can get. Why not take advantage of everything out there -- including the benefits of a business credit card?
• Your Business Needs Its Own Credit History
  Have you been in business for two years or more and you still don't have any business credit cards? Now may be the time to change that.
  If your business is growing successfully it's going to need its own credit history. Think of it as a child who is going to grow up one day and needs credit of their own. Using mom and dad's credit cards is okay to a point, but it can't go on forever. Because of this, a business credit card (even if it's a secured card) is essential to the development of your business.
• You're Pulling Your Personal Credit Card Out When Trying to Woo Clients
  You take a potentially big client out to dinner and when the bill comes, you whip out that credit card like the success story you are. Only problem is, it's your name emblazoned on that card -- not your company's. That might be a problem in the eyes of some.

If your business isn't stable enough to warrant its own credit card, is it stable enough to handle the needs of that particular client? Do yourself a favor and get a business credit card. It will speak volumes about the establishment of your company.

If there's one thing you can't neglect, it's the financial growth of your business. Contrary to what some might believe, financial growth isn't just about profit statements. It's about credit growth as well. If you're serious about the future of your company, it may be time to apply for a business credit card today.

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How to Get Back your Good Credit Rating

So many things we do every day are dependent on a good credit rating. Try getting a credit card, renting an apartment, financing a large purchase, or buying a car, just to name a few, without good credit, and reality will set in.

If you don't make payments to creditors on time or you miss a payment, you are reported to the credit bureau. The credit bureau, in turn, adds this to your credit report. If you are guilty of habitually being slow in making payments, or default on a loan, you will suffer a bad credit rating and a low credit score.

Many doors will be closed to you when your credit score is low. You will have a hard time getting a loan, a credit card, renting a car or doing many of the other things you have grown accustomed to. A bad credit rating might even keep you from obtaining certain jobs. For these reasons it is important that you protect your good credit rating. If unforeseen circumstances have affected your credit worthiness, you should start repairing your credit as soon as possible.

How to repair your credit rating is usually a slow process. You need to build your credit rating little by little over a long period of time. Although you might consider going to a reputable company offering credit repair services, you can repair your own credit.

A good place to start repairing your credit right away is to get your credit report from the credit bureau, and examine it carefully for errors. If you don't find any errors, you can then begin repairing your credit.

First, get a secured credit card and use it regularly but cautiously. Make your monthly payment amounts on time and in full. Secured credit cards are issued by companies that usually cater to people who have bad credit, and you are usually required to give an initial deposit equal to the card's credit limit. For example, you give the company $500 for a card with a $500 credit limit. They are authorized to use that deposit against any balance you have that remains outstanding for too long. As you can see, by doing this, the credit card company does not assume any risk because you will never owe more money than they are holding as your deposit.

Secured cards also require annual fees that most regular credit cards do not. Using secured credit cards and paying the bills on time is one of the best ways to start improving your credit rating. Your goal is to develop a history that shows lenders that you take your debts seriously, and that is the only thing lenders require from you. They want to be paid in full and on time. Paying bills on time helps you establish a good history, and it eliminates late fees and other financial penalties that make paying off your debts so difficult.

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Why you should Care about your Credit Score (FICO)

Unless you live in a cave (and maybe even then), you know that your credit score is incredibly important when it comes to securing credit. But did you know that it’s also used for much more than that? What follows is a list of five other areas of your life that can potentially be impacted by your credit score…

• Renting Property - Many (if not most) landlords now run credit checks on prospective tenants. Think about it… They’re essentially giving you a credit line when you sign a year long lease, but are allowed to pay it off in monthly installments. In many cases, bad credit = no apartment (or house, or whatever).
• Cell Phones - Cell phone companies typically check your credit before signing you up for service. Here again, they’re essentially extending you a credit line and they want to be sure you’re good for the money. Not only are they concerned that you might rack up a bunch of airtime charges and be unable to pay for them, but they’re also letting you walk out the door with a shiny new handset at a (sometimes steep) discount. They want to be sure that you’re good for the standard monthly charges. Crappy credit might result in you being shunted over to a pay-as-you-go plan, and the hardware deals might not be as good.
• Future Credit Card Agreement Changes - It’s not uncommon for credit issuer to run routine credit checks (so-called ’soft pulls’, which don’t show up as credit inquiries on your credit report) on existing customers. If your credit score takes a nosedive, you represent a bigger risk, and they might change the terms of your agreement (e.g., increase your interest rate) to reflect that.
• Car Insurance - Car insurance issuers are increasingly looking at credit scores as a way to gauge risk. If you’re reckless in one area of your life, you might not be a good bet in other areas. This can result in higher premiums, or they might simply decide not to cover you.
• Employment Opportunities - I’ve never experienced this one first hand, but I’ve heard that it’s increasingly common for employers to include a credit check when looking into the background of prospective employees. In short, they’re looking to see if you’re responsible. Credit reports also provide an employment history. Of course, they can only do this with your permission, so hopefully you read all of that paperwork that they give you when you apply before signing anything. Then again, if you decline they’ll more than likely show you the door.

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The Best Ways To Rebuild Your Credit

A good credit score or credit rating is very important when come the time of applying credit. The better your credit score is, the better deals that have attractive low interest rate will be offered to you by many lenders, enabled you to have choices to select the best offer among the good deals. Hence, you have the responsible to maintain it and ensure it always have a high value. Actions such as default a loan, delay of credit card payment or miss payment and filing a bankruptcy can jeopardize your credit rating. If you already go through this bad phase, then, it is important for you to build your credit and get it back to order. Here are a few ways that you use to rebuild your credit and achieve a good credit score.

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The Credit Repair Kit: Everything You Need to Know to Maintain, Rebuild, and Protect Your Credit by John Ventura A bad credit record can make it tough to get a loan or adequate insurance, find a good job, or rent an apartment. Yet, nearly half of all credit records contain serious errors. The new edition of The Credit Repair Kit provides consumers with all the information they need to order a copy of their credit record, understand what their records say about them, and deal with any problems they may find in those records.

Build Your Credit With A Secured Credit Cards
When you are in debt, many experts will advise you to put away you credit card and not to charge your credit card again, so that you won't add new debt into your current debt. They are right, because the uncontrolled use of credit card can make your debt situation worse. But, if you want to rebuild your credit, the best way is "Use Your Credit Card".

Instead of using unsecured credit card that you still own, it's better for you to apply for a secured credit card.

You probably had given up your credit cards if you had gone through a debt management program during the process of getting you debt issue resolved. And if you credit score is not good, you probably won't be able to be approved for an unsecured credit card if you apply for one now; hence, applying for a secured credit card is the only way you can get a credit card that you can use to rebuild your credit.

What is secured credit card? Why it difference from my existing credit card? If you have not owned a secured credit card before, these questions may rise in your mind. Well, a secured credit card is the same physically with any other credit cards; the only different is a secured credit card is like a pre-paid card where you need to pay first before you use. It requires you to deposit a certain amount of cash as the collateral for a credit line. And the credit limit is the same with the amount of deposit. For example, if you put $500 into the account, you will be able to charge up to $500.

You use the secured credit card to purchase items and make the monthly payment in full on time. The issuing bank will report your good payment behavior to the credit bureau, and you will be on your way to establish a good credit history over time.

Build Your Credit With A Secured Personal Loan
Besides applying for secured credit card, you can also rebuild your credit by getting a secured personal loan. Like in secured credit card, a secured personal loan required you deposit cash or other valuable asset such as automobile, boat and jewelry as the collateral for the loan. The maximum loan can up to the collateral's value, but most of time, you can only get about 80%-90% of collateral's value.

Build a good credit history by making monthly loan repayment on time so that your good payment behavior will be consistently reported to the bureau and get it recorded into your credit report.

Summary
Rebuilding your credit after it has been jeopardized need time, patient and commitment. Secured credit card and secured personal loan are among the easier ways to regain your good credit score. Make your full monthly payment consistently and you will see your credit back to order when the time comes.

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Credit Dispute Dangers, Avoid Red-Flagged

The first thing you should know is that the credit reporting system is rigged to serve corporate interests first. The key to repairing your credit score quickly is knowing how to safely (and legally) maneuver within the consumer protection laws. Your goal is to beat creditors and collection agencies at their own game, and force the credit bureaus to help you do it.

The law is on your side. Nobody wins if you spiral down to bankruptcy.

Dirty Little Secrets: What the Credit Bureaus Won't Tell You by Jason R. Rich For anyone who is about to buy a home, refinance their mortgage, buy or lease a car, apply for credit cards, or make any type of large purchase Includes in-depth interviews with credit experts from well-known companies Includes sample letters that can be personalized and sent to credit bureaus and creditors to speed up the process of updating and/or correcting credit reports Compact, concise guide with low price point

There's no shortage of information on the internet about credit repair strategies. Filing credit disputes is a favorite. But tread carefully. Much of the information floating around out there is self-serving... Made-For-Adsense content that exists only to get you to click advertiser's ads... or a masquerade secretly (or not so secretly) shilling for some pricey "credit repair specialist." If you visit enough credit repair sites, you'll begin to notice that the same drivel is recycled again and again.

Here are a few drivel-free insider credit dispute secrets to get you started...

1. Boilerplate credit dispute letters almost always do more harm than good.
   As with medical diagnoses, blanket prescriptions for credit repair can be dangerous. Make the wrong moves and you'll actually drop your credit score! Plus, credit bureau investigators don't take boilerplate letters seriously -- especially boilerplate threats. They feel that the consumer who takes the time to write a concise, legally binding letter is more likely to hold the bureau's feet to the fire until they get what they want. They know this type of consumer is more likely to report them for FCRA violations, and more likely to sue.
2. Don't dispute negative credit items online.
   Send all dispute letters by U.S. Postal Service Priority Mail, Confirmation of Delivery -- no signature required. The credit bureaus typically refuse letters which require signatures. If a credit bureau doesn't properly verify your disputed item, you'll need the paper trail to gain the sort of leverage which will force the bureau to delete the item.
3. Don't file frivolous disputes.
   For example, don't pretend to the credit bureaus that you don't owe a particular debt when you do. That's a good way to get red-flagged and lose your right to dispute. Plus, such a ploy is highly unlikely to accomplish your goal of getting the negative item removed.
4. Dispute factual inaccuracies, and file foolproof disputes.
   The good news is that you can almost always find a factual dispute, if you know what to look for. You must learn how to identify which disputes will actually lower your credit score, or worse -- get your credit file red-flagged, which will cost you the right to dispute for up to 12 months!

Credit Secrets: How To Erase Bad Credit by Bob Hammond This expanded Credit Secrets will save you thousands of dollars in fees, finance charges and interest payments as you learn the very latest techniques to get rid of debt once and for all and establish good credit. Discover proven tricks used by lawyers, credit counselors and other pros who charge handsomely for their services.

Now, many credit courses and so-called credit repair specialists will tell you to dispute every single negative item in your credit file in the hopes that all those items will simply vanish because your creditors are too lazy or too busy to respond to the credit bureau's request for verification, or because the credit bureaus are too lazy to verify the item. Rarely happens that way, and it's a good way to get your credit file red-flagged. This "bazooka gun approach" is dangerous. The credit bureaus may very well be too lazy to investigate some items (and you can indeed use that for leverage), but not all of them.

Your success will lie in properly executing the Triage phase -- collecting and organizing every tidbit of ammunition that could be used as leverage to erase negative credit items -- and in sending (and documenting) the right series of letters. Credit histories can turn on a dime -- both positively and negatively.

Above all, your goal should be fast, safe credit repair. Often, the smallest changes can have an enormous impact on your credit file. With a little work, you can become the person every choice lender wants to loan money to, and in a relatively short period of time.

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Credit Repair Clinics: Secrets You Should Know Before Hiring One

If your credit score could use a boost, a credit repair specialist may seem like the best solution. But don't even think about hiring one until you read this.

You've probably heard myths that suggest that credit repair specialists have some divine dispensation with the credit bureaus. They don't. Far from it. In fact, in a minute, we'll show you why they have less leverage over your credit file than you do.

How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today by Jamaine Burrell Your credit score affects every aspect of your financial life including qualifying for loans and mortgages, low interest rates, housing, employment opportunities, and even insurance premiums. Millions of Americans have negative, inaccurate, and unverifiable information on their credit report. Repairing your credit profile is one of the most important financial decisions you can make. You re about to take the important step of taking control of your credit! If you re like the average American, having improved credit will save you thousands of dollars on your loans and credit cards...

The sad truth about the credit repair clinic industry -- and it is an industry -- is that many of these so-called credit repair specialists are scam artists, and the ones that aren't will be using the exact same techniques to repair your credit score that you can wield more effectively -- and safer -- yourself. And they'll charge you at least $750 to $1000 for their "expertise."

Now for those dirty little secrets...

Dirty Little Secret #1: If a credit bureau suspects that your dispute is being filed by a credit repair clinic, they'll trash it.

Dirty Little Secret #2: Credit repair specialists may be in cahoots with your creditors. Many of them are secretly paid as much as 15% by the creditor to reach a so-called "debt settlement!" Who do you think comes out ahead in that scenario? Not you! Such credit repair clinics are the worst kind of predator, exploiting their client's financial woes.

Dirty Little Secret #3: Credit repair specialists usually won't give you access to their correspondence with the credit bureaus on your behalf. Why? Here are a few reasons:

(1) They don't want you to know how easy it actually is to do your own credit repair, and wonder why you're paying them.

(2) If they resort to boilerplate dispute letters (which will just likely end up in credit bureaus' trash cans), they don't want you to see their boilerplate letters.

(3) The ones who are scamming you -- only pretending to correspond with the credit bureau on your behalf -- surely don't want you to know they're not doing much in exchange for the hard-earned fee you forked over.

If you do hire a credit repair clinic to represent your interests, make sure that they are, in fact, representing your interests. Force them to detail their plan of action. Don't sign until they agree to provide you with copies of all correspondence with the credit bureaus.

Remember: your goal is to take control of your finances again, instead of letting your creditors, a credit repair specialist, or the credit bureaus control your financial health. Don't rely on anyone who isn't personally vested in your financial health -- and doesn't even necessarily have your best interests at heart -- to fix your credit score.

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How To Get A Credit Card With No Credit

When you first turn 18 it is important that you start your credit. All you need to do first is make sure you have a source of income. You don't have to make a certain amount of money or anything like that. You just need to have some way to prove that you make money. A bank isn't going to give you a credit card if you don't have a job to pay your minimum payments with. So if you are in school the ideal thing to do is get a small part time job working at least 10 hours a week. If you plan on not having a steady income you will not want to revolve your balances on your credit cards.

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Charge on your credit cards and pay them off at the end of every month until you are working consistently. This will help you establish a payment history. This is the main factor when you go to buy any large purchase in the future they are going to look for a solid payment history to prove you are trustworthy with borrowing money. Credit cards are a financial tool. But as most of us know they can get you in trouble real quick. Do not spend money that you don't have to spend. Only buy things when you know you can pay them back within a reasonable amount of time. Hear my words of warning because most people screw this part up within the first 2 years of establishing their credit. You don't want to be one of them. So we have established payment history is the most important.

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Now when you have no payment history you have a different set of options. Their are only certain credit cards that you can qualify for approval. These type of cards typically will give you between $200-$500 credit limit. This is a manageable limit that can teach you to manage money responsibility. This is good especially for people who don't make a whole lot of money. Like college students for example. College students get the most benefits for people trying to start their credit. This is because the credit card companies want you to get an education so you can afford to spend more of their money in the future.

Credit cards are a business like any other. They want to to establish a payment history now so when you graduate you can qualify for cards that will give you a credit limit of a few thousand dollars. When you prove that you can be trusted to pay back a small amount of money for at least 1 year. You credit is then experienced enough to get a card with a higher spending limit. What can really help this whole process for you is if you have a car loan.

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The credit agencies want to see different types of credit on your report as well. An auto loan is a loan that is secured by something. They like this because a car loan isn't as risky to a bank as it is to give someone a credit card. Credit cards are not secured by anything. It is just money that a bank gave you that you can make payments on. Go to the link below and find credit card offers that say you need limited credit, no credit ok, and bad credit ok.

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Avoid Cash Advances at all Cost

After receiving your online credit card approval, you sit down and wait for your credit card that offers a 0% intro APR. When you receive your credit card, you realize that it is not enough for your needs. Luckily, you can get a cash advance on your credit card if you need cash quickly. It’s an easy thing to do, and you can get cash from any ATM accredited by your credit card issuer.

Using a credit card, especially for cash advances, is very easy. However, paying it off is not. Read on and learn the reasons why you should avoid cash advances on your credit cards at all times.

The first reason why you need to avoid cash advances on your credit card is the upfront fees for getting some cash. When you withdraw cash from any ATM, you will incur two charges automatically from some of the credit card companies. The first charge will be the processing fee. This could be a percentage of the amount taken or the minimum amount set by your issuer, which ever is higher. The other charge comes from the owner of the ATM, which is another bank. When you receive your bill, it will show the amount of the charge for the transaction fee, which could be a flat fee or percentage of what you’ve taken from their ATM.

The next reason is that the interest that is applied to your cash advance is much higher than your purchase rate. Normally your credit card after the 0% intro APR will be from 12%-18%. However, the cash advance will have a rate from 20% to 25% not including the additional fees that we have previously mentioned.

Another bad thing about using cash advances with your credit card is the application of interest. Your purchase APR will take effect after a month has passed, and it will include all the interest. If you have the money, you can immediately pay off your balance with minimum interest. The interest rate on cash advances is completely different in terms of the application on the cash advance. The moment you withdraw your money from an ATM, interest will be applied to it immediately. Even if you pay it back after a day or two, you still need to pay for the interest rate.

Lastly, and maybe the most hurtful is that cash advances are on your account itself. When you pay for the balance of your purchase, the cash advances are combined on your credit card bill, and the money that you are paying will not go to the cash advance first, but to your purchased bills. This will create a big disadvantage for you since as we just indicated; the rate of your cash advance is much higher compared to your credit card purchases.

This is the most upsetting truth about cash advances. If you can get hold of cash in another way, do it. Credit card advances will cripple your finances and once you get hooked on it, it’s really hard to pay it off.

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The Best Bad Credit Student Loan Options

A Bad Credit Student Loan can be sought through many different avenues. It all depends on your personal credit rating. The biggest challenge is finding one that offers the lowest interest rate.

There are various routes to explore when seeking out a bad credit student loan and I would suggest that your first port of call would be the school for which you are about to attend. You will need to fill out a FAFSA form in order to initially apply for a federal loan. Perkins loans are combined school and government funds.

A combination loan may be another alternative way of acquiring a bad credit student loan. This type of student loan enables you to consolidate any existing loans that you have whilst applying for a new tuition loan. The only drawback to this type of loan is that you may need someone to co-sign.

Another way to get a bad credit student loan is to get a co-signer. Maybe a family member with good credit would help. This way you could get loans with more attractive interest rates and terms, in spite of your bad credit.

Finally, if all else fails you will need to contact banks and financial institutions. They will more than likely be happy to lend you the money, but it will be on a higher interest rate than usual. When you have bad credit the banks will check out your personal credit score first and then offer terms based on the credit rating assessment.

Take heart, even if your bad credit student loan is set at a high interest rate, numerous student loans defer your payment until you have finished college. This in turn will allow you time to improve your credit rating and when you leave college you could then look into consolidating your bad credit student loan at a better interest rate. This will mean your monthly payments will be at a lower level and therefore more affordable.

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What You Need To Know about Joint Application Credit Card

A joint application credit card is simply a credit card that allows two people to use it. It typically works as follows: An individual completes a credit card application and then requests an additional card. The other card or cards will have that second persons name on it, but will have the same account number assigned to it. Probably the most common example of this is a husband and wife.

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In many cases married people have joint financial accounts for such things as savings, checking and investment portfolios. It greatly simplifies the management of finances. Another common reason for filling out a joint application credit card is a parent wanting to assist their child in establishing credit.

In a way it is similar to them cosigning an auto loan. This is often done when the child goes away to college. The advantage here is that the parent can keep an eye on all the activity generated by the student. Now here are some important points that you must understand before applying for a joint credit card.

The debt acquired by one of the cardholders is also the responsibility of the other cardholder. In other words, if your husband runs up a $3000 debt on the card and you should happen to become separated, simply stating that it is his debt and you are not liable for it isn't going to relieve you of that debt.

As long as your name is still on the card, you will be held responsible for any and all debts accrued. The way to stop this is to pay off the debt in full and cancel the card so there can be no further purchases made with it. Canceling a joint credit card can be done by a single party, as long as the account is free of outstanding debt.

The information I have given here is only a cursory look at the joint application credit card. Be sure to read the terms of service and conditions of the credit card issuer carefully and do not hesitate to directly contact the credit card company with any specific questions that you may have.

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When is a Right Time to Use Credit? Cash or Credit

These oft-repeated words are a cashier's stock phrase. Yet the question packs a powerful punch in demanding a response that may have a significant impact on your budget.

When should you charge a purchase? The following guidelines may help you think about the best answer to this question.

1. Charge only when you must. If you can afford to pay cash, do so to avoid interest payments being added to the amount of the purchase. Emergencies like a flat tire, an unexpected medical bill, or a one-time expense can be paid by credit if you have no savings or cash on hand to cover it. But keep in mind you will have to pay interest charges and possible additional account fees if you do not pay the balance in full on the account statement when it arrives.
2. Charge when other options are unavailable. For example, if you don't have cash or a debit card, you may need to charge something. But get in the habit of using your bank's debit card, which deducts a purchase amount from your checking account. This can be done without fees when you don't use your PIN, but check with your bank to clarify their specific rules and regulations.
3. Charge against your home equity line of credit to get a tax deduction. Check with your mortgage institution for details or if you don't already have an equity credit line. Ask about the interest rate to be sure it will not exceed the benefit of a tax deduction.
4. Charge to get cash-back value or bonus points on your credit account. Sometimes it pays to purchase gas, groceries, and routine home maintenance supplies if you can pay them off in full when the statement comes in. Some credit companies offer cash back on a percentage basis, depending on the amount of the credit purchase. Fuel card companies offer gasoline discounts. The goal is not to get hooked into overusing your card in exchange for services you may not really need.
5. Charge for convenience. Rather than carrying cash around all day to the drugstore, grocery store, or video store, you may want to charge these and other purchases to avoid running out of cash, as long as you are able to pay the balance off each month rather than letting it accumulate. Paying at the pump for gasoline is especially handy when you're in a hurry or the weather is bad and you don't want to take those extra steps to pay inside or at the window.
6. Charge when you travel. Tracking expenses and checking each purchase can help you monitor expenditures and the family budget as well as give you a few extra weeks after you return to pay the bill. Travel checks work well, too, although the monthly credit card statement provides a helpful spending history.

While a majority of people have at least one credit card, don't fall into the trap of relying on credit too heavily. Debt is a heavy burden to carry, especially as it continues to accrue added interest charges.

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How Long Does Credit Repair Take?

If you are looking for a quick fix to your bad credit read no further. Real credit repair is hard work, time consuming, and an ongoing affair. For whatever reason your credit needs fixing, be it a divorce, bad personal decisions, loss of job, or any other of a hundred and one reasons, it can be accomplished, but with time and effort. How much time? Seven years on average for most bad debt situations, excluding instances where a bankruptcy is filed. When a bankruptcy is introduced into your credit file, it will stay put for an average of ten years! Those lengths of time in reality are longer. They start from the time the information was listed or filed, not from when the debt occurred.

The Credit Repair Handbook: Everything You Need to Know to Maintain, Rebuild, and Protect Your Credit by John Ventura How to identify problems with credit, rebuild credit histories & boost credit scores, & protect credit from identity thieves. Comprehensive, thorough, and up-to-date, this is the only guide readers will need to get your financial lives back on track.

Disputed Information in Your Credit Report:
Your first defense in cleaning up your credit file should be to know what is in it. The three major credit-reporting agencies are Equifax, Experian and Trans Union. If you have recently been denied credit, you may be entitled to a copy from the reporting agency free. Laws are also under way to ensure everyone has the right to a free combined report yearly. For now, a copy of each can be purchased from the individual agencies for a nominal fee. Once you have the reports, go over them carefully. If you notice any errors, file a dispute report. Information from each company will be included with the reports on how to file. Transunion offers convenient web access to file a dispute instantly. Be aware that when a dispute is in progress it is best not to apply for any new credit. Most disputes will be resolved within thirty days. A note of caution: Be sure to only dispute actual discrepancies. Frivolous disputes are not treated lightly.

What Can You Dispute:
All errors. For example, upon recently applying for a car loan, I was denied. I had what I thought was good credit. Upon receiving a copy of my credit report, imagine my surprise when it came and showed active accounts for not only my current mortgage, but a duplicate for the same…My bank had recently been acquired by a larger bank. Account numbers were changed, but no one notified the credit agencies that the old loan numbers were closed. It looked as if I was paying for two houses on my relatively modest income. The same for an overdraft account on a checking account through the same bank, and what was actually a checkbook balance to the good, showed as a loan. We still have not actually figured that out, but it was removed successfully from my credit report.

FTC:
The Federal Trade Commission can offer additional assistance to consumers who believe they are not being treated fairly.

Assess:
Assess how you got where you did. Be honest with yourself if there is any doubt about how you have arrived where you are. If the reason for your bad credit is a one-time life occurrence, such as the death of a spouse who was under insured and the main breadwinner for instance, the outlook may be bleak, but probably not as bad as you think. If you have a tendency to buy first and think later about how you are going to pay for that must-have purchase, take an honest look at how these ‘purchases’ affect your life.

Interest:
Oftentimes, people are truly astounded when they look at how much interest costs them on a month-by-month basis. Everyone, seemingly, wants to get credit at a low rate, but even those that truly shop for the best rate they can qualify for, often do not look at the actual cost their credit costs them from month to month. Pull out your statements and look at the bottom line: How much of your payment went towards the principal? How much went towards the interest? Quit a shocker, isn’t it? This is the fastest way to explain why it is necessary to pay as much as you can afford on any money owed. For every dollar paid towards the principal amount owed, it will be that much more, additional interest saved.

Keeping Out of Debt:
Once you have found the edge of your debt and crawled over it, keeping from falling back in, can be as hard, or harder, than it was to get out. You suddenly feel rich, like all the burdens of the financial world you call life, have been lifted. Stay strong, be realistic, and make a list. A list? That's right, a list of goals, wants, needs, etc., along with a budget, will give you hard insight into what and where your money needs to be spent on. If you are not by nature a list maker, you may scoff at this, but try it. Pick up a notebook from the local dollar store, and within its pages; map out a budget. Start with the basics, such as mortgage/rent, insurance, utilities, vehicle expenses, including car payments, insurance, and gasoline, and don’t overlook groceries, annual bills such as tax payments, or visits to the vet for your dog or cat’s yearly shots. Be generous when you mark down what you spend on each item, do not mark less, thinking you can get away with spending $50 a week on groceries, when you know you currently spend at least twice that much. You may be able to spend only the $50, but at this point, we want the ‘big’ outlook of your spending.

Next, make a list of things you would truly like to purchase in the next year or two. Also, make a note of how much you spend on holiday shopping, and other gift giving, such as birthdays for both family and friends. This list may grow in the coming days, as you remember this one or that, but do not worry, that is why we are making the list. Often overlooked when making a list such as this, but that should be a priority, are two items: Savings and fun money. If you tell yourself that you are going to put away a set amount off the top of each check for savings and do it, after a learning curve, you truly will not miss it. It may hurt at first, but once you see that amount grow, it can actually be a bit addictive and you will find yourself trying to save a few dollars extra here and there. The fun money is just as needed, even if it is only $5 a pay period. You work for the money. Do not begrudge yourself a favorite magazine or a couple of lottery tickets, if you truly obtain pleasure from purchasing them. Now, once you have down all the expenses you can possibly think of, write down what your earnings are. If the bottom line does not meet what your expenses are, see if you can trim your expenses anywhere. Be realistic; remember you do have to eat! If the figures do not add up, and you have cut everything you can, think about ways to increase your income. A second job, a possible raise, selling a few possessions, even a stay at home spouse taking on a part time job. A few final words: Keep a perspective of your spending. It is only money and it will only do what you allow it to do.

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Your Credit Repair: Date of Last Activity

When repairing your credit, one of the most important items on your credit report is the date of your last activity. To verify the dates of your accounts last activities, you need a copy of your credit report. Your credit report will give you all the information on past and present accounts. To get a copy of your credit report you can contact your credit bureaus and they will send you a copy of your most current credit report. There are three credit bureaus that you can contact: Equifax (800) 685-1111 www.equifax.com; Experian (888) 397-3742 www.experian.com and Trans Union (800) 916-8800 www.tuc.com

• Tips on Choosing Your Credit Repair Company

The last date of activity is when the credit bureau lists on your credit report the actual last date of any transaction that was done to your account. That date can be the actual last time you charged an item on your credit card, the last payment you made on an installment loan or when you paid off an account. The date of last activity can also be negative. It can state when an account went into collection, the date it was charged-off, the maximum delinquency date and the date when someone inquired about your credit. Your last activity date will tell you and anyone else how you handle your credit. Creditors review your last date of activity to see when you made your last payment on an account or when you paid off an account. This can help you get new credit if everything is paid on time and as agreed. If your last date of activity shows something negative like a charged-off, collection or a delinquent account, you could become a credit risk. The last activity date is guidance for good or bad credit.

To repair your credit your first step is to find out exactly what dates are on your credit report. This will tell you how bad or good your credit is. Also it will let you know if you should apply for any new credit. If your last dates of activities are all coming up negative, you will not be able to get any new credit. The date of last activity will also tell you if any of your accounts have expired. If you don’t check your credit report you won’t know what accounts have expired to be removed from your report. Keeping up with that will help repair your credit report by watching your dates to inform the credit bureau which accounts needed to be dropped off. Bankruptcies stay on your report for ten years, whereas a tax lien can stay on your report indefinitely. Collections, judgments and delinquent credit will stay on your credit report for seven years. You need to know the date these items were placed on credit report and how long it will be before they are dropped off.

The date of your last activity is very important. Those dates should be taken very seriously along with any other transactions on your credit report. You are responsible for keeping up with your activities dates and your credit information placed on your credit report.

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When To Consider Outside Help For Credit Repair

Certainly, you would like to handle all of your credit payments on your own in a timely and efficient manner, but sometimes your best bet is to consider outside help for credit repair. Here are some of those times…

When You’re Up to Your Ears in Debt
If your monthly minimum payments cannot even be satisfied by your monthly income, you need to seriously consider outside help. Many people start out with one credit card, thinking that it’s no problem, and that they’ll charge some purchases, and then pay it off in full at the end of the month.

Guess what? That often doesn’t happen. In fact, what often happens is that not only is the card maxed out, and only the minimum payments are made on it, but also new credit card offers come in and are accepted. A vicious cycle ensues – paying with credit cards for everything – and then one day you realize that you don’t make enough money to support your out-of-control spending habits. Credit cards can be very addictive.

Many college students fall victim to the allure of having multiple lines of credit even though they do not have an income yet. They assume that once they graduate from college, they will be able to pay it off. Unfortunately, that is often categorically untrue. In fact, many young people who have gotten mixed up in this credit trap find that they ruin their credit before they are even out on their own in the world, and then when they want to get out there, their bad credit severely impedes them in getting an apartment or a mortgage or a new car. If you are in more debt than you can handle, you should contact a financial planner or a debt consolidation advisor to explore your options for getting out of this debilitating debt.

When You Lose a Job
If you lose your primary source of income, you may find that you cannot juggle your bills anymore. If you had a high-paying job, you may have become accustomed to enjoying a luxurious lifestyle. You may have gotten credit accounts based on your high salary, and you could have paid them off if you hadn’t lost your job unexpectedly. Unfortunately, despite your good intentions, you cannot stop the world from being an unfair place sometimes. If you lose your job and you have to adopt a new lifestyle as a result, it is a good idea to speak with a financial planner or analyst so that you can create a plan for managing your debt until you get a new job. Once you get a new job and you know what your new salary will be, you should seek outside help again so that you can restructure your payments.

When a Straw Has Broken The Camel’s Back
Sometimes it can seem as if one unplanned financial burden can completely topple your financial house of cards. The fact of the matter is that you were probably in over your head before this unforeseen financial burden. If you have so much credit that you are “just making it,” as in you are living paycheck-to-paycheck, and one more payment will be your undoing, you need to seek outside help. Your financial plan has to cover unforeseen emergency pay-outs – because they are inevitable. Like the great saying goes: “Expect the unexpected.” Speak to a financial planner about setting up an emergency fund so that you don’t have to lose complete control over your finances when things don’t go your way.

When You Can’t Sort It Out
If you have a large quantity of accounts to tend to every month at bill-paying time, you may feel overwhelmed and confused. Even if you have enough money to cover your expenses, you may need to consider outside help so that you can get organized and under control. It may sound ridiculous – if you have money, then why would you need any help, right? Well, even wealthy people are not immune from getting bad credit scores. Having too many open accounts can make you more susceptible to accidentally missing payments or losing track of specific payment dates. Consult financial planners so that you can either consolidate some of your accounts or develop a strategic plan for managing the plethora of accounts that you have.

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