Archive for April 30, 2012

Improving your credit score without gimmicks

Improving your credit score without gimmicks
News from CBS News:

(MoneyWatch) Chat boards and web sites are filled with tricks and gimmicks to improve your credit score.

One gimmick that gets a lot of attention is the practice called credit piggybacking. This is where one person, sometimes for a fee, agrees to add you as an approved user on their credit account. This is typically an account with a good history and lots of available credit. The result is that their credit account and history is added to your credit report. This increases your credit score and in some cases the increase can be dramatic. It amounts to buying another person’s good reputation and posing that it is your own. While I’m sympathetic to the folks who want to improve their credit score, it’s simply the wrong way to go about it.

But what if you have a few late payments or other negative information on your credit report? First, get a free copy of your credit report. Don’t assume your credit score is doomed. There are steps you can take that can boost your credit score. Some of these steps can increase your score by 20 points or more in a single month — and best of all is that you don’t need to hire some credit repair shop to d…………… continues on CBS News

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Strategies to improve your credit score
News from The Times of Trenton – NJ.com:

Money, Print 2011 by Arthur Coombe at the gallery opening for the Arc Mercer Artists at the Ewing Municipal Offices on Wednesday, August 3, 2011.

By Kurt Rossi
FOR THE TIMES

A solid credit score is essential as you navigate through your financial life. From obtaining mortgages, auto loans and credit cards to background checks from a prospective employer or landlord, your FICO score can have far-reaching effects on your ability to achieve your goals.

While improving your credit rating is no quick or simple task, the strategies outlined below, along with some discipline and patience, may help add points to your score over the long term.

First, let’s examine what comprises a credit score and how it works. A FICO score is a number that most lenders use to assess your credit risk and is derived from each of the credit bureaus: TransUnion, Experian and Equifax.

Scores can range from 300 to 850 depending upon the credit bureau reporting the data. Remember, a higher number is better as it represents to lenders that you are a low credit risk.

The criteria that account for your score are…………… continues on The Times of Trenton – NJ.com

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BBB Part 1: Debt negotiation and collection

BBB Part 1: Debt negotiation and collection
News from Topeka Capital Journal:

The Consumer Financial Protection Bureau, a U.S. government agency established last year says, 30 million Americans have debt with collection agencies.

As financial issues have begun to overwhelm more and more households, the credit repair industry has boomed, collection agencies have turned up the heat and consumers find themselves wondering what tact to take.

With this column and the next, the Better Business Bureau offers advice to help consumers sort out their debt issues.

Determine whether you are in need of help.

Most consumers know when they are in debt over their heads. For some, however, it can be useful to remember these warning signs as they analyze their situations:

• Struggling with multiple forms of debt. These can include credit cards, a home mortgage, auto loans, utilities, medical bills and student loans.

• Making late payments or cannot make the minimum payment on credit card or other bills.

• Using credit card to pay other bills, such as utilities.

Consumers may not be aware that the companies to which they owe debt almost always want to work with their customers who are struggling. They have hardship programs to assist in making payments. A simple conversation can be all it takes to rearrange debt with them in a way that eases some financial stress.

Try these steps:

• Call their s…………… continues on Topeka Capital Journal

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Honing traits that lead to success

Honing traits that lead to success
News from MiamiHerald.com:

Ellena Day’s poor credit score was getting in her way, most recently blocking a home rental for herself and her two young daughters. Her big problem was a credit card she intended to use only for emergencies but wound up taking for a test drive at — among other places — Toys-R-Us.

“My 13-year old said, ‘Mommy we’re rich now,’ ” says Day, of her detrimental shopping spree. “It made me feel good because I was putting a smile on her face. If I would have had willpower, I would never have done it.”

Science would back her up, with new research saying that inner strength, willpower and patience might be the key to success in all areas in life — most notably the bill-paying choices that directly affect our credit scores. Here in Miami, it seems, we’re an impatient bunch, with a risk of defaulting to creditors that’s jumped some 32 percent since 2007, a time when the nation’s risk rose just 10 percent, according to the credit-rating agency, TransUnion Corp.

A likelihood of skipping bill payments is guaranteed to cost us money. Once it’s captured on our credit scores, we’ll pay higher prices for mortgage loans and lose employment opportunities (prospective bosses check these scores, you know.) So rather than vowing to improve our credit ratings by making tired resolutions of spending less and saving more, new research suggests we look…………… continues on MiamiHerald.com

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Credit Score Tips for New US Residents

Credit Score Tips for New US Residents
News from Fox Business:

Dear Opening Credits,

I came to United States from Bermuda in May 2011, and was able to obtain a credit card with HSBC with a $ 10,000 limit as they gave me the benefit of my good credit history with HSBC Bermuda. When I see my credit report at Credit Karma, I see that though my score is 731, I am penalized for average age of my credit lines and numbers/type of credit accounts. If I open new credit accounts, it will improve my utilization ratio and number of credit lines available. However, it would decrease my average history and increase the number of hard inquiries. I do not need to borrow now, but would need a good credit score in a few years to finance a house. Keeping this in perspective, should I start applying for new credit/charge cards? 

– John 

Dear John,

Most American adults would be wise to make the effort to develop and maintain attractive credit scores, but I fear that you’re overcomplicating the matter. The reason you might be is understandable. As a relative newcomer, you’re dealing with a different credit reporting and scoring system than you’re accustomed to and naturally want to do all the right things.

Before I go into whether you should add another card to your wallet, take a moment to be happy that you’re doing remarkably well with the one that you already have. Not only did your…………… continues on Fox Business

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Many want to find debt relief, rebuild their credit scores
News from Debtmerica Relief:

Millions of consumers across the country are still dealing with large constraints such as significant amounts of credit card debt, but more now recognize some of their biggest problem areas when it comes to managing their money and financial lives correctly.

More than half of consumers – 56 percent – say that they believe their biggest financial problem area, and the one in which they could use the most help, is knowing what it takes to improve their credit score, according to a report poll from the National Foundation for Credit Counseling. Problematically however, while many recognize that their credit scores can play a significant role in all aspects of their persona…………… continues on Debtmerica Relief

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Improving your credit score can significantly increase your purchasing power and credit worthiness. So I will discuss a few tips on how to improve your credit score, don’t worry — this is all pretty basic stuff

How to improve your credit score

How to improve your credit score
News from KTVO:

Read more: Local, Improving your Credit Score, Northeast Missouri State Bank, Rudy Riley, Rudy Riley Northeast Missouri State Bank, How to Increase your Credit Score, How to Lower your Credit Score

continues on KTVO

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Credit counselors answer questions about credit and debt – USA TODAY
News from Credit counselors answer questions about credit and debt – USA TODAY:

Financial literacy is sort of like the weather: everybody talks about it. But are we becoming smarter about our money? Recent surveys suggest that we’re not: Young adults fare poorly on financial literacy tests, and their parents don’t do very well, either. As Financial Literacy Month comes to a close, USA TODAY teamed up with members of the National Foundation for Credit Counseling to answer some frequently asked questions about credit cards, credit scores, student loans and other types of debt.

  • Thinkstock

Q: I have some retail store credit cards I haven’t used for years. Is it better to close the account with the store or simply cut up the card?

A: This is a quite common question, especially among consumers who do not carry a balance on their retail cards. It’s natural to want to close an account that is no longer in use. However, if…………… continues on Credit counselors answer questions about credit and debt – USA TODAY

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Improve your finances in an hour

Improve your finances in an hour
News from MSN Money:

4/24/2012 12:59 PM ET

|

By U.S. News & World Report

These 6 tasks, each of which takes an hour or less, can help you get on the road to financial success and steer clear of headaches.

If you’re determined to improve your financial situation, take just one hour out of your day to organize your finances and create a solid plan. An hour is usually all it takes to consolidate some accounts, get in touch with creditors and get a handle on your debt load. Taking a good look at your finances can help you create a better budget and also get some bad spending habits under control. Taking care of a few simple money-related tasks can put you on the right track financially and also help you avoid some common financial woes.

Here are six smart financial moves you can make that will take an hour or less:

1. Review your budget. How well is your

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Credit score tips for new US residents
News from CreditCards.com:

By Erica Sandberg

Opening Credits

Erica Sandberg is a prominent personal finance authority and author of “Expecting Money: The Essential Financial Plan for New and Growing Families.” She writes “Opening Credits,” a weekly reader Q&A column about issues for people who are new to credit, for CreditCards.com.

Ask a question.

‘Opening Credits’ stories

Dear Opening Credits,
I came to United States from Bermuda in May 2011, and was able to obtain a credit card with HSBC with a $ 10,000 limit as they gave me the benefit of my good credit…………… continues on CreditCards.com

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Pay debt, not a credit repair company

Pay debt, not a credit repair company
News from GoErie.com:

Q I have been working diligently to repair my credit. I think I am doing all the right things, but it just doesn’t seem to be having an impact.

I have opened two major credit cards with a secured line of credit because my score was so low. One card has a credit limit of $ 350 and the other $ 1,250. I keep them almost paid off. Furthermore, I have been enrolled in a credit repair program for about seven months. I’ve seen many things removed from my account. However, they seem to reappear as a different account with a different collection agency.

If the account shows that the debt was charged off, but purchased by another lender, whom should I pay: the original creditor or the collection company? This whole process is very difficult.

A I have no doubt you have been diligent. Unfortunately, you have taken a wrong turn and, as we say in New England, you can’t get there from here.

Do it yourself: I don’t recommend using credit repair companies or debt settlement companies. Both are expensive, offer little and can get you in a mess of trouble. I suggest you check the Federal Trade Commission’s website to learn more about your rights and protections when dealing with a credit repair company. The Credit Repair Organizations Act was passed specifically to protect the public from unfair or deceptive advertisi…………… continues on GoErie.com

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Ford rating boosted to investment grade
News from Detroit Free Press:

One of the three major credit-ratings agencies boosted Ford to investment grade on Tuesday, a key endorsement of the automaker’s improved financial position despite a muddy outlook overseas.

Fitch Ratings raised Ford’s credit rating to BBB- from BB+, which can lead to lower borrowing costs and higher investor confidence.

“The upgrade of Ford’s ratings reflects the automaker’s significantly improved financial performance, balance sheet repair, and product portfolio improvement that have taken place over the past several years,” Fitch said in a statement.

For now, Ford is the only Detroit-based automaker unburdened by a junk-bond rating on its debt.

Fitch rates General Motors at BB, just below investment grade. Chrysler’s debt rating is tied to controlling partner Fiat. Last October, Fitch cut Fiat’s credit rating from BB+ to BB because of concerns of falling car sales in Europe and Fiat’s small presence in the emerging markets of China, India and Russia.

The upgrade had little effect on Ford’s share price, which rose 4 cents to close at $ 11.39.

Fitch became the first of the three major credit-rating agencies to upgrade Ford to investment grade. If Ford earns a better rating from one of the other agencies, it can reclaim the collateral pledged when CEO Alan Mulally mortgaged many assets to borrow $ 23.4 billion in 2006 for a restr…………… continues on Detroit Free Press

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Credit Repair Mastery – Secrets and Strategies to Increase Your Credit Score
Credit Repair Mastery - Secrets and Strategies to Increase Your Credit Score

Written by a former credit agency CEO, Inside Credit Repair Mastery you will find all the do it yourself steps to repairing and improving your credit and FICO score. Get Leverage and Negotiate your credit like the pros, take steps to boost your credit score in a matter of months and get those nasty blemishes off your public record for good!Written by a former credit agency CEO, Inside Credit Repair Mastery you will find all the do it yourself steps to repairing and improving your credit and FICO

List Price: $ 3.87

Price:

Managing Credit: Credit Score

Managing Credit: Credit Score
News from CBS Local:

BOSTON (CBS) – Knowing your credit scores is important. Credit scores are a quick and easy method for a creditor to judge you as a potential customer. It wasn’t too long ago that creditors kept everything about credit scores a secret.

Your Credit Score

Credit scores are not free, but when you are getting your free annual credit report Experian will offer you a deal that’s under $ 18 ($ 17.95). But they will be offering you the Vantagescore. This is a score developed by the 3 major agencies, Experian, TransUnion and Equifax.

They use a grading system as well as numerical. When I did mine I got a B. So I called and wanted to know why it wasn’t an A? I pay off my credit card each month. That was the problem. It was not considered revolving credit. Who knew?

The credit score that most creditors use is the one created by MyFico, a division of Fair Isaac the company that created the original credit score. They will sell you copies of your credit scores for $ 19.95 each and they have good information on their website on how to improve your score.

Credit scores are important for a lender looks…………… continues on CBS Local

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Are credit scores rising?

Are credit scores rising?
News from MSN Money:

This post comes from Gerri Detweiler at partner site Credit.com.

A recent FICO survey finds that lenders are predicting fewer delinquencies on mortgages, small-business loans, auto loans and credit cards. If those predictions prove to be accurate, then consumers’ credit scores may also continue to improve.

The survey, conducted for FICO by the Professional Risk Managers’ International Association, found fewer lenders expecting a rise in delinquencies on

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Good credit score could save you money

Good credit score could save you money
News from New Philadelphia Times Reporter:

“I ordered my free credit report,” a New Philadelphia area man told Hot Line, “and I was asked if I wanted my credit score. I said no. Do I need to know my credit score? Is it important?”

It can be if you are thinking of buying something where your interest rates will be important. If your credit score is good, you may be able to negotiate a lower interest rate. If it’s bad, you probably will be charged a higher rate.

If your credit score reflects timely payment of bills and sensible money management, the lender expects you to be equally responsible in paying that loan and may be willing to charge a lower interest rate; if your credit score indicates you are sloppy in managing money and pay late or not at all, the creditor will be suspicious of your ability to pay and probably will charge you higher interest to counteract the risk he’s taking.

You can improve your credit score by paying bills on time. This is one of the most important records in your credit file. Another factor is how much debt you have compared with what your credit limit is. If you’re in debt almost up to your limit, that brings your score down.

The single best way to raise your credit score is to pay your bills on time. This may mean creating a new budget and living within its limits. Making bill paying your first priority can go a long way toward raising your credit score, w…………… continues on New Philadelphia Times Reporter

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How renting can improve your credit score
News from Fox 31 KDVR.com:

If you thought that you had to be a homeowner to build your credit score, think again. Renters now also have a chance to have their payments reported on their credit history and help them boost their credit rating. Our Certified Financial Planner, Denisa Tova, is here to tell us how.

I ran across an interesting article by another fellow CFP, Pamela Sandy.  It is about great resource to help people with little or no credit to build their credit history.

As a renter, your timely rent payments would not get reported on your credit report, like homeowners would. So you would miss an opportunity to build a good credit. That’s not the case anymore.

There are companies that for a fee, will report your rent payments to the credit reporting agency.

One such company that received an “A-rating” by the Better Business Bureau, is called Williampaid. For a fee of $ 2.50 per month, it will report your rent payments to the credit reporting agency called the PRBC. PRBC partnered up with the company that provides your credit score, the FICO score. Thru this FICO expansion score, lenders have access to your rental history, which will help them decide if you are credit-worthy. Again, this is very useful for those with no credit history, like co…………… continues on Fox 31 KDVR.com

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www.Cram4You.com Improving your credit score can significantly increase your credit worthiness. So let’s discuss a few tips on how to improve your credit score.
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