Archive for September 29, 2014

Michelle Singletary: Simple ways to improve your credit

Michelle Singletary: Simple ways to improve your credit
News from Buffalo News:

There are no shortcuts to strengthening your credit score.

Say that to yourself three times a day until you stop trying to figure out or waste good money searching for an easy fix to boosting your creditworthiness.

I say this because I was taking calls from some radio listeners recently and a young woman asked how to increase her credit score, which was in the high 600s – a decent score but not great. She was referring to the range for the FICO score, which goes from 300 (lowest) to 850 (highest). The first question I always ask people trying to improve their credit score is: Do you pay your bills on time?

The caller hesitated.

“That would be a no,” I jumped in.

“No, no, I pay them on time,” she said.

I pressed because I’ve been answering the question for years. And people don’t seem to want to acknowledge the behavior that can affect their credit.

“Really, you pay every single bill, on time?”

Then she came clean. She “mostly” pays them on time. Only occasionally does she slip up, she admitted.

That’s the score slayer.

Don’t listen to the television ads promising quick fixes or the many junk emails with subject lines claiming secret ways to improve your credit. Paying your bills on time is the No. 1 way to fix your credit. Every debt. Every month. On time.

But when I say that, I get blank star…………… continues on Buffalo News

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Martin Lewis: 20 things you must know to boost your credit score

Martin Lewis: 20 things you must know to boost your credit score
News from Telegraph.co.uk:

Of course, a bad risk is likely to be seen as unprofitable by many. Yet good risks may still be unprofitable. It could be that you’re applying for a hot credit card cashback deal, but their aim is to build a customer base to cross–sell mortgages to, and you’re not suitable for that.

4. Credit scoring dictates rate, too

Most lending is now “rate for risk”. Watch for the word “representative” before APR. That means lenders only need give 51pc of accepted customers the advertised rate – the rest can pay more. So even if they advertise a 6 per cent representative APR, your credit score could mean you’re offered 40 per cent.

5. The system is anti–shopping around

Too many applications, especially in a short space of time, can have a negative effect on your future score. This is a catch–22 as if you get rejected, or the rate you are offered is poor, you’ll want to keep applying to see if you can get a better deal, but at the same time your chances will start diminishing. It’s something I’ve railed against for years, including in evidence given to House of Commons select committees, but politicians have done little. So eventually I tried to do something myself…

6. Find your odds of acceptance in advance

The reason applications mark your file is that many lenders unnecessarily use “hard searches”, which other lenders can see. They…………… continues on Telegraph.co.uk

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No shortcuts to boost your credit score
News from Boston Globe:

WASHINGTON — There are no shortcuts to strengthening your credit score.

Say that to yourself three times a day until you stop trying to figure out or waste good money searching for an easy fix to boosting your creditworthiness.

Continue reading below

I say this because I was taking calls from some radio listeners recently and a young woman asked how to increase her credit score, which was in the high 600s — a decent score but not great. She was referring to the range for the FICO score, which goes from 300 (lowest) to 850 (highest).

The first question I always ask people who are trying to improve their credit score is: Do you pay your bills on time?

The caller hesitated.

“That would be a no,” I jumped in.

“No, no, I pay them on time,” she said.

I pressed because I’ve been asking the question for years. And people don’t seem to want to acknowledge the behavior that can affect their credit.

“Really, you pay every single bill on time?”

Then she came clean. She “mostly” pays…………… continues on Boston Globe

… Read the full article


11 Simple Ways You Can Boost Your Credit Score

11 Simple Ways You Can Boost Your Credit Score
News from DailyFinance:

Getty Images Knowing your credit score and knowing how to improve it are two of the most important things consumers can do ensure they reach their long-term goals. The three major credit rating agencies — Experian (EXPN), TransUnion and Equifax — collect information on all of us, looking at how we spend our money, pay our debts and mess up. They use that boatload of data to create your FICO score, which in turn is used by lenders to determine your credit risk. And that credit score can determine whether you will be turned down for a car loan — or if you’ll get the 0 percent interest incentive rate or if you’ll have pay 18 percent.

Here are 11 steps you can take — and they may take a few months — to repair any damage you’ve done.

<…………… continues on DailyFinance

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Why Your Business Credit Score Matters (and How to Improve It)
News from BusinessNewsDaily:

Credit: new photo/Shutterstock

If you’re good about keeping your personal and business finances separate, you may think that the only credit score you have to worry about is your own. While maintaining good personal credit is certainly important if you’re applying for business loans, you may not realize that your company has its own credit score — and it’s just as essential to monitor.

“Businesses in the eyes of the law are treated like people,” said Jeff Stibel, CEO of Dun & Bradstreet Credibility Corporation, which provides credit-building and credibility solutions for businesses. “The smallest businesses tend not to incorporate or get a credit file, so they [think they don’t] have a credit score. Whether you’re proactively trying to get your score or not, it’s very likely that you still have one.”

Stibel said that there are tens of millions of credit files that closely correlate to most registered businesses in North America. His company sees those credit files, and they’re often very thin and ill-suited to a growing business’s needs, especially if a company…………… continues on BusinessNewsDaily

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Money Savers: Improve your credit score at this free seminar

TopLine Federal Credit Union in Maple Grove will host a series of financial empowerment seminars this fall called “Taking Control of Your Finances.” The firs…

Credit repair tips for home shoppers

Credit repair tips for home shoppers
News from Atlanta Journal Constitution:

If your credit score has taken a dive in the past few years, you’ve probably been tempted to hire a credit repair organization to fix all your problems. They promise to get rid of damaging items, and replace them with only good credit. But is it legal to hire someone to give you a clean credit report? I’m going to share what’s OK and what’s a scam, and give you a few tips of my own — at no charge.

Q: Why is good credit important to prospective home buyers?

A: Now more than ever before, lenders are relying on your three-digit credit score to help them decide if you will qualify for a loan in the first place. If the answer to that questions is yes, then they use your score to determine what interest rate you will pay. On top of that, insurance companies are now setting your premium rate based partly on your credit score.

As a result, it is now critically important that a home shopper start the process by examining their credit report and score, and making sure they do everything possible to maximize their good credit.

Q: We’ve all seen the ads for “credit repair” that promise to fix your credit and boost your score. Do they really work?

A: Generally speaking, no. We all dream of paying a fee to “start over,” but if you have lots of damaging items on your credit report, those are bound to show up in your credit score. That’s reality.

…………… continues on Atlanta Journal Constitution

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How to Raise Your Spouse’s Low Credit Score

How to Raise Your Spouse’s Low Credit Score
News from TIME:

How to Raise Your Spouse’s Low Credit Score

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This Law Would Immediately Improve Your Credit Score
News from TIME:

This Law Would Immediately Improve Your Credit Score – TIME

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Team 10 confronts sex offender accused in credit repair scam

Team 10 confronts sex offender accused in credit repair scam
News from 10News:

Team 10 Troubleshooter Cristin Severance was waiting as Art Nuno showed up to court in Vista Wednesday.

KGTV

Art Nuno was in a Vista courtroom for failing to register his address, but once his hearing was over he ran from Team 10 Troubleshooter Cristin Severance.

KGTV

Copyright 2014 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Arturo Nuno

Copyright 2014 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

…………… continues on 10News
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Top 10 Reasons You Put Off Credit Repair
News from Boston.com:

by Nikitas Tsoukalis, President

Key Credit Repair

It’s not uncommon to be afraid to dig into your finances. Many people feel that they don’t properly understand credit or that it’d be difficult to learn. Not sure what is holding you back? Read on to learn common reasons that people avoid credit repair.

1. You think it’s too difficult.

If you did not get a good education in personal finance, you may not know a lot about credit. Luckily, there are many resources to help you learn.

2. You think your credit doesn’t matter.

If you pay in cash for everything, you may think your credit score doesn’t matter. However, bad credit can affect every aspect of your life from where you can get a job to how much you pay for insurance.

3. You don’t know how much you owe.

Not sure what your debt is? You’re not alone. According to The New York Times, people tend to report in surveys only about half as much as credit card companies say is owed to them.

4. You don’t have the funds to pay off old debt.

A recent study found that, on average, people with delinquent debt owe over $ 5,000 in credit card debt, past medical bills and other types of debt.

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Credit Repair Review – Allison March 2010 – Please note that credit repair is not just about resolving debt issues. Although paying off debt and keeping low …
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Bad credit repair scams and ordering free credit reports

Bad credit repair scams and ordering free credit reports
News from Examiner.com:

While the economy has been showing signs of improvement, your good name and reputation within the community has never been more important. Creditors have tightened their credit granting guidelines effectively barring millions of Americans from borrowing money, according to EyesOnNews on Friday.

Mortgage lenders, auto finance companies, credit card issuers and banks have all raised the bar. Borrowers with low Fair Isaac (FICO) scores can expect to be denied credit or to pay significantly higher interest rates than those with excellent histories. Those with low credit scores have even been denied premium employment opportunities.

Long gone are the days of obtaining credit, goods, benefits, services or employment with a 620 score. In most instances, a consumer will be denied credit if they maintain a credit score lower than 740. Even those with high credit scores have experienced closed credit card accounts and equity lines. When an account has not been…………… continues on Examiner.com

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DIY Credit repair: Does It Really Work?

DIY Credit repair: Does It Really Work?
News from Boston.com:

by Nikitas Tsoukalis, Key Credit Repair

For a lot of consumers in debt, DIY credit repair may sound pretty tempting, but the real question is, is the DIY approach really as effective as working with a credit repair company with an established and successful history? As it turns out, the answer is: It depends.

Credit repair and good financial management requires a lot of work on the part of the consumer, but to get the best and quickest results, the best route usually requires the intervention of a credit repair expert. That’s because credit repair companies have longstanding relationships with lenders that can often result in lowered interest rates or more favorable repayment schedules for you.

Image via Flickr by Tax Credits

That doesn’t mean there’s nothing you can do personally; in fact, there are several things you can – and should – do to help repair credit. Here are a few steps you can take that can have a real impact…………… continues on Boston.com

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Verifying credit files can mean cheaper loans: credit repair agency
News from The Adviser:

Brokers can turn clients into “raving fans” by helping them correct their credit reports, according to one credit repair agency.

Princeville Credit Advocates lead adjudicator Merrilyn Mansfield told The Adviser in a video interview that this sends a message to clients that brokers care.

Ms Mansfield said it might be wise for clients to verify their credit report before accepting a non-conforming loan with a higher interest rate and application fees.

“If it isn’t correct, those listings are erased and then the broker can write a much lower interest loan for the client. So it turns the client into a raving fan,” she said.

Ms Mansfield also said that brokers were right to be wary of the credit repair industry.

“I think there’s the idea of credit repair, which I think is entirely ethical, and then I think there’s the practice of credit repair, which can either be done ethically or not,” she said.

“So I think credit repair is ethical in that it attempts to correct incorrect information on a credit report.”

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CREDIT REPAIR COMPANIES, GOOD CREDIT REPAIR COMPANIES, BEST CREDIT REPAIR COMPANIES Please call us about our credit repair options and strategies Phone: 1-714-459- 0164 or 424-234-FICO (3426)…

6 Tips to Improve a Credit Score Fast

6 Tips to Improve a Credit Score Fast
News from Motley Fool:

Photo: Sean MacEntee via Flickr.

It’s important for most of us to have healthy credit reports and credit scores, as landlords, insurers, lenders, and others look at our credit ratings and make decisions accordingly. If you want to be offered the best interest rates on loans, for example, you’ll need a high credit score. There are many ways you can improve your credit score, including some obvious ones like paying down your debt and paying bills on time. But those can take a while to pull off or to take effect. Below are some ways to improve a credit score quickly.

First, though, to get a sense of how soon and how much you might improve your credit score, know that it’s recalculated every time someone requests a look at it. According to the folks at credit agency Experian: “Your credit history is being updated continuously. Information is being added and deleted as your payments are reported, accounts are opened or closed, and outdated information is removed.”

Know, too, continues on Motley Fool

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10 Ways to Boost Your All-Important Credit Score
News from DailyFinance:

Your credit score holds a lot of power. It affects your ability to get a car loan, rent an apartment, apply for a mortgage, and sometime, even your ability to get a job. And fundamentally, a lower score means that every time you need to borrow money, you’ll pay more to do it. Over time, that really adds up.

Fortunately, a less-than-perfect credit score today doesn’t doom you to a life of bad options and high interest payments. There are plenty of ways you can start now to improve your score and your overall financial success. Here are the 10 biggies:

  • You’re entitled to a free credit report every year from the three major credit reporting agencies — Equifax (EFX), Experian (continues on DailyFinance

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