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April 15, 2010

Credit Report – 101 Essentials

Filed under: Non Fiction — Tags: Credit History, Credit Report, Creditors, Financial Freedom, Financial Position, Freedom Path, Getting A Loan, Improvement Tips, Interest Rate, Loan Conditions, Loan Consolidations, Loans, Repayments, Score Improvement, Trw — admin @ 5:20 pm

John Mcfadden asked:

A Credit Report is essential for ever adult. It allows you information one your own financial position to allow lenders to give you credit. If you are about to apply for a loan then it’s strongly recommended that you access your report up to six months before taking out the loan. This is advised because you will have time to correct any wrong information and pursue ways to lift your credit score on your credit report.

Getting a loan is essential in this day and age so if you want to head on the path of financial freedom (don’t we all) then it’s important you know what a Report is all about and how you can best make use of the information, this seems fairly logical so you’ll be surprised to find out that over 75% of Americans don’t know their Credit Score! and 20% have never even seen their Credit Score! So if you are reading this article then you are probably ahead of most people and therefore will get to the financial freedom path faster then most.

There are three main Report Bureaus that you can access your credit report from. It’s important that you don’t ask for your credit score as if you want get a free copy of your report.

The three Report Bureaus are: Experian (formally TRW), then Equifax, and TransUnion.

It’s very important to understand what your credit report is exactly made up of. Here is a list of the following ingredients:

Payment History 35%

Amount Owed 30%

Length of Credit History 15%

New Credit 10%

Types of Credit Used 10%

It’s important you know the ways to improve your credit score, so follow the following tip to get your score as good as it can be so creditors will only be too happy to loan your the money for your new house, with them being very confident you can make the repayments back. It most likely will provide you with a better interest rate and your terms and loan conditions will also be improved.

Credit Score Improvement Tips.

Refrain from getting loan consolidations.

This will effectively kill off you past history on all the loans you’ve had, seeing that your credit report and score’s biggest factor and most important figure is your past payment history, then you need to maintain loans and finish them off with the financial institution you took them out with.

Keep Old Accounts

This is similar to the above point but with a difference. It’s important I point out to you that having several accounts or lets say credit card accounts for example. The total available credit when compared to what you ow on the cards is a ration that the credit report will factor in to work out your Credit Score. The less that ration is – of if it surpassed a factor of 1 then you are bankrupt. So if you move over our debts on credit cards to one which has a lower interest rate it may be good for you in the short term but not in the long – as your available credit to debt become higher and there for a negative.

Resist the temptation for getting in store credit cards

Having many in store cards will show that your not the best saver and that your credit worthiness is not excellent. It could be a hit of as much as 20 points on your credit report rating. It also lowers your age of credit for each card.

I hope this information on getting your credit report has helped and you see the importance of your credit report and credit score.

Alvin

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January 5, 2010

Why You Should Compare Credit Cards Before Applying

Filed under: Non Fiction — Tags: Application Fee, Benefit, Charity, Credit Bureau, Credit Cards, Credit Check, First Three Months, Headaches, Interest Credit Card, Low Interest Credit Card, Membership Fee, Money Time, Profits, Three Times, Typical Apr — admin @ 11:19 pm

Jon Francis asked:

You have been pre-approved for a low interest credit card with a typical APR of 12.5%, and an introductory rate of 7% for the first three months. There’s an application fee of £25, and an annual membership fee of only £22.50. Does it sound like a good deal to you? Unless you take the time to compare credit cards with similar terms and rates, how would you know?

Think twice before you apply – or three times, or four. If you’re considering applying for a new card, you should take the time to compare options to be sure you’re getting the best credit card deal available to you. When you take the time to compare before you apply for a credit card, you’ll save yourself money, time and possibly the headaches that go along with black marks on your credit report in the future.

1.You should compare credit cards based on how you intend to use them.

Make your comparisons based on the way you handle your finances. Do you pay off all your accounts on time every month? Then you’ll want to apply for a card that offers you rewards for using it – or one that shares its profits with a charity through a spending rewards program.

2.Compare credit cards by APR if you intend to carry a balance.

If you tend to purchase things on impulse even if you’ll have to pay them off over several months time, then you should be aiming for the lowest possible APR that you can get.

3.Compare credit cards by adding up all the fees and costs associated with using them, and choosing the ones that will cost you the least and offer you the highest benefit.

You can find all the information that you need to compare credit cards online. You can find many different offers for various kinds of credit cards, and check the details and terms and conditions before you apply. That way you’ll only apply for the options that you’re most likely to be approved for. That’s important because whenever you apply, the company reports it to a credit bureau, and the credit bureau notes it on your record. Every time you apply for finance, try to let a flat or apply for a position, chances are that your potential creditor, landlord or employer will check your credit record or credit score. While there’s nothing implicitly wrong with applying for many credit cards, lenders often cast a wary eye on people who’ve applied for many in a short period of time. It’s far better to sift through the offers, figure out which ones are likely to approve you, and apply for those credit cards.

If you don’t compare credit cards – if you just apply for the first one that catches your eye – you could be doing yourself out of a deal that will cost you far less in the long run.

Francis

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September 9, 2009

Your Credit Report And Credit Score

Filed under: Non Fiction — Tags: Account Balance, Bankruptcy, Banks, Credit Accounts, Credit Decisions, Credit History, Credit Risk, Credit Score, Creditors, Equifax, Lenders, Loan Defaults, Loan Mortgage, Major Credit Bureaus, Ul — admin @ 7:37 pm

Jim Brown asked:

Payments and default payments on your credit card are reflected on a single report called the credit report. Other credit accounts and loan defaults are also contained in such a report. The information contained in your credit report is even given a numerical value called your credit score. Creditors and lenders actually take a look at your credit report, credit score or both before granting you any type of credit, loan or mortgage to check on your credit history.

Credit Report

Your credit report basically contains information about your residence, your employment, how your pay your bills (whether on time or you always default), on whether you have filed for bankruptcy and on whether you have been sued (related to finances). Three major credit bureaus namely Experian, Equifax and Transunion maintain your report.

Information from banks, your credit card company and any other party with whom you owe something are being collected by credit bureaus and compiled for your credit report. This information is then sold to businesses that need to review such information in order to make sound credit decisions.

Your creditors and lenders actually provide such bureaus with information about your accounts like account status, credit limit, status of monthly payment, account balance and other information necessary to identify your credit worth.

Checking your credit report periodically will give you an idea of what your lenders and creditors are saying about you. You can actually obtain your credit report from any of the three credit bureaus and you can even secure one free copy each year.

It is of utmost importance that you understand how to read your credit report and the process to go through should it contain any erroneous information that you would want to dispute.

Credit Score

A credit score can range from 300 to 850 and is a numerical representation of your credit report. Based on the number, lenders and creditors can easily assess if you are a credit risk and ultimately make a decision as to whether to grant you credit or deny it.

If you have a high credit score, you are considered to be a borrower of lesser risk as compared to those who have low credit scores. People with high credit scores can obtain lower interest rates on their loans and credit cards while those with low credit scores will be given higher interest rates and will more likely be denied of a credit card application, loan application or any other type of credit based service.

The three different credit bureaus actually have their own version of credit score.

Earl

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July 30, 2009

Bankruptcy Credit Report – Know the Facts

Filed under: Non Fiction — Tags: Car Loans, Chapter 13, Creditors, Debt Reduction Strategies, Equifax, File Bankruptcy, Filing Bankruptcy, Filing For Bankruptcy, Financial Situation, Last Resort, Loan Repayment, Negation, Repayment History, Trans Union, Trw — admin @ 8:10 am

John Mcfadden asked:

Bankruptcy Credit Report information is essential before filing for Chapter 13 which should be your last resort. The essential action you do BEFORE filing for Bankruptcy is to get a Credit Report on your financial situation. From here there are many debt reduction strategies you can enact well before you hit the fatal Chapter 13 button, however if you do have to file for bankruptcy then be sure to know the best way to go about it.

Bankruptcy Credit Report – Get and Review your Credit Report.

The three main sources of obtain your Credit Report from are Experian (formally TRW), then Equifax, and Trans Union. They will provide information on your Credit including all loans, such as House and Car loans. They will also have information on your Credit Credit debts and any other smaller loans. If you don’t ask for you Credit Score you can obtain these Credit Reports for Free.

Debt Reduction Bankruptcy Credit Report

There are so many avenues you can pressure to find out ways around filing for Bankruptcy. Remember that If you file for Bankruptcy then your record will stay on public records for up to ten years, It will stay on Credit reports for around seven. One good point to note that is you can still access credit from financial institutions during this time period. Because your past debts have now been paid and you don’t owe any money on them, as long as you prove that you are generating a good income and have since built up a bit of a savings history especially in the last six months then yo might find yourself in a bit of luck.

The many ways you can try do reduce your debts include the following:

Try calling up each of your Creditors and ask for an offer for settling today. This method has been known to work and can reduce your loan repayment amount to 85% of the total – you could even go lower – like any negation process try and go for the lowest amount without being to outrageous, anywhere form 50% and upwards, your repayment history and likely hood of repayment should way in as factors. If you are about to go into Bankruptcy and they think that too then it’s better they get some money compared to nothing, so they could take you up on the offer.

Bankruptcy Credit Report – Facts

Did you know that Every 30 seconds in the United States someone files for bankruptcy.

Types of Bankruptcy

There are two types of Bankruptcy

Chapter 7 bankruptcy is when a court appoints a Trustee. This Trustee can liquidate or even sell valuables that you own to pay your creditors.

The Chapter 13 bankruptcy is when debt is consolidated into a single monthly payment. Which can go on for no longer longer than five years. You don’t have to repay all of your debt only as much as you can afford.

Darlene

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compare credit report – transunion experian equifax

April 15, 2010

Credit Report – 101 Essentials

January 5, 2010

Why You Should Compare Credit Cards Before Applying

September 9, 2009

Your Credit Report And Credit Score

July 30, 2009

Bankruptcy Credit Report – Know the Facts