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October 23, 2010

How Long Do Credit Inquiries Stay on a Credit Report?

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 4:56 am
Tim Gorman asked:




Credit reports can be a bit of a balancing act. On one hand they need you to take out credit so that they (the big three credit reporting agencies) can see that you have a good payment history otherwise they have nothing to base a credit report on. But if you take out too much different credit too quickly then they can see you as being a bad risk for their clients thereby preventing you from obtaining a good credit ranking and possibly favorable credit terms on future purchases.

The trick is if you are looking for credit, whatever it is for, then only apply for the credit that you really want. Don’t apply for many different products so you have a better chance of one of them accepting you. Of course, it can be difficult trying to determine just how long do credit inquiries stay on a credit report and when you can start applying for purchases requiring credit again without it adversely affecting your credit history.

Although you may want to know and may routinely ask yourself “how long do credit inquiries stay on a credit report” for perfectly good reasons it is not always easy to get a straight answer to the question. Credit report companies can be very secretive about exactly how they compile their reports for very good reasons and are unlikely to give you any real help, information or guidance even if you are trying to find out why you have been refused by a merchant for credit.

For a general guideline as to how long do credit inquiries stay on a credit reports, it is usually safe to estimate about 2 years. And if you have been refused credit because of this it is usually a good idea to wait for about 6 additional months before applying again for another loan. Even if you have been applying for credit cards and are now looking for a mortgage the credit card applications will appear on your credit report for the mortgage company.

The best way to make sure that the credit check companies do not see you as having too many applications for loans is to not apply for more than one or two things at a time. That way they may see each application as separate and you will not look like someone who is just applying for a lot of different products or credit at the same time. Of course if you get refused for the loan you are looking for then you are free to always apply to different loan and credit agency or company. Just remember, it is not usually a good idea to apply for too many at the same time. This way your credit is much more likely to be looked at favorably by the credit report company.

Terri

July 12, 2010

Rebuild Your Credit With A Prepaid Credit Card

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 1:46 am
Joseph Kenny asked:




It can be pretty tough when your credit is bad and it is next to impossible to get credit when you need it. Most major credit card companies will not talk to you, and a lender – well, forget about it. There is a way, though, out of the tough situation with a prepaid credit card. Here is what you can do with a prepaid credit card to help rebuild your credit score.

Need A Bad Credit Rating

One of the best things about a prepaid credit card is that it was designed for people with bad credit. In fact, that is one of the qualifications. There will not be any check on your credit rating, or your employment. Anyone can get one of these credit cards, but you will need to deposit a cash amount equal to the credit limit you want. This lets you know that it operates on a debit basis – no actual credit is given.

Get A Card That Reports To A Credit Bureau

Not many prepaid credit cards actually report to a credit bureau. That is, however, the kind of card that you want to get. While others make having cash handy, it really will not help you (or anyone with bad credit) in the long run.

Watch The Fees

Prepaid credit cards often come with a number of fees. You should compare one card with another in order to get the fewest fees. In order to get a prepaid credit card that reports to a credit bureau, you will probably have to pay an annual fee – could be as high as $100.

Look For Benefits

Most prepaid cards do not come with any benefits, but some do. You can get points, like on a regular credit card, that are useable for a few benefits – like free phone time, and more.

No Credit Card Abuse

Another good thing about these credit cards is that you can never go over your limit, or have to pay any late fees or interest. (Hey, this is sounding better all the time). This means that if it reports to a credit bureau, that it would be impossible to get a lower score than what you may already have with this kind of card.

Easily Put Cash On Your Card

Most prepaid cards will allow you to easily put credit on it from just about anywhere. You can even put your paycheck onto it by Direct Deposit.

Use It Like A Credit Card

A number of these prepaid credit cards can be used in the same way as a credit card. You can set up automatic bill payments, purchase things online, or over the phone. If you want this feature, however, be sure that the ad says that you can do this.

Like any other credit card, you will want to compare features and fees in order to find the best prepaid credit card for your needs. While most of them are similar, the fees vary widely. Since no qualifications are needed, why not get the best?

Vanessa

July 5, 2010

How Long Do Negative Items Stay on Your Credit Report?

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 11:43 am
C Morris asked:




I’m going to approach this as a trick question, because there are many of you who don’t know the true answer. If you ask most people, they will give you about the same answer:
- 2 Years for inquiries
-7 Years from when the negative impact occurred
-10 Years for Bankruptcies and other Public Records

How does this turn into a trick question, you might be wondering? Most of those people that we just asked don’t know about another type of report that is held, and is sometimes used for credit decisions. This is known as a Full Factual report.

A Full Factual report is an extended version of your credit report that contains ALL of your history, including the items that have dropped off your regular credit reports. While you thought that your late payments dropped off into oblivion, they could in fact creep up to bite you again and again, depending on who decides to pull your Full Factual report instead of the basic credit report.

Before you freak out, you should realize that this report isn’t used very often. It may come into play during a mortgage application, or some other very high dollar loan consideration, but that’s about it. For some of you, it may never even come up at all, but if it does, you’ll be ready for it.

There is a way to remove those negative items for good and keep them from showing on your Full Factual report. The ONLY way to do this is to dispute the negative items. Now, you can’t just start randomly disputing items and expect to get anywhere. There are laws that have been created which tilt the odds in our favor, but it requires some work to figure out how to use them to your advantage. It is up to you to learn the laws and figure out how to dispute those items and remove them forever. It’s going to take a lot of work, but in the end it will be worth it.

Rosemary

July 1, 2010

Online Credit Report

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 8:34 pm
Beth Pardue asked:




Online credit reports are an easy way to learn what potential lenders will see about us, before we apply for a loan or credit. All too often, our early mismanagement of credit, like during our irresponsible youth, winds up hurting us for years. We get negative information on a credit report that could ruin our chances of getting additional credit long after we have begun managing credit more wisely.

So, if you’re considering making a major financial move it’s a good idea to check your credit report to know where you stand. That way you can be aware of problems before they derail your plans. And once you are aware of these problems, you can take steps to rebuild damaged credit and clean up that record.

If you’ve made mistakes in paying previous loans, bouncing checks, making late payments or other problems, you may still be able to reduce the amount of damage they will do to your credit with explanations or some basic repair. The first step is getting copies of your credit reports. Luckily, obtaining an online credit reports is easy. There are many companies on the Internet that will provide you with a copy of your credit report free of charge. Visit to learn more about getting your free copy of your credit report.

You can also get a copy of your credit report by requesting a copy directly from each of the three major national credit bureaus: Equifax, Experian and TransUnion. Checking your credit through the credit bureaus directly can cost you as much as $9 per report, although it differs from state to state. You can request that the report be mailed to you or obtain it online. But with so many options available for a free credit report – why pay for the same information that you can get without having to spend a dime?

But regardless of how you obtain a copy of your credit report, the most important thing is that you get a copy for yourself, review it and make sure that it is the best it can be. Then begin working to resolve any activity that can be repaired. The sooner you get a copy of your credit report, the sooner you can begin improving your credit.

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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.

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Arthur

June 29, 2010

What Makes a Good Credit Report Score?

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 8:21 pm
Francine Denson asked:




The FICO standard scale ranges from 350 all the way to 850. So, you’re probably wondering- what exactly is considered a ‘good’ credit report score? In this article we will demystify credit ratings and discover what level you should aim for to increase your borrowing power.

Establishing what constitutes a “good” credit score is pretty easy; matter of fact, it’s a standard formula. Once upon a time, prospective lenders used to carefully examine credit reports, weigh the pros and cons, contrast this with income and make a decision that was far more ‘organic’ than it is today.

In the 1990′s, Fair Issac made the process an entirely formulaic matter, which assigned values to various points of data that resulted in an overall “score”. the exact formula used to create this score remains a highly guarded secret, but it is know to make use of a variety of factors. The “score” in question is called a FICO and it has massive impact on your ability to borrow, be it credit cards, car loans or mortgages.

The FICO standard scale starts at 350 and goes to 850. So, you’re probably wondering- what exactly constitutes a ‘good’ credit score?

Here’s how the scores typically break down.

730+ – Excellent credit
700 – 729 – Good credit
670 – 699 – Average Credit
585 – 669 – Higher risk
Below 585 – Very High Risk

Well, starting at 730, you’re considered in the ‘excellent’ credit range. Here, you will receive the best interest rates for mortgages or loans, the lowest credit card fees and ultimately, will have access to more credit and borrowing power than people with a lesser score. If your score is above 730, don’t worry. You’ve ‘arrived’ in the credit world and at this point, you can’t really do any better. The functional difference between a 730 and a higher score is nominal, if not non existent.

If your score is in the 670 to 730, you will still be able to quality for credit lines, but you will pay a higher interest rate than those in the ‘prime’ credit range. Here, the actual score itself matters; the lower your score happens to be, the higher interest rate you will need to incur in order to borrow, so improvements in this range are worthwhile. For example, an increase as low as ten FICO points can save you thousands of dollars over the term of a 30 year mortgage.

If your score is below 670, you are in what’s called the ‘subprime’ range where you will pay the highest rates with the least access to credit lines- if credit lines are extended to you in the first place.

People with scores below 670 should promptly start rectifying this, as the interest rates and limited access to credit suffered at these levels can have a substantial impact on your ability to borrow and as such, your overall financial life.

Ron

June 9, 2010

How Can I Get A Copy Of My Credit Report?

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 8:39 pm
Ann Born asked:




With the FTC, you or anyone you know can answer the question “How can I get a copy of my credit report”. No matter where you live, whether in New York or Los Angeles, you will have no problem obtaining a copy of your credit report and without ever having to leave your home to do so. There was a time, not so long ago, that you had to fork over your hard-earned money to obtain your credit score. The majority of people viewed this as unfair and that resulted in the FTC’s current policy.

“How can I get a copy of my credit report” no longer has to cost money or take a great deal of time. Anyone can get a copy instantly that allows him or her access to every bit of information that any credit company or bank sees when he or she applies for any type of credit. So, now that you have this knowledge, you are probably asking, “Where can I get a copy of my credit report?” Well there is a simple answer, via the internet. The internet offers a perfect venue for receiving a free copy of your credit report. Three major credit-reporting agencies exist. When you request a copy of your credit report, you will get one free of charge.

It is not difficult at all. You will simply be required to fill out a form online with some vital information about yourself and then voila, you have your credit report right on your monitor. You should beware though, many internet web sites have begun to see the vast market for credit reports and now require payment. These web sites will charge you a nominal fee to view your credit report and then a fee on a monthly basis for a subscription.

These web sites offer you many different things such as fraud and theft protection. But why pay this money for something you do not really need. All you really need is a copy of your credit report. The best answer to that solution is writing a request to the FTC for “a copy of my credit report”. This is free and requires no monthly payment.

Tommy

June 7, 2010

Credit Card Eligibility

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 7:29 pm
Joseph Kenny asked:




Have you wondered how credit card eligibility is determined?

Curious whether you’re eligible for a credit card?

It all has to do with your credit rating and credit score. Here we go with a quick tutorial on what constitutes credit-worthiness and how you can make sure that you are eligible for a credit card when you want one.

Credit Reports and Credit Scores

When you buy something on credit or have a credit card, the credit card company or store makes periodic reports to one or more credit reporting agencies. Those agencies keep records of your credit history – how good you are at paying your bills on time.

Among the things that go into your credit history are:

1. How many credit cards you have

2. How much you owe on each one

3. How many loans you’ve taken out

4. How much you still owe on them

5. Any payments that you’ve made late

6. Any payments that you’ve missed

7. If you’ve ever defaulted on a loan

8. If you’ve ever filed for bankruptcy

9. If you own a house

10. If there has ever been a judgment against you for unpaid debts

Credit reporting agencies assign a ‘weight’ to each of those facts, and assign points to you based on each of those points. The total of those points is called your ‘credit score’. The higher your credit score is, the better your credit is.

Some of the things that you lose points on your credit score for are:

1. Having too many credit cards

2. Carrying too much debt on your credit cards

3. Carrying too many loans

4. Making late payments or missing payments

5. Defaulting on a loan

6. Applying for a lot of credit cards in a short time

The credit card and credit score give a ‘snapshot’ of your credit history.

Getting a Credit Card

When you apply for a credit card, the company that issues the card checks with a credit reporting agency to get your credit report and find out your credit score. Since they’re basically lending you money whenever you use your credit card, they want to make sure that you’re the kind of person who pays your debts on time. They have an ideal ‘snapshot’ that they compare your credit report and score with. The closer your credit score is to their ideal, the better your chances of getting a credit card with a great interest rate and good terms.

The lower your credit score is, the more a risk you are for the credit card company. Because they take a bigger risk when they lend you money, they charge you more by giving you a higher interest rate. If your credit score is too low, they won’t give you a credit card at all. If you have no credit history at all, they also may decide not to give you a credit card, depending on other factors in your credit history.

If you’re turned down for a credit card.

The credit card company has to tell you the reasons that you were turned down. They also have to tell you which credit reporting agency they got your credit history from. There are three major credit reporting agencies in the country – Equifax, Experian and Transunion. The report that the credit card company used to make their decision will be one of those.

You have the right to request a copy of the credit report that they used to make your decision. The company that provided the report to the credit agency has to give you a copy free. The credit reporting agency also has to give you a copy of your credit report once every 12 months if you request it. Get your credit report to find out what it says about you – and to see how you can improve your credit score so that you won’t be turned down next time.

You may freely reprint this article provided the author bio and live links are left intact.

Darren
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