Getting Started With
Repairing Your Credit
If you are just getting started on the process of repairing your credit, one of the big questions is whether to do it yourself or commit to using a lawyer or credit repair service. If you feel that doing it yourself will get the job done right, I am going to have to agree with you.
Many credit repair services will charge you a monthly fee and you will have no idea what you are getting. I have known several people to try repair services and be extremely disappointed. I am not saying they are all bad, but if you were charging a monthly fee, do you think you would be racing to get the job done quickly?
So by now you have probably figured out that this series of articles will be about repairing your own credit. In this first series we will get started in finding out how damaged your credit is, and then prepare a game plan to begin the healing process. It would be difficult to prepare a halftime comeback if you didn't even know what the score was. But what if I told you there were three scores and they may all be different? Don't despair it will make sense in a minute.
There are three major consumer credit reporting agencies, and each one keeps a file on you called a credit report. This report contains information such as name, address, social security number and other personal information about you. The biggest section of this report keeps a history of all your current and past trade lines. This information will have the name of the lender, account numbers, and payment history information that other lenders will look at to see if you make your payments on time or have ever had late payments. Noted will also be approved limits and the type of credit, installment or revolving, and the status of the loan (open, closed, paid, and inactive or whether it's been sent off to collection).
The next section of your report, Public Record, will have the most impact on your scores. This is the section that lists any tax liens, bankruptcies, foreclosures or other judgments against you. If you are lucky this section will be clean. If not there are actions that can be taken to help clean up this section of your report. In a later article I will touch on some of these advanced credit repair techniques. Just know that if done correctly you will not have to wait 7 to 10 years for these items to drop off your report.
The last section is Inquiries. Each time you apply for credit, a lender will pull a copy of your credit report to gauge your credit worthiness. Each lenders formula on how to approve you will be slightly different, but will most likely be checking your report, your FICO score and looking at your income statements. Each inquiry into your credit actually counts against you and will knock a few points off your score. However, if you pull the report yourself, this is considered a soft inquiry and will not have any impact.
Lenders will begin reporting on you to the bureaus once you have established a loan and begun making payments. Because this is a voluntary system for lenders, you will not know which if any of the reporting agencies a lender is submitting data to. For this reason you will find that your credit report will be different as well as your credit score at each of the 3 big credit bureaus.
So to begin with you will need a copy of your report and score from each credit bureau. I recommend looking for a package deal that will contain a combined report from all three bureaus and your FICO scores too, as most lenders will use this score to grade you by.
NOTE: This Site is for general informational purposes. These articles are submitted by independent writers, and we disclaim all liability. It is not a substitute for actual legal, investment or professional advice from a licensed competent individual in their field of expertise.
The information and articles offered on this Site are provided with the understanding that the Fast Loan Cash website is not engaged in rendering legal or other professional services or advice. Your use of the Site is subject to the additional disclaimers and caveats that may appear throughout this website.
The use of our website and all other materials is at the sole discretion of the reader. We believe that the facts presented are accurate. We disclaim any liabilities from the application of the information contained within, and all information is not intended to serve as legal or financial advice.
We also post various affiliate offers on our website that are put together by other companies, and not offered by us. The visitor to this website agrees that we are not liable for any and all damages claimed by any one person as a result of any information or materials contained therein for any reason including, but not limited to errors and/or omissions.
Protect Yourself
Against Identity Theft
Identity theft is a serious crime that is growing each year. If you're a victim of identity theft you may spend months, even years, trying to repair a ruined credit history. A seriously damaged credit report can compromise your chances of getting a new job, a bank loan, insurance or even rental housing. It's even possible to be arrested for a crime you didn't commit if someone else has used your identity to break the law.
Unfortunately, many of the methods that thieves use to steal identities are beyond your control to guard against. Although it's rare, even store clerks have been known to use their position to pass along information to identity thieves. There are some measures you can take, however, that will make it harder for a thief to steal your identity.
Protect Your Credit Card Number When Making Purchases
Protect Your Credit Card Number When Making Purchases After you make a purchase and your credit or debit card has been swiped through a credit card terminal, check to make sure that the printed receipt hides all but the last 4 digits of your credit card account number (usually there will be X,s in place of the first 12 digits). Some terminals still print receipts that show all 16 digits of an account number, and may even include the expiration date as well.
After your card is swiped, you're permitted by law to hide the first 12 digits of your account number on the copy of the receipt that the vendor keeps. Use any marking pen that will do the job.
When you go to a restaurant, it's especially important to make sure that the first 12 digits of your credit card number are hidden on your receipt. You might be in the habit of signing it and then leaving the restaurant's copy on the table after your meal. An identity thief can easily steal the signed receipt before the waitperson comes back around to pick it up from the table. Don't take any chances.
Do You Really Need To Give Your Social Security Number?
Another important way that you can guard against identity theft is to avoid giving out your social security number unless it's absolutely required. Although you need to share your social security number when you apply for credit or for a bank account, sometimes a store or an organization will want to use it as an ID number, simply to identify you within their system. This is a common practice even though the law says that social security numbers aren't to be used as ID numbers. In these situations, use your judgment. There's usually an alternative if you ask.
Destroy Documents That Contain Sensitive Personal Information
Buy a paper shredder and use it to destroy documents you're throwing away which contain personal information such as credit card numbers, social security numbers, phone numbers and dates of birth. This is important to do both at home and at work. Identity thieves aren't above going through someone's trash to find valuable personal information that can help them obtain credit in your name.
If you do become a victim of identity theft, take the following steps immediately:
● Contact your credit card companies, close your accounts and ask to have new cards
issued to you.
● Place a fraud alert on your file with any one of the three major credit bureaus. The other two will be notified automatically.
● File a police report. You may need it to show to creditors as proof of the crime.
● File a complaint with the FTC, which maintains a database of identity theft cases used by law enforcement agencies for their investigations.
NOTE: This Site is for general informational purposes. These articles are submitted by independent writers, and we disclaim all liability. It is not a substitute for actual legal, investment or professional advice from a licensed competent individual in their field of expertise.
The information and articles offered on this Site are provided with the understanding that the Fast Loan Cash website is not engaged in rendering legal or other professional services or advice. Your use of the Site is subject to the additional disclaimers and caveats that may appear throughout this website.
The use of our website and all other materials is at the sole discretion of the reader. We believe that the facts presented are accurate. We disclaim any liabilities from the application of the information contained within, and all information is not intended to serve as legal or financial advice.
We also post various affiliate offers on our website that are put together by other companies, and not offered by us. The visitor to this website agrees that we are not liable for any and all damages claimed by any one person as a result of any information or materials contained therein for any reason including, but not limited to errors and/or omissions.
Simple Ways You Can
Increase Your Credit Card Limit
Many credit card holders aspire for a higher credit card limit. The obvious reason for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise. First and foremost, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the credit card company or bank. Below are 7 other ways to get a higher credit card limit.
• The most important thing to do for getting a higher credit card limit is to prove your credit worthiness. This is the first thing that banks and companies look for when giving a higher credit limit.
• Attract positive attention from the credit card company or bank by paying finance charges once in a while. Obviously, this is not advisable on a repeating basis and should only be used as a last resort to increase your chances of getting a higher credit limit. Proving to credit card companies and banks that you are good "borrower" can be a convincing way to get a higher credit limit. But be careful because this strategy also means that you will be paying finance charges which can accumulate in a hurry. And always remember, a higher credit card limit means greater purchasing power, but it also increases the risk of your having to pay greater interest charges and other processing and late fees.
• Always spend within your credit card limit because doing so means that you are capable of controlling your expenses.
• Use your credit cards regularly. Don’t keep your cards for emergency use only. If you use your credit cards sparingly, banks and credit card companies will be unable to understand your spending and pay-back behavior. Under these circumstances, most banks and credit card companies will be reluctant to give you a higher credit card limit.
• Never make minimum payments. Instead, try to pay for the entire outstanding amount. This will usually give you a better chance of getting a higher credit card limit.
• Avoid late payments as much as possible. Not only will your increase payment increase, but you may also have to pay an additional fine for not clearing bills on time. This will also dim your chances of getting a higher credit card limit.
• The best and simplest strategy for getting a higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment patterns, so always pay on-time. The bottom line is that your performance in the records of banks and credit card companies will determine whether you’ll get a higher credit card limit or not.
NOTE: This Site is for general informational purposes. These articles are submitted by independent writers, and we disclaim all liability. It is not a substitute for actual legal, investment or professional advice from a licensed competent individual in their field of expertise.
The information and articles offered on this Site are provided with the understanding that the Fast Loan Cash website is not engaged in rendering legal or other professional services or advice. Your use of the Site is subject to the additional disclaimers and caveats that may appear throughout this website.
The use of our website and all other materials is at the sole discretion of the reader. We believe that the facts presented are accurate. We disclaim any liabilities from the application of the information contained within, and all information is not intended to serve as legal or financial advice.
We also post various affiliate offers on our website that are put together by other companies, and not offered by us. The visitor to this website agrees that we are not liable for any and all damages claimed by any one person as a result of any information or materials contained therein for any reason including, but not limited to errors and/or omissions.