Pro Money Investor: August 2010

Raise My Credit Score a Over view and Help

Having a good credit score always gives you great advantage getting the required offers and loans at lowest interest rates.Thus having high three digit number is good and you can raise your credit score to the good value by following systematic steps.

Steps to follow to protect and raise your 3 digit number :

1.You shall use your credit card carefully to protect your high credit score or to raise your number well.Using all the credit available on the card effect your score and hurt your financial benefits in future.Use it wisely or divide it over different cards available for you. Using credit of 30% in the available sum make you better customer to the lenders and bankers.They love your financial decipline and offer better deals.Even you have all ready crossed this limits you can pay the dues and improve the magic number.

2.Having the commitment for the debits you have taken is very important to protect your report and even one late payment cost you a lot. Be cautions about the bills that you have to pay and consider at least paying the bare minimum to avoid the bad mark of late payment in the credit history.

3.You shall try your best to avoid the foreclosure.It is going to effect your magic number and be prepared to avoid it at all costs.

4.Declaring bankruptcy may save you from debits and it comes with many constraints.You have to not only surrender all your valuable assets than basic needs and also your credit score.It takes your number significantly lower and it is going to be in the records for a long fifteen years.This is only last resort to come out of financial issues and shall weigh pros and cons before taking the decision.

5.Paying the debits that the card has so that you will have 50% money available to borrow will definitely help you to improve the line of number.

6.Having a better and higher limit on the card will also help you to get better score and you shall try for that by negotiating with bankers and card lenders.

7.You can eliminate the errors that the report has which may be effecting your report.Check all the account details and see if they are mentioning any closed accounts still in the screen.Ask them to close the unwanted accounts and hence improve your score.

How to your credit report better
Understand and analyze your credit report
Black marks in credit report and how to correct them

500 Credit Score and How to Improve It

Credit score is the three digit magic number allotted to you basing on your financial behavior and how well you are paying back the debits that you have taken from lenders and banks.If you are good at paying all the commitments that you have committed on time your credit score will be obviously good.

Having a credit score less than 500 is alarming as you are not officially qualified for traditional refinance on house.The choice that have is hard equity loan which depends on the value of your house but not on your financial status.Thus you can try a equity based lender to get the house refinanced.The other difficult option is the ability to pay large down payment.The other problem is may be you have to pay high interest rate on the loan granted.

The simple solution is getting a secured credit card from any local bank and start using it and paying bills on time.This established good credit history and improve your credit score over the stipulated time.You need not worry that you are spending money to improve your credit score.This money will come back to you and you can happily enjoy the better three digit number, more than five hundred will give you better loan options with lower interest rates.You can even hire a credit adviser to improve your score via different possible options.

1.To repair your credit score first you shall get your credit report free from available three sources by requesting over the inter net.

2.Correct all the data needed to make the score better.You can report closed accounts which may be hurting your credit report and score.

3.Pay down some of your debit.This improve your credit score and also gives better chance to get qualified for the requested loan.

4.Do not close any accounts that you have rather try to spread your debits into different accounts so that it will be distributed over .

5.Use your credit regularly and pay the bills on time which makes your credit history better.

6.You can also take the advice of some expert to make it better.

Any way understand that you are not going to make a sudden jump in your credit score and you need to build it over the time carefully with proper calculations.Improvement of score by 50 once in a quarter is fine and is observed as natural.Having a 700 + credit score gives you head start that you are qualified for all most all kinds of loans and you will be keep getting calls and mails about best offers around you.

You better not apply for new loans when there is issues with credit score.Rather wait for some time to improve it and apply for new loans.You can negotiate with the collection agencies for delayed or part payments with out hurting your credit score.You shall not run away from the truth and face it to make it better.Understand that your score has gone down because of financial irregular behavior and you shall be mentally prepared to correct it.You shall learn the process of credit scoring and who is effecting your magic number.

Avoiding late payments and not using the total credit limit available will definetely make your credit score better.

What is the credit score report and what do they contain
Free credit bureau report and your rights

What is Credit Basic Understanding of three digit number

Credit is simply using tomorrow's money today itself.Getting a credit is believing you in a good way that you are trust worthy.Credit is a tool or opportunity given by lenders to you to buy some thing or materiel in advance by giving money and you shall accept that you are committed to pay that back in accepted and stipulated time.

When you use this correctly for your advantage it is going to give you the best and quality life for you with out straining yourself much.In buying a car or home generally every one is in need of big money and you need to take loan from some bank or lender.Credit is a valuable friend and you shall not misuse it.

Taking multiple loans at a time,skipping or paying monthly bills lately,defaulting loans will give you serious troubles to you in the future and they are going to effect your credit score seriously.They will block your future options of getting better loans at lower interest rate and financial loan will be ruined.

Lenders will help you in spending your tomorrow money today itself and it will benefit them in terms of interest.They will three points about you before giving offer to you.

1.Are you reliable in terms of financial commitments given to some one.
2.How much debit you can handle basing on your income and other obligations.
3.What collateral is there if your income is dried up.

All this information can be found in your credit report and can be decided basing on your credit score,the three digit magic number.

Paying a extra interest is only one issue and other serious implications are family stress and reduced opportunities.Lenders will not give oppertunity to you to take decisions.Creditors would like to put in in high interest rates than you are qualified for and they make lot of money through that root.They can give incentives to the employees who get that kind of money into their pocket.

Money problems and how to solve them
Effect of family issues on credit score
Improve your credit score in simple ways

Improve your Credit Score in Simple ways

There are always ways to improve your credit score even when things goes wrong and your three digit number is effected due to reasons that are beyond your control.You shall know that the score is not going to improved over night and it will happen slowly.In general thirty points in a quarter improvement happen.So around an year will be taken to improve your score by 100 points.Once it is improved you will start getting the advantage of better deals and low interest rates.All the efforts that you have put to make the three digit number will be paid off well.

The first step here is to get the credit report from any one of the agencies and check for any corrections existing.Check for the report which shows late payments even when you pay the amount on time.Check for the different accounts that are mentioned in your credit report which may not belong to you.Look for debits that are already paid and shown like not paid in the report.You can also check the late payment reports even after seven years of date.They shall be removed from your report after 7 years of delayed payments.

Check for recently rejected loans and know the reasons for the cause.The lender shall explain the reason why you are denied the request for the debit.Once you find that your credit report is correct you can try making it better by start paying the bills on time.If you are unable to pay the full bill at least the bare minimum amount on the right time.Regular on time payments will have good positive effect on the total credit score and report.

Longer you pay the bills on time ,better the credit score.Though it is a slow way to improve your credit score it works very well with respect to time.Creditors love the consistent behavior of the customer.

When you have a bad credit report,to correct it you shall not use cash to buy your needs but use the credit to buy and repay the money.This will start improving your magic number.One of the faster way to improve your score is start paying the balances to be paid on different cards.The balance that you have to pay shall be significantly less that the credit amount that you are permitted to take.If the balance is less than 75 percent of total available credit is the first step to make the report better.

Closing a credit card account is not a solution and you shall be choosy at the time of taking the card.Number of hard enquirers effect your magic number seriously and that is why avoid asking for new credits.To improve your credit score you shall not apply for credit cards that are not required for you as it effects.New accounts even reduce your average age of your accounts and effect your 3 digit number.Longer your credit age ,better your credit score.

If you want to close the account,consider closing them slowly over long months and consider closing the recently opened accounts.You shall check your credit report to confirm that the credit account closed is reported.

Having stability in your behavior like staying at same place and working with same job are kind of signs for correct report.You can try this changes before you refinance your house or apply for big chunk of credit.You shall pay back your balance before the creditor report the balance to the agency.

Fixing errors in credit report with CRA

Money problems and how to solve them
Effect of family issues on credit score