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Choosing and Using Credit Cards
Getting Credit When You Are Over 62
Protecting Yourself from Phone Scams
How to Avoid a Home Improvement Nightmare
Using Your House as Collateral
Best Ways of Renting a Car
Beware of Hidden Loan Terms in Home Equity Loans
Buying a New Car
Insurance Credit Packing
These articles are all about building, saving, or protecting your credit.
The list goes on and on. National Credit Rebuilders Inc. has spared no expense to have these articles written. All of these articles either help build, saving, or protecting your credit. Articles are added continuously and are available for all members. Membership has it's privileges. Let us show you how we can save you money every month.
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| Get Paid To Raise Your Credit Score, Part I How can you get paid to raise your credit score? It is quite simple but very few people think about it. If you knew what you could do yourself to raise your credit score you could get better interest rates on homes, cars, boats, credit cards, insurance, and even recreational vehicles. How much can you save? Raising your credit score can even make the difference in owning your own home or staying a renter forever. It can also stop you from living the life you deserve. Take for instance you want to purchase a home but your credit score is 580. You may pay an interest rate of 8.5% on a home loan. If your credit score was 720, you might be paying a 5.5% interest rate. The difference doesn't appear to be much, but on a $150,000 home the difference would be $375 on the monthly payment, every month. That higher monthly payment would add up to be $4,500 per year and over a 10 year period it would be $45,000 without the consideration of the unearned interest from loss by overpaying the creditor. The bottom line is the home is the same for the owner but the payment can vary dramatically. In this case if you had the 580 score you would have paid 35% more for the same home, just because of your credit. But wait there is hope. That is what this article series is all about. If your credit score is too low it can actually make you unqualified for a home purchase. That alone (with the above example) can cost you at least $2,500 per year alone in a tax deduction. You either get that deduction or your landlord does. By now I am sure you are starting to see why credit scores are responsible for people living paycheck to paycheck. How can you get ahead when you are over paying for every purchase that is made on credit? So what is the first thing you can do to start getting great credit? You'll need to see what is on your credit in order to see what to do. I would recommend going to a web site such as http://www.3CreditFiles.com/. Some older negative credit items may have fallen off as there are a statutory limits to how long items may remain on your credit. Usually it is 7 years as a rule, however there are other considerations such as bankruptcy. Items can stay on your credit for up to 10 years from the bankruptcy discharge. Viewing your credit report should allow you to see if some items should be removed and are still on the credit report. Also see if you have been reported with negative items such as late payments. Late payments are reported when you are delinquent on your payment for over 30 days. If you have a dispute with the payment date, it is recommended that you contact the company that reported the late payment and ask if they can remove this from your credit report. This is called a You can always dispute your information with the credit bureaus directly. Here are each of the credit bureau toll free phone numbers. You can always dispute a late payment through them and as a last resort contact a credit restoration company to aid you in achieving good credit again. Trans Union 1-866-887-2673 Equifax 1-800-685-1111 Experian 1-888-397-3742 If you have judgments, collections, repossessions, or a foreclosure you may want to seek the help of a credit restoration company. Credit restoration should be approached in a cautious way. Look for the following signs that the company is legitimate. The company should have a web site and some trackable information on the Internet. To do this easily simply go to http://www.google.com/ and select your company name or the owner's name. Doing a google search this way should turn up something so you can make a decision whether you can trust this company and it's owner. The owner should have a license from the state they are in. It may be a mortgage, real estate, or even a debt consolidation license. Any license to show that if they are legitimately in business. This is just another way of protecting your best interests. The next important thing that will effect your credit is making payments on time to the current creditors you do have. The easiest way is to have an automatic payment made by your bank or to have it taken directly from your checking account. By making payments this way you can be assured to maintain your credit payment history. If it feels like you have too many late payments showing on your credit, just simply start now by making them on time. There is no better time than right now. Each time you do something to make your credit better it pays you in the long run. ABOUT THE AUTHORS: R.T. Steele, Heather Sears and Dr. Thomas Rendleman are commonly known in the credit restoration industry as the Save this article for future reference. Article Re-Print Rights Information. You may re-print the article published in this electronic communication as long as you comply with the following terms:
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Building Your Credit Correctly Without Going Broke |
When trying to make the most of your credit, it is important to have a low cost credit card. This will aid you in building your credit without going broke. Many credit card companies charge fees for the privilege of owning a credit card. Those fees can be eliminated at the discretion of the credit card company. You can start to remove those fees by asking the card issuer for no yearly fee and for an introductory rate. The yearly fee is sometimes waived to lure the card holder to use the card more often. Better than the yearly fee being waived would be an offer of an introductory rate. For instance an introductory rate may be offered at 6.5% interest for 6 months. The credit card issuer uses that limited time offer and low interest rate to keep you using the card and to keep the balance high. The credit card issuer hopes that the card holder will use more credit because of the lower interest rate. Many times the card holder will also move around balances from other credit cards which also allows the card issuer to make more money from interest. The best way to eliminate the interest associated with your balance is to continuously ask for an introductory rate. These special rates usually expire every 6 months. So just before it expires you can ask for an extension. When you achieve lower interest rates you can pay off the credit card balance much quicker. I have used this principle numerous times. I have even called 17 times in over a few week period asking for an introductory rate, only to be told A powerful strategy to build credit is to get 3 to 4 good accounts. Don't try to get too much credit because that can hurt you. Too little credit won't help you either. The lenders, creditors, and even loan officers want to see that you have a good history at paying at least 3 accounts on time. Don't have less than 3 good accounts because then you may not have enough credit for a bigger credit purchase. It takes time to build your credit so plan on paying on time, keeping a low balance, and not charging over your credit limit for about 18 months. By following that advice you can be assured that your credit score will go up. It will also show in stability in making payments on time which helps in getting those lower interest rates that everybody wants so desperately. Since you are now on the road to good credit keep 3 to 4 accounts open so you can build a good credit profile. Remember the final lender or the decision makers for your loan may never see you, but they will see your credit. Decision makers for lenders like to see less risk to the creditor. The lender just wants to be paid back with interest and without having collection activities involved to get their money back. What level of risk you are will be determined by your income, bills and credit scores. Credit scores really being the most important because with a high enough credit score the lender will over look problems when lending. When getting credit it is important to remember keeping credit card balances low is one activity that will help raise your credit score. Always remember that the more credit you have the more that creditors and lenders will want to lend you. That is as long as you keep those balances low and payments on time. If you have less than perfect credit you may need to get secured credit cards. These secured credit cards are easy to get. The reason that these credit cards are easy for everybody to get is that there is no risk for the bank. For instance you would put up $250 for security then you can have a secured credit card with a $250 available credit limit. You make payments just like a normal credit card for 12 to 24 months. At the end of that time period the secured credit card turns into a unsecured credit card. Most credit card companies then return the deposit. Apply for 3 to 4 accounts at the same time, keep the payments current and soon you'll have great credit. This can take you from having no credit or bad credit to having fairly good credit in that 12 to 24 month period. Jump start your credit by using a method is called piggybacking credit. It is in essence loaning someone your credit without the risk of co-signing. Typically it is used when a parent wants to establish credit for a child. This gives the child an advantage at starting life off in the real world. The parent places the child on an account to help build the child's credit. The great news is it isn't limited to parents piggybacking their credit. It can be a friend, family, next door neighbor, or even a boss. By piggybacking the account will show the original date it was opened on the credit borrower's credit report. Therefore, if a credit card was 10 years old, the borrower's credit report now shows an account to be 10 years old. This gives the borrower an immediate track record of credit. The borrower's credit score immediately goes up. This is an amazing way to really jump start your credit and helps in qualifying for homes, cars, and even recreational vehicles. ABOUT THE AUTHORS: R.T. Steele, Heather Sears and Dr. Thomas Rendleman are commonly known in the credit restoration industry as the Save this article for future reference. Article Re-Print Rights Information. You may re-print the article published in this electronic communication as long as you comply with the following terms:
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