Archive for March 24, 2010

DFWMoneyMatters | March 24, 2010
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How To Improve Your Credit Scores Quickly & Be Approved For Loans or Credit Cards

If you have been denied of a loan or a credit card, it may have something to do with an important number that will determine if you are credit worthy. This number is called your credit score. This number is what creditors, such as banks and credit card companies will look at in order to know if you will possibly pay them back or not.
They get this numbers from credit reporting agencies that also gets information of your credit history from the past creditors you borrowed money from. If you haven’t been able to pay your bills on time, it will lower your credit score. By having a bad credit score or a low credit score, it will lessen your chances of getting the best credit card and loan deals.
It is a fact that many people don’t know that creditors have access to this information. However, you have to realize that this information will act as a security whether you are a person who is credit worthy or not.
Through this information or through this simple three digit number, creditors will decide whether or not to get you approved for the credit card or the loan you are applying for. Sometimes, having a low credit score can get you a credit card or a loan. However, it will usually have higher interest rates because you will be deemed too risky to lend money to.
Because of this, you should try to improve your credit score in order to gain access to the best loan and credit card deals possible. You should also realize the fact that having a bad credit score will also mean that you will have difficulty to access simple technology, such as getting a phone line hooked up in your own home. This is because more and more phone companies and other utility companies today are also taking a look at a person’s credit score to make sure if you will likely pay the monthly bills or not.
So, here are ways on how you can improve your credit score quickly.
If you have an unusually low credit score, ask for a credit report from the three major credit bureaus. By doing this, you can know about your credit history and compare each report and determine if it contains errors that may be hurting your credit score.
For example, if you noticed that a particular report contains an unpaid debt but you previously paid it, you have to correct the error by sending a letter and the proof that you paid the debt in full. Errors like this will lower your credit score. By doing this, you will be able to raise your credit score in matter of thirty days. You should realize the fact that credit bureaus are responsible for correcting any mistakes in your credit report and you should also know that it is in the law that they should.
The next best thing you need to do is pay down the debt you have. For example, if you have a credit card debt, you don’t have to pay all of it at once. The point to all this is to pay down your credit card debt up to the point that it will not have a balance that exceeds 50% of your credit limit.
Lastly, the most important thing you can do in order to raise your credit score is to pay all your bills on time. By doing this, the creditors will not report any negative things about your credit activities. By paying your bills on time, you will be able to raise your credit score. This is the quickest way to improve your credit score.

If you have been denied of a loan or a credit card, it may have something to do with an important number that will determine if you are credit worthy. This number is called your credit score. This number is what creditors, such as banks and credit card companies will look at in order to know if you will possibly pay them back or not.
They get this numbers from credit reporting agencies that also gets information of your credit history from the past creditors you borrowed money from. If you haven’t been able to pay your bills on time, it will lower your credit score. By having a bad credit score or a low credit score, it will lessen your chances of getting the best credit card and loan deals.
It is a fact that many people don’t know that creditors have access to this information. However, you have to realize that this information will act as a security whether you are a person who is credit worthy or not.
Through this information or through this simple three digit number, creditors will decide whether or not to get you approved for the credit card or the loan you are applying for. Sometimes, having a low credit score can get you a credit card or a loan. However, it will usually have higher interest rates because you will be deemed too risky to lend money to.
Because of this, you should try to improve your credit score in order to gain access to the best loan and credit card deals possible. You should also realize the fact that having a bad credit score will also mean that you will have difficulty to access simple technology, such as getting a phone line hooked up in your own home. This is because more and more phone companies and other utility companies today are also taking a look at a person’s credit score to make sure if you will likely pay the monthly bills or not.
So, here are ways on how you can improve your credit score quickly.
If you have an unusually low credit score, ask for a credit report from the three major credit bureaus. By doing this, you can know about your credit history and compare each report and determine if it contains errors that may be hurting your credit score.
For example, if you noticed that a particular report contains an unpaid debt but you previously paid it, you have to correct the error by sending a letter and the proof that you paid the debt in full. Errors like this will lower your credit score. By doing this, you will be able to raise your credit score in matter of thirty days. You should realize the fact that credit bureaus are responsible for correcting any mistakes in your credit report and you should also know that it is in the law that they should.
The next best thing you need to do is pay down the debt you have. For example, if you have a credit card debt, you don’t have to pay all of it at once. The point to all this is to pay down your credit card debt up to the point that it will not have a balance that exceeds 50% of your credit limit.
Lastly, the most important thing you can do in order to raise your credit score is to pay all your bills on time. By doing this, the creditors will not report any negative things about your credit activities. By paying your bills on time, you will be able to raise your credit score. This is the quickest way to improve your credit score.

Improve 3 credit scores

Raise 3 credit scores

Category: Uncategorized |
DFWMoneyMatters | March 10, 2010
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Do you have too much credit card, or consumer debt?

Are you Drowning in Debt?
by Ellise Walsh

It is no secret that most people have too much consumer debt. It is all too easy to just sign your name on the dotted line and run that credit card up to the max. Unfortunately, many users of credit cards seem to forget that eventually the bill comes due, and they may be in for a rude surprise when it does. Credit card interest rates are notoriously high, even for consumers with good credit. Where a secured loan from your bank or credit union might cost you 8% or 9%, interest rates on typically unsecured credit card loans can be 18% or even higher.

At interest rates like that, it could take you decades to pay off even a small balance if you only pay the minimum balance due each month. Add that to the extremely high late fees and over limit fees that credit card companies often charge, and you can see how easy it is for many people to begin drowning in debt.

The most basic tool in getting a handle on your debt and eventually eliminating it altogether is to make a monthly budget and stick to it month in and month out. The family budget is the most basic form of financial planning, and I am always shocked by the number of people who do not take the time and the effort required to create this simple financial document.

Making a budget will go a long way toward getting a handle on your spending and lowering your debt. Write down every penny you spend, from that $2 cup of coffee each morning to that $20 tank of gas to your monthly mortgage payment. Seeing your spending in black and white can be a real eye opener, and you may instantly see simple and painless ways to tighten your belt and save yourself lots of money.

Just tightening your budget a little bit can provide you with extra money to pay down your debt. Paying extra on your credit card bills can go a long way toward retiring your debt. Of course after your debt is paid off, you will have to make a concerted effort to not run up any more debt. Cut up those credit cards and keep one with a low credit limit for emergencies only. Use it only when absolutely necessary and always pay it off every month.

It is always difficult to save money, and getting yourself out of debt can be difficult. It is not beyond your ability, however. Getting a handle on debt can be done with just a little bit of advance planning and financial know how.

A good way to become debt free and keep your spending under control is to sign up for Debt Wise by Equifax, it gives you credit reports and credit scores, also it protects you from identity theft and it gives you tips to paying off your debt quicker.

Category: Debt | Tags: , , ,