Credit Reports

It finally happened and your credit cards are paid way down or may even carry a “0” balance. It was a struggle sticking with a budget, but it paid off! You are aware of using your credit card for a small amount monthly and immediately pay it off will benefit your credit score. Yet, you almost have yourself convinced that a larger purchase won’t hurt. You have almost talked yourself into believing you’ll pay it off when you get your next paycheck. ... Read More

Credit score checks are usually associated with a related event. Once the score is known, credit history is forgotten about. Often a “check it and forget it” attitude is held by individuals. This is most common among those who have a high score, are financially responsible (pays bills on time, saves regularly, etc), and have an unchanging financial history. It doesn’t matter if you are one of those individuals or even someone using a credit-counseling agency, this is not wise. Reasons to monitor ... Read More

Some individuals believe that they can’t do anything to improve their credit score because the score is locked in for six months. Some individuals believe the credit counselor who promises a change on their credit history within 10 days. The truth hides in-between both of the above beliefs, when it comes to how often FICO scores change. When working on rebuilding credit people often wonder how fast can they expect to see changes. There are not clear timetables. As information changes, so ... Read More

Credit checks can affect your credit score. Checking your own credit is considered a “soft” pull and won’t have the negative affect as a “hard pull” will. It is best to pull your own credit report and not be afraid it will adversely affect your credit. Credit counseling agencies can pull your credit report, but if they do it incorrectly, it will count as a hard pull. The difference between a hard pull and a soft pull on your credit score: Hard pull A hard ... Read More

It can be confusing when one financial article tells you that your credit score will be affected by too many credit inquiries and then another will tell you that it will not affect your credit score. Which one is right? How to know who to believe? Fill out the application or don’t fill out the application? What is a responsible borrower to do? First off, both are right! It doesn’t make it easier knowing this, but with a little more information you ... Read More

Some people think that seeking out the assistance from a credit counseling agency will affect their FICO (credit) score. It can affect it, but in a good way. One of the ways a FICO score is determined is by the number of on time payments. Credit counseling is sought after because of the following reasons: * Anticipated change in financial situation or income * Prevent financial problems * To become debt free * Financial problems have become overwhelming * Unplanned change in income or expenses When the above occur, ... Read More

When trying to repair credit and get on top of financial trouble, many credit card owners consider canceling their credit cards. This may not be a wise decision and could actually lower a credit score. Before taking the scissors to the credit cards, sit down and do a little research on the truth about the effects of canceling credit cards. Also evaluate your individual situation. The reasons to keep credit cards open: * Available credit is a factor when your credit score is calculated. ... Read More

Not all credit cards are created equal. Before applying be sure to do research and read the fine print of the application so you know what you are signing and committing to. If you have a high credit score you will have your choice of credit cards to choose from. For those who have a low credit score, the options will be limited. Shop around before applying so that you don’t apply for cards that you know won’t approve you. Excessive credit ... Read More

First, there is now way to know what needs to be fixed on your credit report, until you have it in black and white in front of you.  You cannot assume you have bad credit, or not know whats on there, and try to increase your score.  First step that you must take is get a free credit report from all 3 credit bureaus.  Once you have that in your had, you can get to work. Here is what I have done in ... Read More

You did it…after months of hard work your debt is PAID OFF! You just finished splurging with some of the money that had been going to paying off debt, ate out for change, done cleaning up after your celebration party, and the fireworks put away. You nearly skipped on the way to the bank to apply for a loan. You are get a credit check to pre-qualify for a loan and are shocked…your credit score is ... Read More