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Q&A: repairing credit?

August 13, 2009 12:41 am Published by

Question by Cheyenne: repairing credit?
I just tried to get a new car & my interest rate came back as 15%. I only have 2 outstanding accounts both under $ 200 and one is a medical bill. I will pay those off asap but what else can I do to repair my credit. I don’t have any credit cards. Is that a bad thing? The only open account I have on my credit report is my car payment which has NEVER been late.

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Best answer:

Answer by montelpaige
I would check with different dealers and I would also wonder if you should wait until the accounts are taken care of first.

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Repair Credit Report Tips

August 9, 2009 1:47 am Published by

Repair Credit Report Tips

Have you pulled your credit report and seen a lower score than expected? Or were you denied financing on a car or home because of a low score? You are not alone in these happenings. Many people are struggling to improve credit score and possibly trying to get out of bad credit as well.

With so many factors affecting people and their credit, such as the housing market dropping out and people facing job loss and cuts in pay, credit scores have gone down. More and more people need to repair credit report to get back on their feet again. Even when they are now financially secure again, their low credit score from when they hit tough times can affect them for years to come.

These low scores make fully getting back on your feet difficult. Being turn down for a car loan or home loan can mean never fully being as secure as you once were. Also, receiving high interest rates on these loans also means not being able to receive the loan due to a payment much higher than necessary because of the interest rate. Not only that, but many companies run credit reports when you apply for a job, look to get health or car insurance, or even applying for a bank debit card.

These companies run credit reports and many times you can be denied if you have any negative marks on your report. Looking to repair credit report will make many aspects of your life easier than before. Here are a few tips on how to improve your credit score:

Request copies of all three of your credit reports from the three major credit Bureaus, which are Equifax, Experience, and Trans Union. Make sure everything on the reports are correct. If you find any errors fill out the form that comes with your report and make sure they are corrected. Have any and all incorrect information changed and fixed. This can mean a huge change in your credit score. Having negative marks removed means less problems and hassles. Cancel all your credit cards and loans that you do not need. Doing this will create less chances of having credit problems again. Only keep one or two cards for emergency if you have to. Eliminating all credit cards means you will never come into the same problems again, since you will only be using cash. Come up with a payment plan to repay credit cards and loans on a timely basis. If you cannot make all the payments, then you need to contact a credit repair bureau to help you negotiate with the credit card companies and banks. They can help you get your interest rate lowered, lower your payment, and remove interest and over limit fees. Doing this also means you could get your debt paid off in half the time as before. Make sure to make all payments on time. Never miss a payment and if unforeseen circumstances arise, make sure to contact the necessary people immediately to work the problem. Many times people do not say anything or let anyone know and the problem becomes worse. There are credit card companies and banks that would much rather work with you if you are financially strapped and help you stay out of debt. Make sure you contact them and work out the problem you’re having. Do not continually apply for credit cards and loans. The more times your credit report is pulled, the lower your score goes. Every hit on your credit lowers your score by approximately 5 points. Only apply when absolutely necessary. Opt out whenever possible of any company that could pull your credit report. Eliminate unnecessary onlookers onto your report. The fewer people or companies that see your report the better. Furthermore, part of repairing your credit report and score is to realize that not everything is an emergency.

Saving to buy something and eliminating the have it now attitude will keep you out of credit problems as well. Staying consistent in your payments and looking at what you really need versus what you want, will help keep you on track too. Making payments on time is important and will become difficult to do if you rack up all your debt again.

Trying to create a savings account and having emergency money available so that when unexpected expenses arise, you can safely take care of them without damaging your credit again. Even when you do not have a lot of money to save, anything helps and over time will give you the security you need and want. Trying these credit report repair tips will help you get back the credit you deserve.

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Mark is the author of “Crushing The Credit Bureaus” a do it yourself credit repair encyclopedia that focuses on repairing negative information on your credit report to help improve credit score. Fix your credit at http://crushingthecreditbureaus.com now.

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Repairing Credit Rating – How You Can Manage Your Credit Quickly and Easily

August 5, 2009 9:33 am Published by

Repairing Credit Rating – How You Can Manage Your Credit Quickly and Easily

The credit rating is very important in one’s life. The credit score decides your financial future. You may need the loan for a new business venture, home loan or any other reason. Your rating is thoroughly examined by your creditor prior to deciding the interest rate. Your loan and interest rate are decided by your creditor on the basis of your credit score. If your credit rating is bad and you want to increase your credit ranking then there is good news. Repairing your rating is easy in the slow market condition. The below mentioned points will help you in repairing credit rating:

1. The credit rating is damaged by the late payment of bills, debt settlement, bankruptcy etc. To repair your credit ranking you should start making payment on time. This will boost your credit ranking very fast.

2. You can apply for a secured credit card. With a secured card, the creditor will take some security amount or an asset. They can recover their debt in case of default.

3. Do not pay any of your bills by cash. You should start to make all your payments by checks. The payments by checks are documented.

4. Check your credit ranking. Sometimes your score may have some wrong data. The credit rating giving firms will not inform you about this. You should dispute the wrong entries in your credit score. You can get your score free of cost once in a year. If the credit giving firm is not able to justify the entry then they will remove the disputed entry. The entire process of credit ranking correction takes a month.

They are many credit repair agencies in the market these days that can get your ranking on the right track. They charge very nominal fees for their services. Having a professional for the job has advantages.

Many people are unaware that the credit report can be used as a tool to erase bad credit. This can result in a boost to your score by a possible 200 points. Many negative items found on credit reports are disputable and can be removed legally to erase bad credit. Click the following link for free information on safe and legal ways to repair your credit:

Repair Bad Credit

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William Roberts is an advocate for consumer rights and a member of organizations helping citizens rebuild their financial state.

 

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Lastest How To Fix Credit News

August 2, 2009 10:06 am Published by

Day 573 / 365 – How to fix the credit crunch
How to Fix Credit
Image by xJasonRogersx
Day 287 / 366
Monday
I’m working on a plan to fix the credit crunch and prevent a world wide recession. Basically it involves me buying a couple of new lenses, a flash and a new bike and lots of other goodies. Yeah, something like that anyway.

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Credit woes can have roots in emotional needs
Jacqui Payne wanted to be just like her friends, and credit cards were the means to get there.
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Read more on Provo Daily Herald

How is N.J. Gov. Christie doing on his 88 campaign promises?
Governor Christie, in a fast-paced first six months on the job, has cut the budget and tax rebates, capped property tax hikes and school superintendent pay, and taken on teachers, lobbyists, lawmakers, pollsters and columnists.
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Read more on The Record and Herald News

If anyone can fix Jackson, it’s White Sox
The Chicago White Sox, not that they always get the credit for it, have a philosophy, and one that works. Rather than develop from within, they prefer to acquire young veterans and slightly busted prospects who have played below their talents and fix them. Frontline starters John Danks and Gavin Floyd, middle-of-the-order threats Alex Rios and Carlos Quentin and reliever Bobby Jenks all fit the …
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Read more on Sports Illustrated



Should I Hire a Credit Repair Company?

July 30, 2009 3:52 am Published by

Should I Hire a Credit Repair Company?

Unfortunately, many people who have bad credit don’t even know that hiring a credit repair company is an option. Just as unfortunate is the fact that many people who know that credit repair companies exist, think they are all scams. Many consumers also confuse them with credit counseling services and debt consolidation services; which they are not. Well, I happen to know of some great credit repair companies, so I am here to set the record straight!

You should really only consider hiring a credit repair company if you have multiple collection accounts, charge offs or public records such as judgments, repossessions, foreclosures and bankruptcies. If you only have a few bad accounts on your credit report, you should try contacting the credit bureaus and creditors yourself. You should also work on rebuilding your credit if you don’t have many or any positive accounts reporting.

I would suggest choosing a well-known agency from online, but if you decide to go local, make sure to check with your local Better Business Bureau and state attorney general for any filed complaints. The upfront set up fees should be very minimal. Under the Credit Repair Organizations act, a credit repair company is not permitted to charge before they provide any services. This one of the most important things to consider when hiring a credit repair company because it ensures that you won’t be out a lot of money if they are unable to repair your credit.

Credit repair companies must follow specific guidelines from the Credit Repair Organizations Act. Congress introduced the CROA in 1996 to protect consumers from unfair and deceptive business practices and advertising by credit repair organizations. It’s wise to at least browse over the CROA before hiring a credit repair company.

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Find a well-known, respected credit repair company online or visit the credit repair authority site to learn how to repair credit yourself.





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