Good Credit

6 Things You Did Not Know That Will Affect Your Good Credit

Having good credit can be a significant accomplishment and allow you larger financial opportunities. However, there are a few unexpected ways that can hurt your good credit.

1.One Late Payment

So you got busy with life and forgot to send in your car payment. Having one 30 days late payment report on your credit report can significantly drop your credit score, and depending on your credit history it could drop it by 100 points.

2.Closing your zero-balance credit card

Paying off your credit card is wonderful, and you may be tempted to close that account. Closing a zero-balance credit card can affect you one of two ways, it reduces your total credit amount, which can raise your credit utilization ratio. It also can shorten the age of your credit history.

3. Co-Signing

Co-signing for a friend or family with less than perfect credit makes you responsible for the debt. When your friend or family member misses a payment, it will report on your credit report. You will take full responsibility for that account if they do not pay.

4.High Credit Balances

You have the right mix of credit, perfect payment history, but you are reaching the credit limits on your credit card. Having high limits can cause your score to drop, it is important to try and keep them at 30% of the available balance. The lower, the better.

5.Applying for additional credit

Every time you apply for new credit or a credit increase the creditor will do a credit check. These credit checks are considered hard inquiries. Be careful when applying for credit or asking for an increase to an existing credit card.

6.Not paying attention to your credit report

Approximately one in five Americans have errors on their credit reports. It is important to check your report at least twice a year to make sure all information is reporting accurate. One reporting error could lead to major problems and possibly lower your scores. By law, Americans are allowed to one free credit report per year from all three credit reporting agencies, Equifax, Experian, and Transunion. You may receive your free reports at annualcreditreport.com.

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do not affect your credit score

13 Things That Do Not Affect Your Credit Score – Credit Law Center

Your FICO credit score is one of the most dominant three digit numbers in your financial life. Many of you probably know that not paying a mortgage payment or car loan on time will affect your credit score. And you probably also know that maxing out your credit cards and or bankruptcy will lower your score as well. But, beyond the obvious, things may get a little fuzzy. Do you know the financial decisions that do not affect your credit score? You may have even wondered why all three credit scores are different.  Not all companies report to all three credit bureaus and not every financial transaction you make is used to calculate a credit score. A credit score uses the data that reports in your credit file.

13 things that do not affect your credit score

  1. Soft inquiries –  A soft inquiry or a soft pull, shows up on your credit report whenever you pull your credit report or score, a business checks your credit report for promotional purposes, or a company you may already have credit with pulls your credit report.
  2. Late Rent, utility, and cell phone payments – Landlords, utility and cell phone providers do not report your monthly payments to the credit bureaus. However, if at any point you terminate the contract and leave an outstanding balance and the account goes to collections these providers most likely will report to the credit reporting agencies.
  3. Mortgage loan rate shopping – We all want the best interest rate when shopping for a home mortgage, in order to find the best rate we may have to have several loan officers review your credit profile. This generates several hard inquiries, but FICO has a particular formula that ignores home loan inquiries over a 30- day period. FICO uses a particular method that when searching your report if they find mortgage loan inquiries with in a 30-day period, they will count as one.
  4. Disputing a charge or error on your credit report – Incorrect information is often reporting on your credit report, individuals are allowed to dispute inaccurate information. Disputing this information will not affect your credit score.
  5. Overdrawing your checking account – Checking account information is not reported on your credit report.
  6. Being denied a credit card – If you have recently applied for a credit card or loan and denied,  the denial will not be on your credit report. However, the request will result in a hard inquiry showing on your credit report.
  7. Losing a job – Job status is not a factor in your credit score, but lack of income may affect the approval of a loan or credit card.
  8. Not paying back a family member or friend – Individuals are not allowed to report to the credit bureaus.
  9. Receiving government assistance – Receiving food stamps or any other government assistance has no bearing on your credit and will not be reported.
  10. Your debit card – The activity from a debit or prepaid card does not report on your credit report, therefore doesn’t affect your credit score.
  11. Net Worth – The amount of money you have in savings, the lavish house you live in or a fancy sports car will not affect
  12. A degree or lack of a degree – It doesn’t matter if you attended an ivy league college or never even graduated from high school.
  13. Paying your taxes on time – Paying your taxes a few months late won’t immediately result in credit damage, however, once the IRS reports you for delinquent taxes and a tax lien is issued that’s when the trouble starts.

Your credit score is used to give potential lenders a look into your financial history; this allows them to determine the amount of risk you will be as a borrower. This being the reason your credit file only contains information about your financial track record, and how well you have paid any outstanding loans.

 

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Credit Score (3)

How to Raise Your Credit Score Quickly – Credit Law Center

So you want to buy a house, but your credit score is 675 instead of 720 which will get you the best rate on a home loan. If you want to raise your credit score quickly, there are some steps you can take that can guarantee an exceptional home loan or any other credit line for that matter.

The Blueprint to a High Credit Score.

The blueprint for getting a great score is to pay your bills on time, keep account balances low, and take out new credit only when you need it. Those who follow this blueprint faithfully have very high credit scores. It usually means you are cautious and conservative about credit. Credit scores are not something you want to take lightly.

Sounds easy enough right? Great advice, but let’s face it following these basic principals takes time. What if you are house hunting and need a few extra points to bump you over the line to exceptional rates?

How to Raise Your Credit Score Quickly When You Need a Few Extra Points
The first place to start is with your credit report. Make sure to check it over and find out what your credit score is right now. Review your credit report to make sure all the information is reporting accurate. You will want to concentrate on correcting any errors by following the dispute process. Look for errors such as accounts that are not yours, late payments that you paid on time, debts you paid off that are showing as outstanding, or old debt that shouldn’t be reported any longer. Negative items are supposed to be deleted after seven years, except for bankruptcies, which can stay as long as ten years.

After repairing any errors, the quickest route to a better score is paying down balances on credit cards. There’s no silver bullet, but over a 60 day period, it is possible to raise increase your score by twenty points, by paying down your credit lines.

 

Things You Should Not Do To Raise Credit Score

One thing you should not do if you are just trying to boost your score is close unused accounts. If someone tells you to close unused accounts to raise your score quickly, he or she is pulling your leg. Actually, it harms your credit score.

Closing unused accounts without paying down your debt changes your utilization ratio, which is the amount of your total debt divided by your total available credit. You appear closer to maxing out your accounts. That is why your score can drop. It does not mean people should not close them, but don’t close them to improve your score.

 

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Equifax - Credit Law Center

How to Find Out If You Are Affected By Equifax Hack – Credit Law Center

On Thursday, Equifax, one of the three major credit reporting agencies announced that hackers had obtained access to company data potentially impacting approximately 143 million U.S. consumers. After the companies recent investigation, Equifax stated that the unauthorized access occurred from mid-May through July 2017. The cybersecurity incident was discovered on July 29, 2017, in which they immediately took measures to stop the intrusion by engaging with a leading independent cybersecurity firm. The company also reported the incident to law enforcement and will continue to work with the authorities until the investigation completes in the coming weeks.

The information accessed includes names, Social Security numbers, birth dates, addresses and in some instances, drivers license numbers. Equifax also stated credit card numbers of approximately 209,000 U.S. consumers, and personal identifying information for 182,000 consumers involved with credit disputes.

Have you been affected by the hack?

Equifax will not be contacting everyone that may have been affected, but the company will be sending out direct mail notices to consumers whose credit card numbers or dispute information were accessed. Richard F. Smith, Chairman and Chief Executive Officer for Equifax, stated: “We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident.” The company has established a dedicated website, www.equifaxsecurity2017.com, to help customers determine if the hack potentially affected them. The site will be available as early as Monday, September 11, and will also offer U.S. consumers to sign up for credit file monitoring and identity theft protection, and the offer will last for one year. TrustedId Premier will handle the monitoring and protection and will include 3-Bureau credit monitoring of Equifax, Experian and Transunion; the ability to lock and unlock Equifax credit reports; identity theft insurance; and internet scanning for Social Security numbers. However, the credit monitoring and identity protection may require you to accept TrusteId’s terms and conditions, including it’s “Attribution” Section.

Equifax has also set up a dedicated call center, 1-866-447-7559, to assist customers seven days a week from 7 a.m. – 1 a.m. Eastern time.

 

Protecting your Identity Theft

Identity theft continues to increase each year, in 2016 victims of identity theft were robbed of $16,000.00. An important factor in protecting yourself from identity theft is regularly checking your credit report and monitoring your account statements. As a consumer, you are allowed a free copy of your credit report once a year from all three credit reporting agencies, Equifax, Experian, and Transunion. You can request your free copy of your credit reports online at www.annualcreditreport.com. If you have noticed unauthorized activity on your credit report or accounts, immediately report the activity to your bank or credit card companies, and then contact law enforcement.

For Additional information on how to protect yourself against identity theft, you may access The Federal Trade Commission’s website.

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Credit Repair Company

Need Credit Repair? We Fix Credit Reports! – Credit Law Center

Need Credit Repair?

If you recently pulled your credit report and you instantly feel ill from the low credit scores and outstanding collections. Now may be the perfect time to start thinking about credit repair. Having a low credit score can cost you hundreds of dollars on loans, interest rates on cars and even receiving a denial letter. High-interest rates and denials are the perfect reason to consider credit repair.

 

We Fix Credit Reports!

A single mistake on your credit report can cause a tremendous drop in your credit score. Did you know that 79% of all Americans have inaccuracy, miscalculations, and or negative item on their credit reports? Yes, I did say 79%! The good news is that there are rules and regulations that credit reporting agencies must follow, by law consumers are allowed to dispute inaccurate information that the credit reporting agencies are reporting. The Credit reporting agencies, Equifax, Experian, and Transunion, have 30 days to notify you of the status of your disputes and up to 45 days to complete their investigation.

 

 

If they delete the inaccurate information

If the CRA’s remove the mistake from your credit report, this is Awesome! Deleting an account or a negative item can immediately increase your credit score. The only time a credit score gets updated is at the time you request it. The credit report and score is calculated based on the information on your credit file at the time the request is made. For Example, if you request your credit score on a Monday and Tuesday critical information was removed, and you order your report again on Wednesday the derogatory information will show as if it was never on your report.

If They Verify

Here is the part of the process that sets Credit Law Center aside from any other credit repair companies. When a creditor or collector verifies the questionable information, most credit repair companies end the process here. At our law firm, this is the most significant part of our process; this is the part of the process where one of our attorneys send a debt validation demand. A debt validation demand is a legal document that contains 6-9 questions for the creditor or collector to answer. The creditor or collector typical responds in one of two ways:

  1. The creditors and collectors receive a letter from our law firm, and they are aware of the recent dispute. If the account or inaccurate information provided on the credit report cannot be verified, they will delete the account!
  2. They answer the 6-9 questions; this is the step where our paralegals step in and compare the debt validation demand letter to the response from the initial dispute. When comparing these two documents, we typically find discrepancies or incomplete information. Often these discrepancies are violations of the Fair Credit Reporting Act, or the Fair Debt Collection Act.

When our firm finds one of these violations, we use this information as leverage to request full deletion of the account.

 

If they update

When the information is updated, it means the collector or collection agency as reporting the information incomplete or inaccurate. This is not considered a FCRA violation because they updated the information, the only time a creditor or collector can violate the FCRA is when an account is disputed. This result is why proper documentation of the dispute process is so vital to the credit repair process.

What happens when the report is updated and verifiable?

Once all the appropriate steps in the credit repair dispute process have been completed, all the information on the credit report should be accurate and verifiable. The next step would be to negotiate a settlement for deletion with the creditor or collection agency. This allows you to pay the account as long as the creditor or collection agency is willing to delete the account information of your report.

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Credit Repair named fastest growing company

Credit Law Center No. 1,578 on Inc. 5000 Fastest Growing Company List

Here at Credit Law Center, we believe in being a team of individuals who are all working for the higher cause and greater good of the company. Our focus and efforts have paid off, and we are honored to rank number 1,578 on the Inc. 5000 Fastest-Growing Private Companies in America. Over the last three years, Credit Law Center has had a 249% rise in revenue. The soaring growth has allowed us to expand our team, move into a new building to accommodate our needs in a way that will help us continue down the path of expansion and improve the buying power of so many clients.

 

Who is Credit Law Center?

In 2009 Credit Law Center was established, by a few guys with a vision and a passion for helping consumers improve their buying power, as well as holding the credit reporting agencies and debt collectors accountable. As CEO, Bo Thomas would say, “I’m a recovering mortgage Banker, and I enjoyed doing mortgages and had some pretty great success there. Every year I kept seeing more and more of the common sense of lending just keep getting distracted. It used to be based on how much money you made how you paid your bills, but it rolled itself into or manifested into now it is about what’s your credit score before you can make a decision.”  About 90 days into this new adventure Bo realized that for Credit Law Center to be successful and to do more than what an average consumer can do on their own, Credit Law Center needed an attorney needed an attorney to join forces. That is when he reached out to Attorney and friend Tom Addleman. Tom reviewed the information and immediately said, ” let’s go get these guys they are making mistakes!” Since that day in 2009 Credit Law Center has grown to a staff of about 75 employees, including five full-time attorneys on staff.

What Does Credit Law Center Do?

Our core Mission as the company is to help consumers improve their buying power, so whether you can or can’t get approved, but even if you are approved, but you want to improve your situation to where you can get a better rate or the best rate. Credit scores will continue to have a more relevant impact in all areas of consumers lives. Credit reports are required by law to be 100% verifiable and accurate we work to get the information corrected or deleted. When our staff finds errors or violations, our attorneys pursue them and fight for your rights.

Our growth has also allowed us to take on many new referral partners that are coming alongside us because they see the value of what we can do for our clients. We see and believe in the dreams of each of our customers as well as our employees, and we seek to communicate that in the work that we do each day. As one of the nations fastest growing companies, we have the motivation to run a smart, successful business that is well-known for our generosity and ability to change the lives of our clients.  Credit Law Center as a whole would like to extend a huge thank you to each dedicated individual that has played a part in our expansion and growth. Each and every one of you made it possible for us to receive this honor. We look forward to the years to come and the many lives we will help restore in the future.

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Identity Theft, Credit Repair

Victims of Identity Theft Are Robbed of $16 billion in 2016

If you haven’t heard the term “identity theft” before you may have been living under a rock. A recent Identity Fraud Study was released this year by Javelin Strategy & Research; this study revealed that 15.4 million Americans were victims of identity theft. These crooks were successfully able to rob two million more victims and stole $16 billion dollars.

What is Identity Theft?

According to the Federal Trade Commission,(FTC), theft of an individual’s  identity occurs when someone uses your information, like your name, Social Security number to commit fraud or other crimes. Thieves are very talented when attempting to commit these types of crimes, and they look for obvious ways to obtain your information.

Ways Thieves obtain your Identity:

  • Stolen Credit Cards
  • Documents or receipts from the trash
  • Phone or email scams
  • Hacking unsecured and wireless networks

Types of Identity Theft?

Once a thief has gained access to your personal information they can obtain access to your existing credit cards, open new accounts, file fraudulent tax returns and more. Below we have named a few:

  1. Financial Theft
  2. Medical Theft
  3. Insurance Theft
  4. Criminal Theft
  5. Driver’s License Fraud
  6. Social Security
  7. Phishing Scams

Ways to Protect Yourself

1.Be Careful of What You Share. With social media and technology on the rise, these pesky crooks can find out a lot of personal information about just by doing a simple search. The information you share on Facebook, Linkedin and all the other media sites these criminals may be able to use the information you have shared to validate your identity. When you are sharing be careful of the information you share.

2.Keep Financial and Personal Information Secure. Here is another example of where technology can come back to bite us if we are not careful. Many Americans use their computers to pay bills, keep bank statements, financial planning and much more. If you do this the important thing to remember is to make sure your computer has a firewall installed; you should use anti-virus and anti-spyware software and secure your wireless network. Another important reminder is when you do have the actual hard copy of any financial or personal information dispose of it properly, and always keep them in a safe place.

3. Keep Your Cellphone Protected. Cell phones apps allow us to track our bank accounts, track your budget and finances, store credit card information, and just about anything else your heart desires. When downloading these apps make sure you are using a trusted and reputable company. Always check the ratings and reviews of any app you are downloading. Make sure you secure your device with a strong password, in case you lose it.

4. Make Sure Your Passwords Are Strong and Secure.  Create strong passwords, not easy to guess. Using passwords that contain, kids names, birth dates, maiden names or anything that may be guessed.

Are You a Victim?

If you believe your identity has been stolen, it is necessary to immediately contact any financial institutions we have accounts with and place a hold on them. You will also want to contact the FTC to file a formal complaint. Make sure to provide them with any and all questionable activity so they can thoroughly build a case.

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Debt Collectors

Debt Collectors Are Required to Follow the Rules

Carrying outstanding debt is stressful enough, but when you add aggressive debt collectors to the equation, it can be a bit overwhelming. Have you ever sat back and wondered if what they are doing is legal? Debt collectors do have limits, and they are required by law to follow certain guidelines.

Debt collectors must comply with the Federal Debt Collection Practices Act, FDCPA; this act prohibits abusive, deceptive and unfair debt practices

 

Debt Collectors

The FDCPA defines a debt collector as a company or agency that is in the business of recovering outstanding money that is owed on a delinquent account. Debtors will hire debt collectors to collect money that owed to them, and in return give them a percentage of the portion that is collected.

 

Typical Debt Collector Violations

  1. Calling Before 8 AM
  2. Calling After 9 PM
  3. Using abusive or vulgar language
  4. Calling third parties, (debt collectors may contact your spouse)
  5. Communicate to anyone else that the collector is trying to collect
  6. Contacting you after you have submitted a written request to cease contact
  7. Continuously call you
  8. Use or threaten violence
  9. Threaten action they cannot take
  10. Failing to send a written statement validating the debt
  11. Continues to Collect before sending validation letter
  12. Contacting your employer if your employer prohibits it
  13. Debt collectors may often use false statements.
  14. Threatening to have you arrested or that you are being sued when no action has been taken
  15. Giving false information to the credit reporting agencies.
  16. Sending a letter that looks like an official court document if it isn’t
  17. Collecting interest, fees, or other charges on top of what you owe, unless it is in the contract
  18. Contacting by using a postcard.
  19. Repeatedly call you to harras you.

 

What to Do If You Believe A Debt Collector is in Violation of the FDCPA

If you feel a debt collector has violated the FDCPA you have the right to take action.
You may report any problems you have with a debt collector to your state Attorney Generals Office, the Federal Trade Commission, and the Consumer Financial Protection Bureau. You may also reach out to an attorney that practices law in these areas, you have the right to sue a collector within in one year from the date the law was violated. If you win, the judge can require the collector to pay you for any damages you can prove you suffered. The judge may also grant you up to $1000 even if you can’t prove that you suffered any damages.

If you feel you have been violated in the last year, Credit Law Center isn’t just a credit repair company. We have five attorneys on staff that handle situations like this every day. These laws are here for to help protect you.

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Debt Top 10 Reasons

Top 10 Causes of Debt – Credit Law Center

Debt is the amount of money borrowed by one party from another. Consumers typically borrow money from credit card companies or private loans for purchases that they may not be able to afford upfront. Debts are acquired from a car loan, credit card, personal loan or even student loans. In June 2017, U.S. consumer debt rose 3.9 percent to $3.856 trillion. That surpassed last month’s record of $3.843 trillion. The key to debt is being able to pay it off without damaging your credit score.

Top Ten Causes of Debt

  1. Reduced Income With The Current Amount of Expenses
  2. Divorce
  3. Poor Money Management Skills
  4. Medical Expenses
  5. Gambling and Addictions
  6. Underemployment/Not Earning Enough
  7. Spending before you get Paid
  8. Not Saving Enough
  9. Inflation
  10. Financial Literacy

 

Examples of the top 10 causes of debt

1. Reduced Income with the current amount of expenses: Earning a lesser amount per year could be due to a job change. Outstanding bills don’t just go away with a job change. Your current bills will likely stay the same and possibly could increase. You may feel like you are unable to keep up with your monthly bills and wind up deeper and deeper in debt.

2.Divorce: As divorce continues to become more common and couples are spending a significant amount of money beating each other up in the court rooms. One thing is valid divorce, and family lawyers are not cheap, and the more time you spend battling it out in courts, the more you will spend on legal fees.

3. Poor Money Management Skills: Many Americans live paycheck to paycheck, and one little mishap can cause you to snowball. Keeping a monthly budget is essential when you have a debt to pay off. If you are not keeping track of your monthly income and the amount you are putting out in bills, you will wind up in financial trouble.

4. Medical Expenses: Medical services are often necessary to remain healthy, and depending on your situation can be extremely harmful to your pocket book. Many doctors, dentists, and hospitals require the payments at the time of service. A significant portion of specialists and dentists accept credit cards and offer to finance. Essentially this means more debt for you, not them.

5. Gambling and Addictions: Gambling and any other addictions can be downright dangerous financially! Gambling may seem exciting at the time, but dealing with the financial strain after you have spent your house payment, car payment and possibly drained your savings you may feel devastated. If you have a gambling problem or any other addiction that is draining your pocket book, reach out to a professional for help.

6. Underemployment/Not Earning Enough: This is very similar to #1. If you are underemployed, you may feel it is a temporary situation, and in a matter of time, it will work it’s way out. This can lead to a false sense of financial relief especially when you are collecting unemployment. Taking a break is great, but you will want to make sure you are making more money than your monthly bills and ending up in a financial hole.

7. Spending before you get paid: Counting your chickens before they hatch is never a good thing. Buying something today depending on tomorrow is never a good thing. Life can change in a matter of minutes, buying something in hopes of an upcoming bonus could leave you in a financial bind, if something unexpected happens and you don’t receive that bonus. Don’t spend until the money is physically in your hand.

8. Not Saving Enough: Putting aside money every month can significantly impact your financial health. It doesn’t matter how much you make monthly you will want to save something every month. Building a nest egg for emergencies is crucial. Ideally, you will want to try and save up to six months of living expenses in case of something bad happens, such as a layoff, you become ill or a divorce. Remember to “Pay yourself first

9. Inflation:  is often overlooked when it comes to debt. You may not realize how much the cost of living goes up every year. In recent times companies and administrations have struggled to stay afloat and are unable to give annual raises. With the price of housing, food, gas and other expenses increasing annually, this leaves the employees finding ways to supplement the cost increase. Look at the type of savings account you have your nest egg in, find ways to cut back on food and other expenses.

10. Financial Literacy: Many consumers do not quite understand how many works, how money grows, how interest rates function or how to invest in your futures. I am sure there is someone in your immediate circle who doesn’t even know how to balance a checkbook. Think back to when you were in school, were you taught this information? You are responsible for your own life and future, therefore taking charge is your responsibility. If you feel you are inadequate in these areas, take charge and educate yourself. Financial mistakes can be very costly and take you years to recover from being uneducated.

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Credit Score Tips

Improve Your Credit Score, Don’t Let Your Past Financial Decisions Keep You Down

Your past financial decisions may feel like they are coming back to haunt you, and handling the complications that arise from having a less than perfect credit score can be rather stressful. Dealing with your past credit mistakes can leave you feeling extremely frustrated and hopeless, but the good there is re-establishing a good credit score can be done.

Ways to Improve Your Credit Score After Bad Financial Decisions

A credit score belongs to you and only you, and no matter what caused you to a have a less than stellar credit score it is only yours to improve. It is common for many Americans living with a low credit score to ignore the problem. The first step in improving your credit score is to face it head on and attack the situation with confidence. Here are a few steps to take when what to improve your score.

Look for errors in your credit report

The first step in repairing your credit is to thoroughly carefully review your credit report to determine that all information is yours and it belongs to you. By law, credit reports have to be timely, accurate, and verifiable, and even though the particular item may belong to you finding an error may allow the item to be removed entirely from your report. You will want to pull all three credit reports from each credit reporting agencies, Experian, Transunion, and Equifax. Make sure you review names, addresses, social and look to make sure the dates on the accounts reporting are correct. If you determine there is inaccurate information reporting you will need to dispute the information.

High Balances

Often having a low credit score can be caused by utilizing too much of your available credit. You may wanted to buy that 60″ TV, but did you understand what maxing out your credit card would do to your credit score. 30% of your credit score is based on your available credit, if you have credit cards with balances greater than fifty percent of the maximum, you should pay those down as quickly as possible. Creditors like to you see you using your available credit, but still keeping the balances under 30% of the allotted credit.

Not able to get credit?

If you do not have enough trade lines, the key number is to have two installments and two revolving; you will want to try and obtain credit slowly. So don’t rush out and try to get all four at once! Start out with one. If your credit score is too low and you do not qualify for a loan or credit card you do have options. Obtaining credit with a low score can be done if you are willing to put up a security deposit. Many banks have secured credit cards and or a CD Building loan. Since your credit score is like a report card and you are graded on your payment history, you will need to make certain you can pay the monthly payments and make sure you can pay on time. One late payment will significantly impact your score.

Pay on time

Earlier I mentioned that credit bureaus grade you on how you pay your trade lines. Making sure you pay at least the minimum balance and on time each month will significantly impact your credit score. One late payment could drastically lower your credit score and as much as 100 points.

Increasing your credit score doesn’t happen overnight and each individual score has a different circumstance. There is no cookie cutter way to follow and coming up with the correct action plan designed for you is the key. Once you have determined the correct plan of action, being disciplined will be extremely important. If at anytime you feel like you might backslide, remind yourself ut what motivated you to improve your score, maybe it is to buy a house, finally buy a brand new car, or to get the job you always wanted. Whatever your reason may be, once you have reached the light at the end of the tunnel it will be well worth it.  If you aren’t exactly sure what steps to take reach out to one of our credit analysts and get a free consultation.

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