You are your Credit Scores Worst Enemy
When applying for loans, credit cards, or even trying to lease a new apartment your credit score is the major determinant of how well you will fair.
Ironically very few people know what their credit score is and are not aware of the fact that they may be doing various things to hurt their credit score.
If a high credit score is important to you, and it should be, beware of the following things to keep your credit score in check.
Have you ever had one of those months where everything seems to pile up and you just can't make ends meet?
You take a look at what you owe, who you owe it to, and finally decide that the credit card payment is going to have to wait until the next check.
Not even that, lets cay you just forget to make your credit card payment on time.
This is the first and most common mistake: missing payments or making late payments.
If you know it or not every time you make a payment to any of your lenders, they report what amount you have paid, and whether you were on time or late.
If your late basically consider it much like getting a test question wrong, your credit score drops.
In addition, they will report how late you were, and your record of "lateness" will be represented on your report.
Now you want to get a loan for a new car and the dealer pulls your credit report and your credit score shows you were late X amount of times last year.
Put yourself in his shoes.
If you lend your buddy $20 and he pays you back immediately you will lend him money again but if you have been waiting for that $20 for over a year next time he asks you're not going to be as keen on it are you?
If it's clear that you have a habitual pattern of paying your bills late, they will think twice about lending you money.
Second, this is another one people never consider will hurt their credit report and I know when you read this you will realize you are guilty of it.
If you get a mailing promoting a 0% credit card or a new great rewards credit card and figure you could use another card do you apply for it?
Well if you do you could be docking your credit score yet again.
Every time you submit an application for a credit card or apply for a loan the credit agencies are notified of your credit report being pulled and checked.
If this happens too many times it will undoubtedly hurt your credit score.
The credit agencies will look at those inquiries as attempts to get credit or a loan and if those don't follow the inquiry it reflects poorly because it seems as though you're not getting approval.
No one (except the credit reporting agencies) knows the formula for how many inquires will hurt your report, but the general rule of thumb is simply not to apply for credit unless it's absolutely necessary.
Lastly is another tip to look out for that I am sure most people don't really think about and that's leaving credit cards on your credit report.
I know it's the opposite of what you have been taught but let's think about it.
If you have a credit card on your credit report that has been paid on time every time it's a star on your credit report.
Removing it would dock your score believe it or not.
Of course credit scores favor accounts that are active so try and keep charging small items and paying them off regularly to maintain this benefit on your credit score and you'll be surprised how quickly your credit score will increase.
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Do You Need To Improve? Credit Scores Count.
To improve your credit score, you have to take steps to improve the rating that the credit bureaus give you on your credit report. The score is the grade they give so that merchants know whether or not you a good risk for them to lend money or allow you to have a credit account. If you have a low credit score, then you know you have to improve. Credit scores will determine whether or not you get a loan for a new house or a new car. If you need to improve credit scores there are ways.
There are recognised ways to improve credit scores and once you do improve your credit score you will qualify for more loans ? sometimes more than you want.
If you are in the market for a loan, it is a wise decision to review your credit score at least six months prior to submitting the application. This way if your score is low, you have an opportunity to improve your credit rating for at least six months before the lender does a credit check on you.
The credit score...
Credit report > Do You Need To Improve? Credit Scores Count.
How to Establish Business Credit Despite Your Personal Credit
Business credit is more of a science than an art. The first rule for this science is that it is not the same as personal credit.Many would-be and aspiring business owners are not aware that establishing credit for a business is just as important as establishing personal credit. They also do not realize that a business can have a credit score separate from their personal credit score.There is a world out there designed specifically for the business entity with a whole set of different rules. Many entrepreneurs start out accumulating excessive personal debt to finance a business. Within a few months or even years, they find that the business is a monster and needs more food, also known as financing.With credit cards maxxed to the limit, business owners find themselves in a crunch and searching for ways to raise capital.
This is difficult to do when the time is not taken to establish business credit first. Business credit is a crucial first step and foundation to build upon.First,...
How to Establish Business Credit Despite Your Personal Credit
Credit report > How to Establish Business Credit Despite Your Personal Credit
Easy Credit Repair Done Yourself
We all know that credit is important, but what should we do if we are in need of credit repair? I know if were to find that my credit was in trouble, I would want to solve the problem myself rather than pay someone to do it. Credit repair is a serious thing since your credit determines so much of your life in today's world. Credit can effect your ability to buy a home, rent an apartment, buy a car, or even finance your new washer and dryer. That is why you should take credit repair very seriously. There are some steps you can take to help yourself by fixing your credit problems yourself.
The first thing you will need to do is find out if you even need credit repair.
To do that you will need to get your hands on a copy of your credit report. That should not be difficult, since the government mandates that you are allowed to obtain one free copy of your credit report annually. You just have to ask the right people. You can either check out the website for the Federal Trade...
Easy Credit Repair Done Yourself
Credit report > Easy Credit Repair Done Yourself
It?s Easy to Find a 0 APR Credit Card
Millions of Americans have credit cards, using them almost every day for everything from mundane things like groceries to exciting purchases like vacations. But unless you already have a 0 APR Visa, Mastercard, or Discover credit card, chances are you're still looking for one. Who wouldn't want a credit card that offered 0 percent APR?
The APR is the annual percentage rate, and it determines how much interest you pay on your credit card. No-interest credit is the best, obviously; a credit card with no APR means you're paying back only the amount you borrowed, with no additional charges. When the bank makes you a 0 APR credit card offer, you're liable to jump at the chance! But you don't need to wait for the bank or credit card company to come to you.
You can get a 0% APR credit card yourself.
First you'll need to check your credit score. The credit card companies are more likely to give you a low-repayment credit...
Credit report > It?s Easy to Find a 0 APR Credit Card
The iLugger II iMac G5 Soft Case Also Transports the Mac Mini
(ContentDesk) August 22, 2005 -- LTA Projects of Cookeville, Tenn., has discovered that Mac users aren't just buying the iLugger II soft case for their iMac G5's. They are also buying them to transport a Mac Mini as a full desktop computer system, including a full size monitor (up to 20" flatscreen, most brands), keyboard, mouse, and other accessories. The Mac Mini, coupled with a full size monitor and keyboard, creates a very efficient desktop computer system. Add the iLugger II soft case,...
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Credit report > The iLugger II iMac G5 Soft Case Also Transports the Mac Mini
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Credit report You are your Credit Scores Worst Enemy
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