October « 2010 « credit report comparison

October 29, 2010

Factors That Raise Credit Score Fast

Filed under: Defaulting On A Loan — Tags: 1000s, Beacon Score, Better Chance, Contact, Credit Card Debt, Credit Cards, Credit Report, Credit Reporting Agencies, Credit Reporting Bureau, Credit Score, Creditor, Creditors, Equifax, Experian, Transunion — admin @ 4:39 am

Jack Harmon asked:

So you need to raise your credit score fast? Well credit scores are a very complicated mathematical formula, but if you understand how they are calculated and the factors that affect your score you stand a much better chance to raise your credit score fast.

First off you must understand that there are 3 credit reporting agencies (Experian, Transunion, Equifax) and each of them could have a different credit score for you.

Sometimes a credit score is referred to as a FICO score or beacon score so don’t be alarmed if you see different terms.

In addition, different credit reporting agencies can report more heavily in different regional areas. For instance, Experian could be more heavily reported for customer in the Western region while Equifax could report more heavily in the Southern region.

It is for the above reason that frequently why you will have a different credit score with different credit reporting agencies. If you want to raise your credit score fast here are some things to consider:

Raise Credit Score Fast With These Tips

1. Get a free copy of your credit report and check for errors: Every year 1000s of people find that a creditor or creditors have placed inaccurate information on their credit report. It could be anything from a late payment to a collection. These errors can significantly affect your credit score and getting errors removed can help you raise your credit score fast.

You should highly consider getting a free copy of your credit report and check it for errors. If you find errors, you need to contact the credit reporting bureau and explain to them that you would like to file a complaint as a result of an error on your credit report.

Checking your own credit will not hurt your credit score.

2. Payoff outstanding debt: If you have outstanding debt or credit card debt paying it off can help you improve your credit score. It is not recommended you close your credit cards, because the longer length you have held the credit card can actually help your score.

However, paying off the debt on your credit card can help tremendously because payment history is highly important to your credit score.

3. Avoid shopping for too many loans or credit cards: Every time you shop for a credit card or loan each application you submit can affect your credit score. This does not mean you can not shop for a loan, just do not get out of control with it. Also, if you do shop for a loan be sure to submit all applications within 14 days of each other as this will be more favorable to keeping your credit score high.

In the end, following the above tips can be highly helpful to raise your credit score fast. It is highly recommend you get a copy of your free credit report as any errors on your credit report can be the best option to raise your credit report fast.

Cindy

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October 24, 2010

The Essential of Keeping Your Credit Score High

Filed under: Equifax Credit — admin @ 10:39 am

asked:

Roland

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October 22, 2010

A Bluetooth GPS Comparison Guide

Filed under: Myth 2 — Tags: Bluetooth, Comparison Guide, Gps Comparison — admin @ 2:53 pm

asked:

Chris

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Online Credit Report

Filed under: Bankruptcy — Tags: Bouncing Checks, Credit Equifax, Credit Reports, Damaged Credit, Equifax, Experian, Explanations, Financial Move, Late Payments, Lenders, Loans, Mismanagement, National Credit Bureaus, Rebuild Credit, Transunion Credit — admin @ 1:46 am

Beth Pardue asked:

Online credit reports are an easy way to learn what potential lenders will see about us, before we apply for a loan or credit. All too often, our early mismanagement of credit, like during our irresponsible youth, winds up hurting us for years. We get negative information on a credit report that could ruin our chances of getting additional credit long after we have begun managing credit more wisely.

So, if you’re considering making a major financial move it’s a good idea to check your credit report to know where you stand. That way you can be aware of problems before they derail your plans. And once you are aware of these problems, you can take steps to rebuild damaged credit and clean up that record.

If you’ve made mistakes in paying previous loans, bouncing checks, making late payments or other problems, you may still be able to reduce the amount of damage they will do to your credit with explanations or some basic repair. The first step is getting copies of your credit reports. Luckily, obtaining an online credit reports is easy. There are many companies on the Internet that will provide you with a copy of your credit report free of charge. Visit to learn more about getting your free copy of your credit report.

You can also get a copy of your credit report by requesting a copy directly from each of the three major national credit bureaus: Equifax, Experian and TransUnion. Checking your credit through the credit bureaus directly can cost you as much as $9 per report, although it differs from state to state. You can request that the report be mailed to you or obtain it online. But with so many options available for a free credit report – why pay for the same information that you can get without having to spend a dime?

But regardless of how you obtain a copy of your credit report, the most important thing is that you get a copy for yourself, review it and make sure that it is the best it can be. Then begin working to resolve any activity that can be repaired. The sooner you get a copy of your credit report, the sooner you can begin improving your credit.

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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.

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Audrey

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October 17, 2010

The Credit Score Rating Scale Explained

Filed under: Payment Defaults — Tags: Bad Credit, Consumers, Credit Reporting Agency, Credit Score, Credit Scores, Debts, Denial, Fico Score, Financial History, Loans, Measurement, Mortgages, Pool, Predi, Score Factors — admin @ 1:11 pm

JP Burkhart asked:

Many people are unaware of what a credit score actually means. In fact, a survey of 1,000 Americans taken in September 2004 demonstrated that only one third of people knew that a credit score was a measurement of how likely a person is to pay off a loan. Having a good credit score is necessary when it comes to applying for loans for cars, mortgages, and credit cards. Furthermore, having a bad credit score can lead to denial of basics such as a phone line in your home. Therefore, it is important for consumers to understand how a credit scores affects them and how it is determined in the first place.

Calculating the Credit Score

In essence, a credit score tracks how well a person incurs debt and how good that person is at paying the bills on time. Businesses, including lending institutions, look for a high score with potential customers because the higher a person’s credit score, the more likely that person is to be responsible with finances and the more that person can be trusted to pay back debts.

A credit score may vary from one credit-reporting agency to the next since they do not all necessarily receive the same information from businesses. Some businesses report to all three of the major reporting agencies, while others may only report to one or two. In addition, the statistical pool used by each agency may vary slightly, leading to a different credit score. All of the agencies, however, utilize the same software when it comes to determining credit scores. Fair Isaac and Company (FICO) develops this software and, therefore, the credit score is often referred to as the FICO score.

Score Factors

A person’s credit score is not static. It changes all the time. Every time a bill is paid on time or late it is reflected on the credit score. In addition, each time a person takes out a new loan or applies for a new credit card, the credit score changes. This is because the credit score is based on the person’s financial history and attempts to make a prediction at how responsible the person will be in the future.

The final score is highly objective and based on statistical data. Points are gained based on specific factors such as late payments, payment history, outstanding debt, and the length of time an account has been open. All of this information is compared to the statistics of people with similar profiles to determine a final credit score.

Randy

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October 16, 2010

My Credit Report

Filed under: Home Improvements — Tags: Application Process, Credit History, Credit Inquiries, Credit Rating, Credit Score, Debts, Electronic Record, Favorable Terms, Information Credit, Lenders, Loan Application, Loan Request, Paragraph, Personal Credit Report, Public Records — admin @ 8:43 pm

Beth Pardue asked:

“What kind of information is on my credit report -and how can I see it?” is a common question among people who have had trouble securing credit or loans. Basically, your personal credit report is an electronic record of all of your credit activity including recent requests for credit that you have applied for and the payment activity on any open or closed credit or loans you may have. This history is vitally important because lenders use your credit report to determine if they are willing to extend loans or credit to you.

There are four main areas of content on your credit report [http://www.credit-report-credit-score.com]: Identifying information, credit history, public records, and credit inquiries. Additionally, a credit report also shows any current credit that you have, including loans, debts and credit limits. It also has the payment amounts on installment loans.

To see what is on your credit report visit credit-report-credit-score.com [http://www.credit-report-credit-score.com] to request your free copy. Knowing what is on your credit report before beginning the loan application process can save you a lot of time and hassle.

Lenders use the information on your credit report to generate your credit rating when evaluating your loan request. The higher your credit rating is, the more likely you will be to receive the loan and at more favorable terms. For this reason, it’s a good idea to take a look at your credit report before making any purchases which require a loan or credit.

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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.

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Marilyn

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Understanding Your Credit Report

Filed under: Secured Credit Card — admin @ 2:40 pm

asked:

Henry

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October 15, 2010

Credit Card Applications FAQ

Filed under: Present Time — Tags: 18 Years, Application Process, Applying For Credit Cards, Bad Credit, Citizen, Credit Card Application, Credit Card Companies, Credit Card Issuer, Credit Report, Credit Score, Credit Worthiness, Favorite Store, Fear, Financial Institution, Secured Credit Card — admin @ 6:51 am

Joseph Kenny asked:

Lots of folks have questions about credit cards but may feel shy about asking for fear of being seen as not savvy. Here’s a list of frequently asked questions about applying for credit cards to bring you up to speed on what you need to know about the credit card application process.

Can I apply for a credit card?

In general, if you’re 18 years of age or older (the age limit may be lower in some states) and are a U.S. citizen, you have the legal right to apply for a credit card with any U.S. bank or financial institution.

Do I have to have a bank account to get a credit card?

In most cases, credit card companies won’t consider issuing credit to someone that doesn’t have at least one bank account in their own name.

Do I have to have a bank account with the bank that issues the credit card?

No – in most cases. As long as the credit card issuer can determine your credit worthiness, it doesn’t matter where your bank account is. There is one exception. If you apply for a secured credit card, you must keep a ‘security deposit’ of a certain amount in the institution chosen by the credit card issuer (usually their own bank).

Can I apply for more than one credit card at a time?

You can apply for as many credit cards as you want, but you should be aware that multiple credit card applications can affect your credit score negatively. You should shop around to find the best rate you can on a credit card, then apply for ONE credit card.

Do rejected applications hurt my credit score?

My favorite store just offered me 20% off anything I buy today if I fill out a credit card application right now. Even when I told the girl that I had bad credit and wouldn’t get approved, she said it didn’t matter. It doesn’t hurt anything to apply – is that true?

See above. Every time you fill out an application for a credit card, you’re giving the company permission to request a credit report from one of the credit reporting agencies. Those requests are kept on file on your record for anywhere from three to five years, and the number of requests are just one of the things that determine your credit score. If you’ve applied indiscriminately for any credit card offer you see, it could lower your credit score and make it more difficult to get a loan when you really need one.

What should I look for when filling out a credit card application?

Read all the fine print on the contract. If you’re filling out an application online, make sure you click on links to read the terms and conditions. If you’re not careful, you may end up signing an agreement to pay an application fee, a processing fee and/or an annual fee – which they’ll happily charge to your new credit card and start collecting interest on immediately.

You may freely reprint this article provided the author bio and live links are left intact.

Betty

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How Long Do Late Payments Stay on My Credit Report?

Filed under: Repayment Ability — Tags: Car Loans, Car Payments, Consumers, Couple Of Days, Credit Card Company, Credit Card Payment, Credit Cards, Creditor, Creditors, Late Payments, Mortgage Loans, Mortgage Payments, Personal Loans, Score, Secured Loans — admin @ 12:01 am

Tony Banks asked:

Late payments do affect your credit rating but what most consumers don’t know is that it also depends on how late your payment is made to the creditor. To start with, late payments that are made to creditors but are no later than 30 days late are not reported to the credit bureaus. So for instance, you have a credit card payment that is due on the 1st of January and you are not able to make the payment until the 27th of January.

This is considered late with the credit card company but will not show up on your credit report as a late payment. It will not show on your credit report until you are more than 30days late and it will show as a “1-time 30day late payment”.

These types of late payments usually affect your score and can have a lasting effect for about 12 months. The same goes with other types of accounts such as car payments, mortgage payments, personal loans as well as secured loans.

Even if the payment is a couple of days late, the best thing is to try and make sure it does not go beyond the 30-day point. It is also important to note that these late payments can cause your interest rate to rise on your credit cards.

This may be the case even if you are only 1 day late as opposed to 20 days late. This will vary depending on the credit card company you are dealing with. You want to check with the your creditor to find out their exact policy.

Ramon

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October 8, 2010

How to Compare Prepaid Credit Cards

Filed under: Financial Tool — Tags: Aim, Annual Percentage Rate, Automatic Teller Machines, Best Choice, Cards Credit, Credit Bureaus, Credit Rating, Prepaid Card, Prepaid Cards, Prepaid Credit Card, Prepaid Debit Card, Pros And Cons, Regard, Reward Program, Yardstick — admin @ 9:57 pm

Eric Wasselman asked:

The main advantage of a prepaid credit card is the ability to help the owner control their spending, after all, you cannot spend what you do not have. With this kind of card the consumer can only spend what they have deposited to the card. In this regard, a prepaid credit card is in effect a prepaid debit card.

There are many different types of prepaid credit cards on the market vying for your business, but to get the best card for you, you need to compare the pros and cons about each card. One card may sound attractive with a reward program and cash back, but you may find that they do not report to credit bureaus. A card such as this would not be the best choice for someone trying to establish or re-establish his / her credit rating. So if building credit is the aim, select a prepaid card that reports to the credit bureaus.

Unlike other credit cards, prepaid credit cards do not generally have an APR (Annual Percentage Rate) factored in, but there may be a monthly service fee. When a monthly fee is attached to a prepaid credit card, a comparison of the various fees and what they cover must be used in any comparison between similar cards.

Compare also whether or not there are any transaction fees to use the cards, for example some cards attract a fee when used at ATMs (Automatic Teller Machines).

Are the cards re-loadable? Some prepaid credit cards allow the user to reload money into their card when the deposit has been used up. This gives users much better control over their spending as they tend to know how much they have available and can afford to spend.

These kinds of credit cards are good for those without credit or damaged credit histories, who are trying to get a credit history or repair their credit rating. As such, the ease with which these cards can be applied for is also an important yardstick to use when making comparisons.

Scott

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