Despite all the attention that has been given to credit scores and the impact credit scores have on numerous aspects of our day to day lives, many consumers still do not understand the weight these numbers have on what we can and cannot do. Credit scores directly or indirectly impact the cost of living for most consumers in the U.S. Credit scores can be a big factor in credit decisions for financial firms like banks but they are also a significant factor in insurance rates, employment, … [Read more...]
Identify Credit Report Problems
December 15, 2010 By Leave a Comment
One of the first steps to improve a credit score is to fix the credit report that is the underlying problem directing the low score. An individual’s credit score, whether it is good or bad, is based solely on the data found in that individuals credit report. To improve a credit score therefore requires an improvement in the underlying data in the credit report. In order to repair any issues in a credit report that is the cause of an individual’s low credit score, it is necessary to … [Read more...]
Credit Score Quick Facts
October 18, 2010 By Leave a Comment
Here are some quick facts about credit scores that consumers should keep in mind when reviewing their credit score, credit report or putting together a plan to help improve their credit scores. You need to have and use credit to have a credit score. Credit reporting agencies gather and report a consumer's credit history that includes debt repayments to credit cards, auto loans, mortgages and other creditor accounts. Credit reporting agencies also record information on judgments, liens, … [Read more...]
Remove Inquiries from Credit Report Sample Letter
September 30, 2010 By Leave a Comment
When trying to improve a credit score, removing inquiries from the credit report can help. Inquiries, as a rule, have very little impact on a credit score but they can shape the score if there are a number of credit report inquiries in a short period time recorded in the credit report especially when the individual credit report has a limited credit profile or credit history. Before a consumer pursues the process of trying to remove the inquiries from a credit report they should be … [Read more...]
Credit Score Scale
September 27, 2010 By Leave a Comment
In order to improve a credit score or to know the likelihood of being approved for a loan or credit request, a consumer should know what the range of credit scores are or what the appropriate credit scale is. The common credit score scales available are not absolute measures, but can be used as a good guide on where an individual’s credit score falls within the available range of scores. There is not one credit score scale. Credit scores are determined based on the information in an … [Read more...]
Review the Credit Accounts in Your Credit Report to Improve Your Credit Score
September 9, 2010 By Leave a Comment
Once a consumer is familiar with the components from a credit report that factor into a credit score, one of the first step steps to try and improve a credit score is to review the credit report for errors and inaccurate information. Credit reports are often filled with numerous errors however; most of these errors do not impact a credit score. The focus in reviewing the credit report is to have the accounts and records that impact the credit score repaired or removed. When reviewing a … [Read more...]
Will a Debt Consolidation Loan Help My Credit Score?
March 9, 2010 By Leave a Comment
A: Debt consolidation loans are one of many alternatives to help improve an individual’s financial position. Debt consolidation loans can reduce a number of monthly debt payments into one consolidated payment that will usually have a much lower monthly payment. The debt consolidation can certainly reduce monthly payments and reduce stress but the impact on credit scores will generally be fairly small shortly after the loan. Over time a debt consolidation loan can improve a credit score … [Read more...]
Increase Your Credit Score While Removing Delinquent Credit
September 2, 2009 By Leave a Comment
Generally the biggest component of credit repair and improving a credit score is eliminating the delinquent credit accounts from your credit report. Removing delinquent credit accounts requires written disputes to the credit reporting agency and entails patience, good execution and time. While this process is taking place, it is prudent to work on the rest of the credit report and credit accounts to improve the credit score. Two approaches that can help measurably with the credit report … [Read more...]