Creditors and the Truth

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Credit Score Factors and How to Dispute Bad Credit
Do you often have too much month left at the end of your money? While you strive to pay your monthly bills on time, computers are keeping a close watch on your performance.

Automated programs keep score on your payment punctuality, and other financial information, which have a direct impact on your ability to qualify for a loan, and the interest rate you will be offered. A score of 700 ... Read credit counseling article



Repairing Your Credit Report
Are you confused by what you have read and want straight answers on repairing your credit report? Credit repair isn't difficult but it can be confusing. A credit repair specialist is the best resource person to have on your side when fixing your credit. The Frequently Asked Questions that follow will be a big help to point you in the right direction to get started.

How long does it take... Read credit counseling article



Creditors and the Truth
In my previous article I discussed how prior to the Fair Credit Reporting Act most bill collectors would change account information to suit their needs. This is not a fallacy. Many creditors provide the Credit Reporting Agencies with information about you that is not true. There have been many cases where the wrong account was put on someone's credit report. When you are not aware of what is on your credit report, you can run into difficulty when you try and borrow money for a home mortgage for example.

I'll give you an example: Mary and John go car shopping. They are not aware of the condition of their credit report. They simply think they have decent credit. Now the car dealership and the salesman write up the sales order.

The salesman takes their social security numbers and disappears. He comes back in twenty minutes with a smile on his face and states " I had you approved for your car loan". John and Mary are very happy because they were just approved for their loan.

What the salesman did not tell them was that he ran inquiries to several different lenders looking for an approval. Now, let us understand something. When an automobile dealership arranges financing for you, they get a kickback from the finance company. Now whose "interest" do you think they arre looking out for? Here is John and Mary simply happy to get their loan but they are not aware they are paying upwards of 14% instead of maybe 8% that they might be qualified for. What does this difference mean in monthly apments over the term of the loan? A staggering $125 per month!

That should get your attention. Here are Mary and John paying and additional $125 PER MONTH just to make some salesman richer. You do not have a clue as to how the cost of money affects your everyday life unless you take the time to learn. This all relates back to credit reporting and credit management. Now you can see for yourself why it is so important to learn about your credit.

Chuck Lunsford is the owner and developer of EasyFLoridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about how to obtain a bad credit home mortgage loan

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How to Build Credit With No Credit

One of the oddities of the credit system is that if you apply for a credit card and haven't had credit before, you not only will probably get turned down but your efforts will work against you in the form of a drop in your credit rating. Almost as if penalties are built into the process, getting a credit card can hurt you for the short run and lessen your chances of getting a loan in the long run. So, how do you get around this oddity? Simple! Just read on and we'll take a look at ways you can establish credit with no previous credit on the books.

Anytime you apply for credit and are turned down that works against you. However, if you have no credit history, then how can you establish credit in the first place?

Fortunately, before you apply for that Visa, Master Card, American Express, or Discover Card that you covet, you may want to give consideration to applying for a store card. That's right, cards through Sears, JC Penneys, Home Depot, Lowes, Macys, and others can be had fairly easily. In most cases you only need to show your driver's license and list your income. Because their application standards are very easy, most first time credit applicants get approved.

Once approved for your card you then should start using it. Make at least one purchase at the store per month and then pay off the bill in full when it arrives in your mail box. Pay it right away too as a late payment could wreck your chances of getting credit with one of the major cards later.

After at least six months, apply for one of the major credit cards as you should have enough of a credit history on hand to successfully apply and receive a card. Before applying obtain your free copy of your three credit reports from AnnualCreditReport.com to make certain that your store card is listed. If there is anything of a suspicious nature or an apparent error, then notify the credit reporting agency before applying for the new card.

You can also establish credit easily through opening a cell phone account, your own telephone account, or through the power company. Always pay your bills on time as that will increase the likelihood that you will be approved for your favored card later on.

Jeff is the owner of Uk Lenders one of the Uk's leading secured loan quote providers. If you are searching for that low rate on a secured loan then visit our site today for a free no obligation quote.




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