Free Annual Credit Report

I have made quite a few posts on here over the last several months so I figured that I would do a recap of everything as a quick resource to find relevant information.

Back in May I presented 4 credit score myths and answers to common credit questions. I also broke down what many people feel is very complicated, and showed how credit scores are calculated. Then, in basically a compilation of the information, I showed how all this can be combined to get lower mortgage rates. I also posted about several easy ways to check your credit score for free, and honestly, I think this is the most valuable post on here.

Remember, increasing your credit score is an ongoing process, don’t get discouraged. To break it down to the simplest form, develop long credit history, control your spending, and pay your bills on time. If you’re still having trouble doing it yourself, even after reading everything on this blog, using a debt negotiation company might be a viable alternative. I would suggest doing research on credit card reduction and bill consolidation to see if it is right for you.

Also on a side note, in the UK, landlords have access to services where they can buy a tenant credit report on line, often within a few hours of placing an order. Such reports provide a detailed tenant credit history helping landlords to make the optimum decision when letting a property.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Having bad credit can definitely be a problem, especially when you’re trying to buy a house or a condo. Under current market conditions, it will become a little harder to get many offers on mortgages - especially since some of the sub-prime lenders have taken a serious hit. You should know, though, that there still are some lenders who are looking to lend money were it is needed. Here are some things you can do to get a mortgage with a bad credit rating.

The first thing you should do is to increase your credit rating as much as possible. The things that will effect your credit the most will be determined by how low your credit rating is. You will get a better interest rate if you do a full-documentation mortgage, rather than a no doc mortgage. The lender will be more inclined to extend the loan if you have full-time employment, as opposed to being self-employed, and have a rather steady work record - you don’t change jobs often.

Another thing that a lender looks for in your credit score is to determine what is the amount of debt you have compared to your present income. For the best interest terms, this needs to be below 36% of your pretax income. This percentage does include your mortgage, taxes, and insurance costs. The closer you are to being near or below this percentage, the better deal you get.

If it means waiting a little bit before you apply for your bad credit remortgage - it would be worth it. You could save thousands of dollars simply by reducing some of your debt first. Another way to get an even greater level of savings would be to make a larger down payment. By putting something down, even if it is around 5% - that will give you a better interest rate – and more savings, as compared to someone who doesn’t.

You will want to go to a mortgage broker to save some time. Most banks will not give people with bad credit a mortgage. A broker, or a broker Web site can enable you to quickly receive a number of quotes from one simple application. Be careful about lenders, who want to give you too much loan, or who encourage you to buy a larger house than you can afford - they are not looking out for your best interest.

As you look over the various quotes for mortgages that you received, be very careful about hastily taking one - just because it will do, rather than because it is the best. When you have bad credit, you especially want the best deal, because it will enable you to strengthen your credit rating even more.

If necessary, you may need to take a loan at the higher interest rate now, and then see about refinancing it a few years down the road – giving you much better terms. The one drawback here, though, is to make sure you can handle the payments adequately until you can refinance. Never take a loan if you can’t afford the highest possible rate, especially with an ARM that can reset.

It is also important that you read up on the different types of mortgages and become familiar with the terms before you apply. This will enable you to compare mortgages and make the right choice.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

From time to time I will be having people guest write on this blog. This will allow for different perspectives, especially for people in markets outside of the US that I normally do not cover. This will be our first guest article, from friends at Nationsfinance.co.uk.

Every one will sooner or later have need of emergency cash. It can often come at the most inconvenient times, too. This means that when you need the cash - you need it in a hurry. Here is how you can get that emergency cash you need from a payday loan - regardless of your credit score.

Payday loans, also called cash advances and other things, have not been around all that long - but many people have already had to use them at one time or another. The best part is that you can get one in most places you go. Some states may not allow them, or if they do, may limit the amount of cash you can get. For instance, some place the maximum amount of cash at $500, and will only permit an individual to have one loan at a time. Other states, however, permit up to about $1,500 loans and the possibility of having up to three payday loans out at one time.

Your credit score is not a problem to the payday loan lenders. It will not even be checked in most cases - simply look at their advertising to find out. While they do not care about your credit rating, they will want to know about your employment and income. You will need to have been employed at the same place in order to qualify, and you will need to be taking home more than $1,000 per month in income. Those on a fixed income may make less than this, but will also not be able to take out as much.

Besides your employment, you will need to have had a checking account open for at least two months. After any payday loans are approved, they will deposit your money directly into it, and will take the money out from it when it is due.

In order to get your loan in a hurry, you will need to be prepared to fax them a few documents. If required (many do not require it - but it means that it will usually take longer - called no fax), you will need to fax them copies of your recent pay stubs and possibly income tax reports or bank statements if you are self-employed. Faxing will enable you to get what you want - the cash - in about an hour.

Even though the payday loan lender will not check your credit score, they do have a system that they will check with, called Telecheck. This computerized system informs the payday loan industry about who currently has payday loans out - and how many. This serves as a protection for them.

The good thing, though, is that having no credit is not a problem with your getting a payday loan. You can still have your cash in about an hour. One restriction, though, is that the best time to apply for a loan is Monday through Thursday. Applying too late on Friday, however, may mean that you do not get your money until Tuesday. Be sure to shop around for your best results and lowest interest rates.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

There seems to have been a recent rash of credit score spammings, or I was just recently added to their spam list. I have been getting a lot of emails with subject lines that say “Your Credit Score May Have Changed“. The email tricks recipients into thinking their credit scores have changed and try to have you sign up with the spammer to see your new score, when in actuality your score probably hasn’t changed. Be on the lookout for these emails and don’t fall for them.

It frustrates me sometimes how people market toward the low credit score/subprime market. People that usually fall into this category are easily deceived and often duped into buying services they do not need or want. I really wish companies/people did not market to this weakness, it only makes things worse.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Good evening. It has been awhile since my last post due to an unforeseen business trip. I was in Orange County, CA for 7 days and have returned to Colorado (it’s 25 degrees and snowing –an undesirable contrast).

As promised, I will dedicate the efforts of this article completely to explaining why you should stay away from debt settlement companies. Thankfully, using a debt settlement company was one mistake I didn’t make. I am guessing that the points I am about to present within this article will be enough to persuade you from going to a debt settlement company, but nonetheless, it’s important to keep this one point in the front of your mind: debt settlement companies are selling you a product regardless of if they claim to be nonprofit.

How Debt Settlement Companies Do Business

Usually you will find that debt settlement companies offer to negotiate your debt with creditors by promising to pay the debt in one lump sum (which obviously creditors love). However, the debt settlement company won’t make this offer until you have secured most of the amount agreed upon between the debt settlement company and the creditor. The agreed upon amount is secured by requiring you to setup a savings account and make deposits until the amount is met. While this can work in some cases, let it be known that in most cases, this will hurt your credit score and cost you more money.

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Original article from: The Better Credit Blog - Credit help, Dispute forms, and Fix bad credit

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

There are a lot of companies that claim to be able to fix or repair your credit. What do they actually do? Can you do it yourself? What they do is actually pretty simple and it pays to be informed.

Credit repair/fix companies can only legally dispute inaccurate information on a credit report, which is exactly what individuals can do, and for free. Any Company that promises to “fix” credit, remove negative information which is true, or start over with a new Social Security number are scams. The only information that can be removed/purged from a person’s credit report/history is inaccurate information. Which, as stated above, can be disputed by the individual for free.

The moral of this story is, don’t be tricked into thinking someone can repair your credit for you. Anything a company can do, you can do for yourself. Which means, use your free annual credit report or pay for a credit report, and dispute any inaccurate information with the credit bureaus. Also, keep reading this blog on easy ways to increase your credit score. It can be done and isn’t that difficult when provided accurate information.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Buying a home is a big deal and everyone deserves to get the best interest rate possible. One of a few factors in determining what your interest rate will be, is your credit score. The best thing anyone can do for themselves is to have their credit score as high as possible, the higher over 700 the better. One easy trick that will spike your credit score during your mortgage application process is to stop using your credit cards. One of the factors in determining your credit score is how much of your credit line you have used. A general rule of thumb is not to exceed 25-30% of the credit line, and preferably to stay lower than that. About 45-60 days prior the beginning of your mortgage application process, if you stop using your credit card, you will spike your credit score just in time for your mortgage credit check. This is assuming that your credit cards are paid down to begin with. By increasing your credit score and getting a better interest rate on a mortgage you can potentially save thousands and thousands of dollars over the life of the mortgage. Why not take advantage of an easy trick? To recap:

1) Pay down credit cards at least 60 days prior to mortgage application process
2) Stop using your credit cards 45-60 days prior to mortgage application process

And remember, when applying for any loan, it is fine to shop around, but keep it within a 30 day window so your credit score doesn’t getting “dinged” multiple times.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

A common question for many people is if a spouse’s accounts or credit score is factored into yours. Credit bureaus don’t maintain joint files or credit scores for spouses. However, accounts in which a person and their spouse are listed as an authorized individuals will be listed on credit reports. Also, credit bureaus only maintain credit files U.S. residents. This is something to remember depending on your or your spouse’s nationality/country of residence.

What this all means is that an individual’s credit report is completely separate and different from their spouse’s. A spouse’s credit score or history will not positively or negatively affect an individual’s credit score/history. But, a spouse will have an affect on their significant other’s credit score/history in regards to accounts they are listed as an authorized individual. This means that it is wise to monitor and regularly check the history, balance, and details of joint accounts. The last thing anyone wants is for their credit score to be lowered by their spouse, intentionally or unintentionally, through their joint accounts.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

It’s ok to admit it. Most of us have been tricked by ads on the internet, radio, and tv about being able to check our credit scores/reports for free. There is an old adage that says nothing in life is free, while that is true for the most part, there are actually ways to get your credit report/score for free.

The Fair Credit and Reporting Act (FCRA) requires each of the 3 credit reporting agencies to provide everyone ONE free credit report every 12 months. As stated by the Federal Trade Commission, the only website you can go to access this free credit report is at annualcreditreport.com. This is absolutely the only site that is part of this program. But there is one drawback, this site only provides you a credit report/history, and not your credit score. You have to pay extra for the score.

Don’t fret, there are some other ways to get to get a free credit report and score. Many of the websites that offer credit reports have 30 day free trials. For instance, about a year ago I used freecreditreport.com, part of Experian. I ordered my credit report and score, checked it online, took notes, then called in a canceled within 4 hours of ordering the service. I was never charged a thing. Also, at one point, and I believe they still are now, American Express was offering a 30 day free trial to its card holders to receive credit reports and scores. Just login into your americanexpress.com account, and under other services sign up for the credit report/score program. Assuming you cancel the program within 30 days you will not have to pay a dime, and you will get your credit report and score from all 3 bureaus.

Another way you can sometimes get a free credit score is from your bank. Many banks use their own version of your credit score, some call it a soft score, meaning it is their own proprietary formula/score. I do know Bank of America uses this and it is factored into credit card application and mortgages with them. If you are nice to one of the branch employees, they will often share with you your soft score. While this is not your actual credit score, it will give you a very good idea of what your score is.

Also, if you meet one of these requirements you are eligable for a free credit report.

1) Denied credit, insurance, or a job due to information on your credit report. A notice stating which credit bureau supplied the report should be included in your letter of denial. You then have 60 days to request a free copy of your report from them.
2) Unemployed. You are entitled to one free report a year if you are unemployed and anticipate looking for a job within 60 days.
3) On welfare
4) Believe you are a victim of identity theft. Maybe you recently found a suspicious transaction, or lost your wallet. Place a fraud alert on your file and then ask for a free copy of your credit report.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Many people know ways to increase their credit score, but what factors actually lower your credit score?

1) Accounts that have been open less than three years. Having long term credit accounts that you consistently pay on time is an important indicator of stability. As your credit history ages, your score should increase.

2) Anytime your credit report is pulled. This is if you apply for a loan and the lender requests a copy of your report, or you order a copy of your credit report yourself directly from the credit bureau. This is when an inquiry is added to your report. Hard inquires are bad, soft inquiries are ok. Hard inquired are from creditors and lenders with whom you have applied for credit or a loan. A Soft Inquiry is when you request your own copy of your report or when an employer checks your credit history. Lenders and creditors do not see these inquiries. Inquiries remain on your report for up to 2 years.

3) An account that goes unpaid or becomes delinquent.

4) Bankruptcy.

5) Closing old accounts. Having old accounts open, even if they are not used regularly, is good for your credit score.

6) Constantly using too high of a percentage of your credit line. For example, it is good to stay under the 30% mark for the amount of credit your have used in your credit line.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!