Remember when you were a kid and you’d get your report card or progress report? You would either run straight home to show mom and dad or you would run straight in the other direction. It’s helpful to know where you stand but it can also be downright frightening; sometimes there is information that we may feel better off know not knowing at all.
But the premise of the report card was to give a benchmark against which future work can be measured. Today, while we are adults who very rarely have to deal with report cards per se – unless we are in a school program – we still have to deal with many methods of measuring ourselves; be it the reviews we get at work or the credit report that details our financial behavior.
The credit report tends to be far more dreaded, in fact, than the report cards of years’ past. It is a mirror into which most of us are not comfortable looking; and it can detail roads traveled and mistakes made that are hard to face to say the least.
As with anything else, the not knowing can actually stand to compound the behavior. In other words, we may not know what our credit report says and so it’s easy enough to go and spend money we don’t have or make other poor choices figuring that we’ll just deal with it all later. But when you have a sense of what your credit report says it becomes much more difficult to make those choices. The reality of a credit report can be much more powerful than the fantasy of what we think that credit report says when we have our head stuck in the sand. Getting real about finances can put you on the road to progress.
More in the next post…
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Preparation is key when it comes to doing well in life – no matter what you are dealing with specifically. But when it comes to finances, preparation can really determine how well you can move past bumps in the road and continue on the journey with some semblance of control. Those who are unable or unwilling to stay abreast of their finances will inevitably find themselves in a bad situation at some point; a situation in which they have been hit with information that they didn’t expect and that will send them reeling.
Money can be an uncomfortable topic to face but it is one of those things that can easily snowball out of control if you choose instead to stick your head in the sand and deal with it later. What happens when later comes along is that people are completely blindsided. Consider, for example, being in a situation where you are waiting to hear about a mortgage application. You don’t for one second consider that you might have a problem getting qualified because even though you haven’t paid much attention to your credit report you are pretty confident that there’s nothing on there that could derail a loan of this nature.
What most people don’t understand is that when it comes to finances what you don’t know can hurt you. If you don’t have all of the information regarding your credit report and everything else you need to make appropriate decisions you could easily find yourself in a situation where you are facing the unexpected at a time when the last thing that you need is a surprise.
By ordering free credit reports, however, you can ensure that you are always on top of your credit report and can make the decisions necessary to make sure you are in the best position possible for expedient loan processing.
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In the last post we began discussing the current state of the economy and how most of us undoubtedly feel as though we have limited financial options at this particular period of time. Obviously lenders have pulled in the reigns considerably and most of are not able to qualify for loans that we would have gotten easily even just a year ago. And when we have problems with our credit report on top of it, we are looking at very limited avenues for finding financial resources. But the truth is that there are still options when it comes to accruing capital or paying down debt even if our credit report is not perfect.
One that we discussed previously was the possibility of consolidating credit cards on one lower interest rate card; and the way to do that most effectively is going through the process to compare credit cards – finding the rate that is the best and then transferring all credit card balances onto that one card so we can pay it down effectively. Other options include:
• Bad credit loans. There still exists the possibility of getting a loan no matter what the state of our credit report. Bad credit loans typically come at a higher interest rate but may be worth the price if we are able to pay it off quickly and consolidate debt.
• Credit cards for bad credit. If we need spending power and we don’t have any options credit cards for bad credit will allow us to have what we need – even if it comes at a higher price. Credit cards for bad credit, including secured credit cards that require the balance of the card to be deposited into a secured savings account, can be a blessing in an emergency.
Not everyone is perfect; in fact, most of us are not when it comes to our credit report. But never fear; there are options for staying in the financial game and having money available to you.
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If you watch the news for more than two minutes a day you are likely to turn off the television feeling completely hopeless, especially if you are already struggling financially. It seems as though there is no light at the end of the financial tunnel and that things are all bad. But of course, this is only part of the picture. After all, what would the news have to report if things were going along swimmingly. The truth is that there are many different sides to a story and even though it cannot be argued that the economy is anything resembling healthy right now we have to remember that there are still options for all of us out there.
Operating with bad credit and marks on your credit report can seem like a financial death sentence and it may feel that way most of the time. But there are options for those of us with less than perfect credit when it comes to making sure that all of our financial bases are covered and that we have access to the funds that we need. Some of these options include:
• Consolidation through credit cards. You may not be able to qualify for a consolidation loan in the traditional sense but this does not mean that you can’t still use credit to your advantage by consolidating all of your high interest credit card debt onto one lower interest rate card. In order to do this most effectively it is important to compare credit cards to find the offer with the lowest interest rate. There might still exist the possibility of finding a card with zero percent interest for a period of time during which you can transfer your balances and pay down your debt as quickly as possible.
More options in the next post…
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I remember when I went to apply for my mortgage loan. Thinking that I would breeze through the process I was completely caught off guard by the fact that I was not instantly approved. Apparently there were things on my credit report that were preventing me from being approved and the worst part was I didn’t even know they were there. We are talking about small items – utility bills that had been sent to collection and even medical bills that had long been paid and were still on my report. I had to go to the credit bureaus and appeal the items that were on my credit report, after which there was a lengthy process during which they had to work with the creditors to validate that these items were paid before they could be taken off of my report.
During this process I determined that I would have been in much better shape had I gotten a free credit report before I went about applying for a mortgage. Had I been aware of these charges on my report months prior I could have taken care of them and made sure they were off of my credit report prior to applying for anything as large as a mortgage.
Ultimately I was able to square away these errors and be approved for my mortgage loan. But going forward, having learned my lesson on this front, I made sure to request free credit reports from all three of the credit bureaus so that I could know for sure what I was dealing with year to year.
Now I’m able to jump on the small things when they appear instead of waiting and being met with them when I least expect it. This is my new behavior that I am following with the strictest of schedules.
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Credit card offers come and go. When they do flood the mailbox, it can be hard to sort through them all. This is, however, exactly what you should do. Before signing on a dotted line or agreeing to terms you really don’t want, it pays to compare credit cards closely.
So, what should you look for when you receive offers? There are a number of “fine print” details worth paying attention to. They include:
The interest rates – Ultimately, you want to obtain the lowest interest rates possible. If your credit card offers are coming through with rates that are too high, there could be a problem on your credit report. It might be a good idea to pull a free credit report and see what creditors are seeing when they make you offers of credit cards for bad credit. You can’t fix a problem if you don’t know about it!
The opening agreement – In a perfect world, you’ll want a credit card that comes with no strings attached. You pay the bill, the credit card company gets its interest and everyone is happy. Some cards, however, require money up front. Secured credit cards can be useful for rebuilding credit, but if this isn’t your case, you might want to consider another offer.
Fees and charges attached – Annual fees and other similar charges are just ways for credit card companies to take more of your money. You’re already going to be paying interest, why would you want to pay more? If these are the only offers you’re getting, look into free credit reports and fix the problems you find. Bad credit loans are important if you’re in a bind, but paying extra fees on top of interest for credit cards just doesn’t make sense.
Not all credit card offers are alike. Take the time to carefully review the options to save yourself money in the long run.
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Did you know that you are entitled to a free credit report once a year? You are. You have a right to gain all the information that the three big credit bureaus have on you once per calendar year at no charge.
While this is interesting, you’re probably wondering why you should care, right? Well, there are a number of reasons why it’s vital to keep up with your credit report. When free credit reports are pulled, you will be able to see:
What errors might be in your file – Yes, creditors are human, too. They do make mistakes. Unfortunately, when they do, it’s your credit that can suffer. If enough errors are sitting in your record, uncorrected, you might find you only qualify for bad credit loans. If you pull that free credit report, find the errors and fix them, the picture could change. Before long, you might discover you need to compare credit cards for the best offer.
How many small debts you have outstanding – For many people, it’s not necessarily the big debts that hurt them but the little ones that add up. When these are discovered and tackled one at a time, the need for credit cards for bad credit can sometimes go away.
What your debt to income ratio might look like – This is an important number when you’re trying to get a loan or credit cards. If you owe out too much, you might find you only qualify for secured credit cards or bad credit loans. Pay down some outstanding debt and even close an account or two and the picture can change.
Free credit report offers are well worth taking advantage of. The information these reports contain can be golden if you’re looking for a loan and want to get a good interest rate.
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While no one really goes out of their way to have to obtain bad credit loans, they can come in handy when money is needed the most. If a credit report shows serious past payment turbulence, this type of loan just might be the only option.
Just because credit cards for bad credit or loans with more costly terms are the only options at present doesn’t mean it has to stay that way. No matter how bad a free credit report comes back, it is possible to turn lemons into lemonade.
If your free credit report points you in the direction of secured credit cards and other higher interest rate options, you can use it as a springboard to guide steps in the right direction. Credit history is just that; it’s history. What you do today and tomorrow can be even more important down the road.
To boost your standing later, check free credit reports for errors that can be fixed. Look also for such things as:
Accounts that can be easily paid off – Pay off as many of your credit cards as possible and even consider closing down an account or two. Compare credit cards, their balances and interest rates and pick the ones to focus on.
Small bills that are old – An old electric bill that was never paid or a doctor’s bill can take a toll on your credit. Look for these things and pay them off. The cleaner your credit record is going into the future, the better off you’ll be.
If you can only get bad credit loans at present, don’t despair. There are plenty of things you can do to fix your credit report for the future. Small, easy steps over time can add up in your favor. While it might not be an overnight process, fixing credit issues can save you a lot of money down the road.
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