In the last post I talked about my upcoming college graduation and how I had taken very seriously my responsibility to see my education through to the end; something that no one else in my family had managed to do. Graduating was going to be a huge accomplishment for me as well as the people who love me as I had changed the landscape of the family and made it possible for those younger than me to see that it could be done.
It was not done, however, without huge sacrifices on my part. With no financial support I had to figure it out year to year – taking loans out to cover tuition, books, living expenses, and the like. I also worked several jobs throughout my four years in college in order to cover the gap between the loans and what I needed week to week.
Now that I was graduating I was going to be responsible for paying off my loans and I was prepared to get started. But before I did anything I ordered free credit reports from each of the credit bureaus. I knew that the loans were unavoidable but because I had credit lines out there the possibility of mistakes on my credit report was always possible. I didn’t want my credit report to suffer in any capacity because I knew how important good credit is in the world that I was now entering.
With my free credit report I was able to see what each of the three credit bureaus were currently reporting about me and to have a handle on my current credit score so I could use it as a baseline going forward and closely monitor any changes.
I am ready for graduation and for the next phase in my life. But I’m doing it responsibly and with an eye on my credit report at all times.
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At the end of this month I will be graduating from college. This is a big deal by any standards but in my family my graduation has taken on a life of its own as I will be the very first among us to graduate from college. It is a big responsibility and one that I never took lightly. I came to college with no financial support from my parents as they simply had none to give. But I took out every loan available to me and worked steadily throughout my four years here in order to have the opportunity to do what no one else in my family had been able to finish due to their own financial constraints and other obligations. It was not easy trying to find ways to finance my education and there were times that I knew it would be easier – in the short run – to just quit and get a full time job. But I never took my eye off the prize at the end and I worked hard each and every day to achieve this amazing goal.
As you can well imagine I am graduating with an enormous amount of debt. I have no regrets about doing what I had to do to get through school because I know that the payoff in terms of my earning potential and career opportunities will more than make up for my financial sacrifices. But in the short term I have payments that I need to contend with and some years ahead of me of budgeting accordingly. The first thing I wanted to do was get my credit report so I knew where I was beginning and to make sure that my credit would not be impacted negatively as I embarked upon my new career and new life.
And so I ordered free credit reports from each of the credit bureaus and it is from here that I will begin. More in the next post…
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There is a tendency of human nature to only focus on something important when a crisis has insisted that we pay attention. This type of crisis management requires that we expend vast amounts of energy and become educated very quickly on something that we should have had a basis of knowledge about all along. Further, had we been paying attention all along the way, we could actually avoid the crisis altogether in most cases.
This is especially true when it comes to our finances – and most specifically our credit report. The great majority of us don’t even pay attention to our credit report until we are absolutely forced to do so because we have found out through the process of applying for credit that there are problems. This is the absolute worst time to find out such information; especially since it could have been addressed far earlier in the game with the simple ordering of free credit reports.
The process of ordering free credit reports is an easy one and takes no more time than it takes to get online and fill out a request for a free credit report from each of the three credit bureaus. By taking the very minimum time that it takes to do this we can easily save ourselves an enormous amount of time in the future because we can address credit problems as they arise rather than we are faced with the unexpected information during a loan process.
Avoid the crisis – and the necessity of crisis management by staying ahead of your credit report. Order free credit reports every year as a matter of course so you can have a baseline of your credit standing and therefore see very quickly when there have been changes. A free credit report should not just be ordered in the worst of times; paying attention to your credit during the best of times will ensure that you always in control.
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In the last post we began talking about taking the time to save you time in the future. Our credit report is the manner in which our financial decisions are tracked – looked at by potential lenders, creditors, landlords, and even employers to determine our creditworthiness. Information that is that important – that it can be used to make such big decisions – is still overlooked by the very people that it most affects - us. Why is it that so many people simply do not take the time to look at their credit report year to year? We have already determined that it is easy, affordable, and convenient to order free credit reports from each of the three credit bureaus – something that can be done online in a manner of moments and at no charge. But still many people do not take the time to do what is so important.
So what can free credit reports tell you year to year? What information can they give you that can protect your financial future and save you time and aggravation?
• Mistakes. Everyone makes mistakes. And there are no exceptions. There is the possibility of a credit report reflecting mistakes – showing late payments that did not happen and other discrepancies. But the problem is that if these mistakes go unchecked they can cause irreparable damage to a person’s financial future. Checking your credit report on a regular basis, however, can alert you to mistakes quickly so that you can nip problems in the bud and repair credit issues.
• Theft. Identity theft can cause major problems and years of heartache. But so much can be avoided if consumers are able to stay on top of their credit report and catch any problems.
• Ongoing issues. Being able to stay on top of your credit report allows you to know when things should be taken off that credit report including bankruptcy – and to make sure that this is carried out.
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What is the reason that so many people wind up not checking their credit report year to year? The process is simple enough; we need only get online and go to one central website to have the ability to order a free credit report from each of the three credit bureaus that hold our financial information – Experian, Equifax, and TransUnion. It’s affordable enough; free credit reports - as its name suggests – are completely free of charge. We are each given the right to get one free credit report a year from each of the credit bureaus. But still a great many people simply do not take the time – the very short time that it takes – to order their free credit report. And what they don’t realize is that the time that it takes could save them an enormous amount of time later.
Imagine getting all the way to a mortgage table, ready to close on your new home only to find out that financing has fallen through because of new developments on your credit report. Or imagine that you are unable to get a car loan, a credit card, or the financing to send your child to college because of marks on your credit report. The fact of the matter is that taking the small amount of time that it takes to check your credit report can save you the time and the hassle of coming up against possible credit issues.
By going online once a year and ordering your free credit reports from each of the credit bureaus you can ensure that you are staying on top of your finances and that you are ahead of any possible identity theft. If you are able to catch any issues ahead of time you are able to deal with them instead of facing the unexpected at the worst possible moment. More in the next post.
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There are some things that have just as much value at one time in your life as they do in another; some things that simply hold up over time. Free credit reports are within our right to receive as consumers – one free credit report from each of the credit bureaus within each twelve month period. Unfortunately, far too many consumers do not take advantage of this right and in fact have no idea what their credit report is saying about them in this very moment. But the truth is that free credit reports can be more than helpful to a young person just starting out in life as it can to a person is retired. The benefit of free credit reports extends across the board.
Start out using free credit reports when you first start getting credit – use them to make sure that no financial decisions have had a negative impact on your credit report and that your credit is clear for such big expenditures as a home and a car. Continue to order free credit reports throughout your life as a gage of your financial progress and to protect against such things as identity theft. But just because you stop working doesn’t mean that your credit report is safe. Continuing to order free credit reports throughout your lifetime – even after retirement – is incredibly important in protecting your finances and financial options.
Get into the good habit of ordering a free credit report from Experian, Equifax, and TransUnion each year to make sure that nothing is falling through the cracks and that you are completely aware at all times about what your credit report is saying about you. It’s a great way to stay financially healthy; and staying financially healthy – just like staying physically healthy – is important at any age.
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If you’re like most people right now you have been scared into your own homes by the doom and gloom being broadcasted on a daily basis about the economy. We know it’s tough right now; you don’t have to look farther than your backyard to see that. Jobs are being lost, salaries are stagnating, the housing market has essentially flat lined, and lending has become a scary world that people are too frightened to even explore regardless of their financial need.
And for those of us who have less than perfect credit we just assume that we are up a creek without a paddle in terms of finding financing on any level. Do bad credit loans still exist? The answer is yes but the price we have to pay is higher than ever.
The way that lenders have always gotten around lending to those with less than perfect credit is to charge them a premium for the privilege – shown in higher interest rates and additional fees. With credit so difficult to come by right now, those with credit problems can expect to pay higher fees and should most definitely expect to be approved for lower credit lines.
There is always the possibility of transferring credit card balances onto lower rate cards – as there are still credit cards for bad credit available that are less difficult to come by than a traditional loan through a bank or other financial institution. Compare credit cards carefully and find the card that offers you even those few lowered points of interest rates and you can save thousands on paying off your debt.
More than anything, as you work to get the financing you need, keep a careful eye on your credit report. It is more important than ever to work towards making your credit as healthy as possible; and that should always be the ultimate goal.
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It is a cold, hard reality – and a sign of the times – that there are so many people who are struggling financially right now. Facing job loss, investment depletion, and even the eradication of their retirement savings, people are forced to make difficult choices; and for many that choice is bankruptcy.
Declaring bankruptcy is not an easy decision by any means and certainly not one that is taken lightly. The fact that it is a legal process is enough to scare many people off; it can be a lengthy, emotionally tiresome, and even humiliating experience – not to mention the fact that your credit report is impacted for seven to ten years. This is no small occurrence; the ability to procure everything from a car loan to a mortgage loan is seriously compromised if not downright impossible, especially in this lending market.
But sometimes it’s the only choice when bills are mounting and cash flow is non-existent – a way to save a home or protect a family. Declaring bankruptcy can be difficult for sure, and living the life that follows bankruptcy can seem completely daunting. But ask anyone who has gone through it – there is life after bankruptcy. Once the smoke clears and the dust settles you go about living your life and rebuilding you credit. While it may seem like a long and slow process, time does fly and before you know it – with responsible financial decisions – you can be in a position to procure a loan again.
One way to keep track of your financial progress following bankruptcy is the ordering of free credit reports on a regular basis. Free credit reports – ordered from the three credit bureaus – will tell you of your credit report standing and give you goals to shoot for as you begin the journey back to financial security.
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