I know that I’m not alone when I say that the last year has been a crippling one financially speaking. I went from making good money at a great job to being unemployed and watching everything from my savings to my investments dwindle in front of my eyes. The job market has continued to be difficult and I just recently was able to find another job after almost a year of being out of work. There’s only so far that severance and unemployment can take you and I am regretful to say that I lived quite a bit on my credit cards. It was my only choice at the time but unfortunately that only helps in the short term because as the balance increased so did my minimum payments and before long I was not able to keep up with them either. I fell behind, owed hundreds of dollars in late fees, and watched my credit score plummet.
Now that I am working again my first order of business is to pay off my debt and start to rebuild my credit. It may take me quite a bit of time but it is time well spent to see my credit score improved again which I will closely monitor through my credit report.
One of the ways in which I am planning on helping myself is through secured credit cards. Different than traditional cards, secured credit cards require the amount of your credit line to be secured in a savings account held by the lender. This protects the lender from risk – and the user from requesting too large of a credit limit.
Secured credit cards are controlled and one way in which I can begin the work of rebuilding my credit. It will be a long road but one that I’m anxious to travel.
Popularity: 22% [?]
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When it comes to our financial status many of us are woefully in the dark. We can claim ignorance or even being too busy to gather the information that we need to get in the know, but the truth is that finding out what our credit report says about us is nothing more complicated than ordering free credit reports; something that can be done online in mere moments.
“Why bother?” some may ask. But the fact is that it is worth the trouble. And even more to the point is that it’s no trouble at all. Ordering free credit reports, of course, does not save you from having to face the information that is on the report, but at least the process itself of gathering the information is simple and convenient.
There is one important thing to remember, however, before ordering free credit reports; you have more than one credit report. Many people assume that a credit report refers to a general store of information that is held by one entity. Rather, there are actually three separate companies that hold your credit report – Experian, Equifax, and TransUnion. You must order a credit report from each company in order to get the full picture of your credit standing. Surprisingly not every credit report is the same; one company may have different information than another which is why it is so important to gather the facts from all three credit bureaus.
Luckily ordering free credit reports is easier than ever thanks to the Internet that has simplified the process down to ordering from all three bureaus through one central online portal. If you haven’t already ordered a free credit report – now is the time. Logon and get informed – all it takes is a few minutes of your time and you can be kept abreast of your financial standing.
Popularity: 30% [?]
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It’s a story that is told all too often these days. A person with once impeccable credit is now working through hard times, trying desperately to rebuild. When there is a need to regain standing, credit cards for bad credit can assist in the process.
Although they can be hard pills to swallow, secured credit cards and even bad credit loans can serve as useful tools during rebuilding. While interest rates might be higher, the benefits of taking advantage of any offer of affordable credit can far outweigh the disadvantages. To get the best deals, even with bad credit, just compare credit cards closely before selecting one to use in the rebuilding process.
So, why are credit cards for bad credit worth looking into? There are a number of reasons why accepting this type of credit is a smart move during rebuilding. They include:
The availability – Secured credit cards are generally available to almost anyone. Even if a personal financial crisis has caused credit scores to plummet, these cards can be used to help establish a better track record.
The reporting – Even credit cards for bad credit will generally show up on a credit report. When this is the case, using these cards wisely and responsibly can result in free credit reports down the road that show a marked improvement. If care is used in the rebuilding process, these cards might even assist in the creation of a free credit report that reflects a much higher and more desirable rating down the road.
In this day and age, almost no one is immune from the potential for financial problems. With layoffs, cutbacks and rising prices, it’s hard for many people to make ends meet like they were once able to. If you’ve fallen on hard times and want to start rebuilding your track record, credit cards for bad credit can serve as valuable tools in the process.
Popularity: 32% [?]
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If you’re working hard to make ends meet, chances are you don’t think there are enough hours in the day to get everything done. Adding something else to your routine just might not seem feasible. If that “something” is including pulling a personal credit report on a regular basis, making the time to do so is worth the effort.
Getting a free credit report is a great way to keep up with a number of things that can impact your life now and in the future. These reports can tell you a lot more about your personal financial situation that you maybe even know. They can also tell you a few others important things.
There are a number of compelling reasons to take advantage of free credit reports. Here are three of the big ones:
They show you what creditors and potential creditors can find out about you – If you find yourself only being able to obtain bad credit loans or credit cards for bad credit, getting a free report is a smart move. Going over your own credit report can give you insight into what potential creditors are seeing and where your history might be lacking.
They provide you a way to improve your outlook – You cannot fix your credit standing unless you know exactly what needs to be done. A free credit report can serve as your guide to paying off old debts, improving income-to-debt ratios and more. As you rebuild, remember to not only pay off debts to improve your scores, but also to proceed with care. Even if your current standing demands the use of secured credit cards, it pays to compare credit cards based on rates and affordability.
They can help you fight back against crime – When you pull your credit report on a regular basis, you’ll have a leg up against fraud. These reports can help you spot criminal activity conducted in your name and put you on the path to clearing up problems as quickly as possible.
Adding something else to your routine might not be easy. If that “something” happens to be pulling your own credit report, however, it will be time well spent.
Popularity: 34% [?]
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While most people would probably rather not look at their own credit report in this economy, this is one of the best ways to protect against the fraud and theft that tends to rise when financial stability plummets. Taking advantage of a free credit report is smart on a number of different levels. Having the knowledge this type of report contains is a first line of defense against crime and it’s a great tool to use when trying to position yourself to come out of troubled economic times with both feet on the ground.
Pulling free credit reports is a move that many law enforcement agencies recommend for protecting against identity theft. When these reports are pulled on a regular basis and looked over carefully, you can quickly and easily see expenditures that have been made in your name. Plus, it is also very easy to see if new accounts have been opened.
In addition to providing personal protection against crime, a free credit report is also a useful tool for those with less-than-perfect credit. When reports are pulled and used, they can serve as a roadmap for improving credit standing down the road. Many individuals with financial problems who must now rely on bad credit loans and secured credit cards use their own reports to guide them in the process of fixing their standing. Finding old debt on reports and paying them off, for example, can make a big difference in eventual standing. So, too, can reviewing a report to see what accounts might be closed out entirely and settled.
Pulling a free credit report is one of the best ways to protect yourself from financial damage that identity theft can cause. It’s also a great way to find out what needs to be done to improve credit. If your concerns fall in the latter category, make sure to rebuild carefully. As you do, remember to compare credit cards closely for the best terms. Even credit cards for bad credit situations bear close examination.
Popularity: 25% [?]
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With the holidays fast approaching (didn’t the summer just end?) I am already looking out for those shopping bargains. The trouble with me is that I tend to lose my head when it comes to holiday shopping and can very easily get in too deep and face credit card debt that has me struggling all winter, spring, and summer. I have made some poor financial decisions in the past that have resulted in lowered credit scores and since dealing with that I made it a part of my financial routine to regularly order free credit reports so I can check in on reality.
Free credit reports keep me honest and keep my head out of the clouds. It may feel great to buy all those presents but when I look at my credit report and see a late payment from several years prior I know just how far financial repercussions can extend and how much they can impact my life. Looking my credit report straight in the eye allows me to tell the truth about my finances and when you are operating within the truth you tend to make much better, more responsible decisions.
So it has become my tradition to order a free credit report from each of the three credit bureaus every year before the holiday season. For one, it’s important to check in with your credit report throughout the year so you can have a handle on this information. Additionally, looking at my credit reports before the holidays gives me the willpower to keep my shopping under control. I go into the holiday shopping season with a much clearer head and certainly a much more responsible mindset.
Free credit reports are important throughout the year and can easily be ordered online through one central website. But, for me, my pre-holiday credit report is the perfect way to keep my eye on the ball and end the year the right way.
Popularity: 29% [?]
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In the last post I gave a brief background regarding my fear of money. I grew up in a house where money problems were not only prevalent they were shared out in the open – all of the time. To a child who was anxious to begin with, having all of the information about our lack of financial stability put me further on edge and shaped my fear of money from a very early age.
Now that I was a grown-up and had my own family it was time to put the fear aside and start living life with some healthy perspective regarding my finances. I started working with a professional financial planner and the first thing that we did was order free credit reports from each of the credit bureaus. I will tell you that, in no uncertain terms, this was the most nervous I had ever been (that gives you an idea of the power that financial matters have over me). But once I did it – once I looked those credit reports straight in the eye – I was able to move on with some newfound confidence. I was no longer afraid of what was on those reports; I had seen it firsthand and my heart had not stopped beating. I was going to be okay but I had to take this knowledge and use it to make some real change in my life; let something positive come out of the learning experience.
I am happy to report that I am working hard at repairing my credit report and approaching my finances with a much more mature attitude that has nothing whatsoever to do with fear. I finally learned that I am in charge of my money; not the other way around. It’s a good feeling and a new attitude that has changed my life.
Popularity: 22% [?]
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They say that when you change your perception of something that it changes the way in which it impacts your life. When you are afraid of something then you give it power and it takes over your life accordingly. This is what I always did with money. I wouldn’t have said that I was afraid of it per se – that would have seemed ridiculous to me at the time – but it was absolutely true. I showed my fear of finances in everything that I did; in all of my behaviors. I spent irresponsibly because I was afraid to look at the reality of the situation; I was afraid to live on a budget – I didn’t think that I could do it; I was afraid to not have things; I was afraid of what not having money would mean in terms of my self-worth and how others would see me. All in all, there was a lot of fear there that emanated from a childhood with parents who had money issues and didn’t keep anything from us. It has taken years of therapy to analyze the ways in which my childhood shaped my adult views of money and just as many years to figure out a way to deal with my finances in a healthy – rather than self-sabotaging – way.
The first step to looking at my financial reality was looking at my credit report. This was something that I dreaded; imagine my horror when I discovered that there were in fact three credit reports that I had to look at – not just one. I ordered free credit reports from all three credit bureaus – Experian, Equifax, and TransUnion – and together with my financial planner I looked my fears straight in the eye. It was better and worse than I thought. It was better because I did not actually die from this exercise (and it felt like I might); it was worse because I saw – in black and white and color – just what my behavior had done to my credit score.
Popularity: 22% [?]
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