In the last post we talked about the upcoming New Year and how this new start historically holds promise for each and every one of us to approach our life from a fresh perspective. There’s not many opportunities in life to be able to have another chance and wipe the slate clean; but each January 1st we have the ability to have at least the psychological perspective of starting over. It’s no secret that this time of year is marked by people starting a variety of new projects - including starting an exercise program, new diet, even new jobs; so it’s not surprising that so many people take a long and hard look at their finances this time of year. As we discussed, if you’re looking to make some headway with your credit, there are a number of things that you should be doing when the New Year starts - including establishing the habit of ordering free credit reports. Getting your credit report from each of the three credit bureaus gives you a comprehensive look at your credit standing and lets you know what your credit score is so that you can watch it move as you make progress. Some other things to consider this coming New Year include:

Establishing credit. Credit score can be impacted by a lack of credit as well as by bad credit. For those who are lacking a credit history it’s important to start establishing credit in order to raise their score appropriately. Of course it’s important to compare credit cards so as to find the best deal available.

Getting help for bad credit. Those who have trouble with their finances and are suffering the ramifications with a less than stellar credit score may find themselves unsure where to turn for help. Even in this economy there are credit cards for bad credit - including secured credit cards - that will help people get on the road to better credit.

Popularity: 51% [?]

Share This

The beauty of the New Year is the ability to wipe the slate clean; to start fresh and do what you maybe wanted to do the first time around. This is the perfect time for anyone who has struggled with their credit to take the bull by the horns and get down to making a real change. In fact there’s no better time of the year to order free credit reports and take a look at where you stand financially so that you can take the steps necessary to get into a better position.

Of course with the holidays around the corner most people are more intent on spending within their budget rather than giving any thought to the bigger financial picture. However once the holidays pass it’s time to get back down to business - getting a handle on the reality of your situation and moving on from there. So what should you be doing at the start of this New Year ahead?

Begin the habit of ordering free credit reports throughout the year. There are three credit bureaus and we are all allowed to order a free credit report from each of them once within every twelve month period. This means that you can order a credit report every few months - rotating through the credit bureaus - and still be within the limit. This also gives a well-rounded look at your credit by order free credit reports from each, as information can differ between them.

Take stock of your credit score and begin making changes to help increase your score. The best part of ordering free credit report is the fact that you can actually follow your progress and watch your score improve in response to your work. A credit score is more important than ever in this tough lending market.

More in the next post…

Popularity: 47% [?]

Share This

After years of only getting offers for bad credit loans and credit cards for bad credit, more positive mail is finally starting to pour in. You’ve been working hard, using free credit reports to guide you. Those efforts have paid off.

While this is certainly reason to celebrate, an improvement in credit report scoring is no reason to let your guard down. As your track record improves, it’s even more important to tread with care and take the time to compare credit cards.

When offers come in, even if they are for secured credit cards, it is a good idea to carefully review the bottom line details. To compare cards and get the best possible one to help you in your quest to keep building up your rating on your free credit report, make sure to look at:

The interest rate – This is a biggie that most people do remember to do. You want to obtain the lowest possible interest rate and make sure it’s not just an “introductory” rate. Ideally, a solid low rate will last as long as your good payment history does.

The penalties – Some credit cards have very steep penalties for paying late or missing a payment. In some cases, that low interest rate can double, triple or even more if you are not on time. In a perfect world, you want a card with reasonable penalties.

Reporting status – Not all secured credit cards, for example, will offer reporting to the credit bureaus. To help rebuild or build credit, you want one that does. It probably isn’t worth your time to accept a card that won’t have a positive impact on your credit report.

If you’ve spent a lot of time rebuilding credit to enjoy a good free credit report rating, don’t wreck it by jumping too fast on offers. Take the time to compare credit cards to better position yourself financially.

Popularity: 43% [?]

Share This

There aren’t crystal balls that will help you determine with 100-percent certainty what a bank or credit card company might say to an application. Still, a free credit report can come close. If you want a decent idea of your chances at receiving low interest rates versus bad credit loans, looking over your own history can reveal a lot.

You have the right to pull your own credit report at no charge at least once a year. This means once from each of the three major credit bureaus. There are also other locations that offer free credit reports, which enable you to get a clear picture of your standing on a more frequent basis.

If you’re tired of not knowing why you only get offers for secured credit cards, bad credit loans or credit cards for bad credit, it’s time to take a peek. When you have a report in hand, you’ll be able to see what lenders see. The information includes:

All outstanding accounts – A credit report will show you exactly what has been reported that you owe and to whom. It will also enable you to see all outstanding balances and the amount of credit allotted to your account. Even if your payment history is excellent on all accounts, having too much credit available in your name versus your income can actually hurt you.

Payment history – You will also be able to see how your payment history has been reported. This is an important area to review for any mistakes. You might, for example, have an account that you paid off a long time ago still showing as unpaid. A few phone calls will probably clear this up, but until they’re made, your credit will suffer.

When you pull free credit reports, you can see what lenders will learn about you. The knowledge can, in turn, be used to help you map out a plan for fixing any issues that appear. Take the right steps and you’ll soon find yourself having to compare credit cards for the sweetest deal.

Popularity: 47% [?]

Share This

In this time of budget tightening, more people are examining their bills to determine where cuts can be made. When it’s time to do this on the home front, pulling a personal credit report can serve as an excellent guide.

While a free credit report won’t provide you a list of bills to “cut” per se, it can show you which ones to pay off quickly for maximum impact. Free credit reports will include information on a variety of bills that many people overlook when budgeting or budget tightening.
So, what kind of information can you expect to see when you look at a free credit report?

All current credit card accounts – You’ll get a complete picture of all open credit card accounts you have, the balances and the basic history on the accounts. Having this information can help you see which cards would be the easiest to eliminate from your monthly bill stack by paying off as fast as possible. A report can also show you why you might only be able to get bad credit loans, secured credit cards or credit cards for bad credit.

Clearing any issues up can change all of this and save you a lot of money in the long run. Before too long, you might even be able to compare credit cards before selecting an account to open.

Other loans – Car loans, mortgages and any other long-term type loan will show up in a credit report. While paying off these larger loans fast to reduce monthly outflow might not be possible, you will know where you stand when you pull a report.

Other bills – Sometimes other creditors report information to the credit bureaus. Doctors, hospitals and the like might have put negative marks on your history if you failed to pay a bill. Handling these if they appear in a free credit report can improve your standing down the road and help you save money later on interest rates.

Downsizing a monthly budget isn’t easy, but there are ways to make it happen. When a credit report is pulled, it can help you target bills that can and should be paid off as fast as possible to make a decent dent in the outflow of cash.

Popularity: 42% [?]

Share This