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.
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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…
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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.
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I recently tried to get a credit card in my name. Easier said than done, it turns out. While I had always had a card as a user on my husband’s account I had decided that it was important to have something that was entirely in my name. I thought that this was a perfect time to apply considering that the holidays were coming up and cash flow was a little tight. I wanted to be able to budget out my holiday shopping and having a small credit limit in my name was, I thought, a good idea. However, I was denied credit - even a small limit. This was the first time that I had really given any thought to my own personal credit report.
It turns out that having little to no credit is just as detrimental as having bad credit. I just had very little in my own name and it was counting against me. I needed something in my name and I needed it quickly so I began to look at secured credit cards.
Secured credit cards allow for the cardholder to carry a particular limit that must first be deposited into a secured savings account that is held by the lender; this is to protect all parties involved. For instance, I could have a $1,000 limit by first depositing $1,000 for the lender to hold. Most importantly, this manageable credit limit would allow me to work towards building credit in my name - improving my credit report.
The way that I can keep track of my credit in the months to come is by ordering free credit reports on a regular basis in order to watch the improvement of my credit score. In the weeks and months to come I hope to see improvement so that I can look to get a traditional card in my name.
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In the last post we talked about the importance of really taking a step back and looking objectively at your credit report; something that can very easily derail financial plans that many people may have in their heads - including the purchase of something fun or travel plans. The fact of the matter is that if you don’t have a complete picture of your finances then it’s easier to make plans with abandon; when in reality these are plans that you really can’t afford. When you are ready to really get serious about your finances, however, the first step is making sure that you get a copy of your credit report from each of the three credit bureaus. Your credit report is the most complete picture of your finances and will give you the most comprehensive understanding of what you are up against in your quest to get financially informed.
Ordering free credit reports is the best way to go. Luckily we are all able to order a free credit report from each of the credit bureaus once within every twelve month period. Free credit reports can give you a variety of information; telling you:
• If there are mistakes on your credit report. One credit bureau may be reporting erroneous information that could be impacting your credit score and ability to get a loan. Having your credit report in hand will allow you to catch potential mistakes and take care of them quickly.
• What your credit score is and how it moves. You need to know where you’re starting before you can get to work. Your score is likely differ – albeit slightly – between the credit bureaus but you’ll get a general idea of your standing. Then you can watch it change as you make financial changes.
• If there’s anything strange going on. Free credit reports are a good way to catch identity theft because you will be well aware of the information on your report and will notice if things change drastically.
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When it comes to your credit report nothing can make you believe in the importance of it until you are face to face with the impact it can have on your financial life. I had never given any thought to my credit report; not before I had it brought to my attention. Unfortunately the way in which my credit standing was brought to my attention was during a loan process in which I was trying to get a mortgage for a home. I honestly didn’t know enough about my credit to make a determination which way it was going to go but I thought for sure, in the end, I would be okay and would be approved for the mortgage. With the loan process being what it is right now, however, I was denied for a mortgage loan in short order and I had nothing to blame but my credit report – something that I had actually never laid eyes on until that time.
Since then, my credit report has been a huge part of my life as I work towards fixing my finances and my credit standing. Part of what I am doing on a regular basis is ordering free credit reports from each of the three credit bureaus – something that I am at liberty to do with each of them once within every twelve month period. Having a free credit report on hand allows me to know right away when something needs to be addressed on my credit report and also to watch as change is made through my efforts and my credit score approves.
Additionally I began looking at secured credit cards to help me start to repair my credit; something that I could do that was within my control. More in the next post about secured credit cards…
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Information is the foundation for success in every respect. This is the philosophy by which I run my own business and it has allowed me to achieve success in what I do. I wouldn’t say that I micromanage things per se but I do like to know everything that is going on from day to day – just so that I can stay informed and nothing will catch me off guard.
This is the same philosophy that I apply to my finances although it wasn’t always. As top of things as I am in business it certainly doesn’t make much sense that I haven’t been as educated about my finances over the years; but I guess that this part of my life just took backstage to everything else that I was doing in terms of building my business. I have recently changed the way in which I work with regard to my finances. I have learned over the years that information is my strength in this area as well and, to that end, I now order free credit reports from each of the three credit bureaus on a regular basis.
We are entitled, as it turns out, to order a free credit report from each credit bureau once within every twelve month period. I take advantage of this ability by sticking to a rotating schedule so that I can always know what is happening on my credit report.
With free credit reports in hand I can stay in the loop of my finances and make decisions that will benefit my credit score and my financial standing in the long run. It’s impossible to make the right decisions when you don’t have the correct information at your fingertips; free credit reports make that possible and allow me to stay just as informed about my finances as I do about my business.
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Right now, everything in the world of finance seems topsy-turvy and that’s putting it mildly. Many of us fear for everything from our jobs to our homes and struggle with feeling completely out of control of our own destiny. This is a completely natural feeling and something that most of us share with each other right now. But there are ways in which we can at least maintain some sense of control in these chaotic times and it starts with getting organized on the home front. When we are able to get our finances as organized as possible then we are at least prepared emotionally speaking for what may come around the corner. Conversely, if we face job loss or economic vulnerability and are already in a disorganized state (with unopened bills, a variety of accounts, and no idea of what’s what) then the chaos can only compound.
Some of the ways in which we can get organized at home and prepare ourselves as best as possible include:
• Order free credit reports. It helps to know where you stand before you get started and now it’s easier than ever to find out. By getting online you can order a free credit report from each of the three credit bureaus within a matter of moments (something that you can do once within every twelve month period). This will give you a better picture of your credit report and what, if anything, you need to address.
• Budget. Creating and maintaining a realistic budget is paramount to staying financially organized right now. Put money away for a rainy day if you are able. Cut expenses, trim down spending, and live lean. When you know where every dollar goes you will feel much more in control and prepared for whatever is ahead.
• Compare credit cards. Debt from credit cards plagues many of us. Consider consolidating your credit card debt into one lower monthly payment. Compare credit cards to find the best offer.
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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.
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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.
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