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Will Getting a Credit Report Lower My Credit Score

Where Should I Get My Credit Score​?

If there is one thing you will soon find, if you are looking for your credit score it is that there is no lack of outfits trying to separate you from your money. For example, how many times a day do you receive spam mail (check your spam box there’s sure to be some there) from one of the three major credit bureaus or one of their partners advertising low-cost (first -month-only) access to your complete credit history.

You can use this option for speed, but you will need to remember two things: 1. they will require your credit card number and 2. the number of days they offer you this service seems to have shrunk to the vicinity of two week, so watch the calendar carefully.

Where to Get Your Credit ScoreBetter, though, is the fact that you can obtain your credit score for free from each major credit bureau by either contacting their consumer help email line or calling their consumer line and requesting a copy  of your complete credit report.

If you suspect there may be trouble in “creditdise”  – you are late with many cards; you are hearing the traditional dinnertime calls from “Bill Green at Needleville House of Credit, we have been been asked by XYZ Co. to arrange payments on a debt of ….” They do have to tell you that you have the right to a cease and desist for a certain number of days.

It is during this time that you might want to contact one of the reputable consumer credit  consolidation firms and enter into an agreement whereby they will look at your credit portfolio – all accounts, not just credit cards – and you when authorize them to negotiate for you on your behalf so that you can cut your total credit bill by huge amounts. They will also get you your current credit score and as they work with you they will help you with regular updates.

This is not a program for the faint of heart because you must pay this bill every month or you will be in arrears to your credit consolidation program and this could be considered grounds for action so make it your business to pay the bill when it is due. Not to worry, though, because they will leave you enough money monthly to pay for food and other essentials. It’s just that they not only halt the dinner calls, but they also help you by cutting your consumer debt and raising your current credit score.

Check with the Better Business Bureau or other groups in you area as they may know of or offer similar services on a free-basis, especially if your income falls below certain guidelines. Those guidelines are pretty stringent so be sure you meet them before you ask for help and don’t try to pull a fast one on them because many times they are also related in one way or another to either the BBB or attorney general of your state and that could prove embarrassing.

How to Raise Credit Score Fast

How to Raise Credit Score Fast

A credit score is actually like water; it’s a very liquid. All it takes is the right type of action and you can raise your credit score fast. It’s actually very easy, but it does involve a few steps which include:

  1. Obtaining a current credit report from all three independent credit bureaus. This is something to which you have the right. If they try to charge you for it, fight them on it.  Many times, they will use a ploy like: “You can have (take your pick of credit bureaus) monitor your credit every day of the week for only $19.95 per month. Just fill out the information to the right and we will charge you every month so you can have an up-to-date picture of your credit.” They usually have a 30-day come-on where they say you can have a full month for just $1, that’s right $1. If you are not completely satisfied with the information you receive simply call the service department and ask them to stop the service and any money will be refunded, but we are sure….” This is your right, under federal law, so, though, they may try to charge you for it, say no and if they continue to play hardball, ask the Federal Trade Commission to look into their practices.
  2. Look closely at not only the credit score but also at any accounts that may be listed. Indeed, all of your credit accounts should be listed and you should be able to see whether you are paid up or behind.
  3. How to Raise Credit Score FastIf you find there are some discrepancies between your records and the credit report, contact their consumer line and open a complaint.
  4. Find the accounts where you may be slightly in arrears, call the vendor, and arrange to bring them up to date as quickly as possible
  5. Look for any charges that may look strange to you to make sure that no one has hijacked your identity.
  6. With all firms contacted with whom you do business, if you are still having trouble, bring in a specialist firm that will help you consolidate all of your credit into one lump sum payment every month and agree to pay that figure over a certain number of months. It may take up to 48 months to complete the program, but you will see that once you are making progress in paying down your debut your credit score should start to rocket up.

To areas where you want to pay close attention are personal lines, which don’t require any sort of collateral and which you must pay down as quickly as you can. Be sure those lines are also included in any programs you start.

As you can see, it doesn’t take long to turn your credit score around and have it rocket up, it’s just having the fortitude to stick out the program because it is not easy to live under, but the rewards in repaired credit are great.

Good Credit Scores

What is an Excellent Credit Score?

If this seems like it is a frustrating answer to your question, it is even more so to a banker because there are people with 775 or 825 credit scores who are probably poorer risks than a person who has struggled to raise his credit score to 630.

Technically, a credit score of 700 or 725 is an excellent credit score. There should be no question of the person’s creditworthiness. However, if you were to have access to the applicant’s credit history, including all facets of that history you might be surprised the the 700 is based upon items that are only in the recent past.

Good Credit ScoresIf you were to look into the more distant past, say 10 or 20 years earlier, you may find a series of defaults that have gone off the books; student loans that are in arrears and other signs of financial mismanagement that, if one were to look at it today, the excellent credit score would likely crash and burn.

On the other hand, you have the worker making $32,000 per year at one job and another $8,000 or so at a second job, while his wife is making $25,000 at a third job, who are trying to keep their loans and other financial instruments current, while, at the same time, trying to put some aside for the future and who has a raised his credit score by more than 100 points because he and his wife have made it their business to pay back their loans and keep credit use to a minimum.

Whose credit score would you consider to be the excellent credit score​ ? Would you consider the person who is making minimal payments every month on major credit card debt, as well as paying down a rather large lease on a vehicle, to be a better risk? Or, would you consider the family that is keeping all of its payments up to date, putting something aside for a rainy day, while paying down a car loan, to be the better risk?

In the long run, creditworthiness – or the ultimate ability to repay a loan – is more important than just having an excellent credit score. The person living on the edge with the many credit cards, juggling income around to make sure everyone gets something and who, rather than owning a vehicle, decides to lease a vehicle that is well above his real ability to pay off, is not as creditworthy as the family that is struggling to bring its financial house back into order after a series of setbacks.

Those setbacks could have been:

  • Long-term job loss for either spouse or both and both of whom have now found jobs where they are working to reverse the set backs
  • Medical, where a major  illness or long-term disease, has forced the family to use its savings, even to remortgage a property so they will have money to pay the bills
  • Issues with credit card debt are so easy to have because it’s very easy to pull out the “plastic” to pay for something you know you shouldn’t buy in the first place

Yes, it does take time to reverse the decline in the credit score, but it can be done and one’s credit record can be cleaned up and turned around, while our friend on the edge lives from paycheck to paycheck praying he doesn’t get the boot. So, what is an excellent credit score​ ? It’s one of those questions that can only be answered with: “It depends!”