Question

i would like a credit card but right this moment i dont have no credit in my name.how can i get one of them so i can be better on it.

Megan J.

Answer

Megan

Building your credit score can take some time and effort.  But, it is important to do so and to do it correctly.

You may want to start out applying for a secured credit card.  This is a card that you put a deposit on and the line of credit either equals or exceeds the amount of your deposit.  The trick here is to make sure they report you as an unsecured credit card.  You may also want to consider applying for a gas card or an in store retail card.  These are usually easier to be approved for.

Always pay your bills on time and use your credit wisely, keep you balances low and your credit score should climb.

You can go here to find a credit card  http://www.creditrepair.com/credit-cards/

Also, read this article http://www.creditrepair.com/debt/credit-card-debt/using-credit-cards-wisely.htmlThanks,
Candice

Question

How can I increase my credit score quickly?

Mary J.

Answer

Hi Mary

Good news…there are many ways to improve your credit and there are things you can do today to see some improvement quickly.

1)    You have the right to dispute any negative item that you question as being accurate, obsolete, unverifiable or misleading.  Audit your credit report and challenge any questionable negative item to make your report as accurate as possible.

2)    By off or pay down your balances.  If you have old collections, charge offs, judgments or tax liens, you should resolve these and get these satisfied.  Also, any revolving accounts need to be paid on time and keep the balances low, usually below 30% of your available credit.

3)    Build positive credit.  You should have a good mixture of revolving and installment credit on your credit reports.  And, continue to pay on time!

4)    Lastly, check your credit often.  Make sure there are no mistakes and make sure no one is pulling your credit.  Inquiries can lower your score.

If you would like a customized personalized solution to increasing your credit score, please don’t hesitate to call us.

Thanks,

Candice

These days, credit scores affect almost everything we do, including rates on mortgages, auto loans, and credit cards to the ability to get a job. That is why it is essential that we understand what a credit report is and what factors can affect this report. It is also important to understand your credit score and how that number is viewed by a lender.

A credit report and score is a snapshot of how high of a risk you are to a lender. The most widely used credit score is the FICO, which ranges from 300-850. This system was created by the Fair Issac Corporation and is used by the majority of lenders in determining consumer credit scores. There are also many other credit rating agencies that sell “educational scores” that the industry somtimes refers to as “FAKOs”, meaning a fake FICO score. For example, Experian offers their own PLUS Score and TransUnion sells a Vantage Score, which ranges between 501-990. These scores can sometimes differ from the FICO score by 20 points or more and have completely different ranges, so it is very important that you know kind of score you are actually looking at and to make sure that it is consistent with the score your lender would use to qualify you for a loan.

Ultimately, it is recommended that you review your credit report at least once a year and determine what you can do to improve your score to ensure that you are not considered a high risk as a borrower. Read more on understanding your credit score.

If you are curious what is on your credit report, check out this free trial offer to view your credit report and score.

A lot of what we’ve been hearing the past year is that lending standards have become tough. That you have to have a good credit score to get a loan due to the subprime mortgage crisis. Yet now the failure of prime mortgages is going to make it even harder for first time homebuyers to get into a home. Lenders are now even scrutinizing prime borrowers, those who already have a good credit score. It is vital that your credit score be immaculate before you apply for a home loan. Lenders are being more and more conservative with their loans. If you’re looking to get into a home in the future, maybe it’s time to start the credit improvement process now. You can either do it yourself by learning how to write a reputable dispute letter which takes a lot of time and patience or you can hire a reputable firm for a monthly fixed price.

Read more about tightening lending standards here.