Author Archives: mimin

Yes, you can predict the price movement, and quite accurately. However, taking into account the three "but":

  • Predicting the behavior of the market can not at any time. When price movement becomes clear to you, if and only if you need to make transactions.
  • The long-term projections little sense. Already tomorrow can get out the news that make reconsider any forecast. Moreover, the mass of events can happen in a month or six months: only in the weekly economic calendar is marked publication of several macroeconomic indicators for each country. Therefore, a good trader or competent investor thinks only 1-2 steps forward. It determines the most probable direction of motion (up, down, sideways) and a possible corridor in which the price can vary depending on certain events and circumstances, and uses only the work that information.
  • To see the direction of price movement and the boundaries of the corridor, it is necessary to know the set of rules for market analysis: what to look for, and what not, what is important and what is unimportant. You can see daily forex euro dollar forecast from Forex analysts.

Is it big possibility of losses on Forex?

There are many examples in which inexperienced traders begin chasing quick profits, not respecting the elementary rules on insurance against the risks. As a result, they suffer losses and the failure of the first out of the market, and do not get pleasure from the first victories.

Therefore, while not having sufficient qualifications novice rightly advised not to get too carried away by the pursuit of a gold mine. First you need to learn to respect certain rules of money management, that is, trade is not chaotic, but in considering transactions, understand the motives of the opening of each transaction and make each of them a trading plan. And the main thing - to strictly control and limit the size of potential losses. In this case, it is really to reduce the risks to a relatively small percentage of the invested amount.

A man violates these professional principles, begins to rely more on luck and intuition, ceases to put stop-losses (automatic protective orders), it leads to problems. It may occur a series of losing trades. And sometimes 1-2 transactions, if they are open to the trader does not limit the risk (without stop-loss), it may be enough to substantially deplete the possibilities of the deposit. While a trader is not ready in time to stop, to think again and reconsider their attitude to the market, the loss of his irrational trade can grow. Such experiments failed trade without observing the rules subsequently give rise to rumors and opinions that the Forex market, you can easily lose money and it is very difficult to make a profit. Study forex trading guide for profitable trading.

sxMaking sure your credit is in the best shape possible before applying for a mortgage is crucial. You should know everything on your credit report and be able to answer questions about old and new accounts. No lender wants to hear the words, "I don't know," if they ask what a charge-off was. Besides, if you get familiar with your credit report early enough you will have time to address anything that's bringing your score down. You may not think having one small mistake removed will make a difference, but it will.

1. Focus on Recent Negative Entries - If you have blemishes on your credit that you are going to address always work on the most recent ones first. Older credit problems don't hold as much weight as newer ones.

2. Don't Open New Credit Cards - Just because you can get approved for many credit cards does not mean you should apply or them. Some think that opening a number of cards will make them look more attractive to lenders because they have more available credit. Unfortunately, having a lot of "new" credit could actually work against you and reduce your credit score.

3. Hold On to Old Credit Accounts - Lenders love seeing established credit. If you have old credit cards you no longer use anymore because they have been replaced by newer ones with lower interest it can be tempting just to close them. This is the last thing you want to do. Old credit makes you look more established. If you have to charge one small thing on the card and pay it off monthly to ensure the card remains open then do so.

4. Always Pay on Time - Paying bills late has more consequences than just being stuck with late charges. Payment history accounts for about 35 percent of your credit score. Get in the habit of paying bills early, so you are less likely to be late.

5. Pay Down Balances - Don't use available credit just because you have it. You may be interested to learn that 30% of your score is comprised of credit utilization, so aim to keep your used credit below 30%.

6. Eliminate Nuisance Balances - If you have a dozen credit cards in your wallet from different retailers and they all have only a small balance, these are nuisances to your credit. Pay off all these cards or transfer balances to one Visa or MasterCard (preferably an old card).

When you buy a home, your credit is going to receive a lot of attention. Order a copy of your credit report from all three bureaus early so you have time to address any concerns you discover. The smallest improvement in your credit score could result in big savings with a lower interest rate.

deSome individuals are spending hours on the telephone daily, speaking to creditors and lawyers and even more lenders, all in an attempt to break clear of those bad credit score chains that bind us up while keeping us from enjoying life. Bad credit can weigh on the shoulders until it's looked after, so let's go ahead and take steps to mend that score completely. Look into government backed loans should you not hold the credit that is required to look the regular route by way of a bank or credit union. They can be a major aid in house owners that are searching for an additional chance when they had trouble by using a previous mortgage or loan. Have a copy of your credit score at regular intervals, and maintain a careful look for agencies to report your repair efforts. If you are clearing negative issues on your credit history, monitoring your report allows you to verify that agencies are correctly administering facts about your status and this additional negative reports will not be being made.

Make your visa or MasterCard balances low. Possessing a high credit limit on the card can appear like you've won the lottery, but using that entire limit will reduce your score. Keep balances with a 50% maximum. 30% is a lot more of a prime target. And you don't need every dollar that has been extended to you, in this way you happen to be showing that you could handle your credit well. When attempting to repair your credit, will not be enticed by the scams that explain to you they will enable you to produce a new credit file. Developing a new credit file is actually fraud if you opt to follow through. Should you create a new credit file, because it is fraud, you are able to face legal repercussions. By maintaining a favorable credit ranking, you might be able to reduce interest levels. This helps decrease your monthly payments, and help you pay them off quicker. Asking for a much better deal through your debtors may help you get out of debt and to achieving an improved credit score.

Be suspicious of collection agencies that try and talk over you together with is not going to answer the questions you have. Agencies that happen to be scams will try to keep you off balance by continuously talking without providing you with any facts. Should they aren't answering your concerns and are threatening you, let them know to get hold of you merely in writing. Find a very good quality help guide use and it will be possible to correct your credit all by yourself.

These are typically available all over the net along with the information that these particular provide plus a copy of your credit score, you will probably be capable of repair your credit. Now you know a thing or two on how to repair that bad credit score, it's time for you to put the tips into action and begin living a poor-credit-free life. Make sure to invest some time and also to examine each of the angles. You must keep plugging away at it until it's resolved, though not all word of advice you read relevant to credit will instantly do the job.

dsBusiness Credit is credit that is obtained in a Name. With credit, the business builds its own credit profile and credit score. With an established credit profile and score, the business will then qualify for credit. This credit is in the name and based on the business's ability to pay. Since the business qualifies for the credit, in some cases there is no personal credit check required from the business owner.

A starts building a brand new credit profile much the same as a consumer does. The starts with no credit profile. The business gets approved for new credit that reports to the business credit reporting agencies. The uses the credit and pays the bill timely. A positive business credit profile is established. As the business continues using the credit and pays bills timely it will qualify for more credit.

A cell or home phone number as your main business line could get you "flagged" as an un-established business that is too high of a risk. DON'T give a personal cell phone or residential phone as the business phone number. You can forward a virtual number to any cell or landline phone number.

Credit providers will research your company on the internet. It is best if they learned everything directly from your company website. Not having a company website will severely hurt their chances of obtaining business credit. There are many places online that offer affordable business websites so you can have an internet presence that displays an overview of your company's services and contact information.

It is important to get a company email address for your business. It's not only professional, but greatly helps your chances of getting the thumbs up from a credit provider. Setting up a business email address is just too easy and inexpensive to neglect.

One of the most common mistakes when building credit for your company is non-matching business addresses on your business licenses. Even worse is not having the "required" licenses for your type of business to operate legally. You will need to contact the State, County, and City Government offices to see if there are any required licenses and permits to operate your type of business.

A business credit report can be started much the same as a consumer report commonly is, with small credit cards. The business can be approved for small credit cards to help them build an initial credit profile. These types of initial cards in the business world are commonly referred to as "vendor credit".

A vendor line of credit is when a company (vendor) extends a line of credit to your business on "Net 15, 30, 60 or 90" day terms. This means that you can purchase their products or services up to a maximum dollar amount and you have 15, 30, 60 or 90 days to pay the bill in full. So if you're set-up on Net 30 terms and were to purchase $300 worth of goods today, then that $300 is due within the next 30 days.

Always apply first without using your SSN. Some vendors will request it and some will even tell you on the phone they need to have it, but submit first without it. When your first Net 30 account reports your "tradeline" to Dun & Bradstreet, the DUNS system will automatically activate your file if it isn't already. This is also true for Experian and Equifax.

e6When applying for a mortgage, lenders will review the borrower's employment, income, down payment, and credit history. Even if the borrower's credit scores are acceptable, many lenders will look at the length and amount of credit established. If the borrower does not have an established payment history, the loan may be denied due to lack of or insufficient credit. The following sources could be used to establish your credit history and generate acceptable scores to obtain a mortgage.

• Secure Credit Cards - This type of card is offered by large banks (available online), local banks, and credit unions. A secure card usually requires a $300 to $500 deposit to open an account. The servicers of the secure card will report the payment activity to the credit bureaus just like a standard credit card. This is a great way to obtain new credit. The last thing you want to do is apply at numerous lending institutions and pile up inquiries (which will lower your scores). You may need a co-signer if your credit scores are below 500. After six months of on-time payments with a secure card, ask the lender to upgrade your secure card to a standard card. When the card is upgraded to a standard card, ask for the credit limit to be increased. This will give you more room to keep your balance under thirty percent of the available limit, thereby maximizing your potential scores.

• Department Store Cards - These are a good place to establish credit, because they're usually easier to qualify for. Pay your balance in full and on-time each month and then try applying for a regular bank credit card in six to twelve months.

• Authorized User Loans and Cards - If you are unable to open a secure card, look into becoming an authorized user with a relative. They may qualify for the loan or credit card and add your name as an authorized user. You can use the card, make the payments, and have the payments reported to your credit report. Just remember, the payment activity will also be reported on your relative's credit report.

Once you have established credit, it is important that the balances on revolving cards are kept below 30% of the cards available limit. This will help maximize the credit scores. Make sure that all the payments are paid on-time. It is important to limit your inquiries for new loans or cards. When shopping for a new credit card, installment, or auto loan, research the requirements first. If you do not qualify for the loan, go to another lending institution. The last thing you want to do is lose points from credit pulls (inquiries). A large portion of your scores are calculated from your use of revolving credit, so while you are establishing new credit it is important that you do not close any existing cards. If you do so, you will be reducing your long-term available credit and likely lowering your credit scores. Usually, the credit bureaus will not differentiate between a credit card closed by the consumer or the creditor.

An available option to follow your scores would be to pay for a monitoring service to track your credit score progress. Your scores are not affected when you pull your credit report; they are only affected by lenders who pull your credit that may offer or extend credit to you. It may take 12 months to establish an acceptable credit history to obtain a mortgage.

vfAs you may know already, Chapters 7, 11, and 12 will remain on one's credit report for ten years from the filing date. A Chapter 13 bankruptcy is reported for seven years from the filing date. Accounts included in a bankruptcy will remain for seven years from the date reported as included in the bankruptcy. Your ability to re-establish your credit after filing bankruptcy is better now than it has ever been. After your bankruptcy is discharged, you will start receiving a great number of solicitations offering to finance homes, vehicles and credit cards.

These are some of the following steps you should take:

1. Examine Your Credit Report - The very first thing you should do is obtain a copy of your credit reports and make sure there are no errors or inaccuracies in you report.

2. Pay Your Bills On Time, Every Time - Pay your bills and rent on time all the time. Remember your payment history is 35% of your credit score.

3. Bank Account - Start with a checking or savings account. Lenders may use this to determine if you are currently being responsible with finances.

4. Build With Store Credit - Apply for store credit cards or gas card. Use it for items you would normally pay cash for, this way it keeps your monthly balances within reason which makes it easier to pay off each month.

5. Secured Credit Cards - Apply for a secured card where you can deposit cash and charge against it. Pay advances back over two months so that they will be reflected as positive marks on your credit report.

6. Friends Or Family - Find a friend or relative that is willing to co-sign for you on a loan or add you to their credit file.

7. Look For The Right Lenders - Search out lenders that are more apt to consider to help you even with a bankruptcy.

8. Buying A Car - If you buy a car, make sure it's a used car so you do not get hit with the depreciation that occurs during the first two years of a new car purchase.

9. Stay Away From Payday Loans - Payday loans that are at high interest rates they are a "bad credit" trap.

10. Be Proactive - Often times writing a letter to each of the credit bureaus explaining the circumstances that initially lead you filing for bankruptcy.

One of the most important lesson to learn in dealing with the challenges of a bankruptcy is to be patient. Understand that the path to bankruptcy did not happen overnight. And neither will the path to improving your credit. By following the tips above, the path to improved credit score is very possible. If you adhere to these 10 tips you will be able to improve your credit score and your life.

322Repairing credit score is more like losing weight, which is a time taking procedure. Most importantly, there are no quick solutions that can help you fix your credit score. In fact, every solution that you find out for improving it can actually backfire, so you must stay aware of all those advice that guarantee a quick improvement. Advice that you can consider for rebuilding your credit score is managing it responsibly and sensible over time. Before you start rebuilding your credit score, you must take a look at your credit history and make efforts to improve it.

Here Are A Few Tips That You Can Help You Make Some Serious Improvements In Your Credit History:

Verify Your Credit Report:

Credit score repair begins with your credit report. If you haven't checked your credit report yet, ask for the free copy of it and find all the errors hidden inside it. Your report forms the most crucial element that helps in calculating your credit score, which might contain some error. To be more specific, make sure that there are no errors in your credit report. Your report must not contain any late payments. If you find errors of such kind, immediately issue a dispute report with the credit bureau. Apart from these, you can also look for some expert help in credit reports and repair.

Set Reminder for Payments:

One aspect that can really help you to improve your report for credit scores is on time payments. Make sure that you have made all your credit payments within the legitimate time span. Even if you forget your payment dates, consider setting reminders. There are many banks that ease their clients by allowing payment reminders via text messages or emails. Apart from this, you can also opt for automatic payment methods.

Reduce All Your Debts:

It seems much easier to say, but making it happen is actually much tough. Reducing the amount of debt you own in the market gives you much satisfaction than increasing your score for credit. While reducing your debt, the first thing that you must do is stop using your credit card. Make use of your credit report to prepare a list of all your accounts and then go online to check all your recent statements.

These are a few tips that can actually help you increase and improve you score of credit. Apart from these DIY steps you can also opt for some professional help for repairing your credit report

eqYou can pay a credit repair company to fix your credit, but if you're willing to invest your time instead of your cash then you can do it yourself without having to pay a professional. The only questions you need to know before you get started are how much your time is worth to you, and how comfortable you are with initiating and managing multiple credit profile related contacts via phone and email. You will also need to be comfortable with reading and writing quasi-legal documents. You can find example correspondence online which can help you with this.

Step 1: Obtain Your Credit Reports

Your credit score is based on a combination of factors and information which is reported about you by 3rd parties to the 3 major credit reporting agencies. The major agencies we are concerned with are Experian, Equifax and TransUnion. These three companies are the ones who are responsible for publishing information about you onto your credit report, however they are not the ones responsible for generating the information. A creditor, a collection agency or another company (known as data furnishers) will tell Experian, Equifax and TransUnion what to publish about you, and then the credit bureaus will publish it. They do not perform a thorough investigation into the legitimacy of the information when they initially report it. Only when it is discovered and disputed by you will it be investigated, at which point it may have been damaging your credit for months or years. It is also very common for information to be different on each of your three credit reports, which is like playing Russian roulette every time your credit is pulled if you don't fix all three at the same time. The reason is because you never know which report your potential landlord, employer or loan provider is going to pull. Let me give you an example:

  • You have never checked your credit reports or felt the need to do so, however 2 years ago a credit card account was fraudulently opened in your name, maxed out and never paid on. You have never heard anything about it. The credit card company which was defrauded only reports payment information to Equifax and TransUnion, not to Experian. You have previously been approved for a car loan from your bank about 9 months ago, so you assume your score is good, however you are turned down in the final stages of your employment application and receive a form in the mail stating that a consumer report was used in the negative determination of your employment application. That means that even though your bank pulled your Experian information to verify your credit worthiness for your car loan, your potential employer used Equifax or Transunion and assumed the fraudulent negative credit card entry was valid.

Situations similar to the above are very common, and whether you are turned down for a loan, a credit card application, a job or an apartment it is a huge disruption to your plans and can be a major stress inducing event. Go and check your credit reports right now and then once a month from here on out in order to nip this potential problem in the bud.

The first step to take is to simply obtain a credit report from each of the agencies above. Legally you are allowed to do this for free once per year and also every time you are denied credit or suffer another qualifying negative event based on the results of a consumer report. To get your free reports go to annualcreditreport.com and follow the instructions to obtain your report. This is the official government website for obtaining your free credit reports, and it does not require a credit card or any kind of subscription or trial. Some people are not able to receive their reports from annualcreditreport.com due to problems verifying their identity or other reasons. If you are unable to obtain your reports from annualcreditreport.com, you can either search online for credit report providers or you can contact the credit bureaus directly yourself. Typically you can find providers online which will charge you $1 for your first month of access to your credit reports and to a credit monitoring service, with cost rising to about $30 per month thereafter. Remember, it's free for you if you can get your reports from annualcreditreport.com, so that is definitely your first choice. If you can't get them there try a paid provider or contact the bureaus directly either online or by mail and persuade them to provide you with a copy of your report. I always send mail certified, signature required, with a tracking number - and I highly advise you do the same. Keeping a detailed record of all of your communications with each entity you will be contacting is of the utmost importance to your success. The dates of your mailings and of the correspondence you receive as a result are extremely important. Below are the web addresses for the credit bureaus - search their site or search online for instructions for requesting access to your credit report if you are unable to do so through annualcreditreport.com.

So, just to be clear:

  1. annualcreditreport.com - official site for obtaining your credit reports - go here first
  2. Experian.com - Equifax.com - TransUnion.com; contact directly if needed

OK, I've received my credit reports in the mail or I've accessed them online - now what?

Step 2: Reviewing Your Credit Reports for Accuracy

Once you receive your reports you will need to review them for accuracy. Check each one carefully. There are several sections you will need to review and each one contains important information about you which will be checked by employers, landlords, utility companies, your cell phone provider and of course, potential creditors and others. Credit reports from the three agencies each look slightly different, but are generally composed of sections similar to these:

    1. Personal Profile: This section contains your personal information, such as your legal name, your current and previous addresses, your employment history and your birth date.

 

    1. Credit Summary: A snapshot of your credit, including how many accounts have been opened in your name and their total balance. Reported delinquencies will be listed here as well.

 

    1. Public Records: The odds are that you likely don't have any public records listed on your report, but they are very common. Mistakes in this area of your report are also fairly common and need to be disputed immediately. This type of information includes bankruptcy, tax lien, court records, judgements and child support.

 

    1. Credit Inquiries: Any company you have given permission to review your credit file (called a hard inquiry) will be listed here for two years. More than 3 inquiries listed in this section can lower your credit score. If you see companies listed in this section that you have not authorized to pull your credit, then they need to be removed. If you personally check your own credit (such as through a paid provider or credit monitoring service like referenced above) your credit score will not be affected. This type of inquiry is known a soft inquiry. Typical listings in this section include lenders, and potential or former employers and landlords.

 

    1. Account History: This is the specific account information for all accounts opened in your name which are reported to a credit reporting agency. This information can be positive or negative, and collectively has the biggest impact on your credit rating. A large amount of inaccurate information can be found on some people's credit reports in this section. Positive information reported about you will remain on your report indefinitely, while negative information will remain for 7 - 10 years from the date that the account was closed, or the date you last made a payment on or acknowledged the alleged debt.

 

  1. The contact information for all the companies who are listing information about you will also be found in this section. These addresses are where you will be sending your dispute letters if you choose to mail them versus filing online (recommended).

The above sections will comprise the majority of your credit reports. As stated before, go through them very carefully. Pay special attention to the alleged amounts that you owe, the payment dates and the names of the companies which are reporting the negative information. Take note of whether or not it is the original creditor or a debt collector as this will have an effect on the wording of the letters you will be sending out, and look at the account creation dates. In short, go through and verify that every single datapoint which is being reported about you on that credit report is accurate. Make notations of what you believe to be incorrect, reconcile this information with your records and if it is not exactly the same, then it may be being reported incorrectly and having a negative effect on your credit profile.

Step 3: First Contact

Now that you have reviewed your credit reports the fun part starts. You need to take all of the information which you want to be removed from your report and begin writing letters to address those issues. You can put multiple issues on each letter, however I never send more than 3 issues per letter to any agency and I recommend you don't either. You will want to send a letter to each of the credit bureaus which specifically details the reasons the information should be removed from your report. If it is inaccurate in any way, then legally it must be removed from your report. Carefully word your dispute letter with diplomatic and professional language, and inform the credit reporting agencies that you want them to investigate the points you raise in your letter as you are disputing their accuracy. If you have evidence supporting your claim, submit a copy with your dispute letters. The credit agencies want to report correct information, and they will look at the evidence you send to them. Make sure you do not acknowledge that the debt is yours or make any payment offers as this could potentially restart the 7 year clock that the debt will be reported about you.

After you have disputed your items the credit agencies are allowed a minimum of 30 days to respond under the Fair Credit Reporting Act (FCRA). During this time they will contact the data furnisher and attempt to verify the accuracy of the debt they are reporting about you. Generally the data furnisher will simply respond that the data is correct, and nothing will change. The credit bureau will send you a letter explaining that they reviewed your claim, and the information was reported to be accurate, and therefore they will continue to report it. If you have submitted good documentation supporting your position, the credit bureau will review it, however they may still side with the data furnisher and refuse to remove the incorrect items(s) from your report.

If this happens, you will need to contact the original creditors and the collections agencies if they are involved, and request validation of the debt they are reporting about you. Typically you will receive some sort of report generated by them which simply states that you them a certain amount of money. This amount will rarely correlate with what you think you owe, or what is being reported onto your credit report. Depending on what type of information you receive from the data furnisher directly, you may be able to simply write a new letter to the credit bureau with copies of the information you received from the data furnisher and an explanation of how the information doesn't correlate with what is being reported on your credit report. They are also required to be able to validate your debt. This is different than verifying it, which is what data furnishers sometimes do. Look up this distinction online and then check to make sure that they have provided the evidence legally required of them to continue reporting information about you.

The parties you will be contacting include:

  1. The three major credit bureaus
    1. Experian
    2. Equifax
    3. TransUnion
  2. The data furnishers
    1. Original creditors
    2. Collection agencies
    3. Attorneys
    4. Others various parties

Dealing with each of these contacts and correctly generating effective correspondence to them along with corroborating evidence will be the best and fastest way to fix your credit reports.

  1. Do not enter into any payment negotiations with collections agencies or any other data furnishers without express written statements from them that they will be deleting the "tradeline" once you have fulfilled your payments. This is a very important step when dealing with data furnishers, and forgetting to specify this could cause negative information to stay on your report for much longer in the form of a paidcollections account.

Step 4: Raising or Establishing Your Credit Worthiness

If everything looks good on your credit reports and your score still isn't as high as you think it should be, or if you are just new to obtaining credit, there are several things you should be aware of.

    • Some credit scoring models will give you a lower score for credit card limits or loans which are under $2,000 - get a limit at least this high if you can.

 

    • The average age of all of your combined accounts is important - the older the better. What this means is that if you have 10 accounts with an average age of 22 years and then you go out and open 4 new accounts to try and raise your score, the average age of your accounts will drop to just under 15 1/2 years old. This will have a negative effect on your credit score and may offset any benefit of opening 4 new accounts, which will also generate 4 new hard inquiries which will also have a negative effect. Make sure you absolutely need credit before applying for it.

 

    • Having over twenty accounts in good standing can raise your score, however the average age of your accounts will generally make more of an impact on your score than the total number of your accounts (see above).

 

    • If you have bad credit or no credit - try this out: Pull your credit reports and fix everything on them that you can so that your credit history is as favorable as possible. Save up $200 dollars, and then go to your bank or go online and find a company which offers secured loans and credit cards - these are generally easy to be approved for because the credit limit is the same as the amount which you deposit. In this case, you will deposit $200 to obtain a secured loan, then you will take the $200 from your loan and open a secured credit card. This way, you will gain two new accounts which are reporting your timely payments to the credit bureaus for the price of one. Also, you aren't really out any money because even though you deposited $200 to obtain a secured credit card and loan, you now have $200 worth of credit at your disposal. Make sure you make timely payments on these two accounts and your score can easily go up 75 points or more in just a few months. If you can manage a $2,000 secured loan then you will get the benefit of having a loan and a credit card with credit limits of at least $2,000 each which will both report to the major credit bureaus and can raise your score even more. If you decide to do this make sure your secured card provider reports to all three major credit bureaus - and try to pay off your credit card in full each month.

 

    • On time payments to your accounts in good standing are the best way to raise your score and keep it there.

 

    • If you are offered a lower credit card limit than you want you can always call the financial provider and request a higher limit. Sometimes all they need is a little additional information to approve you for thousands of dollars more.

 

    • The amount of your credit limit which you actually borrow matters; your debt to credit ratio is what credit agencies use to quickly see how much of your available credit you are using each month. This amount can change on a daily basis and has a major effect on your credit score. Keep the total amount of your debt down to about 20% or less of your available credit to look favorable.

 

    • Don't max out individual cards; if you have $10,000 of total credit on three cards of $4,000, $5,000 and $1,000 dollars, don't max out any individual card. Keep each of them at 20% or less utilization to save on interest and to keep your cards from being individually over utilized.

 

    • Keep your cash back by paying your cards in full each month. As long as the accounts are active and being used, paying them off each month won't look bad for your score. By not carrying a monthly balance you will avoid paying interest completely while still receiving cash back for using your cards. In this case, you can actually make money by properly managing your credit cards if you are disciplined.

 

  • Paying twice can save you thousands; many loans can be paid off much quicker by simply taking the monthly amount owed, splitting it in two and paying it off in two separate payments each billing cycle. If you can add just a little extra in each payment your savings could be significant and it could speed up the time it takes to pay off your loan by months. Mortgages and car loans are great for this strategy.

I encourage you to look into the huge amount of information available online and learn as much as possible prior to taking any of the steps outlined above as a simple mistake could be extremely negative to your credit profile. Fixing your credit can be tricky, with a lot of pitfalls and confusing rules, regulations and recommendations. Even so, it is absolutely imperative to just go ahead and dive into it and get started as the longer you wait, the more it will cost you in the long run.

2fIf you think you have a good credit history, but you have never checked it out, you might be in for a nasty surprise. It's not just keeping up your payments and being responsible with your borrowing that affects your credit score, there are some ways that you damage it that really shock you. Here are ten of those surprising things that could knock down your credit rating by a few points.

1. Having a company credit card

If your employer has given you a company credit card then that could be affecting your own personal credit score. Most corporate cards are now actually in joint names and that means that you are jointly liable for the credit. It also means that if your company pays their bills late, it will impact on your credit rating.

2. Using your debit card to rent a car

If you pay a deposit on a rented car with your debit card, then the car hire company will probably do a credit check on you. Every credit check that is made on you will take a point off your credit rating.

3. Paying a parking ticket late

No one likes getting a parking ticket and we like paying them even less. That's why so many people leave it until the last minute to pay them. If you leave it too late, the debt will be passed to a debt recovery company and that will dent your credit rating.

4. Taking out "buy now, pay later" credit

The amazing deals that you can get on furniture, where you pay nothing for twelve months and then its interest free for the next three years could also be damaging your credit score. They look like you have a maxed out line of credit against which you are making no repayments at all for a year.

5. Forgetting to take a library book back

Even something as simple as a library book fine might be recorded against your credit history. If you forget to pay a library fine, local authorities are very quick to pass that on to a debt collection company too, and that will knock more points of your credit score.

6. Waiting for the reminder letter on utility bills

Gas and electricity companies are pretty quick off the mark when it comes to late payment. If you slip up and leave paying them for too long, you will get a letter from a debt collection company and that means another knock to your credit score.

7. Paying off a loan early

Even paying off a loan early can look bad on your credit history. When you pay off a debt early, you save some of the interests, but that can look like you didn't pay back all that you borrowed.

8. Underutilising a credit card

Lenders are looking to see that you use credit wisely and manage your debts responsibly. If you have credit available, but you never use it, it still uses up some of your available credit and there is no history if your ability to manage credit if you never use the credit that you have available. It is better for your credit rating for you to use a credit card and pay back the balance monthly.

9. Enquiring about loans

Making too many enquires about loans, or getting quotations for loans, will also knock some points off your credit score. In fact, any hard credit check that is done on you will lower your credit score for a period of two years and that includes taking out a new mobile phone contracts as well.

10. Disputing an item on your credit card

If you dispute an item on your credit card statement and your lender takes their time looking into then it will remain an unpaid debt against your name and could still damage your credit score.

34Your credit history is also a fundamental determinant of your overall score. Therefore, you should repair it appropriately. Your credit history is divided into categories basing on the data used to calculate your credit score. These categories can guide you to correct your credit history comprehensively enabling your credit repair process to be successful.

Check Your Credit Report Keenly
Begin your repairing process by thoroughly checking your credit report. This checking is meant to identify any errors that affect the score significantly. Ensure that there are no incorrectly listed late payments and all the amounts owed for every one of your open accounts is correct. In case you identify any errors, you should immediately raise a dispute with the credit bureau.

Set up Payment Reminders
Timely payments of your debts contribute significantly to your credit score. Some financing institutions send an email and text message reminders enabling you to make your payments on time. Though you can enroll in automatic payments debited from your bank account to avoid late payments, it does not show a sense of good money management skills on your behalf.

Reduce Amounts of Debts Owed
Achieving this feat is easier said than done. Nonetheless, reducing your debts gives you a sense of fulfillment more than it helps in your credit repair process. First, stop using your credit cards and check all your accounts to determine how much you owe and how much interest rate each of your accounts charges you. Come up with a plan that allocates more money to the accounts charging higher interest rates and maintain lesser payments on the other accounts.

Payment History Tips
In the past, there was no legitimate way to track down the consumers' credit activities. Nonetheless, the Fair Isaac Corporation designed a credit scoring system that is known as the FICO score. Since the three primary credit agencies have distinct information on each consumer, the FICO score calculated by these agencies are not equal. Payment history contributes up to 35% to your FICO score calculation. Though they have this significantly high percentage of effect to improving your score, past instances of missed and late payments are not fixed easily.

You can start your credit repair by making sure that your delinquent payments are made on time. If you had late payments, you should avoid any late payments in future to impact your score positively. The timely payments with time will neutralize the late payments since your good payment patterns will show that you have significantly improved your credit management strategies. Always remember that even if you pay off a collection account, it remains on your credit report for seven years. Whenever you encounter a financial crisis, contact your creditors and legitimate credit counselor to restructure your payments to suit your lower income comfortably.

Amounts Owed
The amounts of debts you owe contribute 30% of your total credit score calculation. This category can be cleaned more easily than payment history though it will require you to have strict financial discipline. Since high outstanding debt can take a toll on your credit score, you should keep all your credit cards and revolving credit balances low. Moreover, you should pay your revolving credit instead of moving it around.

You should never close your unused credit cards to raise your score quickly since having them same debt will be fewer open accounts may significantly your score. Also, you should not open new credit cards that you do not intend to use just to increase your available credit. Though it may seem like a brilliant idea, the strategy may backfire and lower your credit scores considerably.

Length of Credit History
Financial experts advise that if you have been managing your credit for just a short time, you should not open new accounts too rapidly. If you open new accounts, they lower your average account age and it significantly lowers your credit score considering that you do not have a lot of other credit information. Moreover, having a rapid account buildup makes you appear risky especially when you are a new credit user.

New Credit
Always do your rate shopping in a restricted period since FICO scores differentiate between a search for a single loan and that of many new credit lines. To enhance your credit repair process in the long term, you can open new accounts in a responsible manner and pay them off on time. It is also advisable to order your credit report right from the credit reporting agency or from a consumer credit reports providing organizations that are authorized. Obtaining your report through any other way may affect your score.

In conclusion, you should fix errors in your credit score history to kick-start your credit repair process. Then, follow all the guidelines that will enable you to create and maintain consistent, good credit history. Nonetheless, to rebuild and raise your credit score, you will need patience and discipline.