Late payments can be reported on your credit report for accounts such as Credit Cards, Personal & Auto Loans, Mortgages, and Student Loans. Normally, you find out about late payments because you were turned down on a loan application or you get a nasty letter from a lender or collections agency. Sometimes, the collections agency will call you over and over again too. Did you know that according to the Consumer Financial Protection Bureau, this is against the law and considered … [Read more...] about 5 Options For Removing Late Payments From Your Credit Report
What's the best way to build credit and how do you improve your credit score? The secret to building (or rebuilding) and keeping a high credit score is done by forming good habits when it comes to managing your credit applications, loan types, payments and overall financial health. A lot of people think that just using credit cards (or loans) and paying them off every month is all that is required for having and building good credit. The truth is this! It's a good start, but there is much … [Read more...] about Best Tips For Increasing Your Credit Score [give it a boost]
When I first turned 18, applying for new credit was tough. My credit score was barely a 600 and no one (and I MEAN NO ONE) would give me an approval for my first credit card. I even tried getting a new car loan to buy a cheap Honda Civic DX; I was not approved. In the rejection letter, it said I needed to have a credit score of at least a 600 to qualify. The problem was simple, I needed to establish a credit history to get the higher score. But, how do you do that when your credit score is … [Read more...] about How I Got A 700 Credit Score By Age 21
In this article, we're going to discuss what a “Goodwill Adjustment Letter” is and how it will help you to negotiate the removal of late payments from your credit report. A Goodwill letter is a written explanation to your creditor for negotiating the removal of a late payment on a delinquent credit account. It can be used for your student loan, mortgage, credit cards, a line of credit, an auto loan, or even a fixed loan. It will also work if the account/loan is with a big bank like Bank Of … [Read more...] about How To Create A Goodwill Adjustment Letter [sample letter template]
Why do you need good credit? The answer to this is a simple one. You need good credit not just for fantastic financial opportunities in life, but for a high self-worth as well. I'm going to elaborate more on this below, and the benefits of why having good credit is so important! Why Do You Need Good Credit? Having a stellar payment history and a good credit score above the mid 600’s will prove to the creditors you are going to pay them back when you borrow money. Thus, giving you better … [Read more...] about Why You Need Good Credit And The Life Benefits Of It!
Why should you care about checking your credit report for errors? Or know about how to dispute credit report errors when you find them? Because having good credit makes it easy to rent an apartment, buy a new home, or get a new car loan. But when an error is made on your credit report and you don't know about it, it can be a big let down and stressful situation. I recently wrote an article about the benefits of having good credit, check it out. Did you know that approximately 1 in 3 … [Read more...] about How To Check Your Credit Report/Score and Dispute Errors
Tradelines can be a great way to leverage other peoples good credit to build your own credit. Below we'll discuss the details of how this works and why for some it's one of the best ways to build credit fast. But, for many, you might find yourself involved in a legal mess or worse, a credit building scam! Before proceeding, read my disclaimer below. Disclaimer: You should do lots of research and be cautious with the practice of using tradelines. The banks and credit card companies … [Read more...] about What Are Credit Tradelines? My Thoughts About Them
We've all been there before; you get denied on a credit application because you don't have enough credit history. Or worse, you have too many bad marks on your credit report such as missed payments or written off accounts (which will eventually roll over to a collections agency.) A common problem I hear about the most happens when a collections agency picks up a charged off account; then they make a new account for it. This could cause a duplicate record on your credit report. Making a single … [Read more...] about Why Does The Credit Repair Industry Exist?