What is a credit score and why is it important? Credit scores defined by TransUnion
Your credit score determines how much you pay for life’s needs. People get all worked up about it for a reason. Watch this video and you might just reconsider your financial decisions.
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Swipe Away With Secured Credit Cards
There is a reason why it is called a secured credit card in the first place. It is the best way to deal with your expenses and at the same time enhance your credit history. In addition to that, with the modern society taking its toll nowadays, you can surely make use of that credit card whenever and wherever.
A credit card has moved a level higher. It is what most airlines, car rentals, hotels, restaurants and stores are looking for in order for you to be able to utilize their services and purchase their products. It is also a great way to keep yourself secured by not having to carry with you bills. It offers safety and convenience that you can enjoy all the time.
However, the catch is being able to find the right company that offers a secured credit card with a deal that is worthwhile. If you come to think of it, the search may tend to be long and discouraging because of having to consider a lot of option. But as long as you have the determination and information needed to get the credit card in your hands then taking time to decide would not be a problem for you.
So basically what happens is this. If in case you have a poor credit history because of past missed deadlines or if you have not even had a credit card before then you will most likely not be qualified to avail of the regular credit card. The option left for you is to opt for a secured one. In a secured credit card, anything and everything that you use this card for will be immediately backed up by your own personal money. That money is in a bank account which will be linked to your credit card line.
But if you want a shortcut and get pass all the hustle and bustle, you can right away apply for a Visa or Master Card. These are the major and most trusted secured credit cards available at your expense since these are accepted almost everywhere.
Now what are you waiting for? Fund that bank account, apply for a secured credit card and get to enjoy all the perks you want with just a simple swipe.
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What is Credit? Loans, Mortgages and Overdrafts explained
An overdraft is supposed to be for short term borrowing or emergencies only. Unluckily though, it becomes too easy to treat it as your spending limit instead of as a last resort. Still not sure what it’s all about? Watch this video.
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The Karma Count: The New Free Credit Scores in 3 Facts
To take some of the mystery out of these important financial tools, here are some facts about credit reports and scores that might surprise you. Despite what you may have heard, a poor credit score may not haunt you forever. You can always do something about it!
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Understanding your Credit Score | by Wall Street Survivor
A credit score is defined as a numerical expression based on a level analysis of a consumer’s credit files, and this represents the creditworthiness of such person. A credit score is mainly based on credit report information typically sourced from credit bureaus. Watch this video and go into detail.
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Getting Expert Help In Boosting Your Credit Score
If you want to get expert help in boosting your credit score, you may get confused with credit repair companies and credit counseling. Let me enlighten you on this.
Let me begin with credit repair companies. This kind of company helps you clean your credit history through boosting your credit score. They study your credit report and check if there is any error. They come up with ideas to enhance your financial status which you can use for lenders.
On the other hand, credit counseling is leaning towards a different side. They aim to get and keep you out of debt. While this is important to people who have a hard time managing their credit, it usually does not work for people who are looking to boost their credit scores.
Credit counseling companies let you close down any revolving accounts that you have such as gas cards, store cards, and credit cards, just to name a few. They talk to you lenders about the debts that you have and bargain as much as they can. They make the payments with the monthly fees that you pay them.
While it sounds efficient, it can indicate your lack of finance management. It shows that you cannot control your own finances, and you require other people to do it on your behalf. Additionally, closing down any account will have negative impacts on your credit score. However, your debt remains the same.
If you are asked for monthly fees, you may want to opt for other options. Think about how they make money from you per month. Therefore, they practically want to keep you as long as possible. The longer it takes for them to do their job, the more money they will be making from you.
As much as you can, work on boosting your credit score on your own. It may take a long time, but it is extremely doable.
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Cracking the Code: How to Get the Perfect Credit Score
A perfect score of 850 may just be a technical perfection since it is very rare to see people with a credit score as high as this. A good perfect score usually includes the following: a mortgage that is over three years old, one or two auto loans that are more than two years old and less than five credit cards with very low balances that are over 2 years old.
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Raising Credit Score On Your Own
Credit is actually a huge component of our financial life. It can pave way for you to get a hold of your own home, be approved for a personal loan, or even setting up a certain back account.
It goes without saying that when your credit is not as good as you would like it to be, there are ways to get back on the right track. You can deal with this by pumping up your credit first, but going to credit repair companies is not really necessary. You can do so on your own!
Always keep track of your credit to be accurate. It’s absolutely best to get in touch with the three major credit bureaus (Experian, Equifax, and TransUnion) and get your up-to-date credit report so as to be precise with the information. Additionally, download letters written ahead that you would use for credit reporting agencies as it can be useful.
Get your yearly credit report, and know that it’s free of charge. Do not hesitate to demand for a ‘proof of debt’ from your creditor and bargain with such creditor about your payment plan in order to prevent yourself from getting into any kind of trouble over the long haul.
If there would be any judgment hearings, see to it that you show up, no matter what it takes. It is also recommended that you know about the statue of limitations for all of your debts.
You can find that there are several measures to take when you want to raise your credit score. Dig even deeper and look it up online or ask around but never forget to put all the knowledge you have in action.
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How to start a Small Business with no Money and Bad Credit?
Having a very low credit score can drive you nuts. Majority of creditors consider 620 as the bottom cut off for prime loans, which is kind of like the separating line between good and bad credit. What more if you’re trying to venture into business? Watch this video.
Boosting Up Your Credit Score
With great credit score comes great benefits. The higher it gets, the more you are in control of your finances. Truth be told, you’ll reap more benefits, spare more money, and enjoy relatively low interest rates as compared to people who have poor credit scores.
For starters, creditors tend to approve you for any loan application and you will be given the lowest rates possible since they are confident enough that you will be a good borrower based on your records. That said, you should always be on the lookout in boosting up your credit score.
One of the most vital things to steer clear of is too many credit cards. This only gives your future lenders the wrong notion that you are in a lot of debt and approving you of another loan might just put you off even more in meeting your obligations. So always limit your credit cards to 3-4.
Additionally, and yet again, pay your bills on time. You ought to have a record of at least seven years of meeting your financial obligations at an appointed time. Mot creditors don’t back up people who have track records of late payments. Basically, if you intend to apply for a loan someday, start practicing prompt payments now.
More to these, get your annual credit report. If you’re not aware of it, you are actually entitled to a free credit report from credit reporting agencies namely Experian, TransUnion, and Equifax. Browse it to find errors or discrepancies on the information on your credit report. And if there is any, directly report them to the bureaus which are expected to fix it within 30 days after a systematic study.
Keep track of all account statements that you have as there are credit card companies that raise your interest rate or drop your available credit if you pay late, even if it’s not to their own company. With the right practice and time, you’ll be able to boost your credit score and reap all benefits after successfully doing so!
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