Credit Repair

Is It Possible to “Buy Credit” to Improve Credit Score?

If you are looking out for ways on how to improve credit score, you must come across various companies over Internet who claim to help you “borrow someone else’s credit” and show the same on your credit report if you pay a certain amount of money. You may be wondering if any such thing is possible at all and if it really works. Well, as of now, it is possible to show someone else’s account history on your credit report, especially if you are an authorized user on his/her account/accounts. But, whether this method works or not is a matter of debate. There are several t6hings that you must take into your careful consideration before you try any such thing. Following is a brief rundown on some of the different aspects associated with this method. ...Read more>>

Guide to Refinancing an Auto Loan with Bad Credit

Just because the FICO score is not at par, it does not mean that there is no way to refinance an auto loan with bad credit. It is just that you may not be able to get the best rates, but since the refinancing option is always open, you can get much better rates in future by doing another refinance once you achieve a better credit score. Depending upon the specific purpose you want to achieve, you may end up having a higher/lower interest rate and/or a longer/shorter loan term. ...Read more>>

Two Most Dangerous Misconceptions About Good And Bad Credit Score

If you do not want to invite problems with insurers, landlords, lenders and others, you must learn how to distinguish between what is fact and what is fiction about good and bad credit score. It is your FICO score that determines how smooth or difficult your financial life is going to be. Therefore, get your facts right about your credit score. ...Read more>>

How to Fix Credit Score after a Foreclosure?

Just because you have lost your home in foreclosure, it does not mean that this is the end of world. You can still fix credit score and rebuild your financial life. It is true that foreclosure reflects in FICO reports for the next seven years, but the impact is greater only during the first couple of years. As the record gets older, things begin to become much better. In fact, you can further minimize its negative impact on your finances even during the first few years if you follow certain strategies. It will definitely take some time, but if you follow the right approach and keep patience, your credit will definitely improve, making it easier for you to regain control of your finances. There’s no magic formula. It’s all about making some good decisions and implementing the same thoroughly. ...Read more>>

3 New Strategies to Achieve a Perfect Credit Score

When it comes to achieving a perfect credit score, you may already have come across plenty of strategies that are widely available over Internet. Some common strategies that people always suggest include asking for lower interest rates, never maxing out your credit cards, closing old credit card accounts, and many other such things. But, it is very important for you to keep in mind that with the enactment of new regulations earlier this year, the rules have changed dramatically. ...Read more>>

How Does It Affect Your Credit Score When You Increase Your Credit Limit?

When you increase your credit limit, it can affect your credit score either positively or negatively. Whether the effects are positive or negative depend on an array of factors. In order to get a better idea in this regard, you must have a clear understanding on what a credit utilization rate is and how important a role it plays in determining one’s FICO score. The credit utilization rate is also referred to as debt to credit ratio, which tells you how much debt you are using from the available credit. Following is a brief rundown on the various situations on how this factor can increase or decrease your credit score. ...Read more>>

5 Things You Can Do To Achieve A Perfect Credit Score

Who does not want to achieve a perfect credit score of 800? Everybody does, but not all of them succeed. It takes a lot of efforts on one’s part to achieve that kind of score. The first thing that is very important for you to do is to get yourself aware of the factors that actually play an important role in determining a FICO score. Once you know about those factors, you just have to prepare your strategies accordingly. But, the most important thing is that you have to be consistent in your efforts. Following is a brief rundown on five things that can help you achieve the desired goal. ...Read more>>

Co-Signing A Loan Can Affect Your Credit Score

Co-signing a loan can affect your credit score both positively and negatively depending upon an array of factors. When you co-sign a loan, you actually become a loan guarantor (co-signer is another term), which means you promise that if the primary borrower fails to make the repayment, you will pay off the loan. If you have any closed relative or friend who has very poor credit score, they may contact you and request you to help them by becoming a co-signer so that they can qualify for a low rate loan easily. If you have a better credit history, the lenders may agree to issue a low rate loan to your friend if you guarantee the loan. When you sign the agreement as a loan guarantor, you also become liable for the repayment of the loan in specific circumstances. ...Read more>>

Build More Financial Security And Increase Wealth With Your Credit Score

Your credit score can help you increase your wealth and build better financial security. In comparison to those with poor credit history, people with higher FICO score are rated as safe consumers by finance companies, auto lenders, credit card companies, banks, landlords, and even by utility service providers and employers. If you want to strengthen your financial condition and credit worthiness, you must invest some serious efforts with proper planning and maintain a credit score of at least 750 points; the higher, the better. Anybody who is serious about achieving a healthy financial life must be well aware of what a crucial role credit scores play in this regard. ...Read more>>

How To Protect Against Credit Fraud And Identity Theft?

Many people these days are becoming victims of credit fraud and identity theft. Therefore, it is very important for you to learn how you can protect yourself against such risks. The TransUnion’s Fraud Victim Assistance Department has listed some of the most common factors that often result in identity theft and credit fraud. These factors include Domestic or elder abuse, Eavesdropping or wandering eyes, Dishonest employee, Database intrusion (credit card account numbers), Improper disposal of credit card statements and receipts, Lost or stolen purse or wallet, misrepresentation to obtain personal information usually through phone, Mail theft, Credit card skimming, Theft of employer or other multi-person records. Following is a brief rundown on some of the basic things that you must do to protect your credit against identity thieves. ...Read more>>

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How Changes To Payday Loan Law Can Save Consumers From Debt Traps
Payday lending laws have changed over the last few years to protect consumers from payday loan debt. Payday lenders have received much bad press recently. Often they are called loan sharks. Public hostility ag... Read more

What are the pros and cons of debt consolidation?