Credit Repair Articles

Millions of people have been caught with high credit card debt in a struggling economy. Many want to cancel their credit cards believing that this will help solve the problem. Although cancelling a card will keep you from using it, the actual problem lies in your ability to manage and control debt. Besides, once you get your bad financial situation under control, you’re going to want to use credit again.   What you should consider in such a situation is that 1) cancelling credit cards will actually hurt your credit score, and 2) cancelling cards with a long and good payment history will wipe that reflection off of your credit report. It is much better to manage your credit cards … Continue reading →

There are a large number of people who believe that cancelling credit cards is a positive step when trying to overcome bad credit. However, that is not always the case. On some occasions, credit card cancellations can actually drop your credit score further.   In order to avoid more damage to your credit, it is important to understand and determine when you should cancel a credit card and when you should not. A full 30% of your credit score looks at your debt owed to available credit ratio. Therefore, the balance between maintaining and utilizing credit is important in having a high FICO score that will get you premium credit deals.   Check out the following tips before cancelling your … Continue reading →

The current struggling economy has placed many in a position of imperfect credit as well as caused the banking industry to clamp down on loan approval guidelines. Therefore, obtaining a bad credit mortgage loan is more difficult today than it was only a few years ago.   The best way to beat the odds and acquire a new home in these troubled times is to repair your credit before applying. Practically all lending institutions refer to credit reports to make approval decisions and set mortgage loan terms so raising your credit score will open the doors to better opportunities. What are the best ways to do this?   Repair Your Damaged Credit Report   The first step towards obtaining a … Continue reading →

Many people who have fallen into bad credit strike out to repair it themselves. Actually, you have the right to do so under Federal law and, if you have the knowledge, patience, professional speaking manner and drive, you can effectively repair your own credit.   However, there are many taboos which exist in the credit repair world and if you don’t know what they are and how to deal with them, you can actually end up damaging your credit further. We’ll take a look in this article at a few of the common mistakes which are made by do-it-yourself credit repairers.   Improper Credit Report Disputes   Correcting and disputing inaccurate or unauthorized items on your credit report is one … Continue reading →

Many people today have damaged credit and are seeking ways in which to fix it. Having a poor credit history hinders what you can do and where you can go, lowering the quality of life. Therefore, repairing credit and maintaining a high credit score helps to provide a more enjoyable living experience.   Bad credit can be repaired over a period of time as long as you take the proper steps to correct the original problems that led to poor credit in the first place and practice better credit habits. Following is some information that you should know in order to fix bad credit.   Understand Your Rights   Many Americans simply fail to know and understand their rights when … Continue reading →

Many people go through their lives without paying any attention to their credit rating. It isn’t until certain things occur that they start asking themselves what the problem is. Although good credit is often taken for granted, it becomes obviously clear how precious it is when one’s credit score goes south.   If you plan on buying a new home or car, getting credit cards, applying for a personal loan and many other credit based objectives then you should learn to identify the signs of credit trouble and know what to do to correct it before you are charged high down payments, interest rates, term fees, or worse, denied credit altogether.   Seven Signs of Poor Credit   Most credit … Continue reading →

People with bad credit are easy targets for bad credit loan scams due to their desperate situations. Many deceitful tactics are used in bilking millions of dollars from such people looking for financial assistance. Such practices as high upfront fees, hidden charges which quickly accumulate, requests for personal information and much more are used to scam high risk borrowers.   Legitimate loan companies do exist, but it takes some research and knowledge of what to look for in order to find them and not fall into scams. Following are some tips for identifying credit loan scams and how to avoid them.   Required Upfront Fee   Scrupulous bad credit loan companies will usually require upfront fees under such names as … Continue reading →

Circumstances have plunged you into bad credit and you’ve been considering possibly repairing it, but continue to heehaw on the decision. You are probably wondering if credit repair really matters and will it make a difference in your financial situation. The answer is an emphatic “yes” and you can see for yourself the high cost of bad credit below.   Do I Need Credit?   First, we should address the question of whether credit is a necessity in today’s world. You can definitely live without credit. However, if you plan on booking reservations for a flight or hotel, or want to rent a car then you will need a credit card. Many stores nowadays require a credit card for backup … Continue reading →

Most lending institutions prefer to deal with borrowers who have good to excellent credit ratings. However, some lenders deal specifically with high risk or subprime borrowers who have poor credit histories.   If you have bad credit then a subprime loan is a viable option for you. You should know however, how these bad credit loans can affect you and your already shaky financial situation.   Types of Bad Credit Loans   Bad credit loans are provided in various categories depending on the required purpose. They can be bad credit mortgage loans, car loans, business loans, consolidation loans, personal loans, etc.   However, there exist two types of bad credit loans: secured and unsecured. Secured bad credit loans require some … Continue reading →

Your credit report can contain a great deal of errors. Misspellings, incorrect addresses, outdated information, applied charges which are not yours, wrong account amounts and other blunders can negatively affect your credit score. In order to maintain a good credit rating, it is imperative that you occasionally review your credit report and clean up any errors.   Fair Credit Reporting Act   You have various important rights under the Fair Credit Reporting Act which you should be aware of and utilize. This Act was created to protect consumer credit report information and allow each individual to regularly review and correct errors which can cause damage to one’s FICO score.   For instance, you are allowed to receive one free credit … Continue reading →