Archive for the ‘Free Credit Reports’ Category
For many individuals it can be a very scary and frustrating situation if it has been quite a while since they took a look at their credit reports and when they did there were several errors that were noticed. It can also be just as frustrating to find accurate information that regards some late payments that you made, as well as other detrimental issues that were also found that could have a huge impact against your credit score.
Credit reporting errors are more common than most people think, there is no need to become alarmed however, these errors can be fixed. Black marks that are shown on your credit can also be fixed in time, and without spending large amounts of money on financial institutions that claim to be just the thing that you need.
Building your credit history is not as hard as you may think. Learning how to continuously take the necessary steps required to give your credit score a lift as often as you can is one of the most important things that you can do.
Besides the lenders you have obtained your automobile loan from and your mortgage loan, there are numerous others who hold an interest in the type of credit history that you have. This can include your employers, various utility companies that you use, and even your landlords. Because of this fact it is vital that you consistently stay on top of the steps of building a strong and solid credit history.
Something that has been noticed among members of todayâ€™s society is the fact that they always seem to be continuously looking to find a credit card company that will offer them a higher credit limit. After all, a higher limit will allow you to enjoy things that you would not ordinarily be able to enjoyâ€¦right? This is a question that may or may not be true, depending on your specific situation, and it is based on several different factors.
One important factor that your individual credit worthiness is based on is your score. When you are seeking to find a higher credit limit with various credit unions or banking institution, you can bet this is the first thing they will want to look at.
Improving your credit score takes time and effort. Damaging it, or ruining it altogether is easier than you might think. All it takes is a slip-up here, a late payment there, and then your credit score is damaged. It doesn’t take much to hurt your credit, either. And, if you’ve made more than your share of credit mistakes, you won’t have many options the next time you are in the market for a loan or a credit card. You’ll pay the price for your misadventures, in the form of high interest rates and exorbitant fees.
The easiest way to hurt your credit is to break any or all of the rules that are important to lenders and creditors, which we’ll go over in detail here.
- Being late with bill payments. One third of your FICO score is based on your bill-paying track record. It’s been said that a payment that’s 90 days late is just as bad as filing for bankruptcy, or a repossession. However, sometimes in life things go wrong and maybe you aren’t able to get that payment out on time.
Most lenders will work with you to a point, and they are usually willing to let an “oops” here and there go. Just try to bring the account current as soon as you can, and don’t skip payments. If you can only afford to pay the minimum, do that. It’s better than doing nothing at all!
If you know ahead of time that you won’t be able to pay on schedule, call your lender and explain your situation. Hopefully, they’ll be understanding and give you a little “wiggle room”. It doesn’t always work, but if you’ve had a history of on-time payments for years, it can go a long way.
We all know that we’re more than our credit score, but what’s inside doesn’t really matter to lenders, landlords, and even some employers. Many facets of our lives are controlled by that finicky three-digit number, and your score determines your chances of being approved for credit, and the interest rate at which you’ll receive it. Here, a basic breakdown of credit worth, by the numbers:
- 750 and above will get you primo interest rates on loans; you’ll essentially get approved anywhere and everywhere.
- 710 through 750 will get quite a few competitive offers sent your way, though you won’t get as many as a person with a score of 750+.
- 650 up to 710: You’ll get approved, but you won’t get the good rates that your friends with higher scores will get.
- 580-650: Prepare yourself for stricter terms and higher interest rates.
- 580 and below: Basically, if you don’t want to go through a loanshark, forget it!