TransUnions free credit score lawsuit drawback

TransUnion one of the three major credit bureaus just announced they will be offering free credit score and credit monitoring for 9 months due to a class action law suit. The law suit claims TransUnion was selling consumer information to third parties for targeted marketing efforts. Here are the benefits and drawbacks of this lawsuit.

Here are you two options as a result of the law suit.
In order to benefit from this lawsuit, you will need to register at: settlement site.

• Six months of Transunion credit monitoring, which includes unlimited daily access to the consumer's credit report and TransUnion-calculated credit score, plus e-mail notification of major changes to information in the report. The service retails for $59.75.
• Nine months of credit monitoring, one's insurance score (used by some insurers to set their rates), plus a tool that shows how a consumer's credit score affects mortgage rates. This option is valued at $115.50, and selecting it means releasing TransUnion from any future claims.


Benefits
You get a free credit report and credit score. You also get free credit monitoring depending on which service you go with.

Drawbacks
You don’t get your credit scores from the other credit bureaus. So you get part of what you really need.



This lawsuit has its advantages, you get a credit report, but it is missing some key ingredients. For instance your credit scores from Equifax, and Experian. If you are getting ready to make a purchase, or you just have concerns about your credit, you need to know all 3 credit scores. With the offer TransUnion is giving, you get one credit score from TransUnion. One credit score is like playing Russion Roulette, you spin the wheel and hope your other two scores are ok. Each credit bureau reports different credit scores and sometimes different information all together.

When creditors pull your personal credit report, do you think they just look at one credit score? Absolutely not, they pull all 3 credit scores to determine a credit decision. So my point is you will still need to pull your credit report with all 3 credit scores for a fee.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Get Credit Report information and credit questions on-line.

Your credit report is accessible 24/7 on the internet in a few clicks. Equifax just released how the internet is a great resource fore accessing anything about your credit. The internet is amazing in regards to how you can get the information you need to fix just about anything. You can get recipes, commons household items, cars, credit cards, insurance, mortgages, or any common question answered. The internet is so powerful that you could actually stay home and never leave using the internet to buy what you need.


The internet being the best channel for credit reports, credit scores and getting free credit repair help, you can rest assure you will have access to what you need securely in a few clicks. If you want to access your credit report, and did it the old fashion way, you would have to wait for your report to come in the mail. I don’t know about you, but I know the mail is not safe anymore. You definitely don’t want anything with your social in the snail mail if you can avoid it. With the security that has been implement on the internet to get your credit report and credit scores safe and securely.




Most people don’t know how convenient the internet is. The internet has revolutionized the way we all do business and function in society currently. Let’s assume you have credit issues, and you don’t know what to do. Most people will search for credit repair sites. You will find that most credit repair sites charge horrendous fees for something you can do yourself for free. If you were to take the time to do some research, you will find that with a little credit education and implementation of what you learn your credit will improve on its own. The internet is just like your local library, it has all the information you could imagine.

How easy is it to get credit report on-line?
Let’s assume you are getting ready to buy something, or just would like to know what your credit scores are. Getting your credit report is so easy that a caveman could do it. Typically when get your credit report you will need to know your credit scores. Your credit scores will typically cost you around $30.00 to have that piece of mind. But it’s worth having believe me. In a matter of a few seconds with validating who you are, you will receive your full 3-1 credit report. Pulling your consumer credit report does not affect your credit scores by the way.

Credit Repair on the web
Let’s assume you have credit issues, and you would like to start repairing them right away. You can find all kinds of articles about what the first step would be in the credit repair process. With your credit being the single most important part of your financial health, you can rest assure the answer is on the web. In a few keystrokes you can be reading an article that will pertain to your situation. This is the power and resourcefulness of the web today. Got questions about credit? Just Google it.



About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Report affected by un-paid utility bills

Your credit score report can be affect by more than your available credit history. We talk about how credit cards, mortgages, car loans, and any type of loan that reports to all 3 credit bureaus will affect your credit score. We don’t always talk about utility companies and how they can have a negative impact on your credit report. Here are utility companies I like to consider non-creditors. In other words these companies don’t give you a line of credit, they just provide a service.



Utility companies
• Phone companies
• Electric companies
• Security companies
• Cell phone companies
• Water companies
• Gas companies
• Cable companies
• Internet Companies

Let’s assume you are having a tough time currently, and you stop paying your cable bill. The cable company will give you a little time to pay off the debt for service rendered, but will eventually turn that debt over to a collection company. The collection company in return will report that obligation to the 3 credit bureaus wanting their money. This is how it works with any of the companies mention. Once this collection reports to the credit bureaus your credit rating just dropped about 100 points. Utility companies on the other hand don’t help your credit when you are in good standing, but will also hurt your credit score if you don’t pay. Once the collection hits your credit report, and you finally decide to pay off the collection, the collection will be on your credit report for 7 years. 7 years of negative information will be on your credit report. If you don’t pay the collection, the collection company can sell the collection repeatedly to different collection companies which will ultimately drive down your credit score even more.





Pay your bills on-time
If you get behind, call your creditors immediately and work out a payment arrangement with them. They will typically work with you, especially during tough economic times. A creditor or utility company would rather get some form of payment versus nothing. If you don’t pay your bills including utility bills it will affect your credit score report. With lending getting extremely tough currently, your credit scores are more important than ever. If you have credit issues, the banks may look at your credit history as too big of a risk for there portfolio.

Don’t assume if you don’t pay utility it will not affect your credit. Because it will affect your credit, and will not go away until you pay it off. If you are unsure what is on your credit report, get a copy of your free credit score report today.



About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Reduce debt with Debt Consolidation Q & A

Debt consolidation is becoming the wave of the future currently. We are starting to get more and more questions about how to get out of debt. We have partnered with a company that provides a unique approach called debt elimination. This company is based here in Texas with us. CreditSolutions is the name and they have received a very powerful award by JD Power & Associates for customer service.






Q:
Hi Mike,
I am self employed and have accumulated $75,000 in consumer debt, mainly because of this downturn in the economy. I own a company where I was providing handy man work for realtors in the California area. With the current market in California, my cash flow has almost come to a stop. What would you suggest I do? I have run through my savings, and cannot pay this debt currently.
Johnny Carbelo


A:
Hi Johnny,
We have definitely seen the issues in California, and how it’s affecting people in that state. If you don’t have income coming in to pay the debt, you definitely need to look at your options. I work with a company that provides debt consolidation of a different kind. In other words they provide a service they like to call debt elimination. This would be my first step in trying to resolve your debt issues. These guys can get you out of debt within 36 months. Go to our link on the front of our website and select the get out of debt link.

CreditScoreQuick.com


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Advantages of pulling your Credit Report with Credit Scores

Your credit report with credit scores is like the secret recipe grandmother had. If you only get part of the recipe, it’s a disaster. Your credit report needs to be pulled with credit scores. If you pull your credit report without credit scores, in our professional opinion it’s missing the key ingredient. It’s like making a chocolate cake without the chocolate. Here is why you need to pull credit reports with credit scores.





The following look at all 3 credit scores to make a credit decision
• Banks
• Mortgage Companies
• Credit Card Companies
• Car dealerships
• Employers




The web is full of getting your credit reports FREE at annualcreditreport but no one mentions the fact that you don’t get your credit scores with that report. Maybe you are getting ready to make a purchase, or you think that you might need to work on your credit scores. What ever you situation is, you need to know your credit scores from each credit bureau. There are three credit bureaus, Equifax, TransUnion and Experian. These guys collect information that the creditors report to them. There could be a very high chance that one of the creditors reported something in error. Recent studies shows 1 out of every 4 credit reports have errors on that report that could cause a credit denial.

Advantages of knowing your scores
• Better Rates on loans
• Better Terms on loans
• Less Down payment on Mortgages
• Better rats on credit cards
• Could get that dream job
• Save more money, because your interest rates on loans are low
• Lower premiums on car insurance


These are examples of why you need to know that three digit number. I don’t believe the lending market will every be the same after this foreclosure crisis we are going through. Lending has had its ups and downs before, but not to the extent we are having currently. It will take a while for the banks to recover from all the losses. You can expect lending to be extremely tough on credit. So if you are un-sure of your credit, or want to improve it, make sure you get your credit report with all 3 credit scores. I personally believe good management of your credit is to stay on top of your credit score report. With identity theft and creditor errors like the recent one with Sallie Mae, you cannot to assume your credit report is error free. Get your free credit score report today !!!

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Foreclosure Crisis – Learn what Lenders don’t want you to know

Did you know most of the foreclosures taking place now could have been avoided? With all the foreclosures taking place because of adjustable rate mortgages (ARM’s), this could have been avoided if the lender had put the borrowers in a 30yr fixed mortgage. During the real estate boom, individuals that had less than perfect credit were put into sub-prime loans. There were millions of families put into sub-prime loans that had the qualifications to go FHA, which is a 30 yr fixed mortgage. The reason why was because there were many mortgage companies that did not have the necessary funds to get their license to originate FHA loans. So the mortgage company had no choice but to stick their client into a sub-prime ARM loan. Was this unethical, I would have to say yes. Also the mortgage companies that were sticking people in 2 year Sub prime loans sold everyone on 2 yr ARMs when they could have put them in a 30yr fixed sub-prime loan. Here is what took place.

2 year ARM sales pitch.
Here is what mortgage companies sold to potential borrowers. Sir or Mam you don’t have the credit to go with a prime conventional loan but we can put you into a 2 yr ARM. With good credit history we can refinance you in 2 years into a 30 year fixed mortgage. This is what was being told all over the United States. Guess what? These people could have been put into a 30 year fixed sub prime mortgage as well. But the rate was lower on a 2 year ARM, and the lender made more money selling the ARM loan. Also the lender would get there business again two years down the road. So it was like machine during the real estate boom. This is the secret that lenders did not want you to know, and most of them never gave the option to the potential borrower.

The builder problem
During this boom the builders were doing more than selling 2 year ARMs, they were selling low payments. They would sell all these bogus incentives to use their mortgage company and along with the bad loan they were put into they sold them on low payments because of the un-improved taxes on the property. Yes there was this sneaky disclosure used to explain un-improved property taxes at closing, but they blew through it so quick the borrower never really understood it. Also the loan officer providing the loan never explained the repercussions of not collecting escrows for the mortgage. Most of the 2 year sub-prime borrowers with builders did not escrow their taxes and insurances. That is the other way they were sold on this whole process. During the excitement of this whole process, the borrower did not see the danger down the road. To talk a little about un-improved property taxes, here is how that nightmare works. When you buy a property, the taxes on the property if it’s a new build is usually based on the land only. That is why the taxes and along with you payment is so low. But guess what, you will have an escrow shortage in about a year. Which means your payment will go up around $300 to $400 dollars. This is part of the reason for the foreclosures as well. Builders pretty much do what ever they want due to a lack of good legislation.

2 year ARM is up
Your 2 year ARM is up, and you now have two problems. First you cannot refinance because you don’t have the credit. Second your property value has declined and you don’t have the equity to roll in closing costs which is required to do a refinance, unless you have the money to pay all your closing costs. Since you cannot refinance your payment jumps up around $400 dollars and now you cannot afford your home. This is what is going on all over the country.

This is a example of how greed is going to destroy our country. It’s unfortunate that our lending industry took advantage of people. This is going to affect us for a while. If you found yourself in this situation, the best thing you can do is work on your credit, and make sure you pay everything on time.

Check your free credit score report often so you know where you stand credit wise.


CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Get the lowest rate on Car Insurance?

Auto insurance is the law, you have to have it. So what auto insurance company has the best coverage and lowest monthly payments? With the internet being the revolution for price comparison, and rate shopping, you can get an insurance quote from different auto insurance companies in a split second. At one point in time, you had to open your local yellow pages, or call the operator for assistance to find an auto insurance company in your neck of the woods. Now with the internet you can save time and money with a few clicks. At CreditScoreQuick.com we provide the best auto insurance source the web has to offer. Whether you are shopping to get better rates, or just bought a new car, CreditScoreQuick.com has what you are looking for.
Here is what customers are saying about savings with our partnership with the web leading provider of rate shopping for auto insurance.

• Average savings of $451.00
• It was easy and fast.

Start saving today, why waste money if you don’t have too. Take the savings and go on a family vacation.

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How a recession can affect you.

I thought this was a good story about how identity theft , credit scores, and a recession can affect anyone. Its does not matter whether you are poor or rich, your life can change in a instant.

It's an economic downturn when others suffer financial reversals, but it's a recession when it hits your home. In my case, it was a full-blown depression.

Although I knew what it was to experience lean times, it never seemed possible that I could become destitute. My first challenge was to recognize that was exactly what was happening. My next challenge, other than to cope, was to find a way to re-emerge.

Think it could never happen to you? So did I.

My hardships started in the mid-1990s, when I became an early victim of ID theft. Sorting out the charges took years, but I eventually negotiated with creditors to accept payment for only the charges that were legitimately mine. And then I closed the accounts.

With that behind me, I left a comfortable executive's life to become an independent consultant. Corporate chiefs paid me handsomely – so much so that I paid off my mortgage. I was debt free, and times were good.

But the Prime Time of Life celebration was short-lived. In rapid succession, my top two accounts stopped operating in the U.S., leaving me with unreimbursed expenses and collapsed receivables. I cannibalized my savings and made ends meet – until 9/11.

Still, I managed – by selling personal items on eBay and working toward a business rebound. I started building a warehouse to hold supplies – and then the unthinkable happened. My hand was caught in a table saw, and I went from bleeding in an ambulance to hemorrhaging financially.

I, who had never taken unemployment checks, was unable to access any so-called safety nets such as Medicaid.

Then, in gilded-lily lunacy, the IRS seized my income for "unpaid back taxes," citing credit card charge-offs that were in fact the result of identity theft.

Using what capital possible to pay the immediate – utilities, insurance, food – I began defaulting on bills, including property taxes. My once golden credit was ruined.

Welcome to the Under World, where Washington-approved institutions legally hang anyone who's on the ropes.

• I was rejected for work because of "low credit scores," a nonstarter under many companies' HR rules.
• My car insurance increased $100 a month, although I had filed no claims.
• Home insurance rates shot through the roof with high-risk underwriter policies.
• My credit card limits fell from $5,000 to $300. Securing even that privilege cost me a $100 deposit – on a card averaging 20 percent interest rates.
• Utilities began demanding deposits, despite my model customer history.
• In a final irony, despite outright owning my house I was denied any form of home equity loan – even with willing co-signers. Banks cited my poor credit ratings.

Broke but still unbroken, I got by. So recently flush and proud, I found myself pulling weeds on an East Texas estate for $10 an hour and working part time in a flea market. I drove for two years without valid auto registration; I was unable to get a current inspection sticker without maintenance on my car that I simply couldn't afford. I relearned how to save, shopping at Sam's, Fiesta and Big Lots. I bought and cooked in bulk and froze my food.

But the paramount key to my rebuilding was a reaffirming personal commitment, believing as I do that condescending arrogance when you're on top is a far greater failure than being broke.

It took me four years to piece my financial life back together. I won my case with IRS. My business flourished. I outlived the negatives on my credit report. Finally, I attacked those delinquent property taxes – now tripled with accrued interest, court costs and attorney fees – just before the city poised to seize my home.

By 2006, I was experiencing periodic flashbacks of what I later recognized as happiness.

I learned so much throughout this ordeal, foremost that when the chips are stacked against you, our system encourages the piranha-like free-market capitalists to pile on those who are down for the financial count.

Yes, my retirement funds are gone. But there is always abundant reason to celebrate life with caution and reverence. And share with stunned skeptics how my case is institutionally endemic rather than an anecdotal anomaly.

If this could happen to a well-connected, solvent homeowner, what does that say about those renting, leveraged, alone? Or about a Fair Credit law passed in this decade making it harder to file for bankruptcy than a divorce?

Still feel immune? All it takes is the perfect storm. And you know Texas weather.

Dallas Morning, News.

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Report after a Bankruptcy

Your credit report after a bankruptcy will look like a bomb was dropped on it. Your credit score report will be littered with all kinds of derogatory information. Depending on what type of bankruptcy you filed will determine how long it will take to re-establish your credit. The two most common bankruptcies are Chapter 7 and Chapter 13. With the new bankruptcy law, more people will be forced to file Chapter 13. Here are the differences.

Chapter 7 bankruptcy- is considered liquidation of your non-exempt assets. This bankruptcy is considered the quickest and simplest of all bankruptcies. A court appointed trustee sells off all your assets in an attempt to pay back some of your creditors. During most Chapter 7 bankruptcies the client will not have any assets to liquidate.

Chapter 13 – This bankruptcy is considered a wage earner plan. This plan allows individuals whom have income to develop a plan to pay back there creditors over a 3 to 5 year period. Under this bankruptcy you are assigned a court appointed trustee that you make the agreed upon payments to, which they in return pay your creditors.

Bankruptcy is all too common these days with the economy the way it is. The mortgage crisis and the price of gas have caused many people financial troubles all over the United States. Luckily there is hope after a bankruptcy. It’s kind of like polishing up your shoes after you have got some scuff marks on them. Your credit is the same way, you can re-establish credit after a bankruptcy, and that is the first step once you are done with your bankruptcy.

How to establish credit afterwards
The first step is to get two secured credit cards. No bank is going to allow you to get an un-secured credit card after a bankruptcy. All of your past credit will be on your credit report for 7 years. If you filed chapter 7, it will be on your credit report for 10yrs from file date. But most of your past negative credit will be on your report for 7 yrs. The main objective is to get new credit on your report as soon as possible. The only way to do that is with secured credit cards, and Orchard bank is a great one. FICO likes to see a mix of credit, so make sure you get a couple of secured credit cards. This process will take you at least 12 to 24 months to get your credit scores where they are somewhat decent. After a little time with no slow pays, your creditors will start extending credit to you again.

Don’t be a repeat offender
FICO will forgive you for past bad credit mistakes, but if you are a repeat offender it will be tough to recover. The new FICO scoring process does not want to see you continually having problems. So learn from past mistakes, save your money for hard times and emergencies. Also remember to always stay ontop of your free credit score report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How to get your free credit report

Under the new 2003 Fair and Accurate Credit Transaction Act, all Americans have the right to a free credit report every year from all three major credit bureaus, Equifax, TransUnion, and Experian.

How to get credit report
You must request your credit report on of these three ways. The reports are not automatically sent to you.


• Go to http://www.annualcreditreport.com/, which is the only source for consumers on-line to get their free credit report every 12 months.
• Call the toll free number 1-877-322-8228
• Complete the form on the back of the “Annual Credit Report Request” brochure, available at the FTC, and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Alanta, GA 30348-5281

You will have the ability to order all three credit reports at one time, or you may order at different times throughout the year. It is up to you. Be sure to order from the centralized agency. If you go directly to the credit bureaus you will be charged unless you fit other criteria for the credit report. Also beware of ordering your free credit reports from fraudulent, deceptive and misspelled domains that will charge for the same service you can get fro free.

This new ruling does not stop other ways to receive a free credit report. You are still entitled a free credit report if you have been: denied for a loan, insurance policy or job based on your free credit report; you are applying for unemployment or receive public assistance; or you currently reside in a state that already offers one or more annual free credit reports.

A credit report contains personal information such as your history of loan payments, including mortgages, credit cards, and auto loans. A credit report is used by lenders to determine whether they will grant you credit, and at what rate. A credit report is not the same as a credit score, which takes all the credit history and spits our a three digit number for each of the major credit bureaus. Credit Scores are not included in your free credit report with annual credit report, they must be purchased. If you are interested in buying your credit scores, you can go to http://www.creditscorequick.com/, and get your real free fico scores and credit score reports today.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

I did not get Credit Scores with my Credit Report

Getting your credit report is a must these days. When you get your credit report make sure you get your credit scores. Annualcreditreport.com does not give you your credit scores for free; you have to pay for them. Also make sure you get all 3 of your credit scores. One credit score from each Bureau.

Q: Hello I found your site and saw that you had lots of different credit reports to offer.My husand and I went to annualcreidtreport.com and pulled a copy of each of our credit reports. To our surprise, we did not get our scores. I noticed that most sites charge for this. On your site you get a free trial, do you have to pay for scores, or am I missing something?

Gertie Fuger
Las Vegas, Arkansas

A: Hi Gertie, this is the $100 question. Under the Fair Credit Reporting Act(FCRA) in 2003 they required the three credit bureaus TransUnion, Experian, and Equifax to give you a copy of your credit report free once every 12 months. Unfortunately you don’t get your credit score for free. This is like grandmothers homemade chocolate cake missing part of its recipe. Since every creditor and there dog looks at your credit scores, you need to know where your credit scores stand. At our site you get a FREE trial for 7 days, and you can cancel during that free trial and not be charged anything. With this free trial you do get a credit score from each bureau.

CreditScoreQuick.com




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Data Recovery

Avoid Credit Card Nightmares during Divorce

Here are some steps to divide credit card debt during a divorce so your credit report is not affected.

Step 1: If you don’t have any credit cards go ahead and apply for one now. You will need to transfer some of the balances on the accounts you may have jointly.


Step 2: Get all your credit cards in you purse or wallet, pull a recent copy of your credit score report to see what accounts are jointly held.

Step 3: Call the credit card companies to verify the current credit card balances, and write all of them down.



Step 4: Set up a meeting with your spouse if possible, and discuss how to handle credit card debt. If yiou have the cash it might be easier to pay off the credit card debt, and remove any joint names.

Step 5: Go ahead and set up a credit report monitoring service or make plans to pull your credit report about every two months with Experian, Equifax, and TransUnion to ensure that everything is being reported correctly. Also to ensure that you’re soon to be ex-spouse is not charging up credit cards, and opening up new accounts. Divorce can be ugly and identity theft can happened with ex family members.

Step 6: If you and your ex-spouse cannot come to terms on credit card debt, yiou might consider a financial planner. If all else fails get the attorney involved.

Step 7: If you are the one moving out of the house, notify the credit card companies immediately of your change of address, so you get your credit card statements.

Step 8: However you get matters negotiated, make sure you stay on top of matters, its very common for credit to go south during a divorce. You want to avoid that if at all possible.

Step 9: After you divorce make sure you continue credit monitoring and pulling your credit report about every two months. That way you are not blind sided with issues that could be the result of a ex-spouse.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Cards – How many should you have?

Credit cards are a must for good credit scores these days. But how many should you have? Also how many is too much? Some experts claim it is not how many you have, but how are you spending habits. Some experts say all you need is a couple of credit cards to keep your credit report and credit scores healthy.

Credit utilization is another key point about credit cards. If you have a bunch of credit cards, and you are using up your credit limit, it could hurt your credit score. The FICO score model looks at you utilization of your existing credit. Some experts say to keep your credit card balances below 50%. I believe most experts will tell you to keep your balances below 30%. I personally believe you should not keep a balance on your credit cards. I know that good credit management is only charging on your credit cards what you can pay off that month. If you are charging credit on stuff you cannot pay off that month, you are living beyond your financial means.

Department store credit cards are a credit card I would stay away from. These cards usually have higher interest rate than bank cards. The old sales pitch they give, if you get a credit card today, it will save you 10% on your purchase. If you rack up debt on those cards you did not save anything. The interest rates on department credit cards are usually around 20%. That is outrageous.





Remember you only need a couple of low interest rate credit cards. You should only use your credit card occasionally to keep it active, especially if you get reward miles for spending. As long as you pay off that card each month, before you know it, you are flying first class with your miles to Hawaii for free.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Divorced Credit Report Q & A

Your Credit Report can be affected in a negative way during divorce. I see this all the time, credit report littered with slow pays, collections, and charge offs due to a separation. Don’t let your credit report suffer because of a divorce; it will take a while to clear it up if you do.





Q:
Hello I am going through a divorce currently, and we have accumulated debt together while we were married. I have excellent credit I believe, and I want to make sure it stays that way. My concern is some of the accounts we are joint users on is being awarded to my husband. He is not that responsible, I have always taken care of the bills. The attorney is working on the divorce decree that states certain obligations are his responsibility including the house. My question is will this debt still show up on my credit report even though the decree states those debts are now his responsibility?

Carly Simon
San Francisco, California

A:
Carly this is a great question and a “BIG” problem out there today. Divorce is one of the biggest ways to discover credit report problem after the fact. Most think that the divorce decree will erase debts with creditors. This is simply not true. If the account is joint, even though the decree says the other party is responsible for that debt, if the other party has a slow pay your credit score report is affected. This is simply because your social security number is still attached to the obligation. So yes, if your husband is late on any of the obligations that you are on as well, your good credit report with suffer greatly as a result. My advice would be to have the attorney draw up the divorce decree correctly by stating your husband has so many days to refinance the house out of you name, and get any obligations like credit cards, car notes, etc….. out of your name. This way your credit is not affected down the road.





About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Top Credit Score - FICO score Myths

Your credit score or FICO score is the most important element in your financial life these days. Landlords, employers, banks, utility companies and insurance companies all scrutinize your credit score. This credit score is what sums up everything within your credit report. Your credit scores range between 300 to 850.


Yet according to a survey recently revealed, nearly half of Americans have no idea what is on there credit report until it’s too late. According to recent studies people are mis-lead into thinking certain situations determine how high or low a credit score is. Despite all the news media and internet information the fact is the lower your credit score the more you pay. Also in some instances you get that ugly word you were told when you were young, NO. No one likes to be told no, it makes you feel like a child again, even though you are a grown up. If you are applying for mortgage and your credit score is a 610, you could get denied or pay $400.00 dollars a month more because of the risk based pricing now in the banking industry.

While all of this is sinking in, make sure you are not falling for these credit score myths:

Myth 1: Credit Card offers are hurting your credit score. Credit Card offers do not affect your credit score. Now if you respond to the offer the inquiry could lower your credit score. Fair Isaac says that too much credit does not affect your score either, but high credit card balances will lower it.

Myth 2: The higher your salary the higher your credit scores. Paying down credit card debt will lower your credit score. However the amount of money you make, or how much you have in the bank has nothing to do with your FICO score. So in other words your net worth or the amount of money you have coming in is not factored in the credit scoring process according to Fair Isaac the creator of the FICO score.

Myth 3: When you get married your credit scores get merged. When you get married this is simply not true. The only thing that gets merged are accounts you acquire jointly. If you both apply for the same card, then that card and its history shows up on both credit reports.

Myth 4: Shopping around for a loan hurts your score. When you apply for a mortgage, they will pull a recent copy of your credit report which will give a inquiry on your credit report. FICO allows you to shop for a mortgage with multiple lenders with out it hurting your fico score during a 30 window. So during this 30 day window multiple inquiries for a mortgage will only count as one inquiry according to Fair Isaac, MyFICO.

Myth 5: You only have one Credit Score. You have a credit score with each credit bureau. Your credit score could vary as much as 50 points, which is why you need to check your credit score with all 3 credit bureaus.

Myth 6: Checking your own credit report will lower your credit score. This is a question I get all the time. When you are pulling your own credit report it is considered a soft inquiry, which is not factored in the credit scoring process according to MyFICO.

Myth 7: Your age, sex, income are factored in your credit score. According to MyFICO none of this has a factor in your credit scoring process. What the FICO score model is looking for is your credit history with creditors which you owe a debt.

Myth 8: Disputing a item on your credit report will get it removed. This is a common misconception that if you dispute a item it will get it removed. If you dispute a item and you actually owe it, and its reporting within the 7 years required by law, it will not be removed. Now getting inaccuracies removed from you credit report will increases your credit score. Remember collections and chare offs report on your credit report for 7 years from collection date. If you dispute that item during that period, you are wasting your time.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Build your credit with a student credit card

If you are in college, and like most college students you need credit to build a credit score. Since you can no longer piggy back mom and dad’s good credit, you have to find alternatives. Student credit cards are a great way to start establishing credit, and also a great way to pay for those items you don’t have the cash for, like books, emergencies, etc…. If you are a student in college, there are banks willing to extend credit to you.

Student Credit Cards
If you need get credit go ahead and get two student credit cards. It helps to have more than one line of credit on your credit report. Lenders like to see at least 3 lines of credit reporting on your credit report for 12 months. Also FICO score like to see a mix of credit. So after six months of good credit history with your new student credit cards, go ahead and apply for a car loan. Car loans are actually easier to get than some credit cards. Now getting a car loan is only if you need a car of course. But the whole point here is to have 3 trade lines with a mix of credit.

Secured Credit Cards
If for some reason you cannot get a student credit card, you can apply for a secured credit card. This is a card typically for people with bad credit or no credit. The card requires a deposit in a account of the banks choice. This deposit is usually between $200 and $300 dollars to secure a card. This is a alternative if not approved for a student card.

Sub-Prime Credit Cards
Sub-Prime credit cards are cards for people with low credit scores. The rates and terms are ugly, but is a way to establish good credit without the deposit. This type of credit is un-secured. So usually they will extend $200 to $300 line of credit to you. Once with a good history, they will increase your credit limit.

Being responsible with your new credit is very important, the last thing you want to do is establish credit and then ruin it because you were not responsible with your spending. Student credit cards are cards for emergencies, or items that are needed. They are not for the local bar, are partying. If you are responsible with your cards, getting loans will be a lot easier down the road. Remember your credit is your life.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Score-Beacon Score-Fico Score-Explained

Sometimes when you are getting ready to make a purchase you will find everyone calling credit scores different names. You will hear FICO Score, credit scores, and Beacon score are the typical terms for credit scores. One of the problems is when you don’t have a good standardization in a industry, you get different versions of a product or service. That is currently the problem with our credit scoring models being used. You have more than a couple issues. In this article I wanted to discuss this because it can be confusing out there for the average consumer. If you are getting ready to make a purchase, this is a must read.

Credit Score
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person, which is the perceived likelihood that the person will pay debts in a timely manner. This is the most standardized term for what a credit score is. Most people relate to the term credit score. This is the most widely used term out of the 3 terms used in this article.

FICO Score
FICO is an acronym for Fair Isaac Corporation the creator of the FICO Score. This terminology is becoming widely used in the mainstream public. The reason for this is FICO scores are what 80% of the banks use to determine your risk. FICO scores range between 300 and 850. The higher your FICO score the more favorable your rates and terms are on a loan. FICO scores are somewhat the standard that the 3 credit bureaus use to determine your scores as well. Even though Equifax is the only bureaus that using the FICO scoring system, the other two credit bureaus TransUnion and Experian have their own version designed based on the FICO score model which was created by Fair Isaac.

Beacon Score
Beacon is a version of FICO created by Equifax. Typically when you hear someone ask you about your beacon, that would be your credit score with Equifax. This software was called “Beacon.” Now currently the FICO score model created by Fair Isaac has became more of a standard than the scoring models created by the other credit bureaus.

When buying your credit scores with all three credit bureaus, each bureau will have their own version of your credit score. The scoring model standard is suppose to be based on Fair Isaac’ scoring model FICO. So who knows, it’s a little confusing, but that’s what banks, car dealerships, and credit card companies pull to determine your risk.

If you are getting ready to make a purchase, make sure you get all 3 credit scores, because that is what the lenders are looking at.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

TransUnion Credit Report Guide

When you are looking at your credit report there are weird codes on your credit report only a credit report expert could understand. We found this transunion credit report guide for codes on your credit report and what they represent. This guide was created in 2003 for mortgage brokers. I believe a credit geeks would appreciate trying to decipher credit report code.

Type of Account
O Automated
R Revolving or Option
I Installment
M Mortgage
C Check Credit (line of credit)


Date Indicators
A Automated
C Closed
D Declined
F Repossessed / Written / Off / Collection
I Indirect
M Manually Frozen
N No Record
P Paid Out
R Reported
S Slow Answering
T Temporarily Frozen
V Verified
X No Reply

(KOB) Kind of Business Classifications
A Automotive
B Banks and S&L
C Clothing
D Department, Variety and other Retail
E Employment
F Finance, Personal
G Groceries
H Home Furnishings
I Insurance
J Jewelry, Cameras and Computers
K Contractors
L Lumber, Building Material, Hardware
M Medical and related Health
N Credit Card and Travel/Entertainment Companies
O Oil Companies
P Personal Services Other Than Medical
Q Finance Companies, Other than Personal Finance Companies
R Real Estate and Public Accommodations
S Sporting Goods
T Farm and Garden Supplies
U Utilities and Fuel
V Goverment
W Wholesale
X Advertising
Y Collection
Z Miscellaneous

Here is a link to this document that list special codes and triggers that may be on a TransUnion credit report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Foreclosure Q & A

Foreclosures are pretty active currently across the country. As more and more adjustable rate mortgages (ARM’s) are set to expire, and the values of the homes continue to fall, the home owner has no choice but to foreclose on thier home. The reason is the value is not in the home to roll in the closing costs associated with a refinance. With all of this going on there is hope to buy a home in the near future, as long as you take the necessary steps to get your credit report and credit scores revived.


Q:
Hi Mike,
I recently had a foreclosure due to my ARM expiring, we did not have the credit nor the value to refinance our house. So we had no choice but to let it go. I feel like we really got taken advantage of with the bad loan we were put in. My question to you is how long will it be before we can buy again, and what necessary steps do we need to take so we can buy.
Thanks for your help
Teresa Blonde
Colorado Springs, Colorado

A:
Foreclosures are definitely one of those situations that is not pleasant. All of these subprime loans that were giving were like a double edged sword, if you did not go with the subprime loan you did not get a house, if you went along with the subprime loan you got a house with ugly terms. Anyways, in order to buy a home, you will have to wait a minimum of 3 years.FHA loans will be the type of financing you will be able to get. They require 3 years from foreclosures date. In regards to your credit, depending on what type of credit you have if any, you will need at least 3 lines of credit reporting on your credit report. For example; a couple of credit cards, and maybe a car loan. If you don’t have any credit, you will need to get a couple of secured credit cards. You can get these cards at our site, www.creditscorequick.com/secured_cards.
Mike Clover
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Does Annualcreditreport.com get you what you really need ?

Annualcreditport.com is a government mandated site to provide a free credit report to consumers once a year. You get a 3-1 credit report with NO credit scores. But you get a FREE credit report. At CreditScorequick.com our job is to educate you about what you really need. When you go to the bank do you think the banks just pulls a credit report with no credit scores? If you thought the answer was no you were correct. The only advantage of this government mandated site is you do get a 3-1 credit report from all 3 credit bureaus, once a year. Lets assume you have already pulled your free credit report and now have decided to make a purchase 4 months later. It is suggested you pull a copy of your credit report if you are about to make a big purchase or apply for credit. So you cannot get a credit report for another year, so what do you do? You can go to http://www.creditscorequick.com/ and get your FREE trial credit report with all 3 credit scores.


Why you need to know your credit scores
Your credit scores is how any lender, bank, credit card company, auto lender, and insurance company determines your likelihood of paying back a obligation. A credit score is your risk and any given point in time. Most lenders now use FICO scores to determine this. So the question is if all of these companies look at your credit scores, shouldn’t you know your credit scores as well? The answer to that is yes.

Why pulling your credit report once a year is not good enough.
Even though annualcreditreport.com gives you your 3-1 credit report once a year, anything can happen to your credit report within a 30 day window. So if you just pulled your credit report, and someone steals your identity afterwards, you would not know about it until creditors start to call you wanting their money.

At CreditScoreQuick.com you get what you’re really need, get your free credit score report:

Here is what you get:

• 3-1 credit report
• 3 credit scores
• From all 3 credit bureaus
• Credit monitoring & Alerts
• Delivered to you instantly on-line

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Score lowered by Closing Credit Cards

Most educated consumers know about there FICO scores. That magical three digit number that lenders use to determine your credit risk. CreditScoreQuick has published here, an article about what determines your credit score. Many still wonder if closing credit cards or applying for a new credit card will affect their credit score.




Most consumers typically don’t know about the affects of doing what was mentioned, until it’s too late or by trial and error. In this article we want to make sure you know the affects of canceling good credit and opening too much credit too soon.

Canceling good credit cards
This is a mistake a lot of people make, and that is closing good credit card accounts. There is a misconception out there that when you close a credit card you loose your credit history with that card. This simply is not true. That history will be on your credit report for 7 years. Now there will not be any new credit history, and you also closed down a perfectly good line of credit which could lower your credit score. Fico likes to see a mix of credit, so if this was your only credit card, it more than likely hurt your scores as well.

Opening too much credit
Having too much credit does not hurt your credit score. Applying for a bunch of credit does hurt your fico scores. So for example, if you apply for a car, furniture loan, mortgage, and new credit cards all at once, you score will be lowered as a result. The fico score model sees too much credit too soon as a risk to the creditors. That is why your scores get dinged for it. Now if you are applying for a mortgage, the fico score model allows you to shop for a mortgage within a 30 day window, so fair Isaac’s scoring method allows you to shop your mortgage rate. This shopping within a 30 day window according to FICO counts as one inquiry.


So if you are getting ready to make a purchase and think you may have lowered your credit scores because of too many credit applications, go ahead and get a copy of your free credit score report to see where you stand.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Debt Consolidation Q & A

Debt consolidation is an option for some, but with CreditScoreQuick.com we have the resources to offer you debt elimination. Instead of paying low interest over long period of time, we can get you help where your debt is greatly reduced, so you don’t end up paying more over a long term loan.


Q: I have recently been hit by this down fall in our economy, I am self employed. I was working with builders to install alarm systems in their homes. With current credit crunch, and slow down in the real estate market, I am avoiding filing bankruptcy. I had heard you guys were a good resource for debt consolidation. I have around $65,000 in credit card debt that I can barely afford to continue to pay for. Please get me in the right direction.
Carlos Sanchez
Houston, TX


A: When you are self employed and business takes a turn for the worst, it does not take long to wrack up some credit card debt that you can’t pay. With that kind of debt I have a solution for you. We ware partnered with a company that can help you eliminate that debt, they will work with your creditors on your behalf to get you relief, and often get everything taken care of within 36 months. This company has won the JD power & Associates award for “customer service” as well. I am sure with the debt your have your credit report scores have been lowered. Click on the link below and you will be well on your way to debt elimination.
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Secured Credit Cards-Which one to choose.

Secured credit cards are going to be more widely used since FICO changed allowing authorized user accounts in the scoring process. At one time you could ride someone else’s good credit to establish credit scores. If you currently do that, it does not help you what so ever, according to Fair Isaac it could hurt your credit score. So if you have no credit and need to re-establish, there is no quicker way to get those scores increased other than secured credit cards. You are probably asking which one do I get. Just about all the banks provide a secured credit line, but believe it or not you can still get denied. That does not make sense does it? Well it’s a fact, but with CreditScoreQuick.com Orchard Bank card offer, you will get approved. If for some reason they deny you, our Millennium card does not pull your credit report. It’s a guaranteed approval.

Our first pick
Orchard Bank Cards are a great way to establish credit, and their fees are relatively low as well. If you have had problems in the past, go ahead and apply for a secured credit card today, to get the credit score recovery process underway. If you don’t have any credit, this is the quickest way to get a credit score. It will take about 6 months to get your scores, as long as you are not late on any payments.

Second Pick
Ultra VX
-Credit-On Demand*: Up to $25,000 Credit Line
-Instant Approval: No Credit Check, No Minimum Income or Bank Account Required.
-Credit Reporting:Reports to Major Credit Bureaus.
-Clear Rewards*: American Airlines, Southwest, JetBlue, Marriot, and more. No restrictions!
-Powerful Account Features: Direct Deposit, Bill Pay, Free Alerts, Add Cash Instantly at 100,000 retail locations nationwide.






These are a couple of good secured cards to start out with. We also have a link to some other cards as well. Go here:

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Scores on MSNBC- How the changes will affect you.

Here is yet another interview on tv about the importance of your credit scores. Its amazing how 6 to 7 years ago a 620 credit score was a score you coud get low rates with. Not anymore.
With the lending industry tightening up becasue of all the foreclosures, you can't afford not to mangage your credit health.




Do you know your credit scores ?

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.


SEO Services

Credit Reports and Credit Scores-1/3 of the US does not know

This means 1 out 3 people know what’s on their credit report. This is a costly mistake these days. These people could be paying higher interest rates on money borrowed, just because they are not up to date about their credit health. In fact they might have excellent credit and not even know it. When you go to get a mortgage, auto loan, and installment loan with a bank, they love un-educated consumers. Banks are in business to make money just like any other business. This recent study showing a 1/3 of our population does not know what’s on their credit report is baffling.

This mistake is also costly because there might be mistakes on it that is dragging down your score. Recent studies show ¼ credit reports have information on it that is not correct. These mistakes are enough to cause a denial and result in high interest loans.

Recently there has been changes in the lending industry called risk based pricing. This means interest rates and terms are based on your credit score. So the lower your credit score the higher your interest rate. The higher your credit score, the lower your interest rate. But of course banks can charge an un-educated consumer what ever rate the law will allow.

Since roughly 10’s of millions of consumers are not educated about there credit report and credit scores there is good chance you could be paying too much.






How often should you check your credit report?
How often do you check your check book, or bank statement? How often do you check your investments? All of these accounts tie back to your credit report, because if you are not checking your credit report and credit scores you probably have less in these accounts because you are paying unnecessary interest on your loans. You should check your credit report at a minimum of once every 3 months. Since anything can happen to your credit report every 30 days, this might not be enough. Remember you need to know your credit scores, so if you go to http://www.annualcreditreport.com/ you will not get your scores, just a credit report. So if you want to be a educated consumer, and not pay too much, stay ontop of your credit.

Get your free credit score report today at CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

New identity theft prevention -double authentication

With identity theft being so ramped these days and a major concern for most people, don’t worry there is new kid on the block. RSA a security firm has came up with a solution to stop cyber criminals. This new technology is cutting edge when it comes to making a purchase on the web. At a San Francisco security conference, RSA showed off a phone with unusual feature. When a web user makes a purchase or performs a banking transaction on-line, the phone receives a wi-fi signal from the PC making the transaction.
RSA’s handset, built by manufacturer HTC, then shows the transaction and waits for the user to approve it before sending another signal back to the computer, which allows the transaction to take place.

This new process is catching the eyes of the banking industry as well. Currently Bank of American has a security feature called “tokens” which is offered to there high end clients. This is offered with there cards which generate changing passwords that are required to authenticate transactions. Bank of America also currently offers a program for all there customers called “Safe Pass” which sends customers a text message to their cell phones when they bank on line, requesting that they confirm their identity.

According to Bank of America the program they use to prevent identity theft is text based which is much slower and more costlier than wi-fi.

There are currently 140 million cell phone users that text. So it’s easy to deliver this security feature.

Just to confirm, banks have always offered text messages when they suspected suspicious activity. The problem with this its is not a preventative measure.

The challenge with this new technology is bringing two-level authentication across the entire web. I will agree that it’s the best preventive measure for internet purchases that I have seen thus yet. With identity theft being a major headache, and crime growing quicker than the prevention, this is definitely an up coming solution.

As always we recommend that you get a copy of your credit report just to make sure there are no suspicious activities going on as well. Having credit report monitoring is great solution also. We just need to manage our personal information more closely these days, to have a piece of mind.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

No Credit is better than Bad Credit.

No Credit is better than bad credit, and you can take that to the bank. There are lots of people out there that are scared of credit cards, because they don’t know how to manage them properly. They are so scared of debt they pay cash for everything. But there will come a time where you will need to borrow money, and a creditor will ask you that magical question, “What is your credit score?” In order to function in today’s society you need good credit scores. Yes, no credit is better than bad credit, but good credit is better than both mentioned. It’s easier to establish good credit, than it is to remove past credit mistakes on your credit report.





Here is a question from one of our readers about no credit scores.

Q: Mario Lopez asked:
Hello I am 25 and I have no credit scores, I was brought up not to trust banks. But I am finding out that if you are not rich, you will eventually need loans. Loans are tough to get when you don’t have any credit. What is the quickest way to get credit scores, and how long does it take. What methods would you recommend in establishing credit?

A: CreditScoreQuick.com
Establishing credit is actually pretty easy Mario. The first step is to get a couple of secured credit cards. We recommend Orchard Bank on our website. This credit card is secured and typically requires a deposit of $200.00 dollars or so in a account they require. There are also other cards on our site you can apply for, which are secure as well. The reason secure cards are the way to go, is because they start reporting credit to the bureaus fairly quickly. It takes about 6 months to establish credit scores with the credit bureaus. Typically when you don’t have scores no one will extend credit to you. Secured credit card eliminates this problem and gets you well on your way to building a good credit score. Make sure while you have this credit card you are never late on your payments. Late credit card payments will cause bad credit. Use your credit cards responsibly. As time goes on you will get other credit card offers in the mail with good credit history in not time you will have establish the scores you need to get any loan at your disposal.






Bad Credit
If you have bad credit, you might be a year from getting the credit you need to get loans. Also you have negative credit reporting on your credit report for 7 years. So you can see how it’s better to have no credit as opposed to bad credit. It’s much easier to establish good credit than it is to clean up a credit report littered with collections and slow pays. So if you are not sure where you stand, it’s very important you get a copy of your free credit score report today, because an educated consumer saves.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Score improved by using credit cards

The credit score is key to your financial health. With all the different avenues to get your score these days, there is no reason to not be educated about your credit report. I get lots of question about closing credit cards, and if that is a good option, especially if you are not using them. Here are some question from some of our readers about closing credit cards, and if it will affect your credit score.





Q: John Miller, asked:
I have 5 credit cards and only use one of the cards regularly. I keep the other 4 cards in my safe. I was wondering since I don’t use them should I go ahead and cancel those cards? One of the cards has a annual fee of $35.00 even though I don’t use it.

A: CreditScoreQuick.com
Hi John, you don’t ever want to cancel a credit card, that is like getting rid of good credit. What you should do is use each card about every 5 to 6 months. If you have good credit cards just setting in your safe more than 6 months without any use, the creditor might expire the card. So you want to make sure you use the cards and pay them off each month.

According to Fair Isaac, the creator of FICO scores, you should have a couple of credit cards. FICO scores are calculated by a mix of credit. So if you cancel a credit card, there goes two things, good credit that was reporting on your credit report along with a mix of credit as well.





Here is another question we had about credit cards and credit scores.

Q: Alex asked:
I have two credit cards, and would like to increase my credit score; I currently have a credit score of 675. I want to increase my score if possible; I am getting ready to buy a car, and would like the best rates on a car loan. One credit card has a balance of $6500 and another card with a balance of $3300. The first card limit is $15000 and the second is $10,000. What should I do to get my score increase as quick as possible?

A: CreditScoreQuick.com
FICO recommends that you keep your balances below 30% of the allowed credit limit. It looks like your credit card balance on the card with a $15000 dollar limit is high. This is more than likely dragging down your score. I would pay down that card, and it should increase your credit score.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Tips to avoid Debt Consolidation and Bankruptcy

High debt will not only affect your credit report but it will affect your personal life. Living debt free does require some life style changes for the better. Having too much consumer debt is like a black cloud lingering over you. In this article we will discuss some money saving tips so you don’t have to get into a debt consolidation program or even file bankruptcy. By following some of these money saving Tips you will be able to pay down debt and save more.







• Car Pool
With the cost of gas prices sky rocketing and no end in sight, car pooling is a great way to save hundreds of dollars each month. Find a few people that live close by and start car pooling.

• Bulk Stores
There are stores where you buy everything in bulk, like groceries, furniture, computers, etc…. By using one of these stores there is usally a membership fee once a year, but the savings will quickly recoup that cost. A bulk store example would be Sams and Costco.

• Don’t eat out
Going out to eat everyday for lunch gets very costly. If you were to bring your lunch to work everyday, could save you hundreds a month. Alos not eating out everyday will not only save you lots of money, but it could save your health. Fast food is bad for you anyways.

• Coupons
By cutting out coupons in the Sunday paper you can save a ton of money. Some stores will match or beat competitor’s offers as well. Just by taking the time to cut out coupons in the Sunday paper, you could find yourself saving hundreds as well.

• Garage Sale
If you are like most people I am sure you have the pack rat syndrome. With all that STUFF you have been saving, you could probably have a garage sale and acquire a nice savings.

• Utilities
You can save money with on utility bills by doing the following
1. Turn down the heat
2. Turn up the air condition
3. Turn off lights and TVs when not using them.
4. Turn of the water when shaving and brushing your teeth

With your credit being so important these days, make sure you are heading towards the wonderful goal of financial freedom. It will be hard to get there if you are not being frugal.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Debt Consolidation Vs. Debt Elimination

Debt consolidation can help reduce your monthly payment with multiple credit card companies, but with debt elimination you can relieve your debt and burdens more effectively by eliminating debts. Debt consolidation requires you to pay back your debts on the principal plus interest. With the service we provide you reduce you debt paid on debt balance, save money, and eliminate your debt in less than 36 months.


Debt Consolidation
Debt consolidation loans combine all debts into one payment for an extended period of time with a low interest rate, which will extend the total interest payments throughout the life of the loan.

The program we are able to provide will eliminate debt and save large amounts of money. During this process a highly trained representative will act on your behalf to resolve debt by bargaining with your creditors to negotiate a payment. An advisor will resolve debt reduction for you.

Reduce Debt Quickly
By only having to pay on a reduced credit card balance with the service we are talking about, you resolve your debt quickly. Debt consolidation typically puts all your credit card debt into a 15 to 30 year mortgage. With the interest paid on a debt consolidation you end up paying more on the balances owed due to the term.

The service we are talking about will save you more money and eliminate debt a lot quicker than debt consolidation. Plus this service will look a lot better on your credit report than a bankruptcy.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Score and Credit Report Q&A

Q:
Hi Mike,
I have a question about my credit score. In today’s market what is really considered a good credit score to get the best interest rates and terms on any thing I borrow? I have always paid my bills on-time, and don’t have any collections. I was just curious what that benchmark might be. Also how often should I pull my credit report? Is once a year good enough?

Sandy Morton
New York, New York







A:
Hi Sandy,
These are some great questions. In today’s market a credit score about a 720 is considered good credit for the best rate and terms. Some lenders have their own bench mark for better rates. They might require a 740 or above to get a quarter better or so. With the current FICO score model, a credit score 720 or above is considered excellent credit. If you score is around that benchmark, I would not sweat it.

How often should you pull your credit is a question I get quite often, here is something to chew on. The current revolving credit you have, re-reports every 30 days. That means anything can happened to your credit scores and credit report within a 30 period. So since your credit score is so important these days, I would recommend pulling your credit report at least once a quarter. Pulling your credit report is just good management of your credit health, and a good way to watch out for identity theft. Remember pulling your own credit report does not affect your credit score; this is considered a consumer credit report which is a soft pull on your score.If you want your credit scores you will have to pay for them, which I recommend since they are part of the decision making process in lending.








About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Debt consolidation and Bankrutcy Q&A

Q: I just had a foreclosure, and of course my credit is really bad now. I am about to let most of my credit cards go. I have a few questions in regards to this. How long before I can buy another house? Do you recommend I file bankruptcy or debt consolidation? I feel really bad about all of this, but my husband and I just went through a really bad divorce about 7 months ago. I am not sure what to do, I know how important my credit is, and want to get back on the right track. I have around $33,000 in credit card debt, most the result of my divorce.

Thank You,
Linda Carter
San Francisco, California


A: Hi Linda,
I am sorry to hear about your troubles, but of course there is always s solution to everything in the world of finance. In order to buy another house, it will be a minimum of 3 years from foreclosure date before you will be able to buy. Make sure you don’t have anymore credit problems, because if you do, it could be more than 3 years before you can buy again. Underwriters might suspect you are not stable if you have issues after all of the issues mentioned. Typically 3 years with good credit history you can buy a home. If you let all your credit go, you then need to re-establish credit afterwards as well. Secured credit cards are a great way to do that.

With that kind of debt, you might consider debt consolidation. I am never a fan of bankruptcy. Bankruptcy is a last resort. Even though debt consolidation in some cases is similar to a chapter 13, I know it’s looked at less harshly. Also as you are working on all of this, make sure you check your credit report. Especially if some of the debt that was awarded to your husband during the divorce are joint accounts. Even though the divorce decree says the obligations are your husband responsibility, your credit report could suffer if he is late on a payment. So stay on top of that as well. I hope this will help you get in the right direction.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Your Credit Score- The New Vital Sign

There is a new trend going on in Health Care, what’s your credit score? Hospitals are starting to check credit reports to see whether a patient will pay their medical bills and which ones just need to be written off. There are concerns about whether a patient will get the quality of healthcare they need if their credit report has bumps and bruises on it. Is there such a thing as credit score discrimination?

Some advocates are concerned that this process could lead to some patient not getting the health care they need. Hospitals are denying this. But we have to remember Hospitals are a business too. Advocates are also concerned this might force some patients to get high interest rate credit lines to pay for medical services. This currently goes on in the Dentistry industry. In order to finance a crown, you pay high interest on the money borrowed. Nether less it looks like everybody’s credit score will be pulled if services will be rendered.

Currently some of the big players trying to sell services such as health care risk models. Equifax is one of the key players that has a score that will predict the likelihood that a patient will pay back medical obligations. With the new digital age, and the instant response of the internet, Healthcare organizations can get your risk in a matter of seconds.

Currently the hospital chains such as Tenet and Fair Isaacs the developer of the FICO credit score are some of the top supporters of healthcare analytics, a company that is putting together bill-collection data from hospitals for predicting patient payment habits.

This is just another example of how the wonderful credit score is so important these days, this 3 digit number is creeping into our healthcare sector currently.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Top reasons to get free credit score report monitoring

With the recent Sallie Mae mess up which caused 1 millions students to have their credit scores lowered dramatically, you cannot afford to go through life without credit report monitoring set up. Have you ever wondered what credit report monitoring is? It’s a service you buy when you get your free credit score report that monitors any critical changes to your report. Credit Monitoring is a great preventative measure to watch out for changes that would affect you. Here are some examples of what credit report monitoring will alert you about.
1. If someone pulls your credit report
2. e-mail notifications for the following:
a. new inquiries
b. fraudulent activity
c. late payments

Staying on top of your credit report health is like getting a check up with the dentist. It’s just a preventive measure to avoid problems that a lot of Americans are having currently. With the recent Sallie Mae incident, you can rest assure that there is a good chance you have inaccuracies on your credit report. There is also a chance that someone is stealing your identity as you are reading this article. We live in a society where people are looking to make a quick buck, and use your credit and hard earned money to do so. I personally believe credit monitoring is a must these days, and typically when you least expect something like identity theft to happen to you, it happens and you have no way of knowing until its too late.

Creditor mistakes
Like the mistake with Sallie Mae, there is a possibility one of your other creditors has already made a mistake on your credit report. We pull credit reports all the time and I can honestly say that 1 out of 4 credit reports have incorrect information on them that could cause a denial. I recently pulled a credit report for a potential client and this client had a mortgage reporting that was not his. So with all of this being said, get your free credit score report with monitoring today. Its worth the peace of mind as well.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How a foreclosure affects your credit report & credit scores

Your credit report and credit score can be affected by a lot of things, a foreclosure is just like any other bad mark on your credit report, it will lower your credit scores. Foreclosures are not like unsecured debt, where they can take you to court, or put it in collection. Depending on the loan type you had, the mortgage loans are insured. So if you foreclose on the home, and the bank can recover the losses the bank can put a claim on the Private Mortgage Insurance that the home carries.

Private Mortgage Insurance
Lenders mortgage insurance (LMI), also known as Private mortgage insurance (PMI)in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.

The damage after a foreclosure
After you have had a foreclosure, you can count on your credit being ruined for about 3 years. One of the reason is the late payment will go on for about 120 days. Like I have discussed in other articles late payment is one of the problems here, it will lower your scores in the low 400’s. Once the bank quits reporting late payments and the home forecloses, at that point you can begin the credit report building process. It does no good to try to fix a credit report if you are still having late payments. If and when you are back on your feet as a result of a foreclosure, it will take a minimum of three years before you can purchase a home again. Freddie, Fannie, and HUD have a 3 year requirement before you can purchase a home again. That seasoning date starts from the foreclosure date. In other words you will not be able to buy a home for 3 years from foreclosure date.

What should you do after a foreclosure?
The best way to approach this is to put the whole ordeal behind you, and make sure it does not happen again. Go ahead a pull a copy of your free credit score report to see where you are at. Once you have done that you will have a better idea of where your credit scores stand. If for some reason you had to let other credit go, make sure your re-establish good credit. The best way to do that is with secured credit cards to start the re-building process of your credit scores.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Top ways to lower your credit score.

I think we focus so much on how to increase credit scores, we forget about what will lower your credit scores. In this article I will discuss what could lower your credit score and how to avoid it.

Late Payments
This type of activity on your credit report will destroy a good credit score. Typically when you are late on a obligation, you credit score will drop 100 to 150 points. Remember this only applies to obligations that report to the credit bureaus, not electric bills, car insurance, cable bill, or any utility bill. That does not mean stop paying them, because if you do that they will put the account in collection which ultimately will have the same results on your credit score. So don’t be late on anything.

Credit Cards Maxed out
If you have credit cards that have reached their credit limit, you score just dropped. According to FICO your credit card balances should stay well below 30% of allowed credit limit. You really should only charge on your credit card what you can pay off that month. IF you are not careful, you could find yourself needing debt consolidation because you cannot afford all your credit card debt. Make sure you keep your credit card balances low, and only use your credit cards for small purchases that you can pay off that month.

Co-Signing for someone
This is a huge problem, we all love to help out family and friends, but this is a big NO NO. Don’t ever co-sign for someone, because if they are late on a payment, guess who’s credit scores will suffer? That’s right; your credit score will suffer, because of their mistake. I see credit reports with this type of activity all the time, and it could also keep you from qualifying for a home, because that debt is really your responsibility even though you co-signed. So don’t make this costly mistake, if someone does not have the credit to buy, tell them to go to CreditScoreQuick.com to get advice on what to do.

Credit After a divorce
This is another huge problem, people getting divorces and even though the divorce decree clearly states the other spouse is responsible for the debt, it stills shows on your credit report. So if the other spouse runs into problems and is late on the payment it will affect your credit score report as well. Make sure when you file the divorce before its final the other party gets all obligations refinanced and out of your name or it could affect you in the loan run.

As always we recommend you get a recent copy of your free credit score report to make sure none of this is going on. Remember your credit is your life.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Best Credit Card to increase Credit Scores

Secured credit cards or unsecured credit cards are the two types of credit cards out there for consumers. There are different credit cards from all types of banks, and sometimes can be confusing on what card to choose. We work in conjunction with some companies that help restore credit, and the first step with these companies to get the credit building process started is to get some secured credit cards for their clients. In this article I am going to discuss a couple popular credit cards for increasing credit scores for people with no credit, and for those who have had bumps and bruises on their credit report. You might think credit cards are what got you in trouble the first time; well unfortunately they are necessary for credit health with today’s credit scoring models.



Continental Finance MasterCard®
Continental finance master card is a great card for individuals that have been turned down elsewhere. Here are some key points about this second chance credit card.
Get a second chance if you have less than perfect credit. If you have been turned down for credit recently because of your credit score, Continental Finance is here to help you with the second chance you’ve been waiting for. Apply today!
• Get Your Application Results in Seconds
• Monthly reporting to the Major Credit Bureaus
• Free Online Access
• Excellent Online Tools for Managing Your Finances
• Semi-Annual Credit Limit Increases
• No Minimum Monthly Income Requirements*
• Unsecured MasterCard Accepted at Millions of Locations Worldwide

Orchard Bank Card
Secured credit cards are sometimes the way to go, if you cannot get a unsecured credit card. Orchard secured credit cards is one of the most highly trusted banks for rebuilding your credit and for those that have no credit.
If you're looking for a card with built in benefits you can use on a daily basis and that provides you with the opportunity to establish better credit at the same time, you may be interested in the Orchard Bank Cards. Over the years, millions of people have used these Platinum, Gold, Classic and Secured cards to build their credit history. As a cardmember, you'll also enjoy acceptance at millions of locations worldwide, including website purchases and reservations, account information updated and at your fingertips 24/7, email and text messages to remind you or your upcoming payment due date with online enrollment. Apply Today !

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Top Tips to help you secure a mortgage loan

The American dream is to own a home someday. We all have this passion deep down in side. Most Americans don’t have the money to pay cash, so they turn to lender to assist with the purchase of there first or second home. With all the new guidelines in banking I will give you exactly what you need to do to secure a mortgage. I know everyone’s situation is different, but there are some steps you can take so you will not have problems in today’s lending market. This will also help you regardless of what the lending market is doing.

Know what’s on your credit report
Most people have not idea what is on thier credit report. They also have not idea what their credit scores are. This is amazing to me, since the way to financial freedom is to manage your credit health. Otherwise you are probably paying too much in the way of terms and rates. Get a copy of your credit report with credit scores regularly to mange your scores.

Pay all your bills on-time
If you think paying a bill late every once in a while is ok, you might want to rethink that logic. A single late payment on any obligation will lower your credit score between 100 and 150 points. So if you had a credit score of 750, now it’s a 600 score. If you are having financial problems and think you might be late, call the creditor to make arrangements. Make sure once you work out something, that you get something in writing stating they will not report any payments late with the arrangement. So the idea is to not be late on anything. Lenders don’t like to see you late on anything, because this looks like you are having financial problems. This ultimately means you are not ready to buy in a underwriters eyes.

Save your money
When applying for a mortgage, having savings is a big plus. This shows you have stability and the ability to save money for emergencies. Most loans are run through a automated underwriting engine, and with savings in the bank could mean the difference between a approval or a denial. A good goal to have is 6 months worth of mortgage payment in the bank. If you are buying a house around $200,000 six months payment would be $12,000 in savings.

Pay your Rent on-time, and don’t break a lease.
Being able to pay rent for at least 12 months on-time is a plus. It looks better to pay rent and all your utilities on time for 12 to 24 months. This shows a underwriter you are able to handle responsibility. Lease agreements are one of those contract deals that if you break it and don’t pay the fee to break the lease it can show up on your credit report, plus the apartment complex typically will not give a good verification for rent due to the lease being broken.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Get your real FICO credit score

Have you ever wondered where to get your real FICO credit score? Did you even know there is a difference in scores that are provided on-line? Each of the 3 credit bureaus base their scoring model from Fair Isaacs FICO score model. So essentially you would think you are getting your real fico score. Unfortunately that is not the case. There is only one bureau that actually gives you your true FICO score, the rest of the bureaus give a credit score using there version of the FICO score model developed by Fair Isaac.

Experian
Experian uses a proprietary scoring model that is called “PLUS Score” model which was developed by them in early 2004. This particular score model is based on the FICO score model.

TransUnion
TransUnion sells the TrueCredit score. They don’t use the FICO score, so when you pull your credit report with TransUnion you will get there version of your credit score.

Equifax
Equifax partnered with Fair Isaac and now offers your true FICO score. This credit score is the credit score actually used by most lenders. If you are interested in getting your Equifax credit report with your true FICO score, also called Score Power, go to www.creditscorequick.com/equifax123

If you are wanted to know all 3 of your credit scores, you can get a 3-1 credit report at CreditScoreQuick.com. Until recently you did not even have access to your credit report, now with your score being so important and the ability to access it quickly on-line you have nothing to loose, and much to gain by keeping on top of your free credit score report. Remember not all credit reports are created equal.

In order to get your credit scores you will have to purchase them, you may also get a free trial. So while the free trial is taking place, you can print out your free credit score report, and call back to cancel once your credit report has been printed out.

We hope this was not too confusing, because I know it can be. The fact is lenders look at your credit scores regardless of what score model the credit bureaus use. They typically pull from all 3 CRA’s to determine your credit health. So if lenders look at all 3 scores, you should do the same.

Get your real free fico score report today!!

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Sallie Mae causes credit score error.

Some borrowers that have sallie mae student loans were shocked last week when they checked their credit report with Equifax, only to find that their credit scores have dropped. Some of the borrowers were delinquent, and some were not.

Here is what happened
Last Thursday May the 8th Sallie Mae made a error in the way some student loans were reported to the credit bureau. They reported graduated or extended repayment plan as arrangements for partial payment. This caused Equifax the biggest and oldest credit bureau to code the accounts as delinquent, even if they were current.

An extended payment plan allows the borrower to pay the loan out over 12 to 30 years. The standard plan usually is in repayment over 10 years. A graduated payment plan starts out as a low payment, and gradually increases every two years over a term of 12 to 30yrs.

“ There are some repayment plans that on our system are considered a partial payment. They are still in current status, but they are essentially for an extended or graduated repayment plan, and with our understanding of these industry guidelines on how to code that is where we made an error,” Says Martha Holler, spokeswoman for Sallie Mae. “

Borrowers with extended or graduated repayment plans who applied for credit or pulled their credit scores in the last three business days may have had “one or more of their accounts show up late, and had a negative impact on their credit scores,” Says Tom Joyce, spokesman for Sallie Mae

Some students that had these types of loans complained in the FICO forums that their FICO scores had dropped a total of 100 points because of this mistake.

Joyce says ” less than 10 percent” of their 10 million borrowers, or less than 1 million borrowers were affected by this mistake.

Action being taken
Sallie Mae plans on working with Equifax to fix this problem with borrowers who’s credit reports were affected. These errors will be deleted from the Equifax, and the borrower’s credit score should return to the scores they were.

Meanwhile Sallie Mae said they would provide letters to those that need them. Sallie Mae urges borrowers concerned about this mistake to call (888) 272-5543

This is a great reason to pull your credit report; you never know when a creditor is going to make a mistake. Current statistics show that 80% of credit reports have errors on them.

Get your free credit score report today !

This article was wrote: by www.bankrate.com

Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Does pulling your credit report hurt your credit score?

This is a common concern out there about having your credit report pulled and whether or not this will hurt your credit score. There are certain inquiries that affect your overall score, and in this article we will discuss what really affects your score. There are two types of inquiries on your credit report, and they are called a soft inquiry and a hard inquiry. Here are the breakdowns.





Hard inquiries – this could affect your FICO score.
• Credit report pulls by a mortgage company or a bank
• Application for a credit card
• Application for a car
• Application for a bank loan

Soft inquiries – This does not affect your FICO score
• Pulling your own credit report
• Having a creditor whom you already have credit with pull your credit report
• Credit checks by prospective employers

How interest rate shopping affects your score.
When looking for auto or mortgage loan, this can trigger multiple credit inquiries. To compensate for this the score models allow multiple inquiries within a 30 day period before it scores you. The score model looks for inquiries within that 30 day period and only counts it as one inquiry.

How much could your scores drop as a result of hard inquiries?
In some cases a hard inquiry will not affect your score at all, and in some cases a hard inquiry could lower your score around 5 points. If your credit is in good standing as far as you know, you really don’t have anything to worry about. If you are getting ready to make a purchase or have been turned down for credit, go ahead and see where your credit score stands. FICO recommends that your check your credit often just in case there is something on there that could hinder a credit approval.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Improve your Credit Score with these 5 Tips.

1. Get copies of your Credit Report-then make sure the information is correct.
Go to www.creditscorequick.com/ to get a copy of your free credit score report. At this site you can get a 3-1 credit report from all 3 credit bureaus. If you don’t want a copy of your credit scores, you can go to www.annualcreditreport.com to get a credit report with no scores. We promote credit reports with credit scores.



2. Pay your bills on time.
One of the most important things you can do to keep improve your credit score is to pay your bills by the due date. Our advice would be to set up automatic payments from your bank account so you are never late. Always make sure you have enough money in the banks so you don’t pay for overdraft fees.

3. Understand how your credit score is determined.
You can count on your credit score being the answers to these questions.
• How long is your credit history? A credit history that is short could impact your score in a negative way. A short credit history can be offset by your on-time payments and low credit balances
• What is your outstanding debt? The scoring models compare the amount of debt you owe to allowed vs. credit limit. If the amount you owe is close to credit limit, you can expect your score to get lowered.
• Do you pay your bills on-time? If you have paid your bills late, had a account go to collection, or have filed bankruptcy, this history will be on your credit report. This type of activity is devastating to your credit score report health.
• Have you applied for new credit lately? If you have applied for too many credit accounts recently, this will affect your credit score in a negative way. If you have requested a copy of your credit report, or creditors have are monitoring your account or are looking at credit reports to make a prescreened credit offer, these types of inquiries don’t account for a your FICO score.
• What types and how many credit accounts do you have? Most of the credit scoring models take into account the mix of credit you currently have. For instance a mix would be, installment loans, credit cards, mortgage, and car loans will help your credit score. However too many credit accounts could hurt your credit score.

4. Beware of credit repair scams.
Sometimes doing credit repair your self is the best way to repair your credit. The Federal Trade Commission claims “self help may be best.” Here is an article from the FTC on how to repair your credit report for FREE.

5. Learn the legal steps to improve your credit
Here is a great article on the necessary steps to improve your credit report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Know your Fico Score, Tips on improving your Credit Score

If you decide to use a lending institution, your ability to buy will be based on your credit score. Do you currently know yours? Here is some advice from Stephanie AuWerter, Editor of Smartmoney.com, on learning and improving your score.





During times like these, a good score should be top priority. Because of the current and ongoing credit crisis, lenders have got tough in credit score requirements. If you are looking for a mortgage, credit card, small business loan, the bar has been raised. If you want to get the best rates your FICO scores needs to be high. According for Fair Isaac credit scores range between 300 – 850 and you should shoot for a 750 or higher. The great news is you can improve your credit score fairly quickly. The first step is to know where you stand, and you can pull a copy of your FICO score at CreditScoreQuick.com

One of the worst things you can do to devastate your credit score is to be lat on a payment. If for some reason you pull your credit report and there is a late payment you knew nothing about, you usually can call to get the late payment removed if you are a good paying customer. If you were actually late, you can still call and ask them to remove the late payment, but of course they have no reason to re-move it. But it does not hurt to ask, you have nothing to loose.

You should also pay down your credit card debt. Credit card debt hurts your score. FICO does not like to see your credit card debt reaching its credit limit. This can be a little tricky because some credit card companies are lowering credit lines for some customers. According the Fair Issac you want to keep your credit card balances below 30% of your total credit line. So pay down your debts.

Don’t cancel credit cards you don’t use. Credit cards that have no balances actually are helping your fico score. Having credit cards with credit lines help your credit score, and it does not hurt to charge occasionally on it and pay it off that month.

Finally correct credit report mistakes. Almost 80% of credit reports have mistakes on them, 29% of which are serious enough to result in a credit denial. So pull a copy of your credit report with credit scores and give it a good review. Get a copy of your free credit score report at http://www.creditscorequick.com/. If you find a mistake on it the bureaus has 30 days to remove it if the credit bureau finds that the dispute is accurate.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Today’s Credit Score Requirements for Mortgages

Today’s credit score requirements for mortgages are changing as more and more homes foreclose across the country. Have you ever wondered what the current credit score requirement might be to get a home? Depending on what type of loan you might qualify for will determine your credit score requirement. Typically the higher the risk, the higher your credit score needs to be. I will discuss 3 loans types in this article that are the most common loans underwritten nation wide.

Limited documentation loans
Before the mortgage meltdown, which by the way was only 2 years ago, you could get a 100% limited documentation loan with a middle credit score of 620. Typically this loan was called a stated loan as well. Basically a underwriter would not verify anything other than your credit score, and possibly a business license showing you have been in business for a minimum of 2 years. These types of loans were for people that were self employed and could not document any income due to all the deductions on there tax returns. Loans are like any other investment, they have to perform and produce a return. Unfortunately that is not what is going on, so the bar has been raised. Now you need at least a 680 credit score, and around 10 to 20 % down. The down payment will vary from lender to lender.

Conventional full documentation loans
Full documentation loans are loans backed by Freddie Mac and Fannie Mae. These two entities are two private organizations backed by the federal government. They buy loans that are ran through their automated underwriting engines and get approved based on that particular engines guidelines. Full documentation loans in the current market require a minimum of 620 credit score. The reason for this is the mortgage insurance companies that insure the loans backed by these two secondary market lenders require a 620 score to insure the loan. So basically everyone is raising the bar on requirements in order to get a mortgage. Full documentation loans typically require 2 years w2’s and or two years tax returns showing income on schedule C. There are lots of other variable involved as well, but this is a insight on full documentation loans. The lender will also require check stubs for the last 30 days showing income history.

FHA loan
Federal Housing Administration loans are loans that are insured by Housing and Urban Development (HUD). This particular part of the government has been providing insurance on loans since 1934. This loan is the most aggressive loan in today’s market, due to there being less risk to the banks that underwrite them. This loan actually does not have a credit score requirement, but the banks that underwrite them do. The current pattern across most banks is a middle credit score of 580. This loan also requires full documentation, such as w2’s and/or tax returns for the last 2 years.

With all the new guideline changes in the current lending market you can see how important it is to know your what your credit score are. If you don’t know, I would recommend getting a copy of your free credit score report today.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

How a Bad Credit Score can destroy your Marriage

Marrying someone with bad credit scores could cause you to get a divorce. You might be asking why? In this article I will give another illustration in regards to how bad credit can affect your personal life. Folks this is not a joking matter, bad credit can destroy marriages and relationships.

Julie and Ralph Bachensky just got married, and of course Julie did not look into the status of Ralph’s personal credit history. They were just happily married, and look forward to a healthy relationship together. After living in a apartment for a while, they both decided to purchase a house. Like most Americans they need to get a loan to buy house. So they were referred to a local mortgage broker by a realtor they know. To Julies surprise Ralph’s credit history was so bad that they could not get financed for a new home. The mortgage broker told them that with Ralph credit they would be about a year or so from being able to purchase a home. Julie was embarrassed and outraged at the fact that they had to continue to rent a apartment. They are currently throwing away $1700 a month on a renting this apartment. This type of scenario is all to often, due to credit issues amongst marriages. With credit problems there are lots of things you will not be able to do. Here are some examples.

1. Will not be able to buy a home.
2. Will not be able to get low car insurance premiums
3. Could be denied cell phones without big deposit
4. Could be denied a rental
5. could be denied a good job
6. Could be denied a car loan




At CreditScoreQuick.com we understand the need to stay on top of your credit. If you are out there and you know you have some credit issues, attack the problem by getting a recent copy of your credit report with scores. The longer you wait, the worse it will get. Once you have pulled a recent copy of your free credit score report at CreditScoreQuick.com, you can start using our Free credit repair resource under out blog. Be proactive and get your credit in order so you don’t have unnecessary problems. Remember “Your Credit is Your Life.”

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Equifax, TransUnion, and Experian Credit Reports

Equifax, TransUnion and Experian all provide you access to your free credit score reports. Does it really matter if you get a credit report just from one bureau? Maybe you don’t even know who the credit bureaus are. Here is a little background about each that spit out the life altering three digit credit score..



Equifax credit report history
Equifax Inc is a consumer credit reporting agency in the United States. Equifax is considered one of the three credit reporting agencies along with TransUnion and Experian. Founded in 1899, Equifax is the oldest of the three credit bureaus, and holds credit records totaling around 400 million worldwide. Equifax is based in Atlanta, Georgia and is a global service provider with $1.5 Billion in revenue along with 5000 employees in 14 countries.





TransUnion Credit Report History
TransUnion was created in 1968 by Union Tank Car Company as their holding company. Its credit business began with the purchase of Credit Bureau of Cook County (CBCC) in 1969. Trans Union was built from acquisitions of major city credit bureaus, with service agreements with local owners of bureaus which were not for sale. Today it operates 250 offices in the U.S. and in 24 other countries. It is based in Chicago, Illinois.
TransUnion was a subsidiary of The Marmon Group until January 2005. It is now an independent, privately held company.

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Experian Credit Reporting History
Experian is formerly known as CCN Systems. Experian is considered one of the three big credit bureaus along with Equifax and TransUnion. TransUnion is global credit information group, with operations in 36 countries.
Experian was founded in 1980 in Dublin Ireland and employees 15,500 people worldwide.

Since all three of the credit bureaus provide the same information it really does matter where you pull your credit report, as long as they provide you with a 3-1 credit report from all three credit bureaus. Your credit scores will always be different with each credit bureau. The reason for this is each creditor that reports your credit history may not report to all 3 bureaus. Plus the three credit bureaus all use their own credit scoring software. So with this being said, it is important to pull a copy of your free credit score report with all three credit bureaus. You can get a copy of your 3-1 credit report with each of the credit bureaus. If you just pull a credit report with one bureau, and it’s not a 3-1 credit report, then you are missing critical information from the other two agencies. So make sure you get your 3-1 credit report with all 3 credit scores.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Home Buying Process and Mortgage Loans done correctly.

The home buying process can become the biggest nightmare if not done correctly. I am sure you have heard of all the stories out there about somebody’s loan not going smooth and what a humiliating experience that can be. Since buying a home is the single biggest purchase you will ever make, you need to make sure the process you are giving is the correct one. Since most of us are emotional buyers, and would like to go look at homes before getting a loan in place, this might seem like to best process to follow. I will be the first to tell you, that if you go look at homes before you get a mortgage loan in place, you very well could be part of the nightmare mentioned. Take our advice and remember this.

Get approved for a mortgage loan
Most people like to lead the cart before the horse, only because it seems easier. Unfortunately that is not the process when buying a home. The first step is to get a mortgage loan secured. The reason for this is anything can go wrong when buying a house if you don’t dot your I’s and cross your T’s. It probably sounds like more fun to run out and look at a bunch of homes, before getting you’re financing in place. With all the current tightening up in the mortgage industry, and your credit score needing to be higher these days, you cannot afford to assume you will be able to get financing. The lending requirements are a lot stricter these days. Let’s assume you go out and find the home of your dreams, but you have not idea what you qualify for. Nor do you have any idea what your payment would be on the homes you are looking at. Here is a list of situations that could happen if you don’t get pre-approved before looking at homes. Also if you know you have good credit, you still may get denied, so don’t assume anything.

1. Find a home only to get let down because you don’t qualify for it.
2. Thought the payment would be lower.
3. Need money for down payment you don’t have.
4. Got something on your credit report you knew nothing about.
5. Your credit scores are too low for your type of loan scenario.
6. Someone has stolen your identity and you just found out.

7. You don’t have enough credit to get a mortgage loan

This is just some key problems that could take place if you don’t get your pre-approval first. If you go out and write a contract up on a home, and find out later you cannot secure financing you have wasted your time and everyone involved. Plus it could cost you your earnest money which could be between $500 and $1000 dollars.




Get a seasoned realtor to help with your search
After you are pre-approved for a mortgage loan, you need a highly qualified realtor. You don’t want to work with a realtor that runs you out to look at homes before you meet with a lender. If a realtor does this, you are going to have problems. I promise. Most seasoned realtors will not allow you in their car until you are approved with a reputable mortgage lender. This may not sound like the process you want to follow, but it the only way to get matters rolling and it’s the correct way.

Whether you have thought about buying, or maybe you were just denied for a mortgage, what every your situation is, most people are pulling a copy of their free credit score report to get an idea where they stand with their credit. Don’t take the easy way out, because it will make matters hard for you.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Establishing Credit Scores, how long it takes.

Establishing a credit score is closer than you think. Whether you are new to the country, or young trying to establish credit, I will discuss in this article exactly how long it takes. I will also discuss what it takes to establish credit scores. What has worked in the past no longer works with the new Credit Scoring process. The reason for this is it was changed this year with Fair Isaac whom is the originator of the FICO score model. This FICO score model is what 80% of the largest banks currently use to determine your creditworthiness. Here is the first step in establishing a healthy credit score.

Secured Credit Cards
In the past your parents could have put you on their credit card account as a authorized user. Once they did this the credit card would start reporting to all 3 credit bureaus on your behalf. This would immediately start the credit score building process for you. According to Fair Isaac this is no longer the case. Due to fraudulent activity in the credit repairing industry they stop the positive credit building with this process in their FICO score model. So with this being said, you have to take other measures when you don’t have any credit. This measure is secured credit cards. A secured credit card is where you secure the line of credit with a bank, usually a cost to you around $200 to $300 dollars. This money is put into an account with the secured credit card bank. Once you put money into the account designated by the card company, you instantly start the credit score building process. There is not a quicker way to build credit in today’s credit world, unless you are college student. Then you can apply for a student credit card. These cards are usually easy to get for individuals that are currently in college.

Credit Scoring Time Frame
The time frame to establish credit scores with the 3 credit bureaus is usually around 6 months. Once you have secured a couple of secured credit cards, you can expect to get a credit score as long as you are not late on monthly payments in 6 months. It is very important to make sure you are never late on any obligations that reports to all 3 credit bureaus. If you are late, you can expect a 100 to 150 point drop in your credit scores. So you definitely don’t want to have any late payments period.




Car loans
Auto loans are a great way to establish credit as well. Maybe once you have got a secured credit card or two going, I would recommend getting a car loan as well. This will give you a mix of credit for long term credit score growth. Getting a car loan is not as easy as getting a secured credit card, but you should be able to get a car loan after you have established some secured credit with some payment history.

With credit tightening up all over the board, the best advice I can give is to make sure you pay everything on-time and don’t over extend yourself. This is a common problem, and it can sneak up on you very quickly. Be responsible and live your life well.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Top 10 ways Students destroy their credit.

Nobody wants to destroy their credit but it can be easy for students who are new to credit.
Here are some facts from personal finance experts that describe the top 10 ways students destroy their credit.



1. Not staying on top of credit reports
If you don’t pull your credit report often, your credit score could be suffering because of a lack of management on your part. Pull your free credit score report often.

2. Opening credit accounts and closing them often
Regardless of the inviting offers out there to apply for credit, you don’t want to apply for lots of credit too quickly. The best way to keep the credit score high, is to apply for credit slowly.

3. Co-signing for others
Wow is this major problem out there. Helping out a classmate finance that new laptop for school could be very costly to your credit report. Co-signers credit can be badly damaged if the person you co-signed for is late on a payment.

4. Using your credit cards.
Student can get approved easily for student credit cards, and find themselves charging too much on there cards. Student credit cards are not for hanging out at the local bar, they are for emergencies.

5. Missing payments
Missing a credit card payment is like taking your good credit score and burning it. Late payments on top of late fees will cost you dearly.

6. Not having a budget
Statistics show that students are terrible at budgeting. Budgeting is a fact of life for most people, so students need to start this while in college, especially with the financial burden of student loans over the horizon.

7. Mismanaging student loan money
Lump sum loans expected to last a semester gives big challenges to students who don’t know how to manage their money. You will have to prioritize a lot more. Figure out what you need vs. what you want.

8. Revolving credit
According to a recent study performed by Nellie Mae ( a subsidiary of Sallie Mae, the nations biggest student loan company) the average amount of money put on credit cards is $2,820. One out of ten students charged $7,000 or more.

9. Ignoring creditors
If you know you are going to be late on a payment, some creditors will agree to renegotiate the terms of the loan to help out. When payments are missed and creditors start calling ignoring the calls will make matters only worse.

10. Paying Bills Late
Even if you have been on-time with one credit card, but late on other obligations, the credit card company can hike your interest rate on that card. This is called universal default.

Having a student credit card is a great way to build credit, but you have to manage your spending habits real closely. If you don’t you will find yourself in a world of financial trouble real quick.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Does paying off Collection accounts help my Credit Score?

We all know credit scores are pretty much the ticket to a lot of things these days. This is a question that has two sides to it. Over the years most credit repair companies will tell you not to pay off collection accounts because it gives an updated collection to the credit bureaus. I will be the first to tell you, that if it’s a new collection you are better off settling on the collection and asking for a letter to delete from all 3 credit bureaus. There is also a trick of the lender community, where we ask you to pay off a collection and get a a letter from the creditor reporting the collection, Once you provide the letter we go to our credit reporting company and do what is called a rapid rescore. What this entails is we get the credit bureaus to update the status of a collection from balance being owed to “paid in full” or “settled” depending on what was negotiated. You can do what we do for FREE at our site. Here are detailed instructions on how to dispute via mail and online.


Once a collection is updated here is what typically happens.
1. Your score will increase depending on how many accounts you paid off
2. The status of the account will change
3. Balance being owed will be $0

So the answer is yes typically when you pay off collection accounts your credit score will increase. We have been doing this for years, and it works. The reason is you are changing the status of the account from balanced owed to either settled or paid in full. This is the secret that most don’t know. Why do credit repair companies tell you not to pay off collections, I personally believe it’s because they don’t have access to do rapid rescore process like mortgage companies do.

In some cases when you pay off collections your credit score could drop, but will eventually go up. There is no miracle when it comes to repairing your credit report, it is always better to pay off your debts you owe though. Typically when you pay off a collection your credit scores will increase. Just remember as you are working on paying off old bad debt make sure you are not late on anything. If you are late on a obligation that reports to your credit report, you are defeating the entire purpose of increasing your credit scores. Late payments will drop your credit score between 100 to 150 points.

If you are uncertain what is on your credit report go ahead and get a copy of your free credit score report Today.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Free Credit Report

Your free credit scores are available at CreditScoreQuick.com. This is one of the few places where you have many choices of the top credit score reports the web has to offer. Maybe you have been surfing the web look for the right credit report for you. At CreditScoreQuck.com you get your 3-1 credit report with credit scores from all 3 credit bureaus. This is the type of credit report and credit scores the creditors look at when they make a decision in regards to a loan for you. There are lots of offers on the web where you get your credit report but no credit scores. To be an educated consumer you need to know what the bureaus are saying about your credit scores. When credit card companies, mortgage companies, and banks look at your credit report they base there decision process on your credit scores as well. The “question is” shouldn’t you know your fico credit score?

The internet is so amazing that you can get your free credit score in a matter of seconds securely on-line at CreditScoreQuick.com.

Here is one of our top offer:

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Free Credit Report and Score


Your Free Credit Report
Your free credit report is a file that contains a complete record of your credit history up to the present. It contains a number grade - known as a credit score - which sums up what kind of credit risk you are. Generally, you'll have one report at each of the 3 credit reporting bureaus -TransUnion, Equifax and Experian. Every time you apply for credit, your prospective lender requests your credit report to decide whether or not to approve your credit application.

Who views your credit report? Banks and mortgage lenders, car dealers, insurance companies, employers, landlords, retail stores, credit card issuers, even utility and phone companies. These creditors pay the credit reporting bureaus a fee to look at your credit report in order to evaluate how responsible you are.

Your free credit reports are just that - free. By law you're entitled to check your report from each bureau once a year for free. It's a great idea as a high percentage of reports (up to 79%) have errors which can impact your credit score.


What's In Your Free Credit Report?
There are 4 sections in your free credit report. Each contains one piece of your total credit picture. Carefully check each report for common errors such as misspellings, name confusions, and incorrect information.
1. Personal info (this section lists legal name, alias names, addresses, current and previous employers, date of birth)
2. Account summary (current and past credit status, number of open and closed accounts, balances of accounts, historic high balances, payment history, if accounts are current or delinquent)
3. Public records (bankruptcy records, government court records, liens, judgments and child support records)
4. Credit Inquires (a list of everyone who has requested your report in the last 2 years)


Your Credit Report Score
Even more than your credit report, lenders want a look at your credit score. It's the simplest, fastest way to determine if you're a good risk and what kind of interest rate to offer. Credit scores sum up all the information in your credit report and represent your credit "rating." Your credit score is on a scale from 300 - 850:

720 - 850 - Best credit

650-720 - Good credit

600-650 - Fair credit

Below 600 - Poor credit

One important reason to check your free credit report online is to learn your credit score. Keep in mind that you will usually have to pay to see your score (the bureaus are not required to provide those free!) If you want to see your credit scores for free, you can find various offers online that provide them as part of a package.

Why should you care what your credit score is? A good credit score saves you money because you receive lower interest rates. It's easier to negotiate for the best loan terms. You may receive preferential rates on other services such as insurance premiums. It is essential to your future financial health that you begin building better credit scores.

Credit scores are calculated by using a mathematic formula that rates your credit report. Each credit bureau uses its own proprietary program, but they all come from the FICO scoring model. These systems analyze and weight various factors in your credit report, and then assign a number that may predict the likelihood that you'll repay a debt on time.

The higher the credit score, the better the risk you are believed to be. It's not unusual to have 3 different credit scores, because each credit reporting agency computes data slightly differently. It's a common practice for lenders to order all your credit scores, and then use the middle one as a guide.

Free Credit Reports Online
The Internet makes it easy and safe to get your free credit reports and free credit scores. Until late 2005 you were not entitled to see your reports for free. Now that you can, you may visit the official bureau site or use a service that provides upgraded, 3-in-1 reports with free credit scores. In either case, you must validate your identity, usually by knowing your account numbers.

Once your identity is confirmed, your free credit report and score arrives in seconds through secure online channels. Check all your credit reports carefully for errors and make sure your personal information is correct. Viewing your free credit report is considered the first and best defense against identity theft and fraud. Put it on your calendar and do it every year.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Credit Score Requirements for FHA mortgage

If your credit score is low these days it might be pretty difficult to get financing for a mortgage. There are loans out there that don’t have credit score requirements, but the banks that provide the financing have their own internal requirements. For example, FHA loans which are government insured loans don’t have a credit score requirement to insure the loan, but the bank that underwrites the loan will have their own internal credit score requirement to even approve the loan.

What is FHA ?
Federal Housing Administration is what FHA stands for. This is a department of Housing and Urban Development (HUD) that insures loans underwritten by banks. Banks are more anxious to provide FHA financing due it being less risk to the bank. If a borrower forecloses on the FHA loan HUD buys a portion of the loan back. So in all reality this loan is a lot more attractive for banks to lend with.

Credit Scores for FHA mortgage
With all the banking rules changing currently, FHA is still the strongest and most aggressive loan out there. The caveat is the banks have gone to credit score requirement for FHA loans. The current standard is a middle credit score of 580. I know HUD is really concerned about this but they don’t underwrite the loan, the banks do. The reason for this credit score requirement is because there has been a pattern with borrowers below a 580 credit score. These types of borrowers are foreclosing on their homes. Typically when banks portfolio their own loans they monitor certain foreclosure types. If there are too many foreclosures of one particular type of borrower, they raise the bar on underwriting requirements. So with this being said you need at least a 580 middle credit score to get FHA financing these days.

So if you are wondering what your credit score really is, you might consider pulling a copy of your free credit score report. That is the most proactive way to determine your buying power. It also is a great way to see if there are any incorrect information that could be dragging down your credit score report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Top Tips to avoid Identity Theft that cause Credit Report Problems.

Identity theft happens every 3 seconds to someone in the U.S. This ultimately affects your credit score report as well. Here are some top tips to avoid this problem

1. Check your credit report regularly, once a year is not good enough.
2. Have your mail go to a P.O. Box
3. Don’t put checks in the regular mail.
4. Pay your bills on-line with bank
5. Shred all mail that has your name on it, especially credit card offers
6. Double check your bank statements for unfamiliar activity.
7. Check credit card statement for unfamiliar activity
8. Don’t give out your social security number over the phone, without verifying who is asking.
9. Don’t keep your social security card in wallet or purse.
10. Don’t put social security and driver’s license number on your checks.
11. Use firewall protection for home computers
12. Sign up for https://www.optoutprescreen.com/?rf=t to stop credit card offers in the mail
13. Sign up for identity theft protection, such as LifeLock. Life lock is a good preventive measure.
14. Don’t leave purse or wallet in your car
15. Make sure you are receiving all your mail, and make sure its not being sent somewhere else.

If you are one those people that thinks identity theft will not happen to you, you might reconsider. It can happen to anyone at anytime. When it happens and you don’t have preventative measures in place, it could take you years to fix. With the new digital age you can set up email alerts when someone is accessing your credit. This is real neat feature, or through Life Lock you can set up fraud alert features where any creditor accessing your credit must call you first before approval.






Since identity theft is one of the fastest growing crimes in America, you really cannot afford to not stay on top of your credit. Being informed and aware of you personal credit is the most important measure as well. So don’t waste anymore time get all these measures in place today to protect you and your family.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

How credit card debt can affect you?

Credit card debt is a increasing problem in the United States. The credit card companies over the last 10 years have been extending credit to everyone. Yes credit cards are necessary for credit reasons, but it is very easy to over extend yourself real quick. In order to have good credit scores the FICO score model likes to see a mix of credit which includes credit cards, but if it notices you overextending yourself your credit score will drop. So the idea is to be responsible with your credit cards. A good rule of thumb is to charge only what you can pay off that month. If you have found yourself in a world of credit card debt here are some tips on what you can do.

Credit Card Debt options
• Pay only minimum payments on all credit cards with the lowest interest rates
• Pay as much as possible on the one card with the highest interest rate. If you can pay $200.00 a month on it, pay that amount. You will pay off your debt quicker if you just pay down on one card as opposed to applying the $200.00 equally among all credit card debt. This is a common mistake.
• Look into debt consolidation programs
• Look into a chapter 13 as a last resort

What credit cards to look out for
Credit cards can be rewarding if you mange them properly. For instance you can charge on some cards and get rewards to buy other merchandise. America Express has these features, and so does discover card. Some of these cards offer low introductory rates for a period of time. All of this is contingent on your credit score and credit history. Some credit card companies offer airline miles, this is a neat perk if you travel a lot. There are lots of reasons to have a couple of credit cards, and there are lots of reasons not to as well. The point is to make sure you are responsible with the credit that has been extended to you. With this responsibility there are added benefits of charging and paying off your credit card debt every month.

What credit card debt could affect in your life
• Your ability to save more
• Your credit score
• Ability to retire early
• Ability to take vacations
• Ability to save for your kids college





Credit cards are a necessary but make sure you manage them properly or they could take over your life. If you don’t have any credit cards go ahead and apply today for a credit card that will reward you for your spending habits. Remember your Credit is your life.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

How 3-1 Credit Reports with Credit Scores will better educate you.

A consumer armed with their 3-1 credit report will save more money than one whom does not have any idea what is on it. Creditors love an uneducated consumer when it comes to borrowing money. Did you know a bank can charge a rate between 1% to 4% difference depending on how aware you are of the market and your creditworthiness? They are in the business of making money just like any other company. This type of difference can be the same for any type of loan, insurance, and even credit cards. If you are walking out there with credit report blinders on, I guarantee that you are paying too much on rates and terms.

Arm yourself against high interest rate bandits
If you take the time to pull a copy of your credit report with credit scores you will be properly armed with first hand knowledge of what the creditors and the scoring models say about your personal credit worthiness. If you are getting ready to make a purchase, refinance, or just to get an installment loan, you need to be aware of what is on your free credit score report. If you don’t take to time and money to get a copy of your credit report with scores, it will cost you a lot more down the road. Its like going shopping for tires, everyone has different prices for the same product. If you don’t take the time to do your research you will pay too much. If you are curious what the credit score ranges are, here they are according to Fair Isaac.

The general scoring ranges between 300 – 850. Fair Isaac divides the scores into five categories.

780 – 850 – Low Risk
740 – 780 – Medium – Low Risk
689 – 740 Medium Risk
620 – 690 – Medium High Risk
620 – and Below – High Risk or “sub-prime.”

Having a copy of your credit report advantages:
• Better Interest rates
• More savings
• Better Terms on loans
• Check for inaccuracies
• Lower insurance
• Fix errors
• Piece of mind
• Check for identity theft

Hopefully this article has explained some of key points to being educated about what is in your credit report. Years ago this access was not even available to the public. Now that it is you should check your credit report often to ensure you are educated about your own creditworthiness.

Don’t waste any more money; get your FREE credit report today!

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

When should I refinance my Home ?

Low interest rates and liberal underwriting guidelines caused a surge of homeownership in the US over the last 7 years. Interest rates have stayed relatively low as well. In 2004 interest rates hit a all time low around 4%. This made it very possible for lots of families to afford home ownership. As the years passed lots of families were put into adjustable rate arms (ARMs). Some families were just simply taken advantage of and were put into high rate loans when the market in fact allowed lower interest rates. Here is what to look for in order for a refinance to make financial sense.

Reasons for a home refinance & FACTS

1. To lower rate at least a minimum of 1.5%
2. Must stay in home for at least 10yrs to recoup refinance costs
3. ARM about to expire
4. Got a escrow shortage
5. Need to take out equity for cash to pay down debt

As you can see there are some steps to determine whether a refinance will make sense for you. Despite the commercials you see about no closing cost loans, believe me you are paying for it some how. There are closing costs involved in a refinance, so you want to make sure you stay in your home for a minimum of 10 years before selling or moving. The reason for this is it takes about 10 years to recoup the cost of a refinance on a home. You definitely don’t want to refinance your home unless you can lower the interest rate at least 1.5%, otherwise it’s not worth it. Families are loosing their homes all over the U.S. because they don’t have the value or the credit to refinance their home out of a costly ARM. My advice would be not to tap into any retirement to save the home, just let it go. It’s not worth touching your 401k, IRA, or any kind of retirement savings. Another problem is having escrow shortages, or the lender sold you on a no escrow loan. These two situations can get you in trouble real quick. Escrows in case you did not know are the taxes and insurance typically collected into an account and paid by the bank. If you find yourself behind on this stuff make sure you pay it as soon as possible.

Watch out for too good to be true advertisements
On TV and in the mail you probably see this really low interest rate, and typically it’s got a catch to it. Normally the low interest rates are going to cost you to get that rate, and in some cases it’s some creative loan that is very complicated. There is no miracle out there when it comes to low interest rates; most lenders have the same interest rates across the board. If a particular lender sticks out like a soar thumb because their rates are extremely low, it’s probably because it’s a gimmick to get you to call.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

When should you check your Credit Report?

We all know to get a check up with the doctor once a year, and dental twice a year, but how often should you check your credit report health? Just like getting a physical at the doctor to get steps to improve your physical health, you need to do a financial check up to improve your overall credit report health. With the way matters are these days you cannot afford to not stay on top of your financial health. If you want to retire someday you definitely don’t want to be paying higher interest rates on money borrowed because you are not up to date on your credit report history or because you have mismanaged your credit health.

There is lots of advice on the internet to check your credit report once a year, but is this the correct information? This might be a good rule of thumb for someone who does not have any credit out there, or never makes any purchases. Unfortunately most people are doing all the above quite often. Here are triggers for checking your credit report with credit scores.

You have been denied for a credit card, loan, mortgage, or other credit based services.
If your credit was used in the decision process for a loan and you were denied, you are entitled to a free copy of your credit report. Most lenders will send you a letter in the mail listing some of the reason as to why you were denied credit.

Once you get a copy of your credit report and credit scores, review it and make sure you were not denied because of inaccurate information being reported.





You suspect your identity has been stolen
Unfortunately, identity theft is becoming a problem of epidemic proportions. Identity theft can go unnoticed for months, even years. If you discover your identity has been stolen report it to the credit bureaus immediately.

Your are preparing to make a major purchase like a home, car, credit card, or any other credit-based service
Your credit report history and credit scores are the primary factors in the loan approval process. You would be surprised as to what credit report entries would get you denied for a loan. In some cases even a $16.00 medical collection can keep you from getting your dream home.

You are planning to repair your credit or get out of debt or both
Since a credit report contains most if not all of your financial accounts, it’s the best place to start when you are focused on getting financially healthy. You can also easily use the information on your credit report to get your plan started. If you are looking to get out of debt or fix your bad credit report, there is no better place to start than your free credit score report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Proposed Credit Card and Banking Regulations

It looks like the government will be getting serious about credit card regulations. The Federal Reserve Board proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.

Regulation AA (Unfair Acts or Practices)
The proposal would amend Regulation AA to prohibit unfair or deceptive acts or practices by banks in connection with credit card accounts and overdraft services for deposit accounts.




Credit Cards

• More Time To make Payments. The proposal would stop banks from treating a payment as late unless the consumer has been provided with reasonable amount of time to make that payment. There would be a new safe net for banks that send periodic statements at least 21 days prior to the payment due date.

• Allocation of Payments. When you have a credit card with different balances (for example, purchases, and cash advances), typically the annual percentage rate (APR) is higher on the cash advance. When you make a payment on a scenario like this the bank will apply your payment to the lower of the two. With the new regulation the payment will be split equally amongst the two balances. In addition, to enable consumers to receive the full benefit of discounted promotional rates (for example, on balance transfers), during the promotional period payments in excess of the minimum would have to be applied first to the balances on which the rate is not discounted.

• Two-Cycle Billing. The proposal would stop banks from imposing finance charges based on balances on days in billing cycles preceding the most recent billing cycle. Credit card issuers will not be allowed to use previous billing cycles to calculate interest on your current bill. Current double cycle billing uses the average balance from the previous two months to calculate interest charges, even if you paid part of the previous balance.

• Rate increases to existing balances. Credit Card companies will not be able to increase you APR on existing balances, unless you had a promotional offer and/or was late on a payment

• Less bait and switch credit card offers. The proposal would require banks making firm offers of credit advertising multiple APRs or credit limits to disclose exactly what the qualifications would be for those terms.

• Finance of Security Deposits and Fees. The proposal would address concerns regarding subprime credit cards by prohibiting banks from financing security deposits and fees for credit availability (such as account-opening fees or membership fees) if charges assessed during the first twelve months would exceed 50 percent of the initial credit limit. The proposal would also require financed security deposits and fees exceeding 25 percent of the initial credit limit to be spread over the first year.

• Credit Card Holds The proposal would prohibit banks from imposing a fee when the credit limit is exceeded solely because a hold was placed on available credit. This can occur where the final dollar amount of a transaction was not known in advance (for example, when a consumer checks into a hotel, a hold is placed for the expected cost of the stay).

Overdraft Services

• Debit Holds This proposal would stop banks from charging a fee when an overdraft takes place to due to a hold placed on available funds in an account.

• Right to opt out The proposal would stop banks from imposing a fee for paying overdraft unless the bank gave the consumer an opportunity to opt out of the payment of overdrafts and the consumer has not done so. This would apply to all transaction types. This would also be applied to overdrafts resulting from ATM and point of sale transactions.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Free Credit Reports with No Credit Cards

Free Credit Reports with no credit cards required was an article I wrote about a while back. I have got some feedback in regards to this article. Here are the facts about free credit reports.
There is only one type of credit report that does not require a credit card and is free once a year. The credit report can be obtained at annualcreditreport.com. All the other offers that say “FREE credit report” are only free trials. That means you get it free for so many days. The reason there is a charge at a later time is because is comes with really useful services such as credit monitoring and credit scores. Annualcreditreport does not give you your credit scores, nor do they give you credit report monitoring. So with this being said if you want a credit report with credit scores 14.95 – 29.95 is not that much money to get a piece of mind. When creditors pull your credit report they don’t go to annualcreditreport.com to see what’s in your report, especially since most creditors look at your credit scores to make a decision.






What type of credit report do you really need?
While you are surfing the web out there trying to figure it out, let us give you some suggestions. I will tell you this; credit reports with no credit scores are useless. I repeat credit reports with no credit scores are useless. The reason why is all creditors look at your credit scores to determine your risk. If you are getting ready to make a purchase or just want to know what’s on your credit report, get a 3-1 credit report with your credit scores from each credit bureau. If you don’t cancel within the trial period you will get charged for it. It would not hurt to get credit monitoring set up, so when key changes take place to your credit report you will be notified via e-mail. During this day and age you cannot afford to wait a year to get a copy of your credit report at annualcreditreport.com. You also need to check your credit every 60 to 90 days. Anything can happen to your personal credit report within a 30 day period. This is why annualcreditreport does not provide what you really need for FREE. A recent study was just done about identity theft and identity theft happens every 4 seconds in this country to someone. So do you think waiting a year to see your credit report with no credit scores is ok? I think you get the picture now. Make the investment in credit reports with your credit scores and monitoring. It’s like having life insurance, you have that piece of mind now to protect you and your family.






About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Student credit cards

Student credit cards are a great way to get the credit going, especially with the changes to authorized user accounts. In recent articles I talked about how FICO® score has changed the way it looks at your credit when it comes to authorized user accounts. For years parents would add their loved ones to a credit card to help them build credit. Unfortunately due to scams of people selling their credit for profit, Fair Isaac put a stop to authorized accounts being a benefit to your credit score. It actually will hurt your credit scores to be authorized user now. So if you are a student you can apply for student credit cards to help out with the credit building process. I wish I had known what I know now about establishing credit. It’s really not that hard to get your credit history going. Here are some tips on what you don’t want to do with your new student credit card.
1. Don’t be late with payments
2. Don’t charge over the limit allowed
3. Be responsible with your buying
4. Keep your credit card in a safe place






Be responsible
College is suppose to be a fun time in your life, and when you get done more than likely you will get a career going. The last thing you want to do is mess up your credit with bad credit card debt during your college years. One reason is when you start looking for a job, most companies are pulling credit reports to see what your credit rating is. Life is just much easier when you manage your person credit properly. I can stress how important it is to pay your credit card bills on-time. So once you get your student credit card, make sure you think about the future and not just the present.

Bad Credit Credit Cards
If you get turned down for a student credit card, you can always get a secured credit card. Orchard Credit Cards are a great way to establish credit if you cannot get a unsecured credit card. With a little history of having a secured credit card you will begin the credit building process. There are also other credit cards that are called sub prime credit cards, they have higher interest rates, but they will approve you so you can establish credit as well. Don’t let the word high interest scare you, as long as you pay off the card every month, you will be fine. Just make sure you are responsible with your credit cards.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Improve your credit score before it’s too late

Your credit score is everything these days. Maybe you are just one of those individuals that would rather not know what is on your credit report. Let’s assume you just got laid off, and now you have to find a job. Guess what employers are doing now, they are pulling your credit report to determine your risk. Typically people with good credit are not going to steal; they seem to have their life in order, etc……according to corporate companies. So if you have had some bumps and bruises on your credit report this is the time to get a recent copy of your free credit score report and start working on your credit. Here are some pointers on what is needed to increase your FICO score.

Secured Credit Cards
If you don’t have any credit and your current credit report is littered with collections and charge offs, you will need to establish new credit. Yes I know credit cards are evil, but they are a necessary evil these days. I would recommend getting some secured credit cards with Orchard Bank. They are a credit card bank with low fees, and typically require a $200.00 deposit into there account to secure the card. This process will get some good revolving credit reporting to all 3 credit bureaus on your behalf. Typically you need a couple of credit cards reporting. So go a head and get a few different secured credit cards. Since authorized user accounts don’t help anymore, secured credit cards are the quickest and most reliable way to get your credit
established or re-established.






Collections Accounts
There is a common misconception that collection accounts can be removed even though you owe them money. A collection account will not go away until the account is set to expire, which is 7 years from the collection date. That is a long time to wait for something to disappear on your credit report. The fastest way to get your scores up with collections is to pay off the newest collections first. I guarantee you once the account is updated from a balanced being owed to “paid in full” or settled, your scores will go up. Once you pay off the collections make sure you get letters from the collection companies stating what was done, either paid in full or settled on. After about 60 days re-pull a copy of your credit report with scores and make sure they updated with the credit bureaus.

Quick Credit Fixes
Folks there are no quick fixes to credit repair, Fair Isaac shows that in their FICO® score model that time is also part of the credit scoring recipe. Yes there are some tricks I know that will get your credit sores up, but time is also a factor as well. The main key is to make sure you don’t have late payments while you are doing this entire process, make sure nothing goes to collection. The banking industry will never be same again because of the amount of mortgage foreclosures. I guarantee you the lending industry is tightening so much currently that families with good credit could have problems getting loans. So make sure it’s not too late, if you are getting ready to make a big purchase like a new home for the family, make sure your credit is in line with today’s times. One thing I know for sure, and that is the lending institutions are going to get even tougher. So instead of getting told NO, get told YES.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness