Archive for the ‘credit repair facts’ Category

Take Action Today to Repair Bad Credit

Tuesday, September 28th, 2010

More than one quarter of all Americans are now categorized as having “bad credit.” So if you are one of those 43 million consumers whose credit score has fallen below 599, you’re certainly not alone.

But that doesn’t mean you shouldn’t take action to raise your score.

As you know, negative information stays on your credit report for 7 to 10 years. Unless it’s a mistake, there’s nothing you can do to remove it, so you may feel that you just have to live with those low scores and let time run out.

But that’s not altogether true. You can begin raising your scores sooner by using the “dilution effect.”

Every time your credit report shows positive information, it dilutes the effect of the negative information. As long as no new negatives appear, over time the positive reports will begin to over shadow the negatives, and your score will continue rising.

Picture your “blackened” credit report as a cup of strong black coffee. Every time you add a drop of cream in the form of positive information, it becomes lighter and lighter.

If you managed to stay current with one or more accounts in spite of your difficulties, or if you were able to catch up and have been current for several months following some late payments, that’s a good thing. Keep making those payments on time each and every month.

But what if all your accounts went into default or collections?

The only way to dilute the negatives is to open a new account and begin making on-time payments. That’s not an easy thing to do when your credit scores are under 600 – unless you choose a secured credit card.

Secured credit cards require you to deposit the funds to secure your account, so you are in effect financing your own credit. You become your own bank.

That sounds a little bit silly, until you consider that secured credit card accounts are reported to the 3 major credit bureaus. Every time you make an on-time payment, you will be re-establishing yourself as a responsible consumer and your credit scores will rise.

But be careful…

Remember that part of your credit score consists of how much of your available credit you actually use. To get the most benefit, use only 10% of your credit line, but always stay below 30%. Charging to “the max” each month will be a detriment to your scores, even if you pay the bill in full each month.

Why? Because the card will report your credit line and your current balance at the time your statement goes out. If you have a $200 credit line and charge $195 each month, your credit report will continually show a balance of $195.

Once you’ve raised your scores to a level that allows you to qualify for a standard credit card, go ahead and get one. But keep your secured card for a while so that your credit report will show two accounts in good standing.

Remember that just because you have credit available doesn’t mean you need to use it. Your goal in having these cards is to rebuild your credit score, not to overspend.

Even if you get the secured card and don’t use it at all, it will report as open and in good standing, which is a positive on your credit report. So if you don’t trust yourself not to over-spend or to make payments on time, deposit the minimum $200 to get a secured card, then stick it in a drawer or freeze it in a block of ice so you aren’t tempted to use it.

Check your credit report and scores today. If your scores are too low, first go over all the entries to make sure there are no mistakes. If you find mistakes, follow the instructions to correct them.

Then choose a secured credit card and get to work on rebuilding your credit.

Who cares if I am Politically correct, your credit stinks!!!

Saturday, March 28th, 2009

What is going on in our country? We don’t want to offend anyone, or say anything that might hurt someone’s feelings. Wow, so I guess if you are wrong that is ok. I BEG to DIFFER. I think we need to spread the word that if you are wrong, then you are WRONG. I am not really concerned what everyone else thinks, the only person that really matters is what GOD thinks, not some politically correct person.

Let’s face the facts, when you are wrong about something it needs to be known. Whether it’s in regards to finance, political views, religion or just shop talk. There are right ways and wrong ways to doing things.

I wanted to take my real approach to views about what is really going on. I would like to call it the Back to Basics show. If you ever have a chance, listen to Mark Levin. This guy takes the correct approach to saving our Constitution, and telling the FACTS about what is really going on in our country.

Whether your credit stinks, or your political views are radical, I will tell you what is right.

Since my site is mainly about credit and finance, I will stick with the general content and topic of this article. If you currently are not RICH, your credit is more important than ever. I cannot imagine what your life will be like if you need a loan and cannot get one. With the lending institutions increasing credit score requirements and qualifications rules, you can count on your life being extremely tough with challenged credit. So the question is what do you do about it? Within my site I have all kinds of articles about what you need to do to manage your credit, or fix it. I get e-mails daily from people all around the U.S. thanking me for writing about the FACTS. You can go the and see that SELF Help credit repair is the recommendation by your own government. This should tell you something. There is no quick fix to getting your credit report cleaned up. Don’t fall prey to quick fix credit repair schemes. Use our site to help yourself out. I should know since I am a lender and help people out all the time that will listen. Search within our blog and find the article that fits your circumstances.

For once I am not going to be politically correct within my blog. So the point is, “If your credit stinks do something about it.” Don’t depend on some credit repair scam. This information provided today is for your own good. I don’t make any money by educating someone on how to repair their own credit report. I thought I would mention this. There are rules and steps you need to take in order to clean your mess up. Once these steps are understood teach them to your children. Help them; teach them to be responsible for their tomorrow.

In this country we have many freedoms. One of our freedoms is the pursuit of happiness. Now, how we get to this happiness is by what we feel is right and we seem to not follow good advice if the advice requires some effort. Repairing your credit requires effort on your part.

Author: Mike Clover your resource for free credit reports, credit cards, loans, and ground breaking credit news.

Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.