Archive for the ‘free credit score reports’ Category
Tuesday, July 1st, 2008
During the course of the day you may write a check at the grocery store, charge tickets to a concert, mail your tax returns, rent a car, and apply for a new credit card. Your probably don’t think twice when you are doing these type of activities. An identity thief is always watching.
Identity theft is a serious crime, and is currently the biggest crime waive ever. People who have their identity stolen can end up taking months, years and thousands of dollars trying to recover their identity. Identity theft can steal your good name and credit record. If identity theft happens to you, it could cause you to not get a new job because of your current credit report, it could get you denied credit for housing, cars and installment loans.
How identity thieves get your information
• Stealing information and records while on the job
• Conning fellow co-workers for information
• Hacking records
• Bribing employees whom have access to confidential information
• Steal your mail, by taking bills, credit card statements, tax return information, new credit card offers and new checks as well.
• Dig through your trash, business trash cans, and public trash facilities. This is also known as dumpster diving.
• Get a copy of your credit report by abusing their employers authorized access to it, or by posing as someone like a landlord or employer who may have access to your credit reports.
• They may capture your credit card numbers or pin numbers by storing this information in a data storage device when you swipe your card. This is also know as skimming.
• They may steal your purse or wallet.
• They may complete a change of address to divert your mail somewhere else.
• They may steal your information that find in your own home.
• They may steal your information posing as your bank or some institution you do business with.
How identity thieves use your personal information
• They can give your name during a arrest and if you don’t show up for the court date it goes on your record.
• They could file fraudulent tax returns in your name
• They could get a job in your name.
• They could get a auto loan in your name
• They could get a home loan in your name
• They may open new credit cards in your name and allow them to go delinquent which will affect your credit report.
• They may establish utility bills in your name
• They may file bankruptcy in your name on charges they have accrued in you name.
There are some great preventative measures for avoiding identity theft. Here are a few good ones.
• Get your credit report at least every 3 months. Its worth paying for to avoid this mess.
• Sign up for credit monitoring to get alerts when someone applies for credit in your name.
• Shred all mail.
• Get PO Box, and don’t put anything in an un-secure mailbox.
• Safeguard credit cards, social security cards, and any other personal items you don’t use in a safe.
CreditScoreQuick.com
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Tuesday, July 1st, 2008
There is a lot of debate out there on when you should check your credit report. I am sure you have read that you can get your credit report for FREE at www.annualcreditreport.com. Yes you can, but you get it once a year for free with no credit scores. It is worth paying around $29.95 to get your credit scores along with your credit report. The reason is when lenders make there decision process your scores are part of that process. In the current credit report market you can get your free credit reports with scores on a trial period. So if you are getting ready to make a purchase or have been turned down for some reason, you should pull a recent copy of your credit report with credit scores from each credit bureau. Here is a list of triggers to pull a recent copy of your free credit reports with scores.
• Been recently denied for a credit
• Suspect someone is using your identity
• Suspect a creditor may have reported some late payments incorrectly
• Need to fix your credit report
• About to make a big purchase
• Want to know your credit scores
Even if you don’t have any of the triggers mentioned above you should pull your credit report every 3 to 4 months for good credit management. You never know if someone is messing up your good name. With the new digital age and access to personal information your social security number is floating around everywhere. Typically someone that gets your social security number is an insider at a company that has personal information on file. With the amount of foreign nationals coming to this country your social security number is a hot item on the black market. It is also a hot item with Illegal Aliens. Identity Theft recently has became officially the biggest crime waive in American History. With all of this being said staying on top of your free credit score report is a must. Once something negative has happened to your credit it could irreversible for 7 years. The only thing you can do to fix the problem is get it removed if it’s not your fault. My point being once your scores drop it takes time to regain what the mistake caused.
If you are confused on what type of credit report to get, you might consider a site that offers multiple credit report offers. When you pull your credit report you definitely want a credit report with scores from each credit bureau. Some websites offers only give you a 3-1 credit report with one score. You really need all 3 scores. Some sites offer a credit report with no scores. So my point is you need the right credit report if you are going to pay for it.
CreditScoreQuick.com
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Wednesday, June 25th, 2008
 With all the talk about a recession and the negative press about credit reports, credit scores, saving money and high gas prices there are actually some good out of all of this. During the Reagan years was the last time we experience an economic down turn. Here are some positive sides to the entire deal.
Eating Dinner with family
With the rise in gas and food fewer families are going out to eat. This is a perfect time for families to do what they should have been doing all along. I personally thing we are all spoiled and spend way too much money on STUFF that is not important. Sometimes for us to come to reality with how fortunate we are, it takes times like these to look back on what is really important. Your family and setting down with them at the dinner table.
Less people in line for gas
Not too long ago the gas stations where storming with people in all sorts of vehicles. Now you can go to the gas stating and not worry about a crowd.
Fewer advertisements in the mail
With creditors tightening up on your requirement to give out credit, you can rest assure you will not see as much credit offers in the mail. Over the years I am sure you mailbox was stuffed with credit card offers and low interest rate mortgages. You can count on that dissipating.
More Discounts
With sales being down just about with every company, you can count on coupons to entice you to buy. I may not be a bad idea to get a paper, and start clipping, you would be surprised how much you can save with coupons.
Save on Gas
Now that we are being forced to watch our pennies, public transportation may not look all that bad. Maybe car pooling with fellow co-worker would be a option.
Good deals on cars
Since gas prices have increased so much, gas is almost 40% higher in 2008; you can expect great deals on cars. SUV’s sales prices dropped dramatically once we hit $3.50 a gallon.
These are some positive sides to a possible recession. The one thing we need to remember is what is really important, and that is family. With the decrease in the flow of extra money this is a perfect time to hang out with family and have bar-b-q.
CreditScoreQuick.com
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Tuesday, June 24th, 2008
 Do you want your credit score to plummet, go ahead and co-sign for someone. I personally believe this is a huge problem. With your credit score and credit report being the road map to financial health, the question is can you really afford to co-sign for friends and family. Over the years I have seen more problems with this issue. Here is how a co-signer can affect your personal credit.
Late Payments
If you co-sign for a family member your credit report could be at risk. If for some reason the family member is late on an obligation you co-signed for your credit score just dropped about 100 points. Most people don’t thing about this, but it happens all the time. Anytime someone is late on a obligation that reports to all 3 credit bureaus, that bad mark will be on there for 7 years. It’s not worth it. If you have to co-sign for someone make sure you are not getting ready to make a big purchase, because it could affect your purchasing power as well. Some banks like to see a payment history in good standing usually around 12 months on co-signed obligations. They also typically like to see proof that the payment is coming out of the person’s bank account you co-signed for. So co-signing opens up all kinds of worms in the world of finance.
Income to Debt Ratio
Once you have co-signed on a loan for a friend or family member it could affect your ability to get a loan for something else. That added debt that is showing up on your credit report is technically your responsibility as well. Let’s assume you have this car note you co-signed for and the payment is $500.00 a month. You have now added this debt to your portfolio of debts in a underwriters eyes. In order to buy something else an underwriter may require a good 12 month payment history by the other party to disallow a debt from your portfolio of obligations. So with this being said think real hard before you co-sign on anything. I don’t recommend it. There are ways for someone to get there credit established so they can get loans in their own name. The internet is a great resource. There is anything you can imagine on the web to help you achieve just about anything, including getting your own credit established so you don’t need a co-signer.
CreditScoreQuick.com
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Friday, June 20th, 2008
Q:
Hello,
I have a question in regards to bankruptcy. I have just recently discharged my chapter 13 bankruptcy. I was curious how long it will be on my credit report. I have looked all over the web and found different answers to this. I also was curious what was recommended to re-establish some credit. I currently don’t have any credit reporting on my credit report. The bankruptcy said I should be able to re-establish credit right a way.
Thanks,
Julie
A:
Hi Julie,
Thanks for the question. Bankruptcy can be confusing at times with how long is stays on your credit report. Chapter 13 bankruptcy will be on your credit report for 7 years from file date. You will need to check your credit report because the bureaus usually don’t update this properly. After filing bankruptcy and it has been discharged, getting your credit rebuilt is your next step. The best way to do this is with secured credit cards. You can go to our credit card tab and apply for some credit cards there. We recommend Orchard Bank Card as your first choice. You should have at least 2 credit cards to get your credit scores boosted.
CreditScoreQuick.com
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Monday, June 16th, 2008
 With all the changes in the lending industry, you would think that no one can get a loan anymore. Conventional loans have gotten so tough most are going with FHA loans now. FHA has been the savior in a lot of crazy lending markets. With the current credit crunch and record foreclosures, FHA is now implementing risk based mortgage insurance premiums (MIP). This fee insures the loan with HUD. So just like anything else, if your credit score is low you will pay for it. In the past your credit score did not matter, but now it does. The way MIP worked in the past was everyone paid a 1.5% of the total loan amount in insurance. This upfront fee was financed in the note. The new mortgage insurance premium will range between (1.25% – 2.25%). So for borrowers with low credit scores you will now pay .75% more in premium. For borrowers with good credit they will save .25% in premium.
Examples:
Good Credit
• Sales Price: $100,000
• Down payment: $2,250
• Loan amount with MIP @ 1.25%: $98,971
Bad Credit
• Sales Price: $100,000
• Down payment: $2,250
• Loan amount with MIP @ 2.25%: $99,949
Depending on what your FICO score is, will determine how much you pay. You can see if your credit score is low, you will be financing more which will increase your payment as well. I believe this is just a tip of the ice berg with the changes in all sectors of lending. If you are getting ready to buy a home, you might consider pulling a recent copy of your credit report with scores to see where you stand. If you don’t want to pay more and feel that your have low credit scores, go ahead and take the plunge. Get your credit report and start working on any issues you may have. If you don’t fix your credit it will cost you unnecessary money long term. FHA is still the strongest loan in our current market, but with credit issues you will pay more for it. I have never seen such tightening up in the lending market like we currently are experiencing. I can’t say I don’t blame the banks, because everyone want there money back they have loaned out. I guess you would have to put yourself in their shoes, how would you feel if you loaned someone $100,000 and they did not pay it back to you?
Multiple FHA borrowers
With this new FHA change that was implemented on July 11, 2008 here is how this affects multiple borrowers. If two borrowers are involved on a FHA loan, the MIP will be based on the borrower with the lower credit score. So you could have one borrower with excellent credit, but have a borrower with low credit score that would cause a higher mortgage insurance premium for the entire loan.
CreditScoreQuick.com
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Friday, June 13th, 2008
Q:
Hello,
I need some advice on increasing my credit score. I currently have a 640 credit score. My goal is to get my score around a 720 or above. I currently have a credit card with Bank of America, and a credit card with American Express. I also have a car note around 350 a month.
Credit Card Balances and limits
- Bank of America limit is $10,000
- Bank of America balance is $7,500
- American Express limit is $15,000
- American Express balance is $9,852
I just recently bought my car 6 months ago. I paid $17,000 for the car. What do you recommend I do to get my scores around 720 or above. I dont have any collections or slow pays.
Robyn Leather
A:
Hi Robyn,
Credit card debt is one of the quickest ways to lower your credit scores. Amounts owed on credit is 30% of your credit score. The rule of thumb is to keep your credit card balances well below 30% of your allowed credit limit. It looks like your Bank of America credit card is well above 30% of the allowed credit limit. I would pay this card down as quick as possible. You should not have more than $3000 on this card at any given time. This is one reason why your credit score is low. Your American Express card has the same issue going on. You should not charge more than $4500 on this card as well. Both your credit card balances are bringing down your credit score. If you were to get both these cards below 30% of the allowed credit limit your credit scores should increase to around 720 or so.
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.
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Tuesday, June 3rd, 2008
Your credit report is not something to be taken lightly these days. It is almost as important as your social security card. There will come a time where your credit report will be required for credit purposes. We see credit reports on a daily basis, and there typically are issues with that individual’s credit report that was not known. This is all too common due to a lack of staying on top of your personal credit report. Here are some common issues we see that cause loans to get denied.
Credit Report Issues:
• Credit Cards charged beyond credit limit
• Credit Cards charged above 30% of allowed credit limit
• Late payments
• Co-signed for loans
• No Credit
• Credit Score too low
• Your dads credit shows up on your report because you are a junior
• Medical Collections
• Stolen Identity
• Credit card fraud
The majority of the time most people have no idea that the previous information discussed affects your credit report. All it takes is one of these mistakes to have issues getting credit extended to you.
If you are getting ready to make a purchase you can definitely save on interest rates and terms by pulling a copy of your credit report with credit scores. This is a preventive measure so you don’t get blind sided with a credit problem. There is a 1 n 4 chances your credit report has incorrect information on it.
Suggestions to avoid common credit report mistakes
• Pull your credit report every 3 months
• Don’t be late on obligations
• Don’t co-sign for anyone
• Don’t charge more on a credit card than you can pay off that month
• Establish credit if you don’t have any with Secured Credit Cards
• Pay your medical bills
• Shred all document that come in the mail to avoid id theft
CreditScoreQuick.com
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Friday, May 30th, 2008
 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.
CreditScoreQuick.com
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Saturday, May 24th, 2008
 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.
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Disclaimer: This information has been compiled and provided by CreditScoreQuick.com 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.
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