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Bad Credit Student Loans - What Are The Options
Bad credit student loans are available to those that need them,
if you know where to look and what to look for. When it is time
to get into a school and to advance your degree or to simply get
your degree and you have a poor credit score, you may...
Buying A Home With Poor Credit Is Easier Than Ever
Buying a home with poor credit is easier than ever with online mortgage brokers. You can easily find sub prime lenders, compare rates and terms, and complete the process on your schedule, not the banks.
Online Sub Prime Lenders
Sub prime lenders...
Credit Card Debt Help: How to Become Credit Smart and Enjoy the American Dream
Being able to buy things on credit has allowed Americans to own
and enjoy things--often for years--without having to wait and
pay cash for them. In that way, the concept of credit has been a
boon to experiencing the American Dream. Unfortunately,...
First Major Regulatory and Legislative Victory of 2005 for Creditors and Consumers
Under the Fair Debt Collection Practices Act, collectors are not allowed to disclose a consumers past due debt to anyone other than the debtor and in some cases a spouse. The Telephone Consumer Protection Act would have required collectors to...
Loans from Credit Card Banks
As opposite to what used to happen in the old days, business
loans are now available not only for commercial companies, but
also for self employed people. In fact, this last group seems to
take the most advantage from this kind of loan, as...
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5 Ways To Raise Credit Score
It's not as hard as you think to raise credit score. It's a well known fact that lenders will give people with higher credit scores lower interest rates on mortgages, car loans and credit cards. If your credit score falls under 620 just getting loans and credit cards with reasonable terms is difficult.
There are more than 30 million people in the United States that have credit scores under 620 and if you’re probably wondering what you can do to raise credit score for you.
Here are five simple tips that you can use to raise credit score.
1. Get a copy of your credit report
Obtaining a copy of your credit report is a good idea because if there is something on your report that is incorrect, you will raise credit score once it is removed. Make sure you contact the bureau immediately to remove any incorrect information.
Your credit report should come from the three major bureaus: Experian, Trans Union and Equifax. It's important to know that each service will give you a different credit score.
2. Pay Your Bills On Time
Your payment history makes up 35% of your total credit score. Your recent payment history will carry much more weight than what happened five years ago.
Missing just one months payment on anything can knock 50 to 100 points off of your credit score.
Paying your bills on time is a single best way to start rebuilding your credit rating and raise credit score for you.
3. Pay Down Your Debt
Your credit card issuer reports your outstanding balance once a month to the credit bureaus. It doesn't matter whether you pay off that balance a few days later or whether you carry it from month to month.
Most people don’t realize that credit bureaus don’t distinguish between those who carry a balance on their cards and those who don’t. So by charging less you can raise credit score even if you pay off your credit cards every month.
Lenders also like to see a lot of of room between the amount of debt on your credit cards and your total credit
limits. So the more debt you pay off, the wider that gap and the better your credit score.
4. Don’t Close Old Accounts
In the past people were told to close old accounts they weren’t using. But with today's current scoring methods that could actually hurt your credit score.
Closing old or paid off credit accounts lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your oldest accounts can actually shorten the length of your credit history and to a lender it makes you less credit worthy.
If you are trying to minimize identity theft and it's worth the peace of mind for you to close your old or paid off accounts, the good news is it will only lower you score a minimal amount. But just by keeping those old accounts open you can raise credit score for you.
5. Stay Out Of Bankruptcy
Bankruptcy is the single worst thing that will destroy your credit score. Bankruptcy will lower your credit score by 200 points or more and is very difficult to come back from.
Once your credit score falls below 620, any loan you get will be far more expensive. A bankruptcy on your credit record is reported for up to 10 years.
The reality of a bankruptcy is it will limit you to high-interest lenders that will squeeze out high interest rate payments from you for years.
It is better to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of declaring bankruptcy you can raise credit score over a much shorter period of time.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
About the Author
Gary Gresham is a mortgage loan officer and the webmaster for http://www.credit-repair-facts.com He offers you credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles go to: http://www.credit-repair-facts.com/articles_1.html
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| CUNA: The Credit Union National Association |
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