Tips on getting a higher Credit Score – Get a free credit report at annualcreditreport.com
1 – Get Copy of Credit Report
2 – Automate your Bill Pays
3 – Keep your balance low (spread)
4 – Pay Credit Cards Early
5 – Use Credit Cards -Keep Cards Open
6 – Demonstrate Responsibility
Might seem like a perk when a company issues you a ‘Corporate Credit Card‘ but be very careful…. You could end up being the one paying the entire bill…. ABC ran a story about Corporate Credit Cards and how you should be careful. Read more at ABC HERE
What’s the point of repairing my Credit? I hear this a lot and at some point that is exactly how I felt. Unless you plan or do pay for all in cash; you want to be able to establish a strong credit history and FICO score to go with.
In the last year in the attempt to clean up my credit and a higher FICO score, I was shocked that what once was a good score is no longer relevant. During this time my personal life experienced many changes that had taken priority.
However, I needed credit more than ever. Not sure how many of you go through a nasty divorce and end up without any of the material things that make life a bit easier.
Needed to:
Rent a Car – Credit Card not a debit card
Rent an Apartment - lack of credit was asked for 3 months deposit
Business Equipment - started new business, lack of credit did not allow me to obtain equipment necessary. Had to pay cash for it
Dental Care – Kids and I needed work, denied by dental plans but was able to work out a plan with dentist directly
For me its was more obvious than ever, I must do something that would allow me to repair my credit on my own NOW.
Before you can do anything, get copies of your Credit File and FICO Score.
I have found three ways to get it:
1) FTC - Federal Trade Commission offers you a FREE annual credit report. No membership or hidden fees.
link: http://www.ftc.gov/freereports
2) If you have already used up your 1 Free Credit Report; you can get an additional report if you have recently been denied credit. All you need to do is mail them a copy of the denial letter to the agency on the letter of denial. You should receive it within 30 days.
3) Last is to purchase access to view and monitor your information. Use caution which agency you decide to use; as the fees can add up.
The point is; that you just do not know when will come a time when you will need to ask for credit. Let’s also not forget that many Employers are now requiring a Credit History Check. That can mean the difference between the job of your dreams or you get the pic…
It has been a while since I posted. Not sure where to start, so I am going to share with you this Better.TV video on Smart Shopping Tips. Right now, is a good time to get into the habit of Shopping Smart. Use the coupons out their, ask for special discounts, promotional items.
I have learned plenty of wonderful life saving and changing things that I am going to share with you. For now, here is the video from Better.TV.
Finally, an agent with Countrywide contacted me this morning. Even with my low Credit Score and no Credit history there is a chance I may get to obtain a loan for a home. I explained to her in detail why I did not have any credit cards or loans; even no cell phone bills.
I have work to do in cleaning it up. But according to her, it is doable. I would have to explain any collections on my Credit Report, pay off any that are not Medical Bills (right away) and that are truly due.
I expect a call later this evening, where she will provide me with more instructions on what I need in order to purchase my very own HOME!
Yes, I am very excited, because I would have done this on my own and I am learning so much along the way. I ultimately want to have assets in my name and own 100% of my company. I have plans on starting a business all of my own.
Some insight, with so many issues I have faced in the last 12 months, I want to have full responsibility of my finances. It is not for me to get in debt, but rather to know that I can obtain a line of credit when needed. Credit is not a game and one must be responsible. Sure, there are events that may be outside your control but I believe that if you plan ahead and follow your own set of guidelines that can help you avoid them.
It has been a while since my last post. I have had some bumps of my own. Causing a great delay in my quest to repair my credit.
First of all, I have as of today to see my credit reports. I did request them. I requested my Free Copy. I had some issues with the credit card companies to due the Fraud Alert I had placed several years ago.
Anyhow, I finally did visit FreeCreditReport.com, that was a disaster. I am not pleased. I obtained one Copy, then they charged my Bank Card to sell all three. Again, as of today, I have not seen all three.
Finally, I have just applied for a Visa and yes, it was rejected. However, I get a Free Credit Report from the reporting Agencies.
This is frustrating, to say the least. My goal is to buy my home this year. I am determined to purchase my very own home. I of course need to find a lender willing to sign me a mortgage. I know the property I want.
Another frustration, I have contacted several Realtors’ and Lenders to guide or provide me with the guidelines the banks are looking for. I know taxes, bank statements and form of income are required.
After, getting a glance at the Free Credit report, my FICO score reads 550! Is that low or what!?
I have learned a lot about negotiating down the interest rate and asking about Credit Card incentives. Considering I do not have any credit cards, I have recruited my Dad. I will call on his behalf and see if this tips actually work.
If you have any suggestions, I would most appreciate it .
