Credit Scoring Secrets Revealed

With a little bit of real, proven information, credit fixing is extremely easy and doable even to those without much knowledge about credit scoring.  As a matter of fact, it only takes about 30 minutes a month to do a few minor steps that will dramatically boost your credit score and give you the credit that you truly deserve. 

Although these 5 credit fixing secrets may be common knowledge, many people don’t take the steps necessary to reap the benefits of implementing them.

Here are the 5 credit fixing secrets to transforming your credit score.

1. Apply For Small Loans From Your Bank – this is one of the best tactics to use in the credit fixing process.  The reason is simple.  Most banks will offer loans to the customers that are already banking with them.  So, even though you’ve been turned down by others, there is a great chance that your own bank will give you the benefit of the doubt.

2. Apply For Credit At Department Stores – this tip is not only for the discounts that they give for opening an account, but also for fixing your credit.  They’re often much more lenient than other types of lenders because you are there to buy their merchandise and you could only use that credit at their stores.

3. Use A Trusted Co-Signer For Credit – just because you may not have sufficient credit during the credit fixing stage, it doesn’t mean you can’t give your lender security by using the credit of someone else.  This is one of the best ways to get more credit which in turn helps fix your credit.

4. Keep Older Accounts Open – even if you don’t have any balances on these accounts, the longer you keep them, the better it will be for you since it will expand the age of your credit.  This plays a significant role when doing credit fixing.  The older the account, the better for your credit score.

5. Check For Errors On Your Credit And Get Them Removed – can you believe that almost 75% of all credit reports have some kind of error in them?   So, if you are in the process of credit fixing, there is no better and cheaper way to start than to get rid of any errors that appear on your credit that can have damaging effects. 

So there you have them, the 5 credit fixing secrets to transforming your credit score.  They are all very easy to execute.  Each of them have the power to drive up your credit score, but done together, it will literally supercharge your credit fixing results in no time!

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Let’s face it; everyone is looking to build good credit.  There are many benefits to having good credit such as saving money on interest, having a lower insurance premium, and even saving you the embarrassment of having your job application denied because of having poor credit.

The truth is, with a little bit of discipline, it’s very easy to build good credit without much effort at all.  If you are short on time and money to build good credit, then here are 5 instant tips to building good credit and a good credit score.

1. Increase Your Credit Limits – did you know that you can easily call your credit card companies and ask for a credit limit increase?  The point is to have a higher limit and instantly lower the percent of balances that you carry.  The lower the credit card balance compared to the credit limit, the better for your credit score as credit balances count for 30% of your credit score.

2. Spread Out Your Balances – if you have a credit card that is maxed out and others that are paid off simply transfer part of the balance over to the other cards.  What that means is that you wouldn’t get hit from the credit agencies for having a maxed out card since you have now spread out the high balance over a series of cards.

3. Have Several Types Of Credit – part of building good credit is having a good mix of credit.  The saying “Don’t put all your eggs in one basket” definitely applies here.  When it comes to your credit, having different types of credit is key.  It’s best to have credit cards, auto loans, mortgages, and other installments loans within your credit profile than just having one of these categories.

4. Pay On Time – this seems like the most obvious, but often is overlooked.  Many people look for the magic bullet for building good credit; however, it’s the simple things like paying your expenses on time that make the biggest impact.  There’s nothing better that you can do for your credit and credit score than paying on time each and every month.

5. Apply For New Credit With Caution – when you are seeking to get new credit, don’t go into a credit application frenzy and apply for many different cards or loans all at once.  Although they don’t do as much damage as other credit factors, inquiries can cause your credit harm.  Spread out the time that you apply for cards by a few months so that you don’t have a lot of credit inquiries in a short amount of time. 

 As you can see, there are simple things that you can do regularly to build good credit.  They don’t take any money at all other than what you are already using to pay your bills.  Aside from costing absolutely no money, each of these will only take you a few minutes and will guarantee that you build not only good credit but also a higher credit score.

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About the author:  Alex Navas is a business and financial coach who writes informative articles on various subjects including credit scoring and credit repair. You can download his free report “Credit Secrets Special Report” just by clicking Repair Credit Score.

*You may use or distribute this article in tact.  You may post it freely to your website, blog, magazine, ezine, or article directory as is and it must include the resource box.  This article is copyrighted by Alex Navas Consulting, Inc.  All rights reserved.*

Technorati Tags: build good credit, credit score, credit scores, good credit, good credit score, high credit score

Right now, more than ever, it is crucial to rebuild your credit score if you’ve had trouble with it in the past.  The unfortunate thing about rebuilding your credit score is that you may not be aware of everything that your credit score impacts, so you are just reaping the results of having a less than optimal credit. 

To help you gain a little more understanding on why it is critical to have a good credit score, here are the top 10 reasons to rebuild your credit score;

1. Stop Wasting Money On Extra Interest – the lower your credit score, the higher your interest rates are.  This can mean paying thousands of dollars extra each and every year for the same exact things that others with better credit pay much less on.

2. Get Approved For Loans Much Easier – it’s a fact that lenders will be more lenient on individuals with a higher credit score because they have a higher chance of getting their money back on time.

3. Pay Less On Your Auto Insurance – not only do insurance companies look at your driving and accident records, they even look at your credit history.  Statistics show that people who are responsible with their money have a smaller chance of filing insurance claims.  

4. Borrow Money At 0 Percent Interest – if you are going to borrow money, why not borrow it interest free, right!  These offers are only extended to people with a proven track record of making their payments on time and having low balances on their cards. 

5. Keep More Of Your Money – when you have a lower credit score, then you are always required to put a much bigger down payment on purchases like a car or a house. The lender isn’t willing to take on the risk without a sizable amount of collateral.

6. Be Favored Over Others – if you are looking to get a lease on an apartment, having good credit can give you the advantage over other tenants with less than perfect credit scores.  Believe me when I tell you that the last thing landlords are looking to do is chase down the rental payment every single month as opposed to having it in the mailbox on the first of the month.

7. Get A Green Light On That New Job – many times, new applicants go through background checks and screenings.  Part of the background check includes your credit profile and history.  There are many cases that people get turned down for a new position due to bad credit because it is looked at as lack of discipline and responsibility. 

8. Achieve The American Dream – one of the biggest reasons that you want to rebuild your credit score is to be in the position to purchase your own home or upgrade to a bigger and better house.  Without a good credit score, your options for homeownership become very limited, and in many cases, non-existent.

9. Good Credit Attracts Better Opportunities – think about it, without good credit, there aren’t very many opportunities that come along for you to make money.  Most people with bad credit don’t have much money put away either.  Opportunities always find the right person who can take advantage of them.  With good credit, people will look for you to offer you opportunities to invest or buy at discounts because you are in the position to take advantage of them

10. Because You Owe It To Yourself – you owe it to yourself to pay the absolute lowest on everything you borrow.  You owe it to yourself to save and invest the money that you would be spending on higher interest or fees due to a lower credit score.  You owe it to yourself to have the absolute best lifestyle available to those who have control of their credit and finances.

So there you have it, the top 10 reasons to rebuild your credit.  There is much more that a good credit score can do for you, but hopefully these examples were enough for you to realize it that it is critical to your life and your finances to rebuild your credit score.

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About the author:  Alex Navas is a business and financial coach who writes informative articles on various subjects including credit scoring and credit repair. You can download his free report “Credit Secrets Special Report” just by clicking Repair Credit Score.

*You may use or distribute this article in tact.  You may post it freely to your website, blog, magazine, ezine, or article directory as is and it must include the resource box.  This article is copyrighted by Alex Navas Consulting, Inc.  All rights reserved.*

Technorati Tags: build good credit, credit score, credit scores, good credit, good credit score, high credit score, rebuild credit score

One of the tactics that many unscrupulous lenders use to get you into a less than desirable loan is the fear of the dreaded multiple credit inquiry.  I know that I’ve experienced it myself, so I have no doubt that you have as well.  But how do you counter this threat?  It’s very easy once you know about your credit inquiry window.

How can you take advantage of your credit inquiry window without first knowing what it is?

Your credit inquiry window is the length of time that you have available for certain types of credit where the credit reporting agencies allow for several credit inquiries without any damage to your credit.  In other words, if you are shopping for a car loan or a mortgage loan, the credit reporting agencies are already aware that most people shop around for these types of loans. 

What does that mean to you?

The next time you are looking to obtain a car or home loan, you legally have up to 15 days from the first credit inquiry on that car or home loan to inquire with other lenders. 

You can literally have your credit pulled by 5 or 10 different lenders within that fifteen day window without having any of those credit inquiries affect your credit.  These credit inquiries are exempt from counting against you since you are accessing your credit report in order to get the best deal on your new mortgage or car loan.

Knowing this will empower you the next time you’re at the car dealer looking to get a great deal on the car that you want. Just imagine being told by the salesman that you need to buy the car that day because if you don’t, the next lender that pulls your credit will see a lower credit score.

There is absolutely no truth to that and now you know why.  Knowing that you have the 15 day window for credit inquiries can give you the peace of mind knowing that you can take a few days to be absolutely sure that the car you are buying is exactly what you’re looking for and the terms of the loan are the best as well.

That is the most important part; the terms of the loan.  Be sure to use your rights to the credit inquiry window because most lenders will never tell you about it.

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About the author:  Alex Navas is a business and financial coach who writes informative articles on various subjects including credit scoring and credit repair. You can download his free report “Credit Secrets Special Report” just by clicking Repair Credit Score.

*You may use or distribute this article in tact.  You may post it freely to your website, blog, magazine, ezine, or article directory as is and it must include the resource box.  This article is copyrighted by Alex Navas Consulting, Inc.  All rights reserved.*

Technorati Tags: credit inquiries, credit inquiry, credit report, credit score