1. You can improve your credit score by canceling your credit cards.
FICTION! Closing your credit card account contributes to the shortening of your credit account's age, which is one of the primary clinchers your credit score. The credit scores on your records, as a result, will not increase even if you do decide to close your credit card accounts.
2. Credit scores are increased once you repay your installment loans.
FICTION! Accomplishing installment loans will not increase your credit score. The information with implications on your credit score is not the amount you repaid, but the time you repaid the debt. In fact, credit report officers are only interested in finding out whether you took care of your financial obligation before the deadline or not.
3. Having only one credit score is natural.
FICTION! In reality you can receive up to three credit ratings. Each of the top three consumer credit report agencies in the country has its unique way of computing your credit score. The estimations formulated by the three organizations result to three credit ratings with minute discrepancies. All three credit ratings are recognized by the Fair Isaac Corporation (FICO), which is the company accountable for the preparation of your FICO credit scores.
4. It is impossible to remove a bad marking from your credit report.
FICTION! A negative mark, may it be a late payment entry or an existing loan item, can be erased from your credit report. You can initiate this by requesting a goodwill adjustment from your lenders or by disputing the inaccuracy of your credit report.
5. If you hold your credit card balance, then your credit score will improve.You can improve your credit by maintaining your credit card balance.
FICTION! It is actually the opposite. It is totally fine to maintain credit card activity; but it doesn't affect your credit card balance. Keeping an incredibly low balance or no balance at all is actually one of the best means to prolong a considerable credit score and improve it.
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Remove Late Payments From Your Credit Report Using Three Different Ways
Friday, November 21, 2008
Removing a late payment entry from your credit report, especially if you do not have several late payment markings on the same credit account, is not so hard. You can always talk your way into the removal of the late payment record on your credit report. Here are three different methods you can do to erase the late payment marks from your credit report:
1. Ask a goodwill adjustment from your first lender.
One of the simplest techniques to erase a late payment from your credit account is to ask your original loaner for a goodwill adjustment. Goodwill adjustment is a practice of altering your credit report entry from "late" to "current." Requesting goodwill adjustments from your lenders is easier if your payment records prior to the late payment are relatively acceptable.
2. Arrange a removal by rendering of the automatic payment service.
Another technique that you can use to delete that late payment record from your credit account is to sign-up for automatic payments. Many lenders will help you erase the late payment markings on your credit report only if you promise to use their automatic payment service. The deal is actually advantageous to both parties: the lender will get your payments on time and you will accomplish your financial responsibilities on schedule.
3. Pass a formal claim stating that the late payment entry is actually inaccurate.
Refuting the imprecision of the entries on your credit record is another helpful technique to eliminate the late payment record on your credit report. Creditors, due mainly to the huge amount of credit records they manage every day, have the tendency to have difficulty verifying the entries on your credit record. If the lenders fail to validate the exactness of the late payment record, then that negative marking in your credit report will be removed.
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1. Ask a goodwill adjustment from your first lender.
One of the simplest techniques to erase a late payment from your credit account is to ask your original loaner for a goodwill adjustment. Goodwill adjustment is a practice of altering your credit report entry from "late" to "current." Requesting goodwill adjustments from your lenders is easier if your payment records prior to the late payment are relatively acceptable.
2. Arrange a removal by rendering of the automatic payment service.
Another technique that you can use to delete that late payment record from your credit account is to sign-up for automatic payments. Many lenders will help you erase the late payment markings on your credit report only if you promise to use their automatic payment service. The deal is actually advantageous to both parties: the lender will get your payments on time and you will accomplish your financial responsibilities on schedule.
3. Pass a formal claim stating that the late payment entry is actually inaccurate.
Refuting the imprecision of the entries on your credit record is another helpful technique to eliminate the late payment record on your credit report. Creditors, due mainly to the huge amount of credit records they manage every day, have the tendency to have difficulty verifying the entries on your credit record. If the lenders fail to validate the exactness of the late payment record, then that negative marking in your credit report will be removed.
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Write down your credit card debt load and avoiding filing bankruptcy
Tuesday, November 11, 2008
Trying to get out of a mountain of credit card bills? Harassed by tons of unwanted calls from collections call centers? Can't buy a new car or a new house appliance since your credit is maxed? You might want to look into some common yet effective methods of getting out from under that mountain of credit card debt:
Shift the balance of your credit card from the credit card with high rates to your cards with a lower rate. Doing this enables you to pay lower interest as you work on paying off your balance.
Switch the card with the top interest rate to a low monthly interest card, phone the credit company, notify them your money difficulties and ask for help with points off your monthly rate. Try this method for all your cards today.
Pay off the leftover balance of your higher rate credit cards, and do not use them. If full balance payment is impossible, pay down as much as you can.
Approach a veteran credit consolidation consultant and ask credit card debt consolidation methods you can use. This is an effective option to your situation. Take advantage of their expertise to profoundly positively change your finances.
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Shift the balance of your credit card from the credit card with high rates to your cards with a lower rate. Doing this enables you to pay lower interest as you work on paying off your balance.
Switch the card with the top interest rate to a low monthly interest card, phone the credit company, notify them your money difficulties and ask for help with points off your monthly rate. Try this method for all your cards today.
Pay off the leftover balance of your higher rate credit cards, and do not use them. If full balance payment is impossible, pay down as much as you can.
Approach a veteran credit consolidation consultant and ask credit card debt consolidation methods you can use. This is an effective option to your situation. Take advantage of their expertise to profoundly positively change your finances.
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