Credit Fix - Ways To Boost Your Credit and Turn Your Finances Around

Quick Credit Fix Tips

In the uncertain times we live in alot of consumers are determining that they won't be able to acquire any type of financing with less then desirable credit reports. In the current economy you need better then average consumer credit scores to possibly be considered! If you are presently tormented from the effects of poor credit reports then the credit fix advice that i have listed below will place you on a track to much better credit scores and a less complicated life.

Square Up Your Current Debt

First start off by sitting down and looking at your current amount of credit cards and other debt you presently possess. List the outstanding balances, rates of interest and minimal payments for each account. List them commencing with the account that has the most expensive loan rate and stopping with your charge account that has the lightest rate. This is the order you are going to have to pay the present consumer debt off.

At This Point Your Should Have a Budget To Help You

Next sit down and begin a budget for your money. This is very effortless to accomplish and fundamentally involves comparing the monthly accounts to the sum of money you earn. If you determine your money is won't pay the bills find things to eliminate. A good place to start saving more of your income is cell phone bills, cable Television or things such as dining out.

Once you have yourself budgeted re do the numbers and see how much extra money you can commit towards your present debt at the end of each month. This is going to help reduce the debt to limit ratios which as a side effect will boost your credit scores. And remember to always pay on time, a past due payment can really drive your FICO scores and any late payments you have are commonly not a major FICO score reducing factor after one year.

What If You Don't Have Any Credit?

Many Individuals who have bad credit are in this situation just because they just have zero credit history and as a side effect no credit scores. When it comes to acquiring loans no scores can actually be harder to deal with then having poor consumer credit! To get around this and receive fast credit that will add consumer credit history fast and give you credit scores in about one or two months apply for a secured charge card.

These consumer credit accounts are guaranteed by a deposit of cash you make with the issuing bank. This securing money protects your lender in the event you stop paying on your loan payments. It also helps protect you from collections and judgments should you go into default! These consumer credit cards function like a regular card does and when applied responsibly will add points to your credit report very fast!

One Last Tip To Help Improve Your Consumer Credit Scores ASAP

If you are unsure on how to go about performing Self Credit Repair then grab a expert book or guide on the subject. Many are available online for a small price and will help you get yourself squared away alot faster. The Credit Repair Guides I Recommend can be viewed at http://www.creditfix123.info

Estimating Your Credit Score - Tips to Help You Estimate Your Credit Scores

Before applying for a loan many borrowers get nervous and wonder if they will get approved for financing. Knowing your credit score can eliminate this stress but credit scores change daily so how can you estimate your credit score right now?

The most important factor in your credit profile is paying your bills on time, if you have no 30 day late payment on reporting on your credit accounts that would be the most ideal situation for a high credit score. Most times borrowers with credit scores over 700 almost never will show a 30 day late on credit accounts.

Keep in mind that one 30 day late payment either on a credit card or home loan can drop your credit score 50-100 points. It will take 6-12 months for your score to return back to the level where it was at before the late payment. 60,90 and 120 late payments make the situation worse and will take longer to recover from.

Balance to credit limit ratio is another big deciding factor in your credit score. If you have many accounts maxed out at the limit then you can expect a drop in your credit score of up to 100 points. The ideal ratio is to have a balance at 45% of the credit limit. This is considered by many to be the ideal balance to limit ratio. If your credit accounts are maxed out then you can always ask the creditor for a credit line increase, this will drop the ratio down and bump up your credit score.

The number of credit inquiries will also have a negative affect on your credit score, to many inquiries and you score begins to drop. If you are shopping for a home or car only allow your credit report to be pulled 3 times. Excessive credit inquiries can have a drastic affect on your credit score so use common sense when shopping for things that require credit to be pulled.

If you have good payment history with low balance/limit ratios and have no had excessive credit inquiries you can be safe to estimate your credit score at 680-700, you can subtract 50 points for every 30 day late and another 50 points for every credit card that is maxed out. Although there are other factors the three listed above will make up the biggest portion of your credit score and it is safe to estimate your credit score based of of them.

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I Need to Fix My Credit to Buy a Home What Can I Do To Increase My Credit Score

Contrary to popular belief now is a great time to buy a home in America. Interest rates are still low and prices are falling fast. The only thing holding many people back is tighter mortgage lending guidelines.

So if you have been denied a mortgage and said to yourself I need to fix my credit to buy a home keep reading because there are some useful tips below that can help you fix your credit and buy the home you want.

Why Were You Declined?

First you have to establish why you were turned down for your loan. Was it lack of credit or just bad or low credit scores? Your mortgage broker should be able to tell you why the lender declined you.

Denied For Bad Credit

If you were denied your loan do to bad credit and negatives on your credit report you are going to have to perform some credit repair.This is a straight forward process and involves going to the credit bureaus websites and disputing the negative information that on your credit report.

Your mortgage broker should be able to provide you with a copy of your credit report that you can use for this process. He or she should should also be able to help you with credit repair if you are having trouble with it. Any good mortgage broker should be more then happy to help you with this as long as you stay with them for financing.

Denied For No Credit

If you were denied for having no credit there are a few things you can do quickly to get some accounts reporting on your credit report.

The first is to apply for a secured credit card. With these types of cards you give the credit card company cash to cover the account in the even you default. Generally this amount is between $250 and $500. because it is secured by money approval is almost guaranteed as long as you are employed. Just use it wisely and do not max it out or be late with any payments.

You can also try and open a small account at a rent to own center. These types of business's will basically let you buy a product on credit and it is a great way to add a trade line to your credit report. Just do not borrow so much that it increase your debt to income ratio to much. If in doubt double check with your mortgage broker about how much you can safely pay every month.

The only drawback being denied a loan because of credit is it may take a few months to see the effects of adding trade lines or cleaning up your credit report and the house you want to buy may not be for sale at that time, but it does set you up for a better future and will make buying a home easier in the long run.

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A Good 'Repair Your Bad Credit' Insider Guide Can Get You on Your Way to a Better Credit Score Fast

If you have bad credit then you are well aware of the difficulties that it can bring upon you. High interest rates, difficulty getting an apartment or good car insurance. It may even cost you a job because now more then ever employers are checking employees credit. There is however a easy way to clean up your credit if you have a good repair your bad credit insider guide.

Many people with bad credit often hire expensive credit repair companies who do not guarantee the services to do credit clean up for them. Often times these people are left with lighter wallets and unimproved credit scores. It is at this point that many people search out a way to do the credit clean up on their own. There is however a literal overload of information on this subject on the internet and just as many products begging you to buy them.

A good repair your bad credit insider guide should contain many pieces of information that will help you on achieve your goal of better credit. You will want to be sure that the manual you purchase contains an explanation of how to read your credit report and the best place to buy your credit report. You are also going to want in depth information on how to dispute your negative items and what items you should actually dispute and who to dispute them with.

Credit dispute letter templates are another valuable tool that will allow you to send effective dispute letters to the reporting agencies and maximize your credit repair attempts. Without a good dispute letter your results will be greatly diminished.

By attempting to fix your credit report on your own you will save a lot of money and have the satisfaction of knowing the work is being done correctly and in a timely manner. And by putting into use the tactics from a good bad credit repair guide you will be on your way to lower interest rates and payments.

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