Maintain the “You” in Your Credit Union
However, when it comes to credit, too much togetherness can be bad for your bottom line. Even though there’s no such thing as a “couples” or “joint” credit report, if you both are named on a loan or listed as joint account holders, any flub-up (late payments, defaults) on the account will mar both of your credit files, no matter who forgot to put the mortgage check in the mail.
CreditReportBlog.com recommends that all couples make looking at each other’s credit reports a part of the screening process once things start to move towards the marriage phase. As skeptical as it sounds, there is never a guarantee that any marriage is going to last forever. An uncomfortable conversation now can avoid an even more uncomfortable situation later, if things turn sour with your finances.
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Increasing Credit Worthiness
If you have none to little credit history, there are steps you can take to start building that credit history and in turn, improve your personal credit worthiness. Until you have a history of favorable transactions in your credit file, lenders do not know whether you are a good credit risk or not. Here are some unique steps you can try to increase your credit worthiness:
· Try applying for multiple credit cards within 1 year. Although they say that any inquiry into your credit file as a result of a credit card application automatically lowers your score, there is a hidden secret behind this. An inquiry for 1 credit card application has the same effect as 10 inquiries from 10 different applications if they hit the credit bureaus within 1 calendar year.
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Honey, I cheated with your checkbook
Twenty nine percent of people in a committed relationship admitted to lying to their partner about their spending habits, according to a Harris Interactive survey of 1,796 people ages 25-55.
Money can be a source of happiness and dismay in a marriage. Having too much or not having enough can spell out problems for an otherwise happy couple. It gets worse when secrets are kept from one another and spending habits threaten the financial well-being of the marriage. More and more Americans admit to lying to their partners about their spending habits. Read more
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FICO 08 May Change Your Credit Score
The credit scoring formula has been periodically updated over the past 20 years, with changes in technology. FICO 08 will make the scoring system more sensitive to multiple late payments and less sensitive to isolated incidents of late payment or those that occurred a few years ago,� states Craig Watts, Public Affairs Manager, for Fair Isaac Corporation, the creator of the credit scoring system.
CreditReportBlog.com - As credit reports are increasingly being used as the basis of making major decisions concerning many facets of a person’s life, it is more and more important that the FICO score be as precise as possible in giving a true picture of one’s financial well-being. As we all know, your FICO score can affect possible employment, all loan applications ( big or small ), rental applications, etc. Read more
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Easier, cheaper credit report freezes
SACRAMENTO - Gov. Arnold Schwarzenegger Monday signed legislation to put the deep freeze on fees charged for freezing credit reports.
http://weblog.signonsandiego.com
CreditReportBlog.com - Well, we can hardly call this piece of legislation a “deep freeze”. There a few good changes, but anything huge. It calls for the fees charged by credit reporting agencies to now be $10 instead of $12, gives seniors a rate of $5, and calls for agencies to comply to all freezing requests within 3 days. Another little tidbit, requests can now be made through regular mail, instead of only certified mail.
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Payday Loans-The Good, Bad, and the Ugly.
The Good
Payday loans are basically quick cash advances made to qualifying individuals. These loans are hassle-free and very convenient to get. They are great for people who are capable of paying them back. They are used for making an unexpected payment, going on a short trip or buying something you absolutely need, but don’t have the money for at the moment. Almost anyone that is over 18 years old has a monthly income and a checking account can qualify for a payday loan. People with bad credit are also eligible. A person can apply for payday loans even over the phone or online. The convenience of getting payday loans makes them very attractive to people in need of fast cash. Approval can take at the most, 24 hours.
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The Good and Bad about using Credit Cards
Although many Americans these days are swimming in an ocean of debt, there are still many upsides to using credit cards. For consumers with a track record of having discipline and keeping their debt under control, credit cards offer huge convenience, security, and money saving perks. Sometimes the benefits offered by credits companies are so good that it makes using cash seem foolish.
When you have the choice of using either cash or credit card, there are times when using “the plastic” is definitely the better option. Many times, using a credit card can help you buy that item or service you need plus additional perks for paying using a particular credit card.
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Why does a potential employer need your credit report?
Many times people wonder why a potential employer may require a credit report before they decide to hire someone. They ask, “What does doing a job have to do with how I pay my bills?” Also, you may wonder what an employer is looking for when they ask you to sign an employment credit report permission slip. Different employers have different reasons for running a credit check on a potential employee. An employer cannot request a credit report for an applicant without written authorization from the applicant.
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The Major Credit Bureaus
The 3 major credit bureaus are Equifax, TransUnion, and Experian. These companies collect financial information from various creditors and sell this information in the form of credit reports to lenders or others who have a legitimate use for it. Each individual has a right to see what is contained in their credit report at the various credit bureaus. Individuals are entitled to receive one FREE copy of their credit report from each bureau, once every 12 months. The information contained in the credit reports may be as follows:
· Individual’s full name, address, place of employment, and spouse’s name, if married.
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Get Free Credit-Monitoring Services
The settlement applies to everyone who had an open credit account or open line of credit from any lender from January 1, 1987, to May 28, 2008. Anyone with a credit card, car loan, mortgage, student loan or any other loan qualifies, which means most adults do.
Credit Report Blog.com urges all its readers to take advantage of this great deal. Best of all, nearly everyone is eligible. TransUnion’s monitoring services can be very valuable to consumers, especially when you won’t be paying a dime for them! Read more
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Reasons to Check Your Credit Report
Most people don’t check their credit report until it is time to make a purchase that requires a degree of creditworthiness, i.e. buying a house or a car, opening up a credit card, etc.
Credit Report Blog.com would like to take this opportunity to reinforce to its readers the importance of consistently checking their credit reports for various reasons, as mentioned in this report. When an important decision is to be based on your credit report, it may cause unforeseen delays or rejections, if surprises pop up on your credit report which you were not expecting. The causes of these surprises could be the result of identity theft, reporting errors, mistaken names, etc.
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3 bureaus’ credit scores can be widely varied
Most lenders look at a consumer’s credit scores to decide whether to grant a loan and how much to charge. Consumers can buy a report on their credit scores, but these scores vary — sometimes widely. “There is a pervasive myth that there is one credit score,” said Rod Griffin of Experian.
CreditReportBlog.com advises that everyone get a copy of their FREE credit report from each of the 3 credit bureaus. Although most of the time the information should not be too different on all the credit reports, your credit score may vary somewhat depending on few bits of info that one credit bureau may or may not have. Before applying for any type of loan, a consumer should be aware of where they stand, in terms of their credit score. Read more
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Re-establishing your credit
If you have fallen victim to bad circumstances in the past and your credit report has suffered as a result, there are still some steps you can take once you are on your feet again, to start re-establishing your good name, in terms of credit.
· If you are looking at purchasing a car, making a substantial down payment can make up for your bad credit history. Creditors will be in favor of this because they assume less risk and think that you will have more incentive to repay them since you’ve already invested a substantial amount. Once the loan is repaid in full, you will have taken a step towards re-establishing your ability to pay and thus it will be easier to obtain other credit in the future.
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Credit Restoration Service Announces Contest for the Worlds Worst Credit Report
July 2, 2008 — Lee Harrison Credit Restoration is looking for the world’s worst credit report. They will clean the worst credit report each month for 6 months for free. To enter the contest, applicants must send a copy of their Experian, Equifax, transunion and CSC.
CreditReportBlog.com – Well, this sounds like a great deal if you are the lucky, chosen few. With the enormous number of Americans sinking in debt these days, there will the credit restoration company is likely to be flooded with applicants for this new “contest” to find the worst credit reports in America. If you think you’re situation is bad, there will probably be many others with stories 10 times worse.
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College Students-In Debt already?
While in college, students are constantly hounded by credit card companies enticing them to apply for their credit card. Students see applying for credit cards as a great way to start building credit. However, if you are not careful with the way you start charging things, you may end up in a whole heap of debt. With not enough income coming in, usually a part-time job, many students end up spending well above their means. If you are a student and are looking at some of the credit card offers out there, here are some things you may want to think about before signing up:
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