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Common Questions About Credit

November 13, 2014 by  
Filed under Blogs, Credit Report, Credit Score

by: .

common questions about fixing credit

What is a credit report?

A credit report is a record of how well you manage and repay your debt. For example, when you pay your auto loan every month, your creditor will report the payment as well as your payment history, to credit reporting agencies(Experian, Equifax, and TransUnion). The credit reporting agencies, then combine the information reported to them about you from several different creditors and create a credit report.

What is a credit score?

A credit score is a number which is calculated from the information in your credit report. The most commonly used credit score is the FICO score which has a range of 300 to 850, the higher the score, the better. There are several factors used to calculate your credit scores, the most important being;
Payment History
Amounts Owed
Length of Credit History
Mix of Credit
New Credit

Learn more about these factors and use them correctly to help you improve your credit scores.

Where can I get a free credit report?

The FCRA (Fair Credit Reporting Act) entitles you to a free copy of your credit report from each of the three credit bureaus every year. There are 3 ways of getting your free credit report.
1. Online: www.annualcreditreport.com
2. Phone: call 1-877-322-8228
3. Mail: Fill out the credit report request form here, and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

Where can I get a free credit score?

Federal law does NOT require the credit bureaus to provide you with a free credit score. This means that you’re on your own when looking for your credit score. But, there are a few places online which will give you access to free credit scores.
– Free Experian Credit Score: www.creditsesame.com
– Free Equifax Credit Score: www.quizzle.com
– Free TransUnion Credit Score: www.creditkarma.com

Need more help?

Over the last 17 years, we have helped thousands of individuals repair their credit reports and increase their credit scores. Will you be our next success story?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

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3 Ways To Improve Your Credit Score

November 5, 2014 by  
Filed under Blogs, Credit Repair, Credit Score

by: .

fix credit

Credit scores can seem pretty confusing, and fixing your credit can feel like a daunting task to even the most financially savvy consumer. But, there are a few simple things that you can do to improve your credit scores in a relatively quick time.

Here is a list of 3 things you can do to increase your credit scores.

1. Pay Your Bills On Time

Your payment history accounts for approximately 35% of the overall credit score, so making sure that your making all of your payments on time should be your number one priority. A single late payment can cripple your credit and lower your credit scores by 100 points or more and report for 7 years from the date it occurred.

Setup automatic bill pay, put all of your bills in a calendar, leave sticky notes all over your home, do whatever is necessary in order to make sure that your bills are paid on time, every time.

2. Pay Down Your Credit Cards

One of the biggest factors used to aggregate your credit scores is the proportion of debt you have in relation to your credit limits. And one of the biggest mistakes that anyone can make is to max out their credit cards. Paying down your balances to 20% of the credit limit or less will undoubtedly increase your credit scores.

If the credit limit on your credit card is $1,000 – you will need to pay down your balance to $200 (20%) or less.

3. Sign Up With CreditFirm.Net

We have helped thousands of individuals improve their credit scores and positively impact their lives as well as the lives of those around them. Your credit score shouldn’t hinder your dreams, it should help to facilitate them. Time is the prime commodity in life, not money. How much more time are you willing to spend on waiting for your credit to improve? Get proactive and start doing something positive about your credit right now.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Living With Bad Credit

July 16, 2014 by  
Filed under Blogs, Credit Score

by: .

living with bad credit

Your credit is one of the most important determining factors which directly contributes to your quality of life. So it makes sense that a bad credit score can wreak havoc and cause an undue burden on just about every consumer.

Here are 6 ways bad credit can affect your life:

1. Struggles Getting a Loan

If you have goals such as being a home owner, having your own car or paying for children’s college tuition, you will need money to do so and if you cannot afford to pay cash, you will need to apply for a loan. And in order to get approved for the loan, you will need to have a good credit score.

Unfortunately, most consumers with bad credit continue the downward spiral and never know the feeling of being a home owner or having a brand new car. This is why it is so important to stop the cycle of bad credit and improve your life by fixing your credit.

2. Increased Interest Rates

Consumers with good credit qualify for the top tier interest rates on everything from credit cards to mortgages to auto loans. If you have bad credit you will automatically have increased interest rates on these things which in turn elevate your monthly payments and end up costing you hundreds of thousands of dollars more than if you had good credit.

3. Difficulty in Renting

When it comes to renting, credit plays a crucial part in determining whether you will are approved for an apartment, as well as the size of the security deposit which will be required. Consumers with bad credit are often asked to put down 2-3 months worth of rent as a security deposit while those with good credit often times have their security deposits waived. This is why it is so important that you get your credit up to par before looking for an apartment.

4. Increased Utility Costs

Just like landlords, utility companies often times require a security deposit from consumers with bad credit. When considering that services such as telephone, gas, cable, internet, and electricity will all need deposits of $50 to $500 each to activate; the cost of bad credit quickly escalates.

5. Higher Insurance Premiums

Insurance agencies all differ from one another, but insurance underwriters determine your insurance premiums in pretty much the same way. No surprise here but your credit score is a very important part of that. An individual with a poor credit score can pay double the amount on car insurance as an individual with the exact same driver profile with excellent credit standing.

6. Difficulty finding a Job

When applying for a job, most employers will review an applicant’s credit reports prior to hiring them. It is believed that bad credit is a sign of irresponsibility and a lack of financial competency. Some even go so far as saying that applicants with bad credit are more likely to steal than those with good credit.

That’s why it is so important to put your best foot forward by making sure that your credit is at its’ absolute best so that you can maximize your earning potential and get the highest paying job that you can get.

Need Help?

If you need to repair your credit report and improve your credit score, the experts at CreditFirm.Net are here to help.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

3 Financially Responsible Things…

That Will Ruin Your Credit Score

May 28, 2014 by  
Filed under Blogs, Credit Score

by: .
common credit myths

There’s a lot of advice on the internet about managing your finances and credit, some useful, and some that is completely wrong. You see, doing something that most consider financially responsible isn’t always going to benefit your credit and in some cases will actually hurt your credit scores.

So lets take a look at 3 common “financially responsible” tips that actually hurt your credit.

1. Asking for a lower credit limit

If you have trouble controlling yourself around a credit card, lowering your credit limit can hedge the amount of debt that you can accumulate and protect you from yourself.

But, considering that 30% of your credit score is calculated from your credit utilization rate (the percentage of debt you owe in relation to your credit limit), lowering your limits will increase the utilization rate and lower your credit scores.

Try to show some restraint and not use up all of your available credit limit. Keep your credit card balances at or below 20% of the credit limits, and watch your scores increase.

2. Paying off an installment loan early

Paying off your mortgage or auto loans early may seem like a good way to improve your credit, but it’s not.

I know this goes against logic, but stick with me here.

Paying off an installment loan early raises your utilization ratio. That’s right, credit utilization is not just calculated from credit cards, but installment loans like auto loans and mortgages too.

For example, if you have a $20,000 auto loan with a $5,000 balance ($5,000/$20,000=25% utilization) that you pay off early, your available credit will drop by $15,000, the utilization rate will become N/A, and your score will drop. (The utilization rate only counts open and active accounts).

Now, I’m not saying that you shouldn’t pay off your debt early, you just need to consider the repercussions. Paying off your installment loans early can save you a lot of money in interest. But if you’re trying to raise your credit score, it’s a better idea to pay off your credit cards, which will still remain open, even with a $0 balance.

3. Opening a bunch of credit cards all at once

Our first two points lead us into our third. Some people think that the best way of lowering your credit card utilization rates (the balance to limit ratio), is by opening up as many credit cards as possible, in order to increase the amount of available credit.

And although it sounds good in theory, there is a major issue with this, every time you apply for credit, an inquiry is reported to your credit report. Too many inquiries and your credit score drops. How many is too many? Experts say that you should limit yourself to one inquiry every 6 months.

So don’t apply for too much credit at once and lower your credit card utilization rate the old fashion way, pay down your credit cards.

Need Help?

If you need to repair your credit report and improve your credit score, the experts at CreditFirm.Net are here to help.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

What’s Holding You Back From Perfect Credit?

by: .
850 credit score

What’s holding you back from a perfect 850 credit score?

Believe it or not, there are only a few main factors that are used to calculate your credit scores.

Based on these factors, and a credit scoring scale of 300-850,  the top reasons why your credit score isn’t higher is listed below, along with a few nuggets of advise on how to raise your credit scores.

The Top Four Reasons

1. Payment History

Your payment history accounts for 35% of your credit scores, and is the single most important factor used when calculating a credit score. Having red marks on your credit like late payments, collections, repossessions, etc…, lowers your credit score immensely.

What you can do

Pay your bills on time and fix your past mistakes. You can hire a credit repair agency to work on improving your payment history by leveraging consumer protection laws that clean up your credit reports. The Fair Credit Reporting Act gives you every opportunity to get your credit back in order, use the law to your advantage.

2. Credit Utilization Rate Is Too High

Your utilization rate is the percentage of credit that you owe (your balance) in relationship to your credit limit.

Example: Balance = $800 | Credit Limit = $1,000 | Utilization is ($800/$1,000) 80%

Lenders view a high utilization rate as a proven indicator of increased credit risk.

What you can do

Pay down your credit card balances and decrease your utilization rate to 20% or less. This means that you should never spend more than 20% of your credit limit.

3. Your Credit History Is Too Short

Your average length of open credit accounts for approximately 15% of your credit score. This shows lenders your experience with credit and lenders prefer consumers with a long length of credit over ones with a short credit history.

What you can do

Do not close old accounts, keep them active and open and they will increase your length of history. You should also limit opening new accounts because every new account decreases your average length of open credit. Be patient and your credit history will grow with time.

4. You have too many inquiries on your credit report.

Every time you apply for credit, a history of that application shows up on your credit report, this is known as an inquiry.

Inquiries are about 10% of your overall credit score and having too many of them drastically lowers your creditworthiness.  

Your inquiries can lower your score a small amount, typically 10 to 20 points.

What you can do

Apply for credit only when you need it and try to limit yourself to a maximum of one inquiry every 6 months.

If you have too many inquiries reporting to your credit reports, a credit repair agency like CreditFirm.Net can challenge those inquiries and work on removing as many of them as possible.

 

Bottom Line:

Pay your bills on time, keep your balances low, don’t apply for too much credit at once, don’t close old accounts, and if your credit report has a few red marks, hire a professional credit repair agency like CreditFirm.Net to help you fix your credit.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

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