fix credit rating

David Kamau asked:




How do you show lenders, landlords and yes, even employers know that that you’re trustworthy and reliable? Your credit score also known as credit rating. Improve your credit rating and other important aspects of your life will improve as well.

This is your financial report card on how well you keep promises and better yet, it’s indicator of your responsibilities and how well you handle them.

Your credit score will have many effects on your life. This can be positive or negative. From being approved for a mortgage to an auto loan. The higher your credit score gets, the easier it will be to obtain any material item at the best possible rates.

When you have a high score banks will throw money at you and are willing to stand your ground on flexible repayment terms because you’ve shown you are worthy of it.

Not everyone shares this luck. Many have a below average or poor credit score. However, there are steps you can take to improve your credit worthiness.

The credit score is determined by the all positive and negative information or trade lines that appear on your report. Some of the information will weigh more than other data, so when working to raise your credit score you want to start with those negative areas having the most impact.

The first obvious thing that you can do to improve your credit score is make payments on time. Creditors report payments to the credit agencies either every 30 days or every quarter. Therefore, you can pretty much guarantee if your bills are paid on time, your score will rise within 3 to 6 months.

Next, you want to review your report to see if there is not false information on there. Perhaps, your creditor has placed a negative trademark saying you paid late when you didn’t. You want to write to the credit agency denying this and asking that it be corrected.

Now, if you have proof, this can happen much quicker and they’ll have no other choice but to update favorably.

What if you have no proof? There are two ways to go about it here. One is to dispute anyway and hope that at least some of your creditors don’t keep good records. A long shot, but sometimes it works.

The other is to look for mistakes in dates, account numbers, types of account as well as signs of debt re-aging. Re-aging of debt is illegal, but debt collectors count on you not knowing this. Don’t disappoint them; show them that you do know.

The good thing about finding mistakes in reports is that it legitimizes the dispute and is likely to get a negative item removed.

Milton

John F Smith asked:




If you are living a life with a bad credit rating, then try to rebuild your credit rating again. Here are ways that are guaranteed to help you build a solid and perfect credit rating.

If your monthly billing statement arrives, pay it on time. Paying your bills late will cause a negative effect on your credit appearance and rating as well. Also, you will be charged with penalties for being late. If you have a number of credit cards in your possession, try to reduce it. It would be very easy for you to have debt on a single provider and you will be less tempted to purchase things that are beyond your capacity to pay them at the same time. Avoid bankruptcies because it stays for up to ten years on your credit report. You are also to avoid collection accounts and tax liens. The former stays on your credit record for seven years while the latter is worse because its stays forever. Submit a letter informing your provider to reduce your credit limits to lower amount. Although you don’t owe them anything, the amount of available credit is considered by lenders.

Other than that, you may ask a friend or family member to co-sign on a credit card to help you rebuild your credit standing. Moreover, you can get yourself a secured credit card. However, you must deposit certain amount of cash in a savings account so that your provider can get that money if you can’t pay what you owe them. The deposited amount will sometimes be the basis of your credit limit.

These are just some guaranteed tips on how to rebuild your credit rating. Everyone deserves a second chance to do better. So get you gas credit now for the second time around.

Timothy

Jennifer Quilter asked:




The credit rating score scale is used by every company that takes a look at your finances, and yet most people don’t have any idea what the numbers mean. By learning the basic information you can be better prepared by knowing what to expect from companies when you apply for things.

Your score will matter on all sorts of applications. This information will not only be used to determine whether they will accept your application, but also to decide what rates will be offered to you. By having a better rating, you will save yourself money. This will matter when you apply for loans especially, but will also matter for renting a home or apartment, renting a car, insurance of any kind, and employers are often looking at this information now, making knowledge about the credit rating score scale all that much more important.

The number you receive is based on the information in your credit report. Each company you apply at with interpret your information individually, they will decide what they think a good score is, and how heavily they will weight other information on your application and anything from your credit report. If one company turns you down, it doesn’t mean you won’t have better luck elsewhere.

Though every company interprets the information individually, we can look at patterns and see how your score will generally be viewed.

The credit rating score scale ranges from 350 to 850, with individuals at either end extremely rare.

Anything below 500 is considered very bad and you’ll have a difficult time getting accepted for most things. You’ll want to really have a strong income and other things going for you to try and make yourself look better as an applicant. Really you should immediately be working on building up your score with secured credit cards and other credit building methods.

Those ranging from 500 to 600 are still in a very serious situation, and most of what I said above will apply to you as well. However, you may have an easier time as long as you have a good stable income.

People with credit ratings of 600-649 will hopefully be able to find acceptance at most places, but the interest rates will be very high.

You shouldn’t have much of a hard time finding companies to work with you if your score scales in the 650-679 range, and your interest rates won’t be the worst, but they won’t be great, either.

If you have a score of 680-720 you should be very happy! You will be able to do anything you want to, and while you typically won’t get the best interest rates available, they won’t be bad, either.

Anything over 730 is considered absolutely excellent! This is the dream goal for your finances, and will have a big effect on your overall life. Try and keep your finances simple and manageable to stay in this desirable range.

While everyone looks at the credit rating score scale differently, having this rough understanding of what all of this means will greatly help you reach all your financial goals.

Andre

burppyy asked:


with credit card debt around 20K? I want to buy a house fix it up flip it sell and with that money pay off my credit card debts cause at this rate it will take years and years to pay it off.

Herbert

Mister-E asked:


I had my 4 wisdom teeth pulled out when I was 17. I was still under my parents insurance but the insurance company (Bluecross Blueshield) didn’t want to pay any part of it. The dentist’s office that performed the operation said they sent the request for the money from the insurance company many times but I called the insurance company claims they never got it. I’m 20 years old now. The debt is about $2500 or so. Who knows how much with the interest rate. Is there anything that I can do? I don’t trust any of them .

Chad