How to Use a Secured Credit Card to Build Credit

How to Use a Secured Credit Card to Build Credit

If you have poor credit history, the only way to start establishing a stronger history is to open a credit account and start making on-time payments regularly. Unfortunately, people with poor credit will have a hard time opening a new credit account to start building their credit score. That's where the secured credit card comes in. A secured credit card can be opened by anybody, even if you've just gone through foreclosure and bankruptcy. With a secured credit card, you can start re-establishing your credit history and improving your credit score. What Is a Secured Credit Card? A secured credit card is essentially a pre-paid credit card. You have to put down a deposit first, which the bank will hold as collateral. Once you have the deposit, you can then…
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Credit Report

Credit Report

Your credit report is a snapshot of everything you have ever done in your life that has involved your use of credit. It is a very important that you monitor your credit report regularly to make sure there aren’t any inconsistencies or mistakes that could adversely affect your future applications for credit. Credit reporting agencies There are three credit reporting agencies that compile your credit information into one easy to read a report. Not all companies report to all three bureaus and they are not required to report to any of them. However, you will find that many companies will go ahead and report credit transactions to at least one of the three companies. The three credit reporting agencies are Experian, Equifax, and the TransUnion. No one company is any…
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Credit Repair

Credit Repair

It is a reality that many people are faced with the difficult task of credit repair. They may have found themselves overextended on their credit cards and have to repair some late payments and some bad decisions when it comes to credit history. Credit repair isn’t as difficult as many people might think. It takes time, but it can be done. Obtaining a credit report First, you need to obtain a copy of your credit report from either one or all three of the major credit reporting agencies. The “big three” are Experian, Equifax, and the TransUnion. They can be found quite easily on the Internet and will provide you with a copy of your credit report. The FACT Act that was passed by Congress back in 2001 allows all…
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Credit Repair Self Help

Credit Repair Self Help

When it comes to credit repair when you have found yourself in a bad credit situation, self-help might be the best route for you to go. It seems we are bombarded daily and often with companies who claim that they can help you repair your credit for a small fee and you won’t have to worry about it at all. However, the truth is that self-help credit repair is not only possible but really the way to go. Doing it yourself It isn’t as difficult as many people might think going about repairing your credit yourself. In fact the newest trend in credit repair actually the self-help road. All you need to do is start by pulling a copy of your credit report from all three credit reporting bureaus: Experian,…
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Credit Repair Counselor

Credit Repair Counselor

If you have less than perfect credit and want to repair it back to a positive state, you may want to enlist the help of a credit repair counselor. What is a credit repair counselor? I call it my mother since she’s a whiz with budgets and money. But a professional credit repair counselor is someone who will take a look at where you stand financially, help you go through your credit reports and identify areas where you can make changes to restore your credit rating and your credit score. Credit repair counselors are everywhere these days. It’s big business since many Americans are finding themselves deeper and deeper in debt. In fact, over 90 million citizens carry an average debt of about $15,000 not including mortgages. That’s a lot!…
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College Students in Credit Card Debt

College Students in Credit Card Debt

Prblems college student face College students are running up an alarmingly large amount of credit card debt these days and it is only increasing with the passage of time. The average undergraduate student carries thousands in credit card debt and by the time they graduate from college, they are beginning their new lives in the “real world” with debt that they can’t pay. Students figure: I'll live like I want to now and then when I get a job it will be easy to pay it back. This is often not the case. Lower-than-expected salaries, plus higher-than-expected living expenses and hefty student loan payments, make handling credit card debt all the more difficult for students and recent grads. And the worst part about college students having so much credit card…
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One Quick Way to Boost Your Credit Score

One Quick Way to Boost Your Credit Score

There are many different factors that go into your credit score, also known as FICO score. Your FICO score is calculated based on your credit report by a formula created by the Fair Isaac Corporation. However, FICO does not actually disclose its exact formula. Though nobody knows exactly how important each factor is in calculating the credit score, one known factor that plays a large role is your utilization rate. Your utilization rate is basically "how much of your available credit are you using?" The theory is that if someone has credit lines of $10,000 and they're using $9,500 of that credit, they're a much bigger credit risk than someone who's only using $1,000. Therefore, their credit score would be lower. However, there are a few things about the way…
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Annual Credit Report

Annual Credit Report

Free Annual Credit Report As a consumer in the United States, the Federal Government decided back in 2003 that you are entitled to receive a free annual credit report so you can monitor your credit and your credit rating. The FACT Act was passed unanimously so that all Americans could get a free annual credit report and be able to keep track of what the credit reporting agencies were compiling on them. This really is great credit help. This is ground-breaking in that people are now able to see what lenders see, correct any errors that are on the report, and keep track of their credit to prevent any blemishes that might damage their worthiness as a credit risk. Before the FACT Act was passed, the only people privy to…
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How to fix your credit score

Everyone should make time to check and manage their credit score regularly, as it can affect your ability to borrow money or access products such as credit cards, or loans. You can check your score for free and if it isn’t in the best shape, there are things you can do to improve it. We’ll show you some ways to improve your credit score today.
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