High Interest Rate

Hector Milla asked:




When your car breaks down you take it to an auto mechanic because your mechanic is an expert that is dedicated to understanding the complete ins and outs of auto repair. When you are sick you go to your doctor because your doctor studied many years to understand the minute details of the medical profession. When it becomes time to look at your credit and repair your credit due to a pending large purchase or credit check for an important job you want to make sure that you do the same thing you would do when your car breaks down or you get sick, you want to be sure to hire a professional. Repairing your credit is complicated and there are many secrets and processes that you need to understand, and know how to execute properly, in order to make sure your credit is repaired quickly and efficiently. The best way to insure this is to hire a credit repair service.

The agents that work for a credit repair service have spent many years studying and understanding the processes necessary to repair your credit so it only seems logical that you would take advantage of all of those years of experience and get a credit repair service working for you. The average person does not have the understanding of credit repair like a professional at a credit repair service would. Allow yourself to take full advantage of every available avenue of credit repair by hiring professionals that know all of the secrets of the credit repair business and get those years of experience working for you. When the time comes to repair your credit hire a credit repair service and allow yourself the advantages of knowing all of the secrets of the trade.



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Ian Webber asked:




Credit Repair in the Fast Lane

Credit repair does not have to take forever. There are things that only time will heal, but the right strategies can turn your credit scores around quickly. Are you ready to do what it takes to see your numbers pop? It’s not hard if you know what to do. Here are the best short term credit repair strategies available. Put them all together and you get credit repair magic.

FICO ’08 and Authorized User Accounts

Fair Isaac Corp has finally shut down the authorized user account broker industry. The latest release of the FICO ’08 scoring software is carefully designed to eliminate all benefit from purchased authorized user credit card accounts. But there is credit repair gold hidden in the news. Fair Isaac makes it abundantly clear that legitimate authorized users will continue to reap the same score benefits as always. So call Mom or Uncle Bob and have them add you to one or two of their excellent credit cards.

Get Two or Three New Secured Credit Cards

You should see a significant jump in your scores from the new authorized user accounts, but this is not a substitute for building new credit in your own name. If your scores are too weak to get regular credit cards, just apply for a couple of small secured cards. This is a powerful credit repair strategy. Make sure to use less than 20% of the available limit on the card. If you max these new cards out it will be credit repair suicide. You have the power. Don’t blow it; use less than 20% of the card.

Pay Down Revolving Balances

Maybe you have plenty of credit and don’t need authorized user accounts or secured credit cards. If you have existing revolving debt you have the ability to move your scores very quickly by paying your balances down. There are five levels of card usage acknowledged by the credit scoring model: 20, 40, 60, 80, and 100%. If you want to boost your credit scores you should go for the gusto and pay your balances down below 20%. If you don’t have the resources to do this you should think about borrowing from a relative or friend. Make it happen if you can. This can add up to over 100 points.

Pump Up Your Credit Limits

There are two sides to the balance vs. limit formula. If you can’t get the balances down see if you can get the limits up. If you can reduce the ratio of card usage you will get the benefit regardless of how you did it. Just pick up the phone call each of your credit card issuers if they will increase your limits. It can’t hurt to ask. Sometimes credit repair takes nerve.

Challenge Your Collections

Get a copy of your three credit reports. Identify the collections and dispute all of them. Sound crazy? Actually, it’s almost crazy not to do this. Collections change hands often. It’s the nature of the industry. Did you know that the FTC requires collectors to withdraw reporting of collections if they sell the account to another collector or return it to the original creditor? Unfortunately, there is no incentive for them to cease reporting and no punishment if they don’t. If you dispute a collection and the collector no longer owns the debt it will be removed. But take care and read the next section carefully, because there is some potential credit repair danger.

Credit Repair and Your State Statutes

Challenging collections is a smart and justified credit repair strategy. But there are cases where it is simply not advisable. If the collection is larger than $1000 and within the statute of limitation (SOL) for collection through the courts, you just might wake a sleeping beast. The SOL for collection is usually less than the reporting period limit, and in many cases as short as three years. Check the SOL for your state and the state in which the account was open; the longer period applies. If the SOL has expired you can dispute with no fear. If the collector verifies the information as it appears on your report you should be able to negotiate the balance and maybe even have the account removed from your credit report.

Credit Repair Assistance

Credit repair help is always just a phone call away. There are many things that can be done to clean up your credit report and get your scores moving in the right direction. If you don’t have the time to do the job properly, call a credit repair professional. Don’t do the job half-way. It’s far too important. Pick up the phone and let a professional make your credit repair project a great success.

Copyright 2008 Ian Webber. All Content. All Rights Reserved.



Best Secured Credit Card

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Vincent Polisi asked:

Do you know what you need to do after your bankruptcy is discharged? Take this quiz and find out!

After I file bankruptcy I should:

Put off reestablishing credit as long as possible Establish new credit immediately Stay away from credit forever Wait a year and then try

If you have filed bankruptcy, repairing your credit isn’t going to happen overnight. Because of this, you need to start immediately. The sooner you start, the sooner you’ll be on your way to a new financial future!

The first thing I should do is:

Apply in as many places as possible Get a copy of my credit report and make sure breathing is accurate I don’t need to do anything Focus on getting one or two new accounts

The first thing you should do after your bankruptcy is discharged his get a copy of your credit report. Most people don’t think this is important. After all you know your credit is bad! The truth is that many creditors will continue to report accounts that have been discharged in your bankruptcy as being open and currently past-due. This can make it difficult to reestablish good new credit, because creditors will assume that you have reaffirmed the account and you are in fact currently past-due. Before you apply for anything, make sure you clean up your credit report.

When establishing new credit I should

Get only revolving accounts. It is probably too soon to think about qualifing for an installment loan Re-establish both installment and revolving accounts Get an installment loan I should stay away from credit

Many people think that the key to reestablishing credit after bankruptcy is simply to get a secured credit card. While this is something you’ll want to, the reality is that for the best possible credit score you want to have both installment and revolving credit. The easiest way to reestablish installment credit is to go down to your bank and open a CD. Then you want to take out a loan against a CD. Banks are happy to issue these types of loans as they are completely secure. If you fail to make your payments on time, they will simply take the funds that you have deposited with them.

How did you do? Hopefully now you understand the keys to after bankruptcy credit repair. By using what you’ve learned, you can begin repairing your credit immediately. Before you know it, you’ll be back on track!

0 Percent Balance Transfer Credit Card

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Jim Kemish asked:




Statute of Limitation Violations

The Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Transactions Act (FACTA) amendment to the FCRA of 2003, is the federal legislation that governs the credit reporting industry. Statutes of limitation for reporting time limits are provided by this legislation. Knowing how these time limits work is essential to any effective credit repair effort.

In Plain English

Lets try to put some of this jargon into plain English. The term statute of limitation in the case of your credit reports, simply refers to the maximum amount of time that a derogatory item can continue to be reported. When the statute of limitation passes for any negative item on your credit report, that item should vanish. There are an amazing number of violations of these time limits that may appear on your report. Some violations are intentional as in the case of many of the collection accounts that we see, and others are due to a simple failure of the highly complex credit reporting system. A careful credit repair effort can eliminate these violations.

An Interesting Point

In a moment we will review statutes of limitation for the most common types of derogatory information. But you might find it interesting to know that the Federal Trade Commission permits the credit bureaus to delete information at any time at their discretion. There is no requirement that the bureaus wait until the passing of a statute of limitation date to stop reporting.

Collections and Charge Offs

Collections and charge offs must cease reporting seven years plus 180 days from the initial delinquency that led to the collection status or to the charge off. The initial delinquency is the date of the first 30 day late status that led to the collection or charge off. This period of time cannot be reset by any subsequent payment or for any other reason. The clock starts with the original creditor. Collectors such as assignees, attorneys, or collection agencies must abide by the same original statue of limitation expiration date. Neither the original creditor nor collectors can extend these reporting limits. Any attempt to do so is illegal. Unfortunately this law is often ignored. Effective credit repair efforts require a very exacting examination of these dates.

Bankruptcy

Chapter 7 bankruptcies can report for 10 years from the discharge date. Chapter 13 bankruptcies can report for 7 years from the filing date. But be aware that if the Chapter 13 is not completed the reporting limit is extended to 10 years. I mentioned above that the credit bureaus are allowed to delete information from your report prior to the expiration of statute of limitation. Any credit repair effort should take this flexibility into consideration. Bankruptcy is a case where we highly recommend requesting removal. If you are five or more years past discharge your request may be honored.

Tax Liens

Paid tax liens can report for 7 years from the date of payment. Unpaid tax liens can report for as long as they are in effect. Please be aware that most unpaid tax liens are released by the IRS after 10 years. The IRS will usually provide a lien release upon request after the 10 year limit has past. When you provide the release to the credit bureaus they will cease reporting. There are cases that allow the IRS to re-file. Please speak to your CPA or tax attorney for clarification before contacting the IRS!

Judgments

Generally, unpaid judgments will cease reporting 7 years after the filing date. However, unpaid judgments are a case where state statute of limitation will overrule federal statute. Your state may allow unpaid judgments to report for longer than 7 years. State statutes of limitation are easily found on the internet. Paid judgments may be reported for 7 years from the filing date. No state statutes may overrule federal limits for paid judgments.

Gone but Not Gone

Derogatory information that falls off of your credit report due to an expiration of the statutory time limit does not get deleted. This obsolescent information should not continue to appear on your credit report, but it is not gone. If you apply for a loan for over $150,000, life insurance with a death benefit over $150,000, or a job that pays over $75,000, your potential lender, insurer, or employer has the right to view your prior history. This fact adds some additional support to the case for credit report vigilance. If you are attempting credit repair and have erroneous info on your report it is best to dispute it now. Waiting for the statue of limitation to pass may not produce the clean result that you want. Disputed items that get deleted are literally removed from your credit report.

Copyright 2007 James W. Kemish. All Content. All Rights Reserved.



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Mike Powers asked:




In this world where fraud seems like a second language on the internet, we sometimes find it hard to trust companies we want to deal with. When it comes to repairing your credit, we know we must be extremely careful about who we choose to help us along our way.

Many “credit repair” companies claim to remove negative credit with the flick of a wrist. Their advertisements make bold assertions and money-back guarantees: “Bankruptcy, tax liens, judgments… no problem!! One hundred percent guaranteed!! Credit report 100% cleared in 30 days!!” Can they really make such sweeping guarantees?

While some credit repair companies are outright frauds, others are not fraudulent and they use the dispute process to obtain impressive results. In fact, they delete thousands of negative credit listings every day. There is a company called, Lexington Law who has been doing it for 15 years.

Unfortunately, it is risky to trust anyone to help you restore your credit. It is estimated that fraudulent credit repair companies have bilked Americans out of more than fifty million dollars. The majority of credit repair companies were started by entrepreneurs with a penchant for marketing. Consumers have flocked to these “credit doctors” only to discover that their advertisements proved far more impressive than their results. Hiring a credit repair company is like playing Russian roulette. Many of them are effective and legitimate, but it is difficult to tell a rip-off from the real article.

So, can credit repair companies guarantee results?

Not a chance! No credit repair company is so good that it can guarantee a specific outcome. It would be like a defense lawyer guaranteeing that the jury will find his client innocent. Guarantees are a sure sign of credit repair fraud. A warranty, where the credit repair company promises a refund if certain results don’t occur, is a better, more realistic claim. Lexington Law is a respectable company that we recommend.

Not surprisingly, the credit bureaus have declared war against the credit repair companies and those selling instruction on how to do-it-yourself. The bureaus lambaste credit repair companies in the media and send anti-credit repair literature to anyone whom they suspect of using credit repair services. The bureaus unflinchingly deny that accurate information can be removed from a credit report.

The simple truth is that you do not have to endure bad credit for seven to ten years as long as you feel comfortable challenging the accuracy or verifiability of your credit listings. If so, it is possible to restore creditworthiness within a much shorter time.

However you decide to address your credit challenges, realize that regardless of what you may hear in the news media, thousands before you have sought help and restored their credit. They can show you their homes, cars, and credit cards. Despite the newspaper articles, TV reports, and other credit bureau propaganda to the contrary, the simple truth remains: you can restore your credit.



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