Restoring Credit Scores

From Thanksgiving thru New Years Eve seems to throw most everyone into a tail spin.  So it is important with the new Year that we get back on track.   There was so much shopping to do for gifts and meals that most of us used credit cards to get us thru.

Now it is time to work on getting those cards paid down.  Credit card balances must be under 25% of the limit to get positive scores on our credit reports.  Work hard at making sure all payments are on time and getting your balances under the 25% as fast as possible.

To have good credit in the 700 to 800 we need to have 3 to 4 active accounts that are being handled right.  One account being late or over balance can really make a differece with our scores.

Always be aware of your credit report and scores.  Just letting things ride can get us into trouble.  By not checking on our credit report, we could be missing any credit fraud that occurs on our account.  It is very important to catch these early and get them taken care of before a lot of damage can be done to our financial record.

Years ago my husband and I had credit fraud and it took years and hour of work to get this corrected and scores where they need to be.  During the time of working on this, we had the unfortunate situation where we had to purchase a different automobile.  We were able to get one but paid the price as we had to accept a high interest rate.  Several years later when we tried to refinance into a lower rate, we were denied as we were upside down on what was owed.

Learn from our mistake.  Check your credit often, never be late on payments, keep your credit card balances under 25% of the limit and don’t apply for lots of credit.  Too many inquiries in a 90 day period will lower your scores.

Be wise, don’t over extend yourselves and learn what needs to be done to have credit scores in the 700 & 800′s.

Wishing everyone a very prosperous, fun 2012

Sure wish we were back when credit scores were not so important. The good old days are gone and we must now learn what it takes to have the highest possible scores.   Now if we don’t have open credit, we don’t have credit scores.  If our scores are low, we need credit history repair.

Cash and carry is not the best way anymore.  Even if we don’t want open credit, we are being forced into having some. To get the best results & scores, we need 3 to 4 active accounts with balances under 25% of our limit and always paid on time.  Auto loan, mortgages, school loans & large secured loans fall under a different category. These just need to be paid on time.

To have high credit scores, we are judged by how long we’ve had credit.  We must have low balances on our accounts.  We must have a good mixture of the different types of credit available.  We are also judged by the number of inquiries we have over a period of time.  Many of these inquiries are not ones that we initiated.  They are ones from credit card companies that are checking to see about offering us their cards.  This is being done without our approval and we are being affected by it.

Getting an apartment or rental home, requires credit scores being pulled.  Also utilities will check credit before deciding what deposits to charge.  Why don’t they have to report to the bureaus?  Only time they report is if we are 30 or more days late.  Doesn’t seem fair.

We as consumers must become very knowledgable about everything and what we can do to keep or get good credit.  Credit history repair is now a very important procedure to make sure we get credit scores that won’t affect our future.

As Carl Sandburg said, “The time for action is now.  It’s never too late to do something”.  Sign up for a free consultation at www.restoringcreditscores.com          This is available only in the US

Many changes have occurred over the years in the credit area.  We use to be able to purchase an automobile or home because the banks knew us and our finances.  There was even a point in the past when a person’s hand shake was enough.  We now have to kill a large tree, so to say,  in order to get all the paperwork we now need for each process.  There wasn’t a need for cleaning up credit scores.

Utilities didn’t have deposits, or if they did, it was a set fee for everyone.  Now, because of low credit scores, these fee are higher than those with high credit scores.  Insurance companies didn’t pull credit.  Insurance was based on our driving records.  Employers would check out our work habits with past employers, who at that time were able to provide this information, and not pull our credit.  Rents would be verified at our previous residence and also if we paid our utilities.

Now it seems everyone pulls credit scores and makes a decision on that.  This does not give the true picture of a person.  There are so many things that happen in our lives that can cause us to get behind at one point or another.  Loss of jobs, identity theft, death of spouse, family illness, divorces and much more can take a toll on our lives and affect our ability to keep up with our bills.

All of this has caused problems and stress for consumers and has made it necessary for cleaning up credit scores.  It seems that once a person is back on the right track, we should be looked at in a different light and not the low scores.

Since credit scores are so important and it doesn’t seem things will change, we as consumers must get our scores cleaned up.  Do that now.  Don’t wait.  Get a free consultation and learn what can be done to help you with your scores.  Go to:  www.restoringcreditscores.com

Things in the credit world have really changed.  The American dream was to have all debts paid off including the mortgage, which even resulted in celebrations of burning the mortgage loan papers.

Not true any more.  Now we are governed by having 3 credit scores that dictate if we can purchase a home, car, have credit cards. lower rates on insurance, lower deposits and even getting a job or promotion plus much more.

These credit scores range from 300 to 850 and any score under 640 is a high risk.  Lower scores or no scores at all can cause problems so credit history repair becomes necessary.

The purpose of my blog is to walk you thru credit scores, federal laws protecting consumers and what we as consumers need to do in order to have the highest scores we can.