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By Sills, June 18, 2010 10:38 AM

Build Credit History With The Public Savings Bank Secured Visa

by Anthony Sills, M.B.A.

For individuals with no credit or those who have experienced a negative credit event like divorce or foreclosure, establishing credit history can be a real challenge. Without proper credit, everything from a car loan to an apartment or even a job can be denied.

All applications are accepted!
When faced with problem credit, many people rely on prepaid cards to manage their daily expenses. However, prepaid cards simply provide access to your own money, not credit from a lender. These cards do not report to credit bureaus and do not help re-establish credit history. People need to demonstrate on-time monthly payments on a credit card in order to rebuild that important credit history.

So how can someone who cannot get a credit card rebuild their credit?

The Public Savings Bank Secured Visa offers people with low credit or no credit the opportunity to re-establish their credit history and work towards improving their credit score. Individuals make a deposit into an FDIC-insured account that acts as a security deposit. They can then make purchases anywhere Visa is accepted or take cash advances up to the deposited credit line amount, currently between $300-$2000. Payments are reported to all three major credit bureaus (TransUnion, Experian and Equifax) so customers can begin to establish credit immediately.

The Public Savings Bank Secured Visa does not require a credit check or even a checking account to apply. Customers can fund their account via Western Union, ACH, wire transfer, check or money order. The card has no annual or monthly fees, and offers 0% APR for 6 months. Rush shipping is available so customers can begin using their card just days after funding their account.

Building good credit is critical at a time when credit is getting harder to obtain. This card allows the customer to build good credit while enjoying all the benefits of a Visa card at very favorable terms.

Prospective cardholders can apply at www.publicbankcard.com and be approved within a few hours.

Public Savings Bank is not offering a prepaid card!  THEY REPORT TO ALL 3 MAJOR CREDIT BUREAUS! This is a regular Visa card that can be used anywhere Visa is accepted. Unlike prepaid cards and some other secured credit cards, this card build credit history that counts!  Public Savings Bank is an FDIC insured bank located outside Philadelphia.  They also offer:

•Free 24-hour online account access and bill payment • Benefits include travel and car rental insurance • Zero liability for fraud • Free emergency card replacement

MORE BENEFITS:

•3-bureau credit reporting • 0% APR for 6 months • No annual or monthly fees • Low $300 minimum deposit • No credit check or credit inquiry • 25 day grace period This a great tool for building credit history that counts, unlike some other prepaid and secured cards.

All applications are accepted!

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By Sills, March 5, 2010 2:29 PM

Happy Birthday!

myFICO is turning 9 years old!

Celebrate with BetterCredit101 by taking advantage of myFICO’s Anniversary Sale!

Customers can save 30% on all myFICO credit products at myFICO.com now through March 31, 2010.
myFICO is the ONLY place where customers can get their FICO scores, the scores that lenders use. The details of the promo are as follows:

• Save 30% on all myFICO credit products (free trials excluded)
• Use coupon code: myFICOis9
• Promo runs now through 03/31/10

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By Sills, February 16, 2010 4:43 PM

This article was originally published on CBS Money Watch.com and was written by Bob Trebilcock.

The new federal rules for credit cards kick in February 22, preventing issuers from, among other things, jacking up interest rates as easily as in the past. Now four major credit card companies — American Express, Bank of America, Chase and Citi — are now trying to become your new BFF, with “consumer-friendly” cards.

Among the new features they’re offering: lower rates if you pay on time; the flexibility to craft your own rewards program; and the option of paying off some purchases interest-free each month. Some of the cards also have online tools and tracking systems to help you monitor spending.

Consumer-friendly offerings may seem like an about-face for an industry famous for hidden fees and encouraging customers to spend now and pay later, at stratospheric interest rates. And some banks are already finding ways to get around the new law. But with 47% of consumers saying they trust credit card companies less than they did a year ago, according to the Auriemma Consulting Group, issuers need you more than ever. “You can argue their motivation to death,” says Curtis Arnold, founder of CardRatings.com. “But we are seeing more consumer-friendly terms, new cards, and new initiatives.”

For the most part, the rates and fees for these cards are not as low as the ones MoneyWatch recently recommended in “Best Credit Cards for You,” but these new-fangled cards do offer some different features that make them worth checking out. Here’s a rundown on four new consumer-friendly credit cards to consider, with their features and downsides.

If you want to keep things simple …

BankAmericard Basic Visa is a stripped-down card designed for one purpose: making purchases with plastic. There are no rewards, no annual fee, and just one variable interest rate (now 17.25 percent) that applies to balance transfers, cash advances, and purchases. BofA guarantees that the index used to set the rate (prime plus 14 percent) won’t change. And as long as you pay on time, your rate will only rise if the prime rate does.

• Downside: Since most economists expect rates to rise this year, the Basic Visa rate is almost sure to go up in coming months. Even today, it’s about four points higher than the 13.63 percent average rate for variable cards. This is not a good card for anyone who carries a balance; instead check out a card with a lower rate.

If you always pay on time …

Citi Forward Visa is a rewards card that gives you a lower rate and more rewards points for doing what you ought to: paying bills on time and staying under your credit limit. The card starts with a 0 percent rate on purchases and balance transfers for seven months followed by a variable rate of prime plus 10.99 percent (that’s 14.24 percent today) on subsequent purchases. Every time you go three billing periods paying on time and staying under your credit limit, Citi will lower your rate by .25 percent — up to 2 percentage points over the life of the card. Based on today’s prime rate, your Visa card rate could be down to 12.24 percent in two years. To keep you on the straight and narrow, Citi lets you use an assortment of free online credit education and spending tools.

hat same good behavior pays off in rewards points, too. Normally, Citi Forward Visa cardholders earn five points for every $1 spent on restaurants, books, music, and movies and a point for every $1 spent on other purchases. But you earn an extra 100 bonus points each month by demonstrating the wise debt management noted above. Redeem points for merchandise, gift cards, and travel through Citi’s ThankYou Network.

• Downside: This card isn’t a great deal if you’re transferring a hefty balance from another card, since the interest rate givebacks don’t apply to balance transfers.

If you just want to charge big-ticket items …

The Chase Blueprint program allows you to avoid owing interest on items you really can afford to pay in full, while letting you run up a balance on expensive purchases, such as airfare or hotels. Think of it as feature that combines a no-interest, pay-in-full charge card (think American Express) with a credit card that lets you carry a balance. Blueprint is available on all of Chase’s Visa and MasterCards: Slate, Freedom, Sapphire and Ink.

With Blueprint, you separate out the everyday items you’ll want to pay in full every month, such as gasoline, dinners out, or movies. That way, you won’t owe interest on them, even if you carry a balance on other items. Chase also lets you designate a large or unexpected purchase to pay off over two billing cycles without interest, like that winter trip to the Caribbean.

And for a sizable purchase that’ll cost you interest, Blueprint can calculate a monthly payoff plan to minimize your charges. Say your refrigerator goes on the fritz, and you want to pay off the new one within a year: Blueprint will calculate how much you need to pay each month to do it and chart your progress on your statement.

• Downside: Blueprint isn’t of much value if you pay your balance in full every month. If that describes you, sign up for this program only if you like Chase’s rewards programs.

If you want to design your own rewards …

The still-in-beta American Zync card from American Express puts you in control of the card’s rewards program. It’s a little bit hokey, but it may appeal to some: You earn one point for every dollar you spend with the card and can then sweeten the AmEx membership rewards by adding so-called Lifestyle Packs (too bad they sound like condoms), which let you double points for spending in specific categories you designate. There are now four packs, with more coming. The ECO Pack, free to cardholders, pays 2 reward points for every dollar you spend with selected merchants rated “green” by Greenopia, an environmental screener. The other three Packs — “Go” for travel purchases, “Social” for restaurant, concert, and theater spending, and “Connect” for mobile, cable, and Internet services — cost $20 per year apiece and let you get 2 points for every $1 spent in their categories plus discounts when you redeem the points.

Rewards points can be carried over from one year to the next and can be traded in for gift certificates from participating merchants or applied toward future purchases. Zync cardholders also get access to American Express’s Money Manager, a financial management tool that allows you to link and monitor all your bank accounts, credit cards, investment accounts, mortgage loans, car loans and student loans.

• Bonus: Zync’s basic annual fee is just $25. So even if you pay for an extra pack, you’ll pay a $45 total annual fee, versus $95 for an AmEx green card or $125 for a gold card.
• Downside: The rewards payout on AmEx is a little chintzy. Based on American Express’s conversion rate, where 100 points equals $1 in rewards, you won’t qualify for a $100 gift card at a participating restaurant until you’ve spent $5,000 on restaurants, concerts, or theater tickets.

Watch a video with more information at CBS MoneyWatch!

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By Sills, February 3, 2010 6:48 PM

Newly-bankrupt consumers have many questions about how their credit score will be affected. How much harm will bankruptcy have on my credit score?  How long will it take before my credit score begins to recover?

I recommend these six strategies to minimize the impact of your bankruptcy and speed up the recovery of your credit score.

1) Check your credit reports from all 3 credit bureaus.

2) If you see errors, contest them with written letters.

3) Bring any accounts you are behind on up to speed.

4) If you do have previous delinquencies, get in touch with the creditor to ask if there is anything that can be done to get the late payment removed from your credit report.

5) It is important to keep credit accounts below a 35% use threshold. If you have an outstanding balance of over 35% of your available credit in any credit accounts, make sure they get paid down or transfer your balance to another account.

6) Pay off in-store financing accounts; this kind of credit can actually harm your score.

Today there is very little human input into the credit decision making process. Instead, decisions (such as whether you receive credit and at what interest rate) are determined by mathematical algorithms used by major credit bureaus which generate a “credit score.” Fortunately, Congress and public interest groups have pressured companies to disclose their credit scoring algorithms. While the exact formulas are not public knowledge, here are five factors that are known to be considered by credit bureaus:

1) Payment history – 35% – Late payments will rapidly cause damage.

2) Amounts owed – 30% – Your credit balance owed to any one creditor should be under 35% of available credit.

3) Length of time you have maintained accounts- 15% – Rather than closing old accounts, keep them open and use them from time to time.

4) New credit – 10% – Multiple new credit applications at the same time will harm you.

5) Type of credit – 10% – Installment debt with set payments is better than open ended credit card debt. For example, finance company debt like furniture loans can harm your credit score, while auto and mortgage loans can help it.

About the Author

*The following article about how to rebuild your credit after a bankruptcy was contributed by bankruptcy Attorney Jonathan Ginsberg, our expert bankruptcy contributor whose website can be found at: http://www.thebklawyer.com/thebkblog/

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By Sills, December 30, 2009 8:32 PM

It starts with a sign – a sudden drop in your checking account balance. A call from a debt collector about a cell phone service plan or credit card you never signed up for.

The first sign that you’ve been a victim of identity fraud is always unsettling. But for many people, that first sign is just the beginning. Depending on the skills and determination of the thief, and the length of time it happens, the damage could be much greater. On average, victims of identity theft spend 500 hours and more than $3,000 repairing the damage.*

The mental and emotional stress can be significant as well. The creditors and debt collectors you have to deal with aren’t concerned with the fact that your identity was stolen, they are focused on getting their money back.

Dealing with identity theft is never easy. Knowing what to expect is the first step toward being prepared.

Damaged Credit

The most common effect of identity theft is damaged credit.The thief runs up numerous charges in your name, doesn’t pay the bill, and your credit suffers. When you apply for a credit card, a mortgage, a new apartment, etc. you have a major strike against you.

Cost to Repair Damage

Erasing fraudulent charges and correcting your credit record takes time – and money. The average victim spends 500 hours and $3,000 undoing the damage from identity theft.

Financial Loss

One of the most devastating effects of financial identity theft is when the money you’ve worked hard to save suddenly goes missing — the work of thieves who got your ATM card or checking account information. Bank policies vary as to how much they will replace, but for many victims, this money is gone forever.

Medical Benefits & Health Coverage

If someone seeks treatment with your health insurance information, the thief’s treatments could show up on your record, be taken out of your benefits, and even disqualify you from new health insurance. And most dangerous of all, if the thief’s medical history is confused with yours, your own medical care could be jeopardized.

Criminal Record

If an identity thief gives your name and personal information when he or she is arrested, the crime goes on your record. Some victims of identity theft have even discovered they’re wanted in states they’ve never visited. The negative consequences range from legal fees or jail time to problems getting a job because of convictions on your record.

Social Security Benefits

If a thief gets your Social Security number, they can begin collecting your benefits or take a job using your name, leaving you liable for their taxes. Fixing this can take years of wrangling with government bureaucracy.

TrustedID has an effective proactive solution to identity theft prevention that has been recognized and praised by The Wall Street Journal, Newsweek, The Identity Theft Resource Center and The New York Times. Our subscribers enjoy our spyware protection for their computers, fraud flag placements, junk mail reduction, medical record, personal and financial data scanning, free annual credit reports and our $1,000,000 service warranty.

As Featured In:

New Years Resolution #1: Protect Yourself from Identity Theft with TrustedID!

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By Sills, December 30, 2009 8:20 PM

Jewelry, electronics, your car – in the past, if a thief wanted to rob you they stole your valuable possessions. But in today’s information-based world, there’s something even more valuable that thieves can take from you: your identity.

Armed with personal information such as your Social Security number, credit card number, name, and address, an identity thief can drain your bank accounts and commit fraud in your name. It is possible that you won’t find out you are a victim until the thief is long gone.

More than 15 million people become victims of identity theft every year. An identity is stolen every two seconds in the United States – the fastest growing crime in the U.S. for the past four years.

How Identity Theft Happens

Your identity is one of your most valuable possessions. Your Social Security number, bank account numbers, and personal information are all a thief needs to commit identity theft.

How do thieves get your personal information? They use every trick in the book – and they’re constantly coming up with new ways.

Mailbox Raiding & Dumpster Diving

Mail from banks, institutions, and even new credit card offers contain valuable personal information which identity thieves can use to drain accounts and open new credit cards in your name. They get the information by stealing mail right out of your mailbox, or as in the case of dumpster diving, out of the trash after it has been thrown out.

Phishing

If you’ve ever received an email from a “bank” or other financial institution asking for account information, thieves could have been phishing for your identity. (The word is derived from “fishing,” because the emails are like bait.) Clicking on their link will send you to a site that looks the same as the actual institution, but actually belongs to the thief. When you enter your information, the thief has won.

Vishing

A combination of the words “voice” and “phishing,” vishing is like phishing, except the thieves use the phone instead of email. They may leave a message pretending to be your bank or some other company. When you call back, they’ll take your personal information.

Medical Benefits Fraud

Increasingly, thieves have started seeking treatment using another person’s name and medical insurance information. They can get it by stealing your wallet or hacking into a doctor’s or hospital’s computer system.

Spyware

Spyware is a malicious computer program that installs itself on your PC and then allows thieves to record your personal information – like a credit card number, password, or Social Security number.

Skimming

Skimming is a way for a thief to get your ATM or credit card information by installing their own card reader on an ATM machine. When you pass your card through the skimming device, it records your card information.

Corporate Data Breach

Trusted businesses, like your employer, your local bank, and other organizations have a great deal of your personal information stored on their computers. Thieves can gain access to this information by hacking into the network, by posing as a business partner, or after an employee loses a computer, disk or box of files.

Are you on Facebook and MySpace?

Social Networking Sites

Identity thieves are using social networking sites like Facebook and MySpace® to find out your personal information. They use the information they find on the site to pretend to be someone they’re not and coax other information out of you – like your Social Security number.

Child Identity Theft

Child identity theft works the same way as it does for adults: the thief acquires a child’s personal information, and then creates fraudulent accounts in their name. But because children usually don’t have financial accounts until they are older, no one may find out about the theft for many years, allowing the problems to be greatly compounded.

Senior Identity Theft

Seniors are particularly vulnerable to identity theft, because most have significant accumulated wealth, and are often unable to monitor their accounts carefully. Many are also less knowledgeable about technology, and more trusting of strangers and marketers, increasing their vulnerability.

Student Identity Theft

College students are another high-risk group. School registration days and frequent unsolicited offers for new credit cards provide many opportunities to share personal information and Social Security numbers. Combine that with frequent address changes and unforwarded mail and it’s a group ripe for picking by identity thieves.

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By Sills, September 21, 2009 5:21 AM

We live in a world where our entire credibility is dependent on our credit score. It is scrutinized whenever we go for a loan, a job, and a home rental. People with a good credit score are seen as a good risk for credit cards, loans and so forth. Landlords may determine your ability to pay your rent by examining your credit score. There are some jobs where a good credit score is seen as important and it also means you are more likely to be able to pay your bills.

Without this good credit score, the opportunity of buying things you want or need is more difficult. Sure, there are lenders who will let you borrow but at an extremely inflated interest rate.

So, as you can see, having a good credit score is very important. However, if you have a bad credit score, there are ways to fix it. This needs to be done as soon as possible and there are a number of ways to go about it.

One of the most important things is to stop your bad credit before it gets any worse than it already is. If you pay your overdue debts, it will cut off the bad credit reports. Although it won’t make your credit score any better, it will put you on track to fix your credit history.

Open a new bank account and apply for a secured credit card. This will be at a higher interest rate but that will control your spending and raise your credit score. Pay your credit card bill on time every month and your credit score will rise significantly.

Following the above advice will eventually lead to an improvement in your credit rating but your past credit history will still remain for around five to seven years before it expires. It all takes time but, if you are patient and diligent, you will see your credit score change.

If you make positive steps, your creditors will pass that information on to credit reporting agencies. If you always pay your loan payments and credit cards on time, you will get a good credit rating. This also applies to utility bills, rent, and so forth. You will eventually have a good credit rating so it’s worth the effort. Future financial opportunities could come your way and you wouldn’t want to miss out because of a poor credit score.

Anne is the owner of two websites http://www.ebooksbargains.com which has a huge range of books on a variety of subjects and http://www.therepairables.com that is a site which can help you in times of financial problems.

Author: A. Wolski
Article Source: EzineArticles.com
Provided by: PC gaming

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By Beth Pardue, September 21, 2009 5:21 AM

Thanks to the Internet, it has never been easier to receive and submit credit card applications. It can be very tempting to fill out all of the online forms available to you. But be careful, it could end up costing you–consider the following issues before hitting that “send application” again.


Be aware of card offers promising “pre-approved” credit. You may be a prospective customer, but you still have to apply for credit. Each time you apply, the card company obtains a copy of your credit report. All these credit card applications count as inquiries that, if concentrated over a short period of time, can negatively affect your credit score


With online credit card applications, you should also consider the security of your personal credit information. Take Security and privacy concerns seriously. Limit your online application to card companies that use industry-standard practices for security and privacy. Look for 128-bit encrypting, which scrambles your application data and requires a de-scrambler to read it.


Additionally, the card company’s Web server should use Secured Sockets Layer (SSL) technology. Look for an online application on a secure screen of the Web site. This is usually identified with a padlock or similar icon, or has a URL that begins with the word “https.” The company should also clearly state its privacy policy for handling your financial data.


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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published as is (unedited) and all URLs are made active hyperlinks with no syntax changes.

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About The Author
This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about credit reports or to get a free credit report online please visit: http://www.credit-report-credit-score.com

Author: Beth Pardue
Article Source: EzineArticles.com

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By Sills, September 21, 2009 5:21 AM

1.
Step 1

A secured credit card is a line of credit in which you secure with a deposit in the amount of extended credit. You can start small, such as a $300 limit to start. Then, as payments are made and your finances allow, you can increase your limit to as much as needed by simply increasing your deposit. A better way would be to obtain a second secured card. This will allow for two positive accounts on your credit report.
2.
Step 2

To start building your credit with a secured card, you will first need to determine where you would like to obtain your card. There are hundreds of websites online that offer secured credit cards. Most local banks and credit unions also offer these type of cards.
3.
Step 3

Once you have obtained your card, it is very important to make every payment on time. It would be wise to mail your payments in as much as three weeks before the due date. This will ensure that your payments arrive on time and avoid any late payment strikes on your credit report.
4.
Step 4

Also, keep very close track of the use on the card to avoid going over your limit. Using it strictly for the purchase of fuel for your vehicle is a great way to use and track (with receipts) these types of cards.
By dovinea
eHow Community Member

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By Sills, September 21, 2009 5:21 AM

There will come a time in everyone’s life that they need to borrow money for a major purchase such as a car or three-bedroom/two-bath home in the suburbs. Having a high credit score and excellent credit history will allow you get the best possible interest rate and the most advantageous loan terms on your automobile loan or home mortgage, so you should begin improving your credit score now. One of the most effective ways to raise your creditworthiness is to use a few credit cards wisely to prove your ability to manage your finances.

First, get one or two credit cards if you don’t already have one. Avoid getting a lot of them, though. It may seem like having several cards with little or no balance is better than having one or two, but opening too many accounts (especially over a short period of time) is not wise. Lenders view this in a negative way, and the credit bureaus decrease your overall score.

Next, use your credit cards. Some people mistakenly believe that just having the credit card is enough, but a credit card that sits in the kitchen junk drawer does not help your rating. The idea is to show that you can use credit and pay it off. That shows responsibility.

Finally, check your credit report on a regular basis to make sure the information it contains is accurate. When you work hard to keep your credit history solid, you don’t want errors to ruin your efforts.

Check Out our Blog For More Informative Articles! Credit Repair Facts is a must.

If You Can Read and Write at The 5th Grade Level I Can Show You How to Raise Your Credit Score Up to 249 Points in 90 Days! Raise Your Credit Score Now is the place to visit.

Author: George Knoechel
Article Source: EzineArticles.com
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By Sills, September 21, 2009 5:21 AM

By: jensholz@gmail.com

When it comes to choosing a credit card, you have many options to consider as a means of achieving your goal. Ultimately you want a credit card that is the cheapest, and that gives you the most flexible terms and conditions. However, judging those two factors can be difficult for those of us that are not credit card experts. Before you decide for sure that you wish to get a credit card, why not consider the alternatives that are available?

The Alternatives

Debit Card should you want a credit card as a means of ensuring that you can pay with a card, then why not consider getting a debit card instead? This will mean that you are not borrowing any money and that they money is coming out of your bank account.

Bank overdraft you should consider using a bank overdraft if you are wanting to borrow money over a longer period of time, as you may find that it will work out cheaper than a credit card. A bank overdraft is basically like a loan of money, however all it means is that you are allowed to have a negative balance in your bank account.

Bank Loan a bank loan is often the best solution when you need a loan of money over a longer period of time, or if the amount you need to borrow is a larger amount than what a person would usually borrow using a credit card or a bank overdraft.

Friends and Family if you want to borrow money, then you could consider asking your friends and family rather than asking a financial institution. Although many people are in a position where they are not able to do this; some are, and if they can, then it can often work out to be a good solution.

Factors to Consider when Choosing a Credit Card

APR when choosing a credit card, one factor you need to look at it APR. APR is the amount of money that you will get charged for borrowing money. This amount means the interest rate that you will be charged over the course of a year, and is usually presented in percentage form.

Limit this is the amount of money that you will be allowed to borrow. When you reach the limit on your credit card, then that is you; you are back to having no money. Despite that, limits can often work well for ensuring that you keep any debt under control.

Credit Rating if you always pay your bills on time, then you will most likely have a good credit rating. If you manage to always pay your bills on time with a credit card, then this will also help to make you look like a person who is more than capable of sound financial management. Because it is important to keep a good credit rating, you should always do whatever it takes to keep your credit rating as good as possible.

About the author:
Jens Kleinholz is a president of pollera. He writes about billig Kredit and schufafreier Sofortkredit.

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By Sills, September 21, 2009 5:21 AM

Credit Scores are so important because they are used for everything today. They determine the interest rate on loans; auto, personal and mortgages. They determine the premium you will pay for auto insurance etc.

How do you build an excellent credit score? There are three important factors that build you score.

1. History – your payment history is an important part of building your credit score. The credit bureaus monitor the amount of delinquencies (past due accounts) you have. It is very important to make your payments even if it is the minimum on time. Judgments and collection accounts will have a larger impact on your score; the drop in points will be substantial. Medical collections are seen on credit reports all the time usually for small dollar amounts. FYI: If the collection agency is not updating the file it is recommended to leave it alone. From what I have learned if it hasn’t updated in six months it is no longer impacting your score. If you now pay that debt it will re-active the history and effect you score. I’m not saying don’t pay the debt because it looks better in the long run that it is paid when applying for a mortgage it will need to be paid. I’m saying if it is small amount to pay it in full because if you are making payments the negative history will start reporting again.

2. Length of Credit – this makes up a good portion of your credit score. If you have no credit score and are just starting out it takes at least six months of good payment history to establish a credit score. When starting out do not go out applying everywhere in town since the inquiries also affect your score and you do not want to have excessive inquires on your report. Try not to take out a lot of new credit all at one time since this will affect the history and make it look like you have all new credit.

3. Capacity – this is about 35% of your credit score and often the most misunderstood. Capacity is were they look at your revolving credit limits (credit cards, overdraft, HELOC etc) and compare the balances that are carried. For example if you have 10 credit cards with $10,000 line each and you carry a balance of about $500 a month you will have about 90% capacity available giving you a higher score. If you have one card with a $1000 limit and you carry a balance of $900 every month you will have about 10% capacity giving you a lower score. This is very important: DO NOT CLOSE CREDIT LINES! If you are disciplined and do not use the credit limits given to you do not close them. Closing them can decrease your capacity therefore decreasing your score.

This is a simple explanation on how a credit score is built. Please pay close attention so you too can have an excellent score and get the low interest rates you deserve.

By Lisa Burkhardt is Editor of http://12546bc.NewCreditApplications.com and http://www.work-home-today.com – great resources.

Author: Lisa Burkhardt
Article Source: EzineArticles.com
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By Sills, September 21, 2009 5:21 AM

There’s a lot of confusing information about credit scores out there. There are people out there who believe that they don’t have a credit score and many who think that their credit score doesn’t count for much. Your credit score can spoil your chances of getting some jobs, of good interest rates and even your chances of getting some apartments.

The fact is if you have bills and a bank account then you have a credit score and your credit score matters more than you might realise. Your credit score is may be refered to by a number of other terms, including a credit risk rating, a credit rating, a FICO rating, a FICO score or a credit risk score. All these terms refer to the same thing the three-digit number that allows lenders get an idea of how likely you are to repay your bills.

Each time you apply for credit, apply for a job that requires you to handle money, or even apply for some more exclusive types of apartment living your credit score is checked.

In fact, your credit score can be checked by anyone with a legitimate business and reason to do so. Your credit score is based on your past financial responsibilities and past payment records and credit and it provides potential lenders with an easy snapshot of your current financial state and past repayment habits.

Your credit score lets lenders know fast how much of a credit risk you will be. Based on your credit score lenders decide whether to trust you financially and give you better rates when you apply for a loan. Apartment managers will decide whether you can be trusted to pay your rent on time. Employers will decide whether you can be trusted in a high responsibility job that requires you to handle money.

There’s quite a bit of misinformation circulated about crdit scores especially through some less than scrupulous companies who claim that they can help you with your credit report and credit score, for a fee of course.

Advertisements and suspect claims can mislead you to the point where you may come away with the idea that in order to boost or fix your credit score, you will have to pay a company or leave credit repair in the hands of the so-called ‘experts’. This is not necessarily the case. It is possible to bring down debts and boost your credit by yourself with no expensive help at all.

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Credit Score An Introduction

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By Sills, September 21, 2009 5:21 AM

Understanding every detail of information on the credit report is an important step to repair your credit score. Your credit report carries free credit score that the lenders look at before finalizing their lending decisions. A good credit score means that you can easily qualify for loans and credit products at low interest rates and attractive terms. Conversely, bad credit rating means that the lenders will stay away from you and even if they offer credit, that would attract high interest rates.

If you are having a negative credit rating, you need not worry because you can repair your credit legally on your own or with the help of legal credit repair companies. Moreover, you still have a chance of getting a loan with credit score that is not good because all creditors have their own guidelines of granting credit. Some lenders have special loan and credit products for people with bad credit. Still you should try to improve your credit rating and take steps to improve your credit legally because a good credit rating can help the lenders to offer you loans and credit at better terms.

The Myth and Reality of Fixing Credit Rating

Some credit repair companies lure you and convince you that they can help in credit repair by fixing credit ratings. You should remember there is nothing such as fixing credit rating. No matter what a credit repair company may offer you, the fact is that nobody can remove any up-to-date legal and accurate information from your credit report.

The credit repair companies can at best help you removing the errors and mistakes from your credit reports. A legal credit repair company can help you with debt consolidation and other legal means for debt reduction and credit repair.

If you find there is any incomplete or inaccurate information in your credit report, you can request for an investigation and take remedial measures on your own. You, as a consumer, have the full right to ask for an investigation of your credit report and fix the errors legally and that too without any monetary cost. If you do not have time for the same, you can take help of legal credit repair companies who can help you with necessary steps for how to repair your credit legally.

Self-credit Repair

For self-credit repair through legal means, you need to get the copies of your free annual credit reports from the legal credit reporting companies. Read and go through the credit reports thoroughly and check if there is any erroneous information on the credit reports. Any inaccurate or incomplete information in your credit report can inadvertently affect your chances of obtaining loans, insurance, job, house on rent etc. Therefore, it is well worth to inform the credit reporting companies about the errors with documentary proofs and get them corrected. You can legally challenge the wrong entries in writing.

The Federal Trade Commission is always there with you (the consumers) in providing assistance for your legal credit repair. The FTC maintains an online database of all civil and criminal law enforcement agencies in US. It can steer you for the help you may need for your credit repair. In this way, you will notice that you are slowly repairing credit rating.

Keep patience and make smart budgeting decisions. This way you will eventually be able to pay your creditors on time and prove yourself suitable for credit. This is a slow but effective way to repair your credit legally. This approach of credit repair on your own is far successful in the longer run as compared to engaging a credit repair company that indulges in illegal means for fixing credit rating.

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Find more information on how to rebuild credit report here http://www.creditrepairtotal.com/rebuild-my-credit-report.html. Did you know that you could obtain FREE annual credit report? Check out this link: http://www.creditrepairtotal.com/free-annual-credit-report.html.

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Tips on How to Repair Credit Score Legally

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By Sills, September 21, 2009 5:21 AM

A credit card that can be gotten with a poor credit rating is known as a bad credit card. These cards give those with bad credit a chance to improve upon the credit rating they have. For those people the cards act as a rescue like this. Those that were unable to control past spending urges will find these bad credit cards provide needed training.

Secured credit cards are what these bad credit card cards are called. The person is required to open an account that maintains a cash balance with the supplier of the card in order to obtain one. What is the reason for this? Credit card suppliers are in business and they find it hard to trust someone that has not fulfilled payment obligations in the past. Profits are what business is all about and profits are put at risk by this. The balance on the account will normally earn interest from the bank or company providing the credit card. This should be checked with the company providing the card. The cash balance in the account will be the deciding factor of the credit limit that is placed on the credit card for bad credit and it is normally fifty to a hundred percent of the balance of cash. Debit cards are another name these bad credit cards are known by and this gives credit to the fact that they are more a debt giving item than a credit giving item.

The market has numerous bad credit cards available. There are four things in particular that need to be taken into consider when looking for a credit card for bad credit that is suitable for you. The amount of the minimum balance that the bank requires you to keep, how much credit (what percent of the balance will be available for spending on the secured card), any fees involved in the obtainment of the card and how much interest will be earned from the account balance. No fees or other charges will be associated with the perfect credit card for bad credit and the smallest amount possible or a zero minimum would be required to be maintained. The credit limit will also be anywhere from ninety to a hundred percent of the balance. A decent rate of interest will also be offered on the ideal credit card for bad credit.

The concept of bad credit cards is good for those that have a poor credit rating by allowing them relief by allowing them to partake in the benefit of credit cards to improve credit standings.

Nick Makaryk is an Internet Publisher, Copywriter, and Founder of Best Credit Cards A Free consumer credit card comparison site helps consumers find the Best Credit Card while avoiding high interest rates, charges, and fees.

Author: Nick Makaryk
Article Source: EzineArticles.com
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