A Credit Pull or “Hard Pull” on your credit report is when someone accesses your credit history and it has an impact on your credit score. Let me emphasize the part has an impact on your credit score. A “Soft Pull” on your credit report can yield the same information but not have an impact on your credit score. [Read more →]

Credit Card Offers! Can they be stopped?

If you are like me, when I bring in the mail everyday, invariably there are a few credit card offers. I used to just toss them out. Now, I’ve made sure that I don’t get them anymore, and I’ll show you how too. To someone trying to steal your identity it’s like gold. Simply fill it out, change the address and they are on their way to a new credit card, IN YOUR NAME! Don’t let it happen to you, ever again.

Think Green at the very least!
Even if you think you won’t be the candidate for Identity Theft, think of the incredible waste of paper being generated every day by these unused offers for credit. It must amount to tons of paper being thrown away everyday. We owe it to globe to stop this madness, even just one person at a time.

So how do they find me?
The Fair Credit Reporting Act gives the credit bureaus permission to sell your credit history information to credit lending companies. By default they can sell your information if they so choose. An amendment to this act in 1990 allows for consumers to choose NOT to receive these offers. I feel it should be the other way around….

Stop The Temptation
Probably the reason I currently have 4 credit cards is due to temptation. Offers rolling in with the ability to transfer balances from other cards, lower interest rates, etc. By not reading the fine print, I’ve been burned on this a few times. If
you feel you are susceptible to this, then another great reason to stop offers come in is to stop the temptation of acting upon them.

OK! ENOUGH! How do I do it?
First there is a service run by the four main credit bureaus that will get you off their lists. This step alone should stop all “Pre-Screened” offers from rolling into your mailbox.

This service can be contacted via two different methods:
Website: http://www.optoutprescreen.com
Phone: 1-888-5-OPTOUT

Either method should exact the required results.

Is that all there is to it?
Theoretically that should work with all your prescreened offers. But you will still most likely receive offers and “convenience” checks from any banks or credit cards you currently are associated with. On the back of each of your credit cards will be a customer service number. Call each number and ask to be removed from any additional card offers, convenience checks, phone calls, etc. I found that when I did this, the customer service reps were very helpful in explaining all the services and removing from each one.

Call your bank(s) customer service and ask to be removed from all credit card offers, convenience checks, etc. also. My banks, too, were very helpful in this matter.

What if I still receive offers?
Very likely you are on another list. Each offer that comes will most likely have some fine print that will allow you to call and be removed from that list.

Conclusion
This all seems very tedious and it is. But you will be surprised how that big handful of mail everyday, becomes a small handful. You will be helping the environment, saving yourself from temptation, and reducing your chances of being a victim of identity theft. It’s worth the effort.

Good Luck and start dialing!

Yes, Bad Credit Repair! Good Credit Repair just didn’t make any sense!

With tax season over, a lot of people are focusing on fixing their bad credit. How you got to this point of bad credit is not a mystery. With ever increasing gas prices, rents and groceries, it’s no wonder more and more of us are turning to credit cards just to make ends meet. We don’t really think that $20 in gas or $40 in groceries on credit is going to hurt us. Remember, we promised ourselves to make an immediate payment on that credit card with our next paycheck. Yeah Right!
[Read more →]

With interest rates hitting an all time low, this might be a good time to consider refinancing your house to lower your mortgage payment. Before I knew a thing or two about credit repair, I would always approach a mortgage broker and get some quotes on different mortgage types and pick the best one if it worked in my favor (like if it actually lowered my monthly payment). What I didn’t realize at the time was that the interest rate that was quoted was actually tied directly to my Credit Scores! With a little forethought, in just a few months you can significantly improve your credit score and lock in a rate sometimes 1/2 point to 1 point lower than if you did nothing to try and improve your score. In the life of your loan that could save you thousands or even tens of thousands of dollars. Is it worth trying? You betcha! [Read more →]

Everyday I’m in this business I hear people giving bad advice. The one piece of bad advice that I hear the most is that you must wait 7 years to have negative credit removed from your credit report. It really depends on the trade line in question.

Some of the ones you can’t change:

Chapter 13 Bankruptcies will remain on your credit report 7 years.
Chapter 7, 11 or 12 Bankruptcies will remain on your credit report for 10 years.
Judgments - 7 years
Paid Tax Liens - 7 years
Unpaid Tax Liens - 15 years
Foreclosures - 7 years (in rare cases, this could be removed)

If you have an unpaid collection on your report than there are several courses of action that you can take try and have the item removed from your credit file.
[Read more →]

For those of you familiar with golfing, you know what I mean. You step up the first hole, the flag is 240 yards out, a small breeze from the southeast, your backswing is perfect and….you chunk it 20 feet to the right and nail the golf cart. Time for a mulligan. Or a “do over” as the rest of us might call it.

With credit, a “do over” is also possible. Enter the Secured Credit Card. For those of you with bad credit, or perhaps new to credit, the secured credit card is a great place to start building credit.
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A credit monitoring service allows you to access your credit report at one or all 3 major credit bureaus. The typical service will also allow you to see your credit score initially and then at specified time periods. You can setup alerts to notify you of major changes to your credit file. This is could mean the possibility of Identity Theft. Many credit monitoring services even offer Identity Theft insurance just for signing up that helps to reimburse you monetarily for damages in case you’re a victim. [Read more →]

Revolving credit is credit extended to you in the form of a major credit card or department store credit card. You will be given a maximum amount that you can charge on this card and then be assessed a minimum payment based on your current balance due. The interest rate is determined ahead of time, typically when you initially apply for the card. Revolving credit is a great starting point for those trying to establish a credit history for the first time. Your revolving credit will be displayed on your credit report. It is important to make sure you keep your payments up to date and on time, as late payments will negatively affect your credit score. [Read more →]

If you have made the decision to repair your credit, you are not alone. Almost 80 million people in the U.S. have poor credit. So, can you do it yourself or do you hire a credit repair service or possibly an attorney to help? A typical service will charge you a monthly fee. My personal experience and others I know that have tried a service yielded marginal results at best. The speed at which things happened was like waiting for ice to melt. And who can blame them, they are charging a monthly fee. If you are reading this then most likely you have decided to do it yourself, and I hope to give you the tools and resources you will need for the journey. I have found that it’s not only possible to fix your credit yourself, but you will be able to do it better than any service can. [Read more →]

Are you the kind of person who pays off all their credit card bills at the end of each month? You might be surprised to find out this actually has an adverse affect on your credit. Because lenders make money by charging interest, your credit score is derived by your ability to maintain a monthly balance and make payments over an extended time period. This actually demonstrates to lenders your true credit worthiness and will help raise your score if done correctly. [Read more →]