One S Credit History

Category: Finance, Credit.

Do you have bad credit?

You might be applying for a credit card, attempting to secure a loan, or trying to purchase kitchen appliances, a car. or a house- all these transactions require you to have good credit. This can affect your life negatively because, you need to, basically have good credit to receive more good credit. People differ in their need for bad credit help. The first step in repairing bad credit is to clean up one s credit report. Some people require a complete overhaul of their credit report while others only require help via a quick fix or clean up. The second step is maintaining a good credit history.

It is advisable to check it often and carefully even if your credit is good. With the first step, you don t necessarily have to have bad credit in order to want to clean up your credit report. One prudent practice is to fix your credit report five to six months. prior to applying for car loans or a mortgage. You can secure this from banks and credit bureaus which are responsible for reporting negative data about you. Everyone who has had credit denied to them can get a copy of their credit report. It is recommended that you analyze your credit report twice a year just. to guarantee accuracy.

It must contain: one s full name and any previous names. After getting your report, check on the data contained in their order of importance. Social Security number. Lawsuits. Contact number. Liens. One s credit history.

Bankruptcy data. One s previous and present address. And marriages. Employment history. The most vital items to check on the list are: one s name, Social Security number and address. Accounts that were not opened at all.

Inaccurate account histories that list late payments despite up- to- date payments made. Lawsuits that one was not involved in. Bankruptcies that are over 10 years old. Liens which were never acquired or liens that have been discharged in relation to a bankruptcy yet are still listed. All negative data about you that is over 7 years old. A missing notation on a disputed credit card bill. Credit inquiries that are more than 2 years old.

Closed accounts inaccurately listed as open. There may be mistakes on your credit history due to human error, or an identity theft, or perhaps old records that need to be updated. And all accounts which have actually been closed but are not shown to have been closed by you. Regardless, these need to be removed from your credit report. You can give these letters through the Internet, via fax or regular mail. Submit dispute letters in order to clean up your credit report.

Don t try to call because you won t be entertained by the officials in charge. Be forewarned that this process may take up to 18 months with a lot of hard work on your part since you have to show proof that you can be financially responsible. After checking your credit report, you need to find ways to reestablish good credit. By persistently trying to post positive transactions on your credit report, you can eventually prove worthy of good credit status. Begin with those items that fall under the public records section of the credit report. First of all, pay back all your debts. Second, save as much money as you can in order to prove that you can manage your money and credit.

Should you insist on maintaining credit cards, pay off every outstanding balance and maintain only two cards at the most. Third, if you must make payments, use cash rather than credit. Fourth, set up a savings account that will prove you can manage money. Fifth, create personal links with the loan officer or branch manager of the bank where you established your savings account. This may also be utilized as collateral later on. Sixth, call on those creditors with whom you already have a clean slate to help you reestablish a credit line. Seventh, you might be able to convince an acquaintance who trusts you to enter into a cosigning agreement for you but make sure he or she is knowledgeable about cosigning loans before they do so.

They might assist you by checking at how regularly you paid prior to developing problems, as well as determining how long it took you to get back on track. Eight, if you can be approved for a secured credit card, do so since this is a smart way for a customer with bad credit to reestablish good credit fast. These retailers might provide you with credit even with all your credit problems. Ninth, you might want to apply for a retail card from furniture stores, and gas stations, appliance chains. Should you be denied, attempt to buy products using a layaway plan since this may eventually prove to the store that you can handle a charge card. This is the most essential method for maintaining a good credit history. The last and most important way to reestablish good credit is to pay your bills on time.

Remember, no one will trust you if you don t pay your bills on time and all your efforts at reestablishing good credit will go to waste.

Read more...

All Credit Cards Carry" Tiered" Interest Payments - Cecilia Nease about Finance and Credit:

Low APR cards.