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Should I close my credit cards to achieve good credit?

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Should I close my credit cards to achieve good credit?

January 04, 2011 Finivcredit Blogs by CEO

Should i close my credit cards at the bank to achieve good credit?

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repairing-my-credit

repairing-my-credit

January 03, 2011 Yahoo Answers by CEO

What is the best way to repair my credit?

Answer

Start by getting a recent copy of your credit report and analyze it look for errors, accounts that don't belong to you and any type of mistakes. Once you have done that you will know exactly whats affecting you. You also need to start establishing positive credit remember your credit scores will not improve by themselves you need to add positive credit to get credit history and to help the credit formula
35% Payment history
30% Amounts Owed
15% Length of credit
10% Inquiries
10%New lines of credit and type of credit

This is the formula used to calculate your fico scores. As you can see the biggest amounts need to be positive to help scores increase. Most credit reports contain inaccuracies and you can help yourself by challenging the companies and have them correct your records. There are several forums and websites that teach you different methods to regain good credit. Like the previous answer said it takes time and effort to get back there is no quick fix for bad credit. Another suggestion is hire a Legal Credit Repair company but before you do so research about them look them up online check their credentials make sure they are bonded and legal companies. And most important remember everything a legal credit repair company can do for you, you can do it on your own the only difference is the experience and time frame since most cheap companies keep you for years on their program companies like finivcredit.com if they allow you in there program they usually have you ready in 6 months or less depending on the amount of damage. Remember Credit Counseling is for everyone but credit repair is not. One very important thing you need to know Do not use dipute templates found online most of these templates have been placed by the same credit bureaus and you can get flagged by the bureaus as a frivoulous dispute. Use them as a reference and create your own in some cases the more personal the letter is the better chance of success you will have make sure you sign it and date it since the bureaus have a maximun of 45 days to respond to your disputes. Use valid reasons to dispute your negative items.

You can get your report from annualcreditreport.com but if you disute items investigations will take 60 days to get answered by the bureaus that is the only downfall of using it but its the only real free credit report.

I hope the info helps

Check out this websites for good info

Source(s):

www.finivcredit.com credit repair
www.mycreditkeeper.com credit report free for the first 30 days after that they charge you 9.99 you can cancell before the 30 days
www.creditinfocenter.com good info on credit
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm FTC website so you can educate yourself on what you can expect from a credit repair company
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Paid judgment still on my report?

Paid judgment still on my report?

January 03, 2011 Yahoo Answers by CEO

Paid judgment still on my report?

I broke a lease 5 years ago and at the time still owed them money. We went to court and I paid at that time everything in-full that they said I owed. I'm trying to rent now and my new place is asking about this judgment. Since I paid it off right away, shouldn't it be off my report? How long is will it be on there? And how much will this effect me now?
Answers
I am sorry to hear that unfortunately a Judgment is a public record and public records stay for 10 years on your report not 7, The not so bad news is that after two years it will not hurt you that much the older an item becomes the less it hurts. You can provide the receipt to the property you are trying to rent and most companies will approve you once you have paid a judgment if the judgment is still reporting as unpaid on your credit report you can forward the information the the bureaus and have them update the info for you. As far as your credit scores since you have just paid an item this will hit your scores and drop them for a couple of months since the date of last activity on the item will get updated to the date you made the payment.

I hope the info helps
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Trading in car, should I continue to pay more than the minimum?

Trading in car, should I continue to pay more than the minimum?

January 03, 2011 Yahoo Answers by CEO

Open Question

Trading in car, should I continue to pay more than the minimum?

I am in the process of paying off debt to improve my credit score. I also plan on trading in my car in about a year. I generally pay $100.00 over the minimum payment on my car. Should I continue to pay more than the minum payment on my car or just make the minimum?

I cant figure out which is more important my revolving debt (credit cards) or my Car Payment?
Answer
Great question paying off your debt early its not always the best way to improve your credit scores. Revolving debt is always better to keep at a balance 0 or with a very low balance. Installments build history but until they don't have enough months of good payment history they are actually not helping that much your scores. Revolving debt is considered as more of a risk because if you were to become unemployed chances are that you might start living off your credit cards and even default on them. As compared to an installment loan that was maxed out from the beginning and you are paying down on a balance and you don't have access to the money you have paid. As far as the trade in your scores might still get affected at the moment you trade your vehicle because the old loan will be closed or paid and a new loan will be open and until it start building history its going to be a new account. I recommend you open mycreditkeeper.com if you want they have a credit tool called the what if scenario where you can run different scenarios of what will happen if you pay off debt or if you pay off collections its a great tool you should check it out and btw i am in no way affiliated to mycreditkeeper i just recommend it since its an amazing tool to check scores and to keep an eye on your scores without having hard inquiries every time you pull your report.

Source(s):

mycreditkeeper . com
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What is the best credit monitoring service to use?

What is the best credit monitoring service to use?

January 03, 2011 Yahoo Answers by CEO

What is the best credit monitoring service to use?

I would like to know what is the best credit monitoring service to use. I want to be able to see my credit scores from all three credit reporting agencies, get alerts when credit is ran, all three credit reports, and be able to protect my credit with a password. Any idea what the best option would be?
Answer
I recommend mycreditkeeper.com they have a great service they give you 30 days free and provide you with your 3 scores. I have personally used every monitoring service out there and most of them are very inaccurate I have compared each of them to an actual report pulled by a mortgage company and the closest one in scores and info is always mycreditkeeper.com, they also have one of the lowest monthly fee of 9.99 a month and provide you with a 1 credit pull a month with 3 scores and a score tracker from Experian. As far as protecting your credit with a password i don't know if by that you meant to avoid companies from accessing your report to provide you pre-approved offers if that is the case you can get your info into the op-tout website that way your information will not be sold to credit card companies. Now if you believe you have been the victim of ID theft first of all file a police report and then submit a credit freeze alert to the three credit bureaus this will set a record on your report that will protect you from any future accounts created under your name without your authorization. After that find any inaccurate accounts and dispute them with valid reasons this should help you.

Source(s):

http://www.mycreditkeeper.com Credit Report
https://www.optoutprescreen.com Opt Out from credit card offers
http://www.finivcredit.com Credit Repair if you need help with removing innacurate items from your report
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Facts for Consumers regarding Collectors

Facts for Consumers regarding Collectors

December 31, 2010 Finivcredit Blogs by CEO

Facts for Consumers

Debt Collection FAQs: A Guide for Consumers

If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector service may be contacting you.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.

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New Year’s Resolution

New Year’s Resolution

December 21, 2010 Finivcredit Blogs by CEO

New Year’s Resolution

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Common Questions About Credit

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Common Questions About Credit

December 16, 2010 Finivcredit Blogs by CEO

1. What is a Credit Score

A credit score is an indicator of how likely you are to default on a loan or credit card in the next 24 months. This information is used by credit grantors when evaluating your credit for approval. Your BEACON®, FICO® or EMPIRICA® score is based solely on information in your credit file maintained by the credit reporting agencies. Other scores may be based on a combination of credit information and other information that you supply on your credit application.

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Credit Mistakes and Credit Education

Credit Mistakes and Credit Education

December 10, 2010 Finivcredit Blogs by CEO

1. Paying Bills on Time Will Improve My Score

 

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Finivcredit Counseling Services , Finiv LLC. All rights reserved. Finivcredit does not provide tax or legal advice. If you are in need of legal advice, you must seek and contact a licensed attorney. Comments about the possible and/or potential outcome of Client's matters are based upon experience and prior success in previous clients in these matters. Finivcredit does not guarantee the permanent removal of accurate and verifiable information. Finivcredit can only assist in the removal of inaccurate, unverifiable and untimely items from Client's credit report, Clients agree to the participation in providing Finivcredit with all requested documents, forms, and information including investigation results that are essential for the accomplishment of an accurate credit report. Individual results will vary every case is different. Copyright © 2009 FINIVCREDIT All content in this website is copyright protected.
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