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Free Credit Reports And Score

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1. Will closing paid off credit card accounts improve my credit score?

This will surprise many of you, but closing paid off credit card accounts can actually hurt your score in two ways. In "Your Credit Score", Liz Pulliam Weston explains:

A. Closing accounts can make your credit history look younger than it is. Your credit score factors in the age of your oldest account and the average age of all your accounts. So closing accounts, particularly older accounts can ding your score.

B. Closing accounts reduces the total credit available to you, making your debt utilization ratio soar. Remember that the FICO formula measures the gap between the credit you use and your total credit limits. The wider the gap, the better. If you suddenly lower that limit by shutting down accounts, the gap narrows - and that's a bad thing.

2. What's the best way to deal with a collection agency when you don't have the money to pay them?

The Federal Fair Debt Collection Practices Act clearly states that you do not have to deal with credit or debt collectors. You can stop collectors from calling and writing with a "cease and desist" letter. This is short for "cease communication". Once this letter is received by your collector, they will no longer be able to legally contact you by phone, at work, by fax, by certified mail, by nothing.

Of course, to improve your credit score, you will ultimately want to get the debt removed from your credit report by either getting the collector to agree to delete the item when you pay in full or by getting the credit bureau to delete the item.

3. Is there a limit to how many items I can dispute on my credit report?

Technically, no. But keep in mind that if you try and dispute 7, 10, or more items on your credit report at one time, you may not be taken seriously and the credit bureaus may respond telling you that your request is "frivolous and irrelevant."

I recommend disputing no more than five or six items at a time.

4. Is a 20 point increase in 72 hours possible?

There are literally hundreds of "credit repair" outfits promising to drastically repair credit scores in as little as 24 - 72 hours. Is it a scam? Believe it or not, this is not a scam. Rapid rescoring services can and do help consumers up their credit scores rapidly. But, it may not be as easy as you think. Here's what I mean:

Rapid re-rescoring agencies do not and cannot deal directly with consumers. They work with lending institutions. So you can't contact them directly to work on your behalf if you're a consumer.

Rapid re-rescoring agencies cannot and do not simply "remove" negative items. That is, they can't magically erase legitimately negative items. If, however, you have proof of an error, a rapid re-rescoring agency can quickly get the item deleted. Such proof might include a letter from a creditor explaining that your debt is paid or was never yours.

Rapid re-rescoring agencies cannot delete any items that are in dispute. If you already have an item in dispute with one or all of the major credit bureaus, rapid re-scoring agencies cannot delete the item(s).

5. What is fastest way to improve my credit score?

Pay your bills on time. Delinquent payments and collections can have a major negative impact on your score.

6. Where can I get my credit reports and credit scores?

I get my scores from www.suzeorman.com. I like using Suze's site because with a few clicks of the mouse you can get all 3 reports (from the major bureaus) and your FICO score, plus a kit to help you improve your scores.

7. Is personal information included on my credit report?

Personal information such as your race, color, religion, national origin, sex and marital status is NOT included on your credit report.

Free Credit Reports And Score

Having a bad credit history is something that many people have to cope with these days. Although you might think a bad credit closes many doors, there are still quite a few options out there. Bad credit loans exist to help you get through this difficult situation and start improving your credit rating. New Republic Financial is prepared to assist you in obtaining the bad credit mortgage loan which best fits with your situation.

A credit report contains all the information on your credit payment history. A mortgage lender uses this information in order to determine the amount of credit and the interest rate level you can obtain. The better your credit history is, the more satisfying your credit deal will be. Before offering you a credit deal, the lender is authorized to look over your credit history report and determine the specifics of the loan. A bad credit situation can be the result of many things, including late payments and bankruptcy. If your credit is bad you need to find a lender which accepts your application and credit history. At New Republic Financial we specialize in bad credit loans with flexible programs and policies.

Lenders usually look carefully at your credit history, especially to find out if you're used to paying your debts in time. If your credit report doesn't quite qualify in this category, don't worry, all of that can change over time and meanwhile you can apply for a bad credit mortgage. It's important to try to pay all of your bills in a timely fashion if you wish to make an improvement in your situation. Remember that your credit scores drop with the increasing of the time your bills are past due. If for some reason you can't avoid the delay, make sure it's not for more than 60 days, as it can cause a lot of damage to your credit rating.

When assessing your situation, a mortgage lender takes into consideration any debts you might have. Loaners realize that it's difficult to pay off a new loan if you are already committed to several old ones. As a general rule, lenders consider that non-mortgage debts should not be higher than 15% of your monthly home payment. Excessive debt leads to a bad credit history. If you are in this situation you might consider taking a mortgage loan debt consolidation loan. This solution enables you to increase your credit rating score over time by helping you make on-time payments.

You're probably wondering what your consumer credit report precisely contains. First of all, it includes the basics: personal identifying information. This information is made up of your name, date of birth, current and previous addresses, social security number, your current and previous employers and your marital status, including spouse's name. The credit report must also contain public record information (bankruptcies, bank liens and monetary judgments), credit information and inquiries. Regardless of you having good or bad credit, the loaner will also find out about any other loans you might currently have from banks, retailers or other lenders. Inquiries inform your prospect lender about any new credit loan applications you have made recently. Any loaner realizes the importance of having your complete financial situation when considering you for a loan so they need to know how many additional debts you already have.

If you're credit report score is less than perfect, remember you can still qualify for a bad credit mortgage loan. Many companies are committed to helping you get back on the right track and re-establish your credit situation. It's likely that you will pay a higher interest until you clean up your credit situation, but this is a small price to pay. Here at New Republic Financial we offer a wide variety of bad credit loans to choose from so that you can get started on improving your credit score and even your life.

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Both Myra Golden & Rick Martin are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Myra Golden has sinced written about articles on various topics from Family, Free Credit Report Score and Gardening. Myra Golden runs a credit score repair agency that helps consumers legally improve credit rankings. For credit score help, including tips for understanding your credit score, visit. Myra Golden's top article generates over 1600 views. to your Favourites.

Rick Martin has sinced written about articles on various topics from Finances, Travel and leisure and Mobile Phone Reviews. If you are wondering about how to obtain a , please visit our website! There you'll find complete information about. Rick Martin's top article generates over 90500 views. to your Favourites.

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