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[I540]Is The Holiday Season

by Jim Kemish, Jim

Credit Repair and Holiday Spending

Credit repair is all about restoring and improving your credit. The holiday season makes financial demands on us that can send our credit scores into a tailspin if we are not careful. From Thanksgiving through New Year Day many of us find ourselves spending money faster than any other time of the year, which can create a potential credit repair challenge.

Credit Repair Facts

Parties, family dinners, gifts, travel, and even home decoration quickly add up. By the time our January credit card bill arrives we can rack up an impressive and daunting balance. In the world of credit repair, knowledge is power, so let's take a look at the facts and see if there is a way to mitigate the collateral damage.

Revolving Debt is Not Always Bad

There is really nothing wrong with revolving debt. Credit cards can be handy, and on occasion they can be a lifesaver. Life is full of unexpected surprises. The car may need repairs, the refrigerator might break down; the list of possible surprises is endless. If you don't have reserves, or just want to manage your cash flow, credit cards can be a convenient resource.

When Every Point Counts

The problem with revolving debt arises when it impacts your credit score in a moment that you need it for a major purchase. Many people turn to credit repair in these situations for urgent help. If you are getting a mortgage you should be aware that every point on your credit score can affect your interest rate. Automobile financing is also credit score sensitive.

Credit Repair and the Right Score

If you are going to benchmark your scores for credit repair purposes you need to be aware of the different credit scores available. The credit scores that lenders use when underwriting your loans are called FICO scores. FICO is an acronym of Fair Isaac Corp, the developer of the credit scoring model.

A Caution about Bureau Scores

Credit bureaus do not sell FICO scores directly to consumers. The credit scores that you can purchase from the credit bureaus and their army of internet vendors are not the scores used by lenders and often differ by 100 points or more. These scores can provide useful information, but are of less practical use for your credit repair.

Credit Repair and Revolving Debt

If you want to purchase your genuine FICO scores you need to visit MyFico.com, the website of Fair Isaac Corp. All three scores currently cost approximately $50 combined. The FICO scoring model puts significant emphasis on your revolving debt. The most recent release of the scoring model acknowledges five different levels of card usage: 20, 40, 60, 80, and 100 percent.

Balance Up Scores Down

The more of your available limit you use, the more impact it will have on your scores. You should think of a balance between 40 and 60 percent of your total available limit as neutral to your credit scores. If your balance is over 60 percent your score will fall. Over 80 percent, your score may fall up to 50 points depending on the overall strength of your other credit, and if you max out your balance expect to lose over 100 points; this is credit repair trouble.

Balance Down Scores Up

Conversely, the lower your balance, the better your score will be. If your balance is below 40 percent you will get bonus points, and below 20 percent you will be optimizing your score. If you need your credit to be at its absolute best try to reduce your credit card balances below 20 percent of your available limit. This can produce credit repair magic.

Allow Enough Time

Here is some holiday credit repair cheer. If you run up your balances, don't worry. As soon as you pay down your cards your scores will rebound as if nothing happened. If you do not need your scores anytime soon don't worry about your balances. Spend as necessary, but beware that when you need your scores it can take 60 days for the credit bureaus to report the new reduced balance, depending on the reporting cycle of the particular card issuer.

Easy Post Holiday Credit Repair

Have fun during the holidays, and do what you need to do. But be aware that when the season is over, if and when you need your credit scores to be at their best you will want to put your credit repair plan in action and pay those balances down as much as possible. Happy holidays!

Now that daylight savings time is over, its dark when people leave in the morning and come home at night. Entire neighborhoods can be dark at 4 p.m. in the afternoon and criminals look for the homes without lights on. Criminals figure there must be something worth stealing this time of year, gifts or something.

Simply being more alert and vigilant this time of year can reduce your chances of being a victim. Keep these tips in mind to reduce your chance of a holiday break-in:

1.Keep all windows and doors locked, even when you are at home.

2.Buy a timer for your indoor lights and adjust it to reflect the early nightfall and late sunrise.

3.Install motion detector lights around entrances to your home, especially in the back yard where most attempted forced entries occur.

4.If you dont have a dog, consider a $100 investment and buy an electronic barking dog alarm. This clever device senses when someone is approaching your home and emits the sound of a barking dog getting louder as a person gets closer to it.

5.If you leave your home for more than a day, have your newspapers and mail held or ask a neighbor to collect these for you.

6.Hire a lawn service to plow out your driveway while you are gone, or ask a neighbor to shovel it for you. This makes your home appear lived in. You dont want to have to shovel out your driveway immediately upon returning home anyway!

7.Keep your garage door closed, even when you are at home. Dont provide potential thieves with any extra temptations.

8.Keep your cars locked and remove all valuables, or put them in your trunk, out of sight.

9.Use deadbolt locks with a high security strike plate and long screws.

10.Consider buying a wireless home security system. These entry level systems are very affordable, yet still quite effective. They will automatically dial your cell phone number when movement is detected by a sensor inside your home. You can even listen in to activity inside your home with a built in microphone embedded in the alarm system.

11.Keep trees and shrubs trimmed away from the house, so criminals dont have a place to hide.

12.Last, but not least, look out for your neighbors. Call 911 at the first sight of anything suspicious no matter what. Its always better to err on the side of caution than missing the opportunity to catch crime as it happens.

Keep these tips in mind and you will significantly reduce your chances of being a victim of crime this holiday season.

Article Source : Pg. 7

About Author

Both Jim Kemish & Steve Lane 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.

Jim Kemish has sinced written about articles on various topics from College Student Loan, Credit Loans and Free Credit Report Score. Jim Kemish, a nationally recognized consumer advocate and credit repair expert, is the president and founder of Sky Blue Credit Repair, a leading service. Jim Kemish's top article generates over 301000 views. to your Favourites.

Steve Lane has sinced written about articles on various topics from Gadgets, Business Loans and Wireless Security Camera System. Steve Lane is an expert in the field of self defense, home security and crime prevention and operates an online business Self Defense Shop. Visit his store to learn some ways you can protect yourself and your loved ones from crime at. Steve Lane's top article generates over 4400 views. to your Favourites.