Secured Credit Card – For Building Credit

Is a secured credit card right for me? Secured credit cards are a good first step in building credit for consumers with poor or little to no credit history. You’re pretty much guaranteed to be approved for the card since you will put up your own money as collateral for the credit you’re asking the bank to grant you.  That’s really …

Establishing Positive Credit

Pay revolving credit below 50%, 30%, or 10% of balance. But don’t close the account Ask for credit limit to be raised on revolving accounts Ask for your name to be added to a family member’s account – but ONLY if that account is clean Apply for a secured credit card, charge less than $20 total, then pay it off …

Resolving Court Judgments

Contact the court where judgment is registered – they may allow you to pay there or give you details about the business which is attempting to collect Pay the amount due – Make copies of all receipts / payments – Ask for a “Paid in Full” receipt Take the receipt to the court and ask them to give you a …

Resolving Collections Accounts

Contact the collections company (see contact details on credit report) Attempt to negotiate a reduced pay-off amount Ask them to put any reduced pay-off agreement in writing Pay off any legitimate debts Make copies of all receipts / payments Ask for a “Paid in Full” receipt Send letter and receipts to each of the credit bureaus asking them to remove …

The 5 Biggest Credit Myths

-Paying bills on time will improve my credit score – While it is definitely a good start, it is not the only thing that needs to be done. Since 35% of your score is based on your payments being on time, it is essential but it will only continue to raise your credit score slowly over time. Remember that if …

Disputing Inaccurate Credit Information

 Federal Credit Reporting Act Rules Under the FCRA both the credit reporting company and the bank or creditor holding your account are responsible for correcting  inaccurate or incomplete information in your credit report and must respond to your dispute within 30 days of your request. To get your free annul credit report, visit www.annualcreditreport.com How to Dispute Tell the credit …