October 20, 2017

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Take Charge of Your Credit Score


Top Consumer Reviews Articles provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Take Charge of Your Credit Score

The bad news is that youíve come out of the recession with shaky credit but the good news is that poor credit is only temporary. Many Americans have suffered a serious financial setback in recent years. Remember that youíre not alone and itís not as embarrassing as you might think. But, itís time now to own your credit score and take charge of your financial health. Several steps can get you on the road to improving that fledging score into something that is much larger and more powerful in the eyes of lenders.

  • Take a look at the damage. Obtain a copy of your credit report from all three agencies. More often than not youíll find reporting inaccuracies. Hereís your chance to instantly improve your credit score. Dispute any inaccuracies with the respective lender. Often credit card companies are unable to provide proof of the negative occurrences and will be required to reverse the entry with the reporting agencies. Continue to periodically review your credit history to identify inaccuracies and monitor your progress.
  • If you still have any open credit cards look for those with unfavorable characteristics such as being over the credit limit. By bringing balances within the credit limit or preferably lower youíll see an improvement to your credit score. Ideally a credit balance is maintained at 30% of the available credit or lower to get the praises of credit card companies.
  • If you canít afford the minimum monthly payments on your existing credit cards many companies are willing to talk to you about creating a payment plan. This will not improve your credit score but will help stop the bleeding.
  • If you donít currently have any credit cards open in your name look for those that are designed for people in your situation. Secured credit cards that report to all three agencies are going to be your best option to directly improving your current credit score. Of course, thatís only if you spend responsibly and make monthly payments on time every month with no inconsistencies. When choosing a credit card make sure youíre mindful of the fees associated with the application process and any annual charges. Often youíll have to live with fees associated with these types of credit cards but make sure to identify the costs ahead of time.
  • Utilize your new credit card each month but do so in a responsible manner. Youíll get the biggest credit score boast by regularly using your credit card while keeping the spending down and paying off the balance each month when possible. You donít have to buy frivolous goods with your credit cards Ė use them to pay every day expenses such as cell phone bills or grocery purchases.

Taking charge of your credit score, after a rough patch, is a great way to get yourself and your credit history back on the road to financial strength. Consider opening a new credit card to prove to lenders that you can be a responsible consumer if given the chance.

Do Rewards Credit Cards Make up for Bad Interest Payments

Is there such a thing as a "good interest payment" on a credit card for rewards The answer may surprise you because it depends on you, what your goals are, and if it's the best rewards credit card. The answer also rests on how many "ėbad interest ...

Published:  Thu, 19 Oct 2017 08:06:00 GMT

Spouse's Bad Credit Killing Hopes of a Mortgage Save Your Home and Marriage!

Whether your spouse went on a few credit card-fueled spending sprees in grad school, has an old account collecting dust, or has a financial history that's much more troublesome-you're going to have to face reality. Because if you're looking to get a ...

Published:  Mon, 16 Oct 2017 01:00:00 GMT

What to Weigh When Considering a Secured Credit Card

If your credit needs work, your options are limited. Because each secured card is backed by a cash deposit, they're easier to get, even if you have bad or no credit. Your lender can keep the money if you fail to make payments on your credit card bill.

Published:  Tue, 17 Oct 2017 22:20:00 GMT

This is a Crash Course in Everything You Need to Know About Credit Cards

On a similar note, here's exactly how closing an old credit card can affect your score. And one more thing: What happens to your debt when you get married A lot of bad information makes the rounds on that front, so let's clear it up. Here are six ...

Published:  Thu, 19 Oct 2017 07:30:00 GMT

How to Get Cash Back From Your Credit Card

Flat cash-back credit cards are a great choice for people who want to earn a ... That said, its high minimum redemption requirement may make it a bad choice for smaller spenders. Cardholders would have to spend about $3,333 to meet its minimum redemption ...

Published:  Thu, 12 Oct 2017 03:15:00 GMT

60% of Credit Card Accounts Carry a Balance. Here's Why That Isn't Necessarily a Bad Thing.

It's generally a bad thing to carry a balance on a credit card. The typical credit card charges an interest rate of about 15% per year on balances, with some rising as high as 29% when penalty interest comes into play. Given short-term interest rates are ...

Published:  Mon, 16 Oct 2017 05:55:00 GMT

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