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      January 23, 2018

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TopConsumerReviews.com 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.

What is Credit History and Why is it Important?

From that first bank account to the latest credit card, an individualís credit history is the complete synopsis of how that consumer has managed their finances over their lifetime. For better or worse, itís all included in one handy document, which can be accessed by financial brokers, credit card companies and even potential employers.

A credit score Ė a three-digit number that is assigned through a mathematical algorithm which pulls data from a personís credit report Ė is partially determined by a consumerís credit history. A credit score, in conjunction with a personís credit report, is used to determine credit worthiness. It consists of 15 percent of a consumerís credit score.

Knowing how a credit history can affect everyday living is the best tool a consumer can possess. Landlords, insurance providers and even cell phone companies use a personís credit history to determine if they want to risk doing business with that person. Having a bad credit report Ė which is the result of not paying bills on time or forfeiting loans and other debt Ė will have lifelong repercussions for the potential borrower.

Itís best to build a solid credit report from day one. The ways to create a positive report include:

  • Pay on time. While this may seem like common sense advice, failure to make payments on time or to make them at all is the number one reason consumers have poor credit reports. In order to pay bills in a timely fashion, set a budget and establish a bill-paying routine so as not to miss any payments. Some online bill payment systems allow users to set automatic payments/deductions for bills that occur on a monthly basis. Using these features may be the best way to make sure bills are paid on time and not forgotten.
  • Pay the balance. Itís best to pay the entire amount due each month. However, if that is not possible, at least be sure to pay the indicated ďminimum amount dueĒ listed on the bill. Paying even a small amount on bills is better than skipping a payment altogether.
  • Donít overextend available funding. While it may be easier said than done, creating and sticking to a monthly budget is the best way to prevent overspending, which can result in the failure to pay bills on time.
  • Think before buying. Impulse spending is among the quickest ways to overextend available credit. Overextending credit almost always leads to failure to pay bills in full on time, which in turn results in a poor credit report. Establishing a monthly spending plan is the best way to know if there is wiggle room for additional spending on items that are non-essential.

If youíre among the estimated 220 million Americans who have bad credit, all is not lost. There are steps to take to help repair credit damage and improve your credit rating. The best way to repair poor credit is to consult with a consumer credit consolidation service, which can help consumers consolidate monthly loans and other debt into more reasonable payments.

Is a credit repair company friend or foe

Americans across the U.S. struggle with bad credit. When searching for a solution, credit repair companies seem like a great idea. For a fee, these companies offer advice or assistance to improve your credit score. However, there is really nothing a credit ...

Published:  Wed, 10 Jan 2018 10:37:00 GMT



10 Simple Ways to Repair Your Credit

Ending up with bad credit can happen to anyone. Even if you're careful, certain mistakes can be made that can send your numbers spiraling. Don't give up hope if that happens, though. Fortunately, there are many different ways you can start working on ...

Published:  Fri, 12 Jan 2018 08:57:00 GMT



Florida considers ending fee to freeze credit as Equifax leads gripes

In any case, credit reporting and repair companies represented the top category of CFPB complaints from Florida, according to lendedu.com, which calls itself a marketplace for finance products including student loans, personal loans and credit cards.

Published:  Sun, 21 Jan 2018 21:09:00 GMT



Planning to borrow for your kid's college Time to clean up your credit

No matter what college path, polishing your credit score will give you flexibility as you move deeper into college bills and second or third children. Steps to repair credit. For a good credit score and access to low interest rates, paying bills on time is ...

Published:  Sat, 13 Jan 2018 22:04:00 GMT



Don't Put American Express Stock on Your Credit Card

The firm made sure that you know that the quarterly dividend will not be touched, but it has to repair itself after this hit. One big buyer removed from price discovery in the secondary market. Get it Am I afraid of American Express No. That said ...

Published:  Fri, 19 Jan 2018 09:33:00 GMT



Roof repair permits not a bad idea

It is important to note that, to the credit of the City, this does not seem to be a top ... Nationwide, though, many jurisdictions require roofing repair permits, Flanagan said. Minot requires permits for new construction or roof replacement only, not ...

Published:  Mon, 15 Jan 2018 22:10:00 GMT



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