How to Establish Good Credit

Go from a low 500 to a high 700

How to Establish Good Credit by Credit Repair Mike
When you have little or no credit history, applying for loans and credit can be difficult, if not impossible. Lenders like to see a record of payment history and a current credit score before they extend credit or loans. This information also helps them determine what interest rate to offer.

If you do not have a credit history, here are some ways to build it one:

Understand What Lenders Are Looking For

If you are looking to establish credit for the first time, lenders can’t look to your credit score to decide whether or not to lend you money. In these situations they have to examine other factors that can help them decide if you are a good credit risk or not. Here are basic guidelines to follow to establish or re-establish your credit:

1)		First and foremost, pay any bills that come your way on time.
2)		If you don’t have a checking account, open one. You have very little credibility with lenders if you don’t have at least a checking account and preferably a savings account as well. Just as importantly, be sure not to overdraw your bank account. Bouncing checks sends a signal to potential lenders that you can’t manage your daily finances and are therefore not a good credit risk.
3)		Establishing a relationship with a bank will improve your chances in obtaining a loan or credit card through them. If you already do business with a bank, they should be the first place to look.
4)		Open a charge card with a local department store or apply for a gasoline credit card. Pay off the entire balance each month. Remember, if you cannot pay off the balance each month, you are spending outside your means.
5)		Keep in mind that a lender or creditor may say you are approved for a particular amount, but that does not mean you have the resources to repay it quickly. Borrow only what you can afford to repay quickly.
6)		Another important factor lenders look at is your employment history. They want to see if you are able to hold a job or if there are periods of unemployment. Your ability to hold a steady job can improve the likelihood of getting approved.
7)		Lenders will also look to see how often you move and whether you rent or own. As with employment history, it pays to have a stable residence.
8)		Even without a credit history, it is possible to sign up for many utilities in your own name. Having an electric or gas bill, telephone, cable, or water service in your name also helps. Just having your name on these accounts won’t establish a credit score, but it can be helpful for first-time borrowers.
9)		Get a secured credit card. To obtain this type of card, you deposit a specified amount of money into a financial institution who will then issue you a bank credit card. The amount you deposit is your credit limit. After you maintain that account in good standing for a while, you may be able to obtain a regular credit card or loan.

 

Establishing Credit is Only the First Step

Establishing a good credit history takes time. There are no shortcuts or tricks that can take you from no credit at all to a high score in a matter of months. Remember – your credit score is based on a number of factors such as payment history, length of time you’ve had credit, how much you owe and much more. Here are a few “don’ts” to keep in mind:

1)		Don’t overdraw your bank account. You will be charged fees, and you can damage your credit record.
2)		Don’t miss payments on bills or loans. Late payments count against you.
3)		Don’t let other people use your bank account, credit card, debit card or ATM card. You are responsible for what they do with it.
4)		Don’t leave utilities (gas, water, telephone, electric, cable) in your name if you move. Always close out or transfer all accounts before you move. If accounts are in your name, they’re still your responsibility.
5)		Don’t forget to account for recurring bills on your credit card, such as subscriptions or club dues.

Thanks for Reading
Mike Watson
http://www.CreditRepairMike.com
619 743 8884

How Is My Credit Score Calculated?

We all have a Credit Score but how is this score Calculated? Credit Repair Mike in San Diego explains in detail how your FICO score determined and also shares some great tips.

What Items Are In Your Credit Report?

• Identifying information such as name, address, date of birth, and names of employers. Most of this data comes from information you fill out on credit applications.
• Trade lines – all of your credit cards and other accounts; the date that you opened the accounts, your credit limit, high balance, current balance, and payment history, etc.
• Credit Inquiries – voluntary and involuntary inquires including account review inquiries( from your current lenders), hard inquiries (for new loan or credit applications) and promotional inquiries (for credit card companies and other solicitation offers).
• Public Records (bankruptcies, foreclosures, wage garnishments, liens and judgments)
• Collection accounts.

Items That Are Not Included In Your Credit Score
Although this information may appear on your credit report, it is not taken into consideration for your credit score:

• Age
• Race, color, religion, nationality, sex or marital status
• Occupation, salary, employer, length of time employed
• Where you live
• Interest rates charged to you on credit cards or other account
• Any item reported as child support or rental history
• Certain types of inquiries (consumer initiated inquiries or promotional inquiries)

What Goes Into Calculating My Credit Score???

Call 619 734 9454 for more help

Payment History(35% of your score)

• Current payment record for car loans, mortgages, retail accounts, installment loans, credit cards, etc. on paid as agreed accounts
• Public records (bankruptcies, foreclosures, wage garnishments, liens and judgments)
• Severity of delinquency (length of time past due)
• Amount past due on accounts or collections
• Recency of delinquency or public record or collection
• Number of past due or derogatory accounts

Payment History Tips

• Pay your bills on time (new late payments and collections have the largest impact on the score.)
• If you are past due for any reason, Get Current! (The longer you remain current and pay your bill on time, the higher your credit score will be)
• Be careful about closing accounts (this may result in losing valuable credit score points associated with that account)

Amounts Owed(30% of your score)

• Amounts owed on revolving accounts
• Total amount owed on all accounts
• Number of accounts with balances
• Proportion of balance to credit limits on revolving accounts
• Proportion of balance still owing on installment accounts

Amounts Owed Tips

• Keep balances low on credit cards and other revolving accounts. A general rule of thumb is to keep your balances below 30% of the credit limit or high balance.
• Pay off debt instead of moving it around. (One of the most effective ways to improve your credit score is to pay down the balances on your credit cards or other revolving accounts. Owing the same amount but having fewer open accounts may result in a lower credit score. Keep as many of your revolving account below 30% of the credit limits of high balance. It may be beneficial to consolidate debt into one account, if you can get two or more account balances below 30% of the credit limit or high balance that were otherwise above that limit.
• Don’t open new accounts to increase your available credit. (This can backfire and actually lower your score)

Length Of History(15% of your score)

• Age of accounts
• Number of recently opened accounts
• Time since account activity
• Proportion of new credit vs established credit
• Re-establishment of new credit following adverse payment problems

Length Of Credit History Tips

• If you have a relatively new credit history, stay away from opening new accounts too rapidly. New accounts may bring the scores down temporarily, especially if you have a lack of credit or a lack of established credit history. Rapid account buildup can be seen as a risk factor.
• Re-establish yourself after prior payment history problems. Opening new accounts responsibly and paying them off on time will increase your credit score in the long term. This is not a suitable strategy for increasing the scores in the short term.
• Too many consumer finance companies can be seen as an adverse factor (creditors known to lend to consumers with less than perfect credit history).

Types Of Credit Used(10% of your score)
The number of various types of accounts (credit cards, retail accounts, installment loans, mortgages, consumer finance accounts, etc.)

Types Of Credit Tips
Apply for and open accounts only as needed. (Opening new accounts is not a short-term solution.) It is a good rule of thumb to have 3 open and active revolving accounts along with 1 to 2 installment accounts and one mortgage.

New Credit/Inquiries(10% of your score)

• Number of recently opened accounts
• Number of recent inquiries
• Time since inquiry
• Time since account opening
• Your credit score takes into consideration all of these factors. In some situations, one factor can have a larger influence on one person’s credit score. This depends on each individual credit situation and credit history.

Enroll Today.
We can get you Enrolled Today with our Affordable Credit Repair Today by Clicking Here. We Have:

• A 10 year track record
• An A+ Rating with the BBB
• A one time fee of Only $499 for a full 1 year service
• Removed over 680,000 negative items
• Over 167,000 satisfied customers
• Great Customer Service

Credit Inquiries

A credit inquiry will appear on your credit report when your credit report is pulled for purposes of extending credit or by your current lender for other purposes.

Hard Inquiries
These inquiries affect your credit score. When you apply for a mortgage, auto loan, credit card or other type of account, you authorize the lender to obtain a copy of your credit report. These types of credit inquiries, when prompted by your own actions, appear on your credit report and will impact your credit score. Avoid an excessive amount of inquiries. Excessive depends on the depth of the credit profile. More than 5 inquiries may be excessive for people with a lack of credit. If you are shopping for a mortgage or automobile and you know you will incur multiple inquiries, make sure you have your credit pulled within in a short, focused amount of time. Depending on which scoring system you are dealing with, you may have a 15 day, 30 day or 45 day window to shop for and apply for credit for the purpose of obtaining a mortgage of automobile financing, thus incurring inquiries without the inquiries counting against you separately. The scoring system recognizes that you are shopping and will count the multiple inquiries as a singular inquiry, if it falls within the allotted timeframe.

Account Review Inquiries & Consumer Based Inquiries
These types of inquiries do not affect your credit score. When you choose to pull your own credit report through an online resource, it is considered a consumer-based inquiry and will not affect your credit score. Also, many of your creditors or collection agencies have the ability to pull your credit report to review your account activity. Credit reports pulled by a prospective employer when applying for employment will not affect your score.

Promotional Inquiries
In many cases a company will pull your credit report in order to send you pre-approved credit offers or other promotional offerings. These inquiries do not affect your credit score. To prohibit the ability of creditors pulling your credit report for promotional purposes you must OPT Out by calling 888-867-8688.

Thanks for Reading
Mike Watson
http://www.CreditRepairMike.com
619 743 8884 Direct to Mike

Why is Credit Repair So Important

San Diego Credit Repair by Credit Repair Mike Why Is Our Service So Important?

Are you being turned down for home loans, refinancing, automobiles, department store cards, or even gas cards? Are you paying a higher interest rate than you should, or has your credit limit been lowered? Are you tired and embarrassed by the constant calls from creditors and collection agencies harassing you? Have you faced repossession or foreclosure? In today’s economic climate, a growing number of Americans suffer from negative ratings in their credit file including delinquent payments, judgments, collections, foreclosures and bankruptcies. Not only do these items prevent consumers from obtaining new credit when they need it most, clients may also face additional penalties such as increased interest rates on credit cards, higher late fees and over-limit fees, shorter grace periods and lowered credit limits. Call 619 743 8884 for info Most people with bad credit are not irresponsible, nor are they unwilling to pay their obligations. In fact, if you’re like most people, you probably maintained a good credit profile until an unforeseen circumstance like a layoff, medical problem, or divorce prevented you from making a few payments in a timely manner. The truth is that most people struggle long and hard to meet their obligations but the money coming in just doesn’t meet the bills going out. If the circumstances become serious enough, many people have been forced into foreclosure or to file for bankruptcy protection. More today than ever before, our increasingly tight credit market demands a high credit score. Why? Over three quarters of all lenders use credit scores when approving loans or credit. The importance of your credit score doesn’t end there. It’s also used to determine your interest rate, the amount of your down payment and the variety of mortgage types available to you if you’re buying a house, your ability to get a car loan, the premium on your auto or homeowner’s insurance, and even your ability to get a job. For example, some insurers are using low credit scores as indicators to identify individuals they believe are more likely to make claims against their insurance policies. These insurance companies maintain that there is a correlation between poor credit and filing multiple insurance claims. Last, but not least, if your credit score is on the low side, you’ll pay a higher interest rate on bank loans and credit cards, and may even see your credit limit decreased. Recent government surveys indicate that less than a third of Americans have viewed their credit report within the past year. Many more do not know their current credit score even though financial experts constantly advise consumers to review their credit reports for accuracy. A recent survey revealed that nearly 80% of all consumer credit reports contain serious errors or mistakes of some kind. This prevents millions of Americans from being able to purchase homes or automobiles, or finance other goods or services they need. You, very likely, could be one of those people with inaccurate information. Additionally, many people are paying astronomical interest rates, or have been denied financing unnecessarily due to low credit scores. Because your financial health revolves around your credit score, it is important that the information your credit report contains be as accurate and up-to-date as possible. Millions of inaccurate items have been removed from consumers’ credit reports since the Fair Credit Reporting Act was passed in 1971. Why shouldn’t YOU join them and start saving money right now?   Thanks for reading Mike Watson www.RaiseMyCreditScore.org

San Diego Credit Repair

Affordable San Diego Credit Repair Service, Credit Repair Mike

An accurate credit report is empowering … 

Go from a low 500 to a high 700

Will you be ready to buy a home, refinance a current one, or purchase a car when the time is right?

Understand what lenders want
Lenders know that a perfect credit score is rare, but they do like to see that you are stable and reliable. They want to know that you will make repayments on time and in full, that you aren’t already over-stretched, and that you can comfortably afford to honor your agreement with them. A spotty credit history that shows missed repayments or bad debts is a warning signal – it means that you could let them down too.

That’s why credit scores affect most of today’s lending decisions. Apartment rentals, insurance rates and even employment can hinge on your credit rating. Good credit determines whether you’ll qualify for competitive interest rates, get stuck with high rates, or qualify for a loan at all.

Rely on Financial Education Services
FES has helped several thousand people just like you restore, improve and maintain their credit. We have set the industry standard as a reputable credit restoration and education organization built on a foundation of integrity, character and an exceptional commitment to obtaining the best results possible for each client. Don’t trust something as important as your credit and personal information to anyone but the professionals.

With Financial Education Services Credit Restoration you’ll receive:
Highest Success Rate in the Industry
Fastest Results in the Industry
Money Back Guarantee
Fully Staffed Customer Support Team Dedicated To Your Success

 

Thanks for Reading
Mike Watson
Regional Sales Director
619 743 8884

www.CreditRepairMike.com

San Diego Credit Repair – How Mistakes Occur in Your Credit File

How Mistakes Occur in Your Credit File By Mike Watson San Diego’s Credit Repair Specialist We can fix your credit Ever wonder why your credit report has inaccurate information? Credit reports often contain errors due to one of the following reasons:  It is estimated that as many as 80% of credit files have errors. If your credit report contains errors, it is often because the report is incomplete, or contains information about someone else. This typically happens because: Visit www.CreditRepairMike.com and begin your credit restoration today for a one time low fee of only $499

Loans or credit card information is applied to the wrong account. This is a frequent occurrence with fathers and sons if a “Senior” or “Junior” is omitted when filling out an application. You may have unknowingly caused an error by filling out credit applications with different names. Here are two examples of frequent occurrences: You may fill out a department store credit application as Bill Smith and a mortgage application as William R. Smith. An applicant may apply for credit as Margaret Jones, Peggy Jones or Margaret Conrad-Jones. You entered your Social Security number incorrectly on the application. A clerical error was made when the lender transferred the data from the application. Payment data is applied to the wrong account by the credit bureau. Thanks for Reading Mike Watson 619 734 9454 7349454@gmail.com www.RaiseMyCreditScore.org Name(required) Email(required) Website Comment(required) Submit Δ

Establishing Good Credit in San Diego & Across the USA

Establishing Good Credit by Mike Watson San Diego’s Leading Credit Repair Specialist
http://www.CreditRepairMike.com

Go from a low 500 to a high 700

If you have good credit history or no credit history, applying for loans and credit can be difficult, if not impossible. Lenders like to see a record of payment history and a current credit score before they extend credit or loans. This information also helps them determine what interest rate to offer.

If you do not have a credit history, here are some ways to build it one:

Understand What Lenders Are Looking For

If you are looking to establish credit for the first time, lenders can’t look to your credit score to decide whether or not to lend you money. In these situations they have to examine other factors that can help them decide if you are a good credit risk or not. Here are basic guidelines to follow to establish or re-establish your credit:

1)		First and foremost, pay any bills that come your way on time.
2)		If you don’t have a checking account, open one. You have very little credibility with lenders if you don’t have at least a checking account and preferably a savings account as well. Just as importantly, be sure not to overdraw your bank account. Bouncing checks sends a signal to potential lenders that you can’t manage your daily finances and are therefore not a good credit risk.
3)		Establishing a relationship with a bank will improve your chances in obtaining a loan or credit card through them. If you already do business with a bank, they should be the first place to look.
4)		Open a charge card with a local department store or apply for a gasoline credit card. Pay off the entire balance each month. Remember, if you cannot pay off the balance each month, you are spending outside your means.
5)		Keep in mind that a lender or creditor may say you are approved for a particular amount, but that does not mean you have the resources to repay it quickly. Borrow only what you can afford to repay quickly.
6)		Another important factor lenders look at is your employment history. They want to see if you are able to hold a job or if there are periods of unemployment. Your ability to hold a steady job can improve the likelihood of getting approved.
7)		Lenders will also look to see how often you move and whether you rent or own. As with employment history, it pays to have a stable residence.
8)		Even without a credit history, it is possible to sign up for many utilities in your own name. Having an electric or gas bill, telephone, cable, or water service in your name also helps. Just having your name on these accounts won’t establish a credit score, but it can be helpful for first-time borrowers.
9)		Get a secured credit card. To obtain this type of card, you deposit a specified amount of money into a financial institution who will then issue you a bank credit card. The amount you deposit is your credit limit. After you maintain that account in good standing for a while, you may be able to obtain a regular credit card or loan.

Call 619 734 9454

Establishing a good credit history takes time.
There are no shortcuts or tricks that can take you from no credit at all to a high score in a matter of months. Remember – your credit score is based on a number of factors such as payment history, length of time you’ve had credit, how much you owe and much more. Here are a few “don’ts” to keep in mind:
You can Enroll TODAY in our Affordable Credit Repair Program for a one time fee of $499 with absolutely NO additional charges. We have a A+ with the BBB, a money back guarantee and great customer service.

Establishing Credit is Only the First Step

1)		Don’t overdraw your bank account. You will be charged fees, and you can damage your credit record.
2)		Don’t miss payments on bills or loans. Late payments count against you.
3)		Don’t let other people use your bank account, credit card, debit card or ATM card. You are responsible for what they do with it.
4)		Don’t leave utilities (gas, water, telephone, electric, cable) in your name if you move. Always close out or transfer all accounts before you move. If accounts are in your name, they’re still your responsibility.
5)		Don’t forget to account for recurring bills on your credit card, such as subscriptions or club dues.

Thanks for Reading

Mike Watson
619 743 8884
http://www.CreditRepairMike.com

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