Articles and Tips November, 2008
Credit Report Errors? Or Deliberate Misreporting?
You just got a copy of your credit report and it is full of errors and accounts that aren’t yours. Your first reaction is to get mad at the credit reporting agency for being so stupid and ruining your life. But hold on a second there pardner… Before you direct your anger at the wrong place, you need to understand that the credit reporting agencies rarely make errors. The report you have in ...Using Bribes and Threats To Get a Good Credit Account
Yes, you read the title correctly. If you need to add a good credit account to your credit report (and the only way you can raise your credit score is if you have some good credit accounts), you can try using a bribe to get one. And , yes, this is legal to do! The best place to start when trying to add a new credit account is your bank. Go in and ...“SAFETY NET” Credit Scoring Factor
Lenders and credit card companies use your credit score to help determine how likely it is that you will pay back the money they lend you. Fair Isaac Corporation, the creator of FICO credit scores (the most commonly used credit scoring system) has a breakdown of the relationship between your credit score and your chances of being a “Good Player” vs. a “Bad Player” (see chart here). So, your credit score reflects an estimate ...How Many Credit Accounts Should I Have?
Many people ask me, “How many credit account should I have?” I could give you a “Well, it depends...” kind of answer, but you are reading this looking for real answers and advice, so I’m going to boldly give you an answer. I don’t know of any scientific study that suggests that my answer is the correct one. All I can tell you is, I’ve dealt with literally thousands of credit reports over the ...Need Cash? Try an “Income Blitz”
If you HAD to earn a bunch of money in a short amount of time, could you? Let’s say a friend, a family member, or maybe your pet had a life-threatening medical emergency and could only be saved if you were able to raise $2,000 in the next 30 days. Could you do it? Most people, if faced with that kind of emergency, would find a way to do this. You’d go to ...They ARE Plotting Against You – Watch Out For Universal Default!
Almost all credit card companies have adopted the policy of Universal Default. So what is Universal Default? This is the legal right for them to change the terms of your agreement if you become a riskier borrower. What kinds of changes can they make? Well, they can immediately raise your interest rate up to a predetermined “default rate” that you’ll find somewhere in the fine print of your credit card agreement. It is quite ...Universal Default – Yes, They ARE Out To Get You!
Read the fine print of virtually EVERY credit card agreement these days, and you will find a hard to understand clause called “Universal Default”. Most everybody understands that failing to pay your credit card bill on time can result in a late charge being tacked on. This has been going on for years. And many credit card users have learned the hard way that failing to make your payment on time can result in ...Is This Necessary? Evaluating Your Everyday “Latte” Purchases to Save Money
During World War II, when there was a nationwide program of gasoline rationing, there were signs posted along highways saying, “Is This Trip Necessary?” reminding people to not waste fuel. As we begin to get control over our finances, maybe a good sign to carry with us is one that says in bold letters, “Is This Purchase Necessary?” In his book, The Automatic Millionaire...S.P.F. Your Debt – A Formula to Pay Off Your Debts Without Getting Burned
Too many bills? Credit scores suffering? Credit payments taking every last dime each month? You try to pay a little extra on each account, but the balances don’t seem to ever go down? How can you possible get out from under this dark cloud of debt? Well, don’t fret. Sunnier days are on their way, if you can figure out a good way to start getting rid of some of your ...Latest Articles
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