8 People You Should Not Trust With Your Credit Card

1.) Your child who lacks education and maturity. 2) Callers investigating credit card scam. 3) Loved ones - 13% of identity thefts are by those close to you. 4) Hired help. 5) Virus protection heroes and new protection software. 6) Restaurant waiters - check receipts and statements carefully. 7) Debt collectors. They will often charge your card with more than you agreed. 8) You. The smartest people do the dumbest things.

KEY WAYS TO IMPROVE YOUR CREDIT SCORE

First pay your bills on time. Second, don't get close to the edge or use more credit than you really need. And third, don't apply for new credit unless you absolutely have to.

CREDIT OPTIONS FOR A NEW MORTGAGE

If seeking a mortgage you can either search for the best offer with your current credit situation or focus on credit restoration and eliminate a poor credit situation in 90 to 120 before you purchase your home. With poor credit, you will pay more in closing costs as well as hundreds more each month in house payments. You may also end up paying a PMI fee, which is a form of insurance because of your bad credit.

RELIABILITY OF CREDIT RESTORATION

Disputing errors on your credit report can significantly raise your score. On time payments influence 35% of your score. High revolving debt hurts your credit score. Paid charge-offs do not restore credit unless they are reflected as "paid as agreed"

"Credit Score" is a ranking not a rating

Your credit score is a ranking of your credit worthiness compared to the rest of the US population at a specific point in time. Market conditions and a bad recession affect your credit worthiness. Therefore improving your credit score is not always within your control.

CREDIT REPAIR IS BIG BUSINESS

"Credit Repair" is not a dirty word in the midst of a collapsed economy and $1.5 trillion in bailouts with consumer money. Consumers should be responsible and pay what they owe, but 70% of the information on your credit report is inaccurate and creditors often re-age items on a credit report.

SIX BAD CREDIT ITEMS YOU NEED TO AVOID

1) Bankruptcy which typically stays on your report 7 to 10 years. 2) Debt Collections. 3)Foreclosure which limits your ability to take out new lines of credit. 4)Charge-offs or noncollectable accounts. 5) Lawsuits and outcomes stay on your report 7 years. 6) Tax lien which remain on your report 15 years if unpaid; and 10 years if paid.

Six Bad Credit items that you need to avoid

It is quite easy to have a mishap in terms of your credit but banks,creditors and lenders all use your credit report as a indication of your finacial standing. Mistakes and situations arise daily. Here is a list of items you should hope to never grace your report. Delays in repairing your credit could cost you thousands that could be saved for your retirement,your child's tutition, or that vacation you have always wanted. 1. banruptcy 2.Debt collections 3.Foreclosure 4.Charge-offs 5.Lawsuits 6.Tax liens.Each of the accounts reported on your file typically stays on your credit report for 7 to 10 years.

How to Approach Credit Restoration

You can do credit restoration one of two ways. Do it yourself or seek the assistance of a professional. You need professional advice if you encounter divorce, loss of work, collections charge-offs, late pays, tax liens, repo's and judgements. Call Banco Capital at 248-286-5100 and we will give you our professional opinion

AVOID IDENTITY THEFT

1) Put work # on your checks, not home #. 2) photocopy both sides of everything in your wallet. 3) Do not sign back of credit cards. Write "photo id required" 4) Keep toll free number for each credit card in one place. 5) Call the 3 national credit reporting bureaus to place a fraud alert on your name and social security number in the event your information is stolen.

Jumpstart the Credit Process...

In order to get the best deals in life's most important offerings, you need to pay full attention to your finances. If you have bad credit, you'll be left with bigger down payments, higher interest rates, and stricter terms. The first thing you need to accopmlish is getting a copy of your credit report. Under the FCRA federal law, you are entitled to a copy of your credit information every year. The next thing you have to do is very important. Fixing the damage you have caused your finances.If you choose to fix your credit alone you could damage your credit futher. Third, you should turn to a attorney assisted credit repair.

3 Key ways to improve Your Credit score

A Fico score is a measure of consumers financial health and creditworthiness. It's the number ranging from 300 to 850 higher the better. The average Fico score is about 700 and pretty much every bank uses a Fico score when making lending decisions.
Fico creates the score by simply feeding numbers into its formula based on statistical evidence with no judgement or evaluation or emotion.The main factors that are taken in consideration are.
How much total in debtedness a consumer has.
How long they've had the debt."Newer relationships are riskier than things you've been paying over a long period of time
How much available credit is being used:"If you're close to the edge on your credit cards, that a danger signal."
Three key ways in which people can improve your score First pay your bills on time. Second don't get close to the edge.Don't use more credit than you really need. And third don't apply for new credit unless you absolutely have to.

DO YOU KNOW?

Less than 10% of people look at their credit score annually, but wait until they get ready to buy a car or real estate or refinance. 25% of credit reports contain errors serious enough to result in denial of credit. 79% of credit reports contain errors of some kind. 54% contain incorrect addresses, misspellings and long-outdated information. 30% contain closed accounts or incorrect reporting of accounts.

A Season of Resolutions

Resolve to free yourself of credit card debt by #1 Evaluate the necessities; #2 Make payments strategically; #3 Don't pay less than the minimum; #4 Negotiate and most importantly #5 consult a professional about credit restoration.

Achieve Financial Security

Credit repair is about financial health. The benefit is money in your pocket. Lower cost of borrowing and doing business translates into more room in your budget for saving. Time does not heal issues of the past. You need to take an intelligent approach to credit repair. Stay away from store cards (clothing, furniture, etc.). Build your credit with MasterCard, Visa, American Express and Discover Cards. A maxed out credit card can knock 100 points off your score.

WHAT AFFECTS YOUR CREDIT SCORE

There are a host of factors that affect your credit score.Getting a new cell phone contract, car loan or opening up a new credit card all affect your score. Late payments stay on your score 7 years and bankruptcy stay 10 years. Close unused credit cards and spread out the use of credit among the cards you carry. Check your score at least once a year because 80% of scores have misinformation.

WHAT IS CREDIT RESTORATION?

Credit restoration is a well-planned strategy to fix an individual deficient credit rating. This is meticulously done by updating or correcting one's credit report until it totally reflects a credit rating in good standing. First thoroughly check your credit history. Next clear up all unsettled balances.

UNDERSTAND YOUR CREDIT SCORE

A few years ago 700 was the barrier for getting approved for the best rates. A goal line now is 760 to ensure getting the best rates. The lowest acceptable score was 500, but is now 600 to 620.