HOW TO BUILD YOUR CREDIT

When realizing that it may be time to rebuild ones credit may seem impossible, it's NOT!!!

1. Start by getting a copy of your credit report.
2. Keep the accounts in active status. Use the Credit Card at least once a month. Make sure you pay the minimum payments on time each month.
3. Get a secured credit card and use it as much as possible instead of your cash. Most banks will allow consumers to get a secured credit card by applying their own cash to it.
4. Become authorized by a family member. If you can find a family member that will trust you and put you on their account as an authorized user it will show on your credit history.
5. Get a department store credit card. Store cards are easier to receive, but usually have interest rates. This is a good way to establish credit just be careful that it's usage does not get out of hand.

BUILDING CREDIT

Do not open a credit card at every department store that offers one for 25% off the purchase price. In fact adding a new card once a year and having it remain open at least 5 years is a good gauge. Late payments and excessive card debt affects beginners more than it does consumers with larger and older credit files.

FACTORS AFFECTING YOUR CREDIT SCORE

Opening and closing credit can drop a score up to 60 points. The closer the balance on a credit card is to the limit, the more a score drops. If the balance is over 10%of the limit, the score can drop 100 points. A score is affected less by negative information as the information ages. Making an account current does not remove late payments in the past.

CREDIT REPAIR MYTHS

#1. Paying off a past-due account will change your account to a "paid" status and no longer reflect negatively. #2. Negative-listings are required by law to remain on my credit report at least 7 years. Laws sets a maximum number of years to remain on your score, but not a minimum. #3. Bankruptcies,foreclosures and tax liens can never be taken off my report. Wrong. Almost any negative listing can be removed.

CREDIT SOLUTIONS

Bad credit can happen to GOOD people; divorce, change in employment, medical bills, and other life situations can lead to bad credit. Don't be ashamed, take action. Call Banco Capital now. 1-800-442-1591

WHAT IS CREDIT SCORING

Credit scoring is a system creditors use to help determine whether to give you credit and decide the terms you are offered. The credit scoring system helps predict how creditworthy you are and how likely it is that you will repay a loan and make the payments when they're due.

14 Times When You Should Not Use Your Credit Card

1) After midnight
2)When your near your credit limit
3) When considering an extended warranty at the car dealership
4)If you're pay off one credit card with another, and its a habit
5) At a flea market
6) If you think your building your credit history
7) If you cant pay for half the purchases with cash on hand
8) When its all abou the rewards points
9)When you think prices may drop
10)To buy something from a website with a obscure foreign extension
11) If you dont have a plan for paying it off
12) If you're charging things that you used to pay cash for
13) When you feel that you'll save money by purchasing something you want rather than need
14) When the temptation for a big impulse buy strikes

http://finance.yahoo.com/banking-budgeting/article/110929/15-times-when-you-shouldn%27t-use-your-credit-card?mod=series-m-article-c