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.