Introduction
We would like to take this opportunity to congratulate you on your decision to read "Secrets To Good Credit". Although this report is relatively short, it contains vital information that can vastly improve your credit rating. You'll soon discover that your decision to purchase this report was probably one of the best decisions that you ever made.. You'd have to look very hard to find a better value for your money.
Like many of us, you may have experienced some very unfavorable credit situations in the past, You may still be experiencing may or occasional credit rejections, The situation may have reached to the point where you're receiving daily calls from collection agencies, and or receiving threatening letters in the mail on a regular basis. These harassing phone calls can be very embarrassing when you receive them at your self esteem.
The fact that you took the time and spend the money to order this report tells us that you're ready to take matters into your own hand. You want to improve the quality of life for you and your family. Don't feel guilty for what may have happened in the past. Think of today as the beginning of your new life. The past is behind you. Let's concentrate on the future and the good things that are ahead for you. With the knowledge that you'll be able to face your credit future without any fear... because knowledge is power! You may be thinking to your self "my credit situation is unique".No it's not! Thousands of people in the U.S.A. are experiencing are have experienced almost the exact situation as yours, You may not know them, but they exist, They could be your next door neighbor, you kids school teacher, your hair dresser, your barber, your doctor, your insurance agent, or many other people that you encounter on a regular basis, All these people have literally "felt your pain" or are "feeling your pain",
Don't feel bad, You're not alone, Always try to be optimistic, Try to think of the glass as being half full instead of half empty. From our recent research we learnt that more than one million people filed bankruptcy in the past twelve months, That's an average of about three thousand people a day... or one hundred and twenty people per hour, As you can see you're not alone when it comes to credit or financial problems. Almost every category of people are affected, It affects young people, old people, divorcees, married people, single mothers, widows, widowers, and the list goes on. This is just the reality of life today. No one is immune from credit or financial problems, Even millionaires sometimes have to file bankruptcy. There have been some significant changes in the bankruptcy laws recently. As a result of the changes more people will be forced to file chapter 13 bankruptcy, That may not necessarily be the best option for them. The debt counseling industry will probably see a lot of increased business from these new changes in the law. Bands have may built in systems to protect them from consumer's inability to make their payments on time. They make a lot of money from late charges. over the limit charges. and other charges that they add on to your monthly revolving account balances.
If there's one good thing about filing bankruptcy, it's the fact that it gives a person a second chance. You can start over relatively fresh, free from may of your past financial obligations. Our intention in writing this report, is to open your eyes to what's available in terms of credit and how to use credit to your advantage.
Understanding how our credit system works...
The credit system can be a very wonderful thing if you understand it and know how to use it to get the results that you desire. If you don't take time to learn the system. you'll always be at a disadvantage when it comes to obtaining and maintaining good credit. You must learn the system thoroughly and apply the concepts to your advantge. If you have negative credit informaion in your credit file, you must work on having it removed or turned into positive informaion. If the negative information is a result of erroneous reporting, you must contact the business or businesses responsible and have them correct the situaion. Many times you may have to do the corrections youself. This you do by obtaining the necessary documentaions from whoever is involved and submitting them to the three major credit bureaus yourself.
If you have too much credit card debt and you can't afford the monthly payments, you can contact your creditors directly or use the services of a credit conseling company. What you or them will do is negotiate with your creditors to have your total mothly payments reduced to the level where you can manage it. Your creditors would rather ahve you pay them a portion of your total debt than have you file bankruptcy and receive just a few cents per dollar owed, or in some cases recive nothing at all. For this reason they are in most cases willing to negotiate a settlement with you or your credit conseling company. If you can come up with a lump some of money, you sometimes can get away with seeling for less than fort forty percent of your total debt. In may cases the credit card companies will contact you and make an offer for reduced payment after they realize that you're really having difficuly making you minimum monthly payements.
Restoring your credit
Let's say you have contacted you creditors yourself or through a credit conseling company, and have also contacted the three major credit bureaus and have removed all or most of the negative credit informaion from you file. You've also negotiated reduced payments, or ahve settled with your credit card companies. Now you need to start fresh and prove all over again that you're credit worthy. Your credit file needs to show at all times that you have some active credit, other wise you'll be like someone with little or no credit history. Believe it or not , there are people around who when you try to pull up their credit file they can't be found... or if it's found it reflects no payment history, event though some of them may have bought things on credit.
It's very important to have your credit reported to the three main credit bureaus. If you're buying any major items, or taking out a loan, or obtaining a credit card, make sure you do business with a compny that report your payment history to the three major credit bureaus. That way you can establish or build up your credit and have it recorded. Thus putting you in the credit system, where you'll be able to reap the benefits of the system. You may need to make a major purchase, like buying a car or a bouse at some future date, and you'll find that having a good credit history is a big plus. A good credit history tells your future creditors that you can be trusted, and you can handle credit reponsible. They'll be inclined to give you the benefit of any doubts they may have had about your ability to pay.
Here are some of the basic requirements for applying for and obtaining credit
If you do not know how the credit system works, you may take a lot of things for granted. You may also ignore may things that could help you in obtaing credit. Here are some of the absic requirements when applying for credit.
One of the most imprtant requirements is to ahve a home ddress. It has to bea physical street address. Not a Mail Boxes Etc address, or a P.O. Box address. It's to your advantage if you're living at your address tow years or more. If not you have to give your addresses for the past two years. Living at a place two years or more shows some type of stability. If you're moving and does nto have a permanent address at the time you apply for credit, it's not wise to give a hotel or motel as you address. It's better to use one of your relative's address. Again don't use P.O. Box or Mail Boxes Etc. addresses. They will show up in the system as "not a real address". Real verifiable addresses will score points on your credit report. The second thing that will score points for you is a land line telephone in your name connected to your street address. The third and probably most important credit requiremnet is employment. Having a steady job for two years of more scores big points. It shows stability . If you ssalary can cover your obligaitons as per credit requirements it's a big plus. Unfortunatelyif you're self-employed, and is a sole proprietor you're at a disadvatage. Creditors like to see paychecks and pay stubs. If you're self-employed it is to your advatage to incorporate. By doing that you can draw a salary from the corporation and use the company as you employer. Then your emplyemnt will be a positive instead of a negative on your credit file.
How high is you credit limit?
The total dollar amount of all of your unsecured revolving accounts is called Your high credit limit. That includes all of your major credit cards, plus your department store cards, your gasoline cards, and all other revolving cards or revolving accounts. Let's say all of your revolving credit card total $6,000.00 ...then you "high credit" limit is $6,000.00. That means that a creditor can look at your credit file and see how you handled $6,000.00 worth of revolving credit. He can check to see how you made your monthly payments, whether they were all made on time etc. He can also check to see how much of the $6,000.00 you already spent and how much is available. All things being equal if John has a high credit limit of $6,000.00 and Jane has a high credit limit of $10,000.00, Jane will probably at an s=advantage if they both applied for say $15,000.00 in additional credit. Jane already proved that she can handle $10,000.00 worth of credit, while John can only prove that he handled $6,000.00 worth.
What's your debt to credit ratio?
This is a very important figure when it comes to being approved for any kind of credit. This is your "credit track record" . It tells your potential creditors how you've used the credit that you've been given is the past. Your debt to credit ratio is simple the total amount at debt you have incurred relative to the dollar amount of credit that you still have available to you. For example if you had $20,000.00 in "high credit" and you have debts total $5,000.00 , your debt to credit ratio would be 25 percent. That would be viewed by creditors as a good credit ratio. You always want to keep your debt to credit ratio between 10 and 30 percent. When your percentage points start to exceed 30 percent your credit score drops. You want to maintain a credit balance , but at the same time you want to keep it below 30 percent will affect your credit score in a negative manner. Your creditors will think that your're not handling your spending in a responsible manner.
How to use credit cards to establish and build credit?
If you're new to credit or are starting over after bankruptcy, credit cards are the easiest way to establish and to build up your credit. You can start by applying for a store credit card. They're much easier to get than the major credit cards like Master card and Visa.Just make sure that the store that you're dealing with report payment your payment history to the three major credit bureaus, Experiential, Equifax, and Transunion. Most stores do. After you apply and receive your card, you goal is to use the card in a responsible way. Make sure your debt to credit ratio is between 10 and 30 percent of your "high credit limit". That means that if you have a credit with a $2,000.00 credit limit, your balance owed at all times should not exceed $600.00 which is 30 percent of your "high credit" limit ($2,000.00). If you keep a balance of zero, that's not going to build up your credit. That's like having no credit history. Keep your balance owed between 10 and 30 percent of your credit limit at all times. Make your payments each month and make them on time.
After about six months other credit card companies and loan companies will see that yo manage your credit responsibly and make your payments on time. Pretty soon you'll start getting offers from these creditors., in the form of credit cards and loans. When you accept any of these offers, make sure you know your "high credit" limit on each card or revolving account. Keep a balance of between 10 and 30 percent on each account and make your payments on time. Follow this scenario for another six months and you'll build up your credit score rapidly.
Let's say that in addition to your first credit card with a $2,000.00 limit, you received two additional cards with $1,000.00 and $3,000.00 credit limits, respectively. Now you have three credit cards with "high credit limits" totaling $6,000.00. In order to maintain a high credit score your total balance on these three credit cards must be between 10 and 30 percent of $6000.00. that is , you total balance for all three cards should be between $600.00 and $1,800.00. If you can keep the 10 to 30 percent debt to credit ratio on each individual card it's even better. By repeating this scenario over and over you'll build up your credit rating to the point where you're very satisfied.
Double your credit limit with 2 phone calls
Let's say you've had your three credit cards for six full months. You've made all your payments on time. You've paid at least the minimum payment each month... and you've maintained a debt to credit ratio of between 10 and 30 percent. If your creditors check your credit very responsibly in the past six months. In their mind you're a creditworthy individual.
Now you're in a position where you ask for credit instead of waiting for it to be offered to you. You can now pick up the phone call your credit card companies and ask them to increase your credit limit on each card. After checking you credit file, they'll gladly grant your request. Follow the same guidelines, and at the end of another six months, just pick up the phone and call your credit card companies again. Ask them to increase your credit limit again. With your excellent record they'll gladly oblige you. With these two calls and these two increases, most likely your credit limit will be double what it used to be. Keep doing this and in a couple of years you'll have all the credit that you desire.
Borrow up to $8,000.00 and more in as little as 48 hours...and pay no interest
This is a secret method that the wealthy people has known about for a long time. They use it to borrow big money for short and long term investments. In today's credit conscious society the average consumer is now getting knowledge of this method. Anyone can benefit...It's not for the rich folks alone. If you need the money just learn the secret and practice the method.
First step...using the 30 percent debt to credit ratio, build your credit score to above 700. Always carry a balance of less than 30 percent, but above 10 percent of the 'high credit limit" on your revolving credit card accounts. Never pay off the total balance on any of your card. You need to maintain some kind of a balance or the banks don't make any interest. If they can't make any interest on your account, then you're not valuable to them.
Now let's use a hypothetical her. Say you have established and built up your credit score to say 720. Let's say you have four credit cards, for $500.00, $500.00.$1.000.00, and 3,000.00 respectively. You've paid all four cards on time for 24 months. That's why you've built up a high credit score. Your credit is excellent, but you want to take your credit building to a higher level. This is how you do it. Pay off the total balance on your two $500.00 cards and also on your $1,000.00 card, So now you have three credit card with zero balances.
What you just did will significantly change your credit report. Within the next 30 days you'll start receiving many offers from other credit card companies. They'll send you balance transfer checks that they'll want you to put on the 3 lower limit credit cards that you just paid off. Most of the times these offers are pre-approved, because they already checked your credit and see that you gave a high credit score. Many off these offers are 100 percent interest free for up to 9 months.
You can float these balance transfers from one credit card company to another. This allows you to receive loans at zero percent for as long as you want...one year eighteen months...or more. By receiving and floating these checks you can easily acquire up to $8,000.00 and more in additional credit... interest free.It's true! you can save up to $100,000.00 and more in interest without refinancing your current mortgage. This is done by using the Bi-weekly mortgage payment system. With this system you make your mortgage payments every two weeks, instead of every month ...and it's usually done by direct deduction from your checking account.By paying your mortgage every two weeks instead of every month, you end up making two or more extra mortgage payments each year. You also payoff your mortgage balance much quicker by paying bi-weekly.
Her's how you save a lot of interest payment over the term of your mortgage by paying every two weeks instead of every month. Let's say your mortgage payment is $2,000.00 per month.If you paid your mortgage every month you'd make twelve payments for the year totaling $24,000.00. If you made your payments every two weeks instead, you'd make an extra two payments by the end of the year. An extra two payments would amount to $4,000.00. If you had a thirty year mortgage and pay every two weeks, you reduce your payment time by almost one third because of the extra $4,000.00 that you'd be paying each year. That's how you can save up to $100,000.00 and more in interest payments without refinancing.
Protect yourself from medical bill collectors
Collection Agencies are very aggressive and unscrupulous. Medical bill collectors are no different.However, when it comes to medical bill collectors, there's a little known law that you can use to stop them in their tracks. This is called "The Health Insurance Portability And Accountability Act Of 1996 (HIPPA). What this law does is ensure that your medical information is kept private.
It only allows for a limited release of you medical information. You have to give anyone affiliated with your private medical information permission before they can release it to a third party. The only exceptions are where they're bound by law to do so. This means that your doctor, pharmacist or a any medical provider need your permission before they and give anyone access to your private medical information.
In most bill collecting cases you most likely did not give them your permission to give theses bill collectors access to your private medical information. Therefore they're violating your privacy rights. Upon your request, they must retire your medical account and cease and desist from using your medical information for collection purposes. If the parties involved do not obey your request, you have the right to complain to the
U.S. Department Of Health And Human Services.
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The following are some important agencies, telephone numbers, and different forms that we think will be of great help to you when contacting or corresponding with different credit and regulatory Agencies.
The three main Credit Bureaus that issue credit reports in the U.S.A. are:
EQUIFAX EXPERIAN TRANSUNION
P.O. Box 740241 P.O. Box 2104 P.O. Box 2000
Atlanta, GA 30374 Allen, TX 75013 Chester, PA 19022
Tel. 800-685-1111 Tel. 888-397-3742 800-888-4213
www.equifax.com www.experian.com www.transunion.com
Every consumer is entitled to a free annual credit report from each of the above 3 Credit Bureaus. To contact the central source and obtain all 3 of these credit reports go to www.Annualcreditreport.com
Or call 877-322-8228. When you make contact, you can apply on line or ask them to mail you a copy of the "Free Credit Report Request Form". If you dispute any item on your credit file contact the three credit bureaus individually, and put your dispute in writing.
INNOVIS DATA SOLUTIONS: This company is probably the fourth largest credit reporting agency in the U.S.. They supply banks and credit card companies with your Credit information, for a price. If your credit info is not accurate these banks and credit card companies may not contact you with their pre-approve credit cards or other forms of pre-approved credit. To obtain your INNOVIS REPORT call 800-540-2505.
IDENTITY THEFT: According to reliable government sources identity theft affects millions of Americans each year. As much as ten million people fall victims to identity theft each year. You can be suspicious are be an alert for identity theft if you encounter any of the following situations. 1-unknown credit transactions on your credit report.2-many inquiries on your credit report of which you have no knowledge. 3- Somebody stole you wallet or pocket book. 4- You lost or was robbed of mail containing your vital credit information, such as drivers license number, social security number, credit card numbers etc. 5- Someone that have access to your credit information using your information without your permission.
If you suspect that you're a victim of identity theft, you can call the three major credit bureaus and put a fraud alert on your credit file. Fraud Alert numbers are: Equofax- 888-766-0008 You can keep the fraud alert on your file until you have the situation under control.
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Other information bureaus that can affect your credit
There are other information reporting agencies out there that can make your life difficult if you're not aware of them. They can cause you to be denied health or life insurance. sky-rocket your auto insurance payments, ruin your job opportunities, or deny you the Opportunity to live in certain apartment buildings.
These other database companies supply the three big credit bureaus with additional data, that can affect your credti rating. They supply information such as YOUR AUTO INSURANCE SCORE, YOUR HOMEOWNERS INSURANCE SCORE as well as your MEDICAL HISTORY. If they have negative or inaccurate information in their file, it can mean a lot of headaches or disappointments for you.
CHOICE TRUST
This is a credit reporting agency that keeps information and records that affects your homeowners insurance score, your car insurance score, your rental history report, and also your employment history. You can get a copy of your employment and rental/tenant history by calling 877-448-5732.If you call 866-312-876. you can get a free copy of your personal property or auto history report. If you want your homeowners or auto insurance score go to the website www.shicetrust.com
Medical information bureau...Information in your medical report will affect your life, health or disability insurance rates. If you encounter any problems when applying for insurance you can contact hem during normal business hours...at 866-692-6901
Abdalrahman
Abdalrahman
You are all perfect.
ReplyDeleteGod blessing you