Free Instant Credit Reports – Score

Bob Halton asked:




Most people don’t pay much attention to their bills. If the amounts seem right compared to last month then out goes the payment. The fact is, there could many mistakes on your credit statements and when they accumulate overtime, they show up on your credit report thus reducing your score.

That’s a mistake that costs people thousands of dollars in high interest rates and in delinquency fees. You must frequently check your credit in order to keep track of these mistakes for all your accounts. That way you will have the peace of mind and save tons of money in interest rates.

Currently, you probably have many mistakes on your credit and you must rectify them using the steps below.

Instant Credit Report Repair Outline

1. Find an online credit resource and obtain a copy of an instant credit report for the past 2 years.

2. Filter the report and mark down and fees incurred or interest increases and compare to your accounts book.

3. Call the companies in question and rectify the matter.

This process will literally take 5 minutes but will save you thousands of dollars. After finding out they had a made a mistake the credit companies will credit your account and they may also decrease your interest rate.

This means you won’t have to pay your next months bill because of the credit and also you will save a bundle in interest charges from then onwards.

The important factor to begin the entire process is to review your credit report. By taking this first step you can rectify a lot of mistakes and save yourself money.

Franklin

Manshu Verma asked:




How does applying for a credit card hurt my credit score?

Every time you apply for a credit card, the credit card company makes an inquiry into your credit report. These are also known as hard pulls. Each of these credit inquiries or hard pulls, take away around 5 points from your credit score.

The rationale behind taking away points from your credit score when you apply for credit, is that, it is harder to control multiple lines of credit when compared to just a few. It also shows a tendency that leans towards getting excessive credit and then getting into a spending spiral, which may become difficult for you to get out of and as a result your chances of default become high.

These inquiries show on your credit report for a period of one to two years, but the dent in score itself will be rectified in about a couple of months, if you do not abuse your newly available credit.

If your credit application gets approved, then your score will rise fairly quickly because the additional line of credit will give you a boost. Along with this, your ‘debt is to available credit’ ratio will also improve and that will help boost your score too.

Be aware of the credit application spiral

The people who are worse hit are the people whose credit application gets rejected. When their application gets rejected, their score goes down. However, since their application has been rejected, they apply again thereby reducing their score further and chances are that they will get rejected once again. This is a vicious circle and if you get into this kind of thing four or five times, then your credit score takes a bigger hit.

So be careful, and next time you are tempted to apply for that store credit card that will give you $10 off on a new shirt, think twice!

Jessie

Ann Richter asked:




When a bankruptcy appears on your credit report, you feel as if you have to get used to being denied credit or a loan because of it. You have been told that this information will stay on your credit report for a maximum of seven years, too. For a while now, you have been interested in doing some type of credit repair. But, you have heard from friends that doing anything like this after a bankruptcy is difficult to do. You’d like to remove the bankruptcy from your credit report so that you can have a clean credit record, but you just aren’t sure how to go about how to do this.

You know that it’s not just the gas companies and department stores that are checking your credit when you apply for an account with them. When you applied for a new job last month, you were turned down because of your credit record. You’ve been told that the insurance company you use will be checking into your credit file when the time comes for you to renew your car insurance. Once they see that bankruptcy on your record, you are afraid that you will be hit with a huge rate increase.

It’s Not Always Your Fault

It’s enough to make you feel like a failure, and you’re not alone. Almost everyone who has been forced to file for bankruptcy feels this way, too. For some reason, people in the United States seem to look down on those who have bankruptcy on their record, and this just is not fair. You had no control over those medical treatments you had to go through after your car accident. You could not help that you missed so much work that you got way behind on your bills. And, neither could many other Americans suffering from the same problems as you.

You can’t even get a job anymore without having to answer questions about whether or not you have ever filed for bankruptcy. It’s listed right there on the job application, and you are required to fill out that section, too. What’s a person to do? People have told you that it isn’t possible to remove such a stigma as bankruptcy from your report.

Did you know that it is the law that you can dispute an item on your credit report that is wrong or listed in error? The credit bureau has to prove that the information contained in your file is true. You need to be the one who makes sure that the information in your credit file is accurate and up to date. Since a bankruptcy stays on your credit file for so many years, you should start trying to up your credit score so your credit can be restored as soon as is possible under the circumstances.

Patricia