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Understanding your credit and Building your Credit

Whether you are Miss. Oprah or late King of Pop Michael Jackson we all need credit to buy a home or a car even to buy an iPhone. Here I will take you step by step on how to build you credit. In today’s economy building a credit can be compared to building your good character when trading good services during traditional times.

The credit score is very important of your financial health like building your body muscles.  It is a slow process one has to work at it constantly. There are no easy answers. There are lots of miss information’s

Out there on the internet. One can build your credit in 30 or to 45 days, it’s not to happen.

It may take at least 6 month to establish your credit history and set a fico score

One can obtain credit in 2 forms.

  1. Secured Credit: is when you are asked to provide something of value as a grantee that will re-pay your debt
  2. Unsecured credit: require no guarantee.

If you credit score is low it can negatively impact your life such as a.When applying for a job renting an apartment buying a home/car With the information you will be able to maintain an A+ credit score. Open and maintain a credit account, establish a secured credit card account in your name, use it wisely, and make sure to pay your balances in time. Follow your budget Remember do not spend more than you have

  1. Pay the bills in time, (Pay all the bills on or before the date they are due).
  2. Avoid excessive inquiries into your account (Hard credit inquiries are typically placed on your report when you apply for a new line of credit. This may remain on your credit report at least for two years). (Cool, soft inquires, if you visit a9car, you will be able to find link, and from here if you inquire it will not impact your score).
  3. Check your credit report regularly (Free from a9car) to makes sure it has no errors.

How the credit works!

Every time you make a purchase with a credit card or get a loan you are using credit. When you use credit you borrow someone else’s money and agree to pay interest and other fees until all money is paid pack. The amount of money you borrow directly correlates to the total you will pay in interest and fees.

Advantage of using credit,

You can buy needed items now, do not have to carry cash, record of your purchases. You probably use credit without know it. Credit card can useful to help you to manage your finances. However, if you do not use them wisely this useful tool can turn into financial disaster and keep you from getting a job, as I mentioned above. Use credit with caution before charging a purchase on your card; ask yourself do I need to make this purchase

The following is the contact information of the three major credit bureaus

  1. Equifax,

P.O.Box 105873 Atlanta, GA 30348 www.equifax.com Phone: 1-800 685 1111 Credit Score low 300 to high 850

  1. TransUnion Corp

P.O.Box 390, Springfield, PA 19064-0390 www.transunion.com Phone: 1-800 916 8800

  1. Experian P.O.Box 2350, Chatsworth CA 91313-2350 www.Experian.com Phone: 1-888-397-3742 or 1-714 830-7000

Credit score may vary from different credit bureaus. Why because all your creditors report different dates. Some may not report to all the 3 bureaus.  Your credit score is between 350 to 850 ranges.

If you are thinking of buying a car/home or getting a personal loan your credit score is very important number. Lenders have guidelines about handing out the best terms and those rules always place a major emphasis on your credit score. If lenders offer their best rate to borrowers with a score less than 720, it could may cost you more money.

The good news is that you can take steps to improve your credit score. To earn great score you must pay your bills in time, keep your account balances low, and take out new credit only when you need the most or re-financing your home, consolidating your bills with the lowest interest.

Online tools are available, to find out which strategies would have the most impact on your score, Fair Isaac’s. www.fico.com

This site may offer a credit score simulator when you purchase a credit report Better yet visit a9car.com you can download for FREE credit report (why pay).

The important thing to remember is that you are not powerless when it comes to your credit score. These are many actions you can take to improve your credit score.

It is import to know your 4cs, they are

  1. Credit, this is your credit history.
  2. Capacity, this is your ability to re-pay your loan.
  3. Capital, this is the amount of cash you invest in your purchase transaction.
  4. Collateral. This is an item you will use to guarantee re-payment of your loan.

If you apply for a car loan and get denied, there are one can build non-traditional credit history can help you show that your ability handling money, bills is you should use a non-traditional credit sources by opening a saving account and making regular deposits.

  • Keep record of all bills. Cancelled check, paid bills.
  • Asking those people to whom you pay your bills in time.
  • Get a c-signer (Co-signer is a person who’s uses good credit history)

(Get on to your parents insurance, if you parents already have a car, you might be able to get a deal by adding your car on their policy. This may be cheaper for you and for your parents.)

Under Federal law you have the right to obtain a free copy of your credit report, if you find mistakes on your credit report contact the agency. It is a good idea to check your report often to make sure the information it contains is accurate.

Here is the web address www.annualcreditreport.com

Phone: 1-877 322 8228 Or by mail, Mail your completed credit report request form (you can obtain from Federal Trade Commission, to get address and phone number to call visit a9car.com

Annual Credit Report Request Services,

P.O.Box 105261,

Atlanta, GA 30348.

And continue to use you credit cards responsibly then you will see your fico rises

As. Your fico rises then more credit may become available an a better terms.

Do not pay for your credit report, you can check your credit report each week

Any day free from a9car.com website. You can get your credit report every 12 months

From www.annualcreditreport.com.  It’s Free.

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