Tricks to Improve Credit


Tricks to Improve CreditIt is about accumulating assets by saving steadily to restore confidence to financial institutions. Consistency is almost more important than the amount as such. This is proof that you are able to manage your budget and liberate a surplus. This amount could also serve as a down payment when buying a property. Requirements of financial institutions are a little lower, and the rate of interest, when you have a down payment equivalent to 5% of the value of the property.


If you have saving difficulty (like most people), here’re ways to build credit


Firstly, you should make a budget so you know how much money you can put aside each month or week, without starving! Must calculate all compulsory expenditure (rent, electricity, groceries, clothing, insurance, debt repayment, petrol, number plate, etc…).There are several websites that offer grills and tables to help you remember everything.


The resulting amount is theoretical. Now, it is to be able to save rather than spend. The best thing is to calculate the amount to save per pay. If you are paid every two weeks, you collect the amount every two weeks. You can ask your financial institution to make direct debits immediately after you receive it. In this way, you never see that money and you will be less tempted to spend it.


Now, if your savings account is under your nose every time you remove. The perfect is to have an account or an investment totally separate. For example, a GIC (Guaranteed Investment Account), a prudent portfolio (or according to your investor profile), a savings bond, etc… The interest rate is usually received higher than a savings account, there is no risk (except investment portfolio) and especially having to request a transfer may take 2 days when you want to remove, all this help you greatly to control your “instincts spendthrift” if we can say so.


Direct Savings Account is a good solution. There is no cost, the interest rate is much higher than traditional savings accounts, savings is not frozen (depending on the product chosen) and it takes two days to transfer into your account checks. Direct debit is available.

Student Credit Cards


Students: who are eligible for credit cards?

 Student Credit Card

To get the ways to build credit for students; they must apply for a credit card that meets one criterion: being a full time student at a college or university.


Advantages of credit cards for students


Credit cards for students offer excellent benefits with no annual fee. Bank knows that students have financial needs.


Credit card for students does no annual fee the current interest rate is very low about 19.99% and has advantages such as:


Insurance purchases: If a new qualifying purchase is paid with a card with the insurance purchases and extended warranty insurance is damaged or stolen within 90 days of purchase, insurance on your credit card can help repair, replace or refund the purchase. In addition, your credit card may offer an extended warranty on eligible purchases. Some of these extended warranties can last up to one year, which can help you manage the cost of repair or replacement.


A student’s credit card does really build credit?


A card for students is a great way to build credit history that lenders and other companies require to see. That is why it is a good idea to apply for a student credit card when you open your first or your bank accounts.


A student credit card can create the basis of a credit score that will help a student to become eligible for loans for major purchases that might want to do after graduation. However, it is important to note that if it is not used correctly, a credit card can have the opposite effect, that is to say, affect the ability of the student to be eligible for loans. You should always pay your balance each month, or at least make the minimum payment it’s among the key ways to build credit.





10 Ways to Build Credit

Ways to Build Credit
There are many ways to build credit and pay less interest; we have here among the best ways 10 good habits to take into   consideration!

 There are many ways to build credit and pay less interest; we have here among the best ways 10 good habits to take into   consideration!

1)    Always pay on time

Delays result in interest charges. If necessary, use an approved payment plan.

2)    Always pay your balance in full


If it is too high, adjust the maximum possible and never less than the minimum balance due.


3)    Do not live beyond your means

Try to keep your monthly debt below 10% of your net monthly income.


4)    Never exceed your credit limit

Necessary – and if you can take – ask for a higher limit.


5)    Make a budget and stick to it

Spend wisely – after receiving your income – and make your business regularly.

6)    Do not accumulate credit cards

The more you have, the easier it is to slip. Also avoid those that have high interest rates.


7)    Do not transfer your balances unnecessarily

Do it just to enjoy an interest rate actually lower, not just the short term.


8)    Always have an emergency fund for unexpected

At a minimum, it should be 3 times the amount of your fixed monthly expenses and ideally, the equivalent of six months’ salary.


9)    Notify creditors when you move

An update file, it avoids unnecessary glitches.


10)   Get a credit insurance

For being quiet and protect you and your family in case of bad fortune.


The four worst spots to put your file


  • Late payment
  • Defaults
  • Bankruptcy
  • NSF checks


Bankruptcy, for example, can “stain” your record for 7 years. It makes you all a shot to wear. But before you get there, if you never had trouble making your payments contact your creditors to get help and advice.


Being proactive and apply the ways to build credit is always better perceived as being passive when you have financial difficulties.





Repay the Debt of Your Credit Card


Credit Card Debts Repay the debt of a credit card can be difficult, but it is not impossible. With a solid plan and the will, you can repay the debt of your credit card and to discharge this burden may be preventing you from reaching your financial goals. Below are some of the best tips to help you better managing your credit card in order to reduce the debt associated with it?


1. Pay more than the minimum monthly payment required

When you have financial difficulties, it may seem impossible to be able to pay more than the minimum payment on your credit card each month required. However, paying only the minimum payment lengthens the process of eliminating your debt. A better option is to find your spending budget that you can remove and use that money to make the payment of your credit card. The costs of habits like eating out or buying a coffee can add up quickly. These small sacrifices can really help ease the debt of your credit card.


2. Go to a credit card with a lower interest rate

As interest may constitute a significant portion of the amount you pay on your credit card each month, make sure the card you are using does not have an excessively high interest rate. This can accelerate your efforts to repay the debt of credit card. If the rate on your credit card is 15% or more, ask to transfer your balance to a card with a lower interest rate. You can find special offers for promotional cards accompanied by a low interest rate or an introductory rate of 0%. If you are able to enjoy one of these offers, transfer your balance and pay the highest amount possible each month. Reducing the cost of the interest is a great way to start repaying the debt of a credit card and also a good way of ways to build credit.


3. Consolidate debt with loans or lines of credit

By consolidating your debt, you combine all your debts into a single debt. Not only debt consolidation helps to better organize your monthly payments, it should also allow you to pay less interest rate than your previous handsets. Here are some ways to consolidate and manage your debt and ways to build credit:


  • Apply for a debt consolidation loan, and then make one monthly payment on your new loan;
  • Open a line of credit and repay your loans.


Compare interest rates on credit cards

The key to avoiding a mountain of credit card debt is to first spend wisely. In addition, make sure to look for a credit card with a competitive rate. If in a month you need to pay less than the total balance, it is best to position yourself in order to pay the least interest possible.



How to Rebuild Your Credit after Bankruptcy

Blue Downward Arrow Shows BankruptcyIt is proven that you will be able to rebuild your credit after bankruptcy much faster if you swallow the pill and go forward instead of trying to pay old bills. Avoid additional concerns and look forward!


Even if it is absolutely honorable, people who are trying to repay their debts instead of filing for bankruptcy will spend a lot more time to restore their credit. Indeed, recent awaken distrust of lenders because of huge sums that appear on their liabilities, and also because they always have the possibility of going bankrupt.


And indeed, if you want to rebuild your credit because you had a hard time, you will fall into a vicious circle that I’m sure you are familiar: ways to build credit rating, you need credit, and lenders are reluctant to lend money to people with a recent history or even no history at all.


The rest of the wait I can afford it! However, the way to achieve its rise quickly credit rating when in such a situation is to proceed as follows:


Get a secured credit card


Secured credit cards are guaranteed by an initial deposit you need to do to your lender. It should be noted that secured credit cards normally have an annual charge, and the interest rate offered will also be higher. Just be sure to pay your credit card bills on time and regularly! If you qualify for an unsecured credit card, you will recover your initial deposit as well. The credit card companies report your behavior towards credit on a monthly basis, so having a credit card is a very effective way among ways to build credit quickly.


Get loan from an agency specializing in rebuilding credit


Interest rates will probably be higher, but the exercise is simply to show that you are able to make regular monthly payments. It’s recommended to get a loan (easier to get a regular loan). Your bank will receive your request in a more positive and you will probably a tax refund that you can use to repay your loan.


Become a co-signer on an existing card


There is another possibility that is completely legal and effective. You can ask someone you trust (your better half or even a friend, for example), and has a good or an excellent credit, he adds you as a cosigner on any of his cards credit. If you have declared bankruptcy, it will have no impact on your credit file but your friend will immediately benefit from the history of the card. The only negative impact it can have on your record is if the owner of the card itself encounter financial problems, however if you make good choices; that should not happen.


If you have declared bankruptcy, you must ensure that all accounts that are part of your credit record is reported as part of your bankruptcy. Make sure these accounts show a total of 0, ZERO. These accounts appear on your record for the next 7 years, but nothing prevents you to contact your former creditors and ask them to stop reporting your accounts to your file. Your creditors do not have to agree to do this for you, but you have nothing to lose and everything to gain by contacting and try. If you do, it will influence your credit score positively.

Credit cards: Bane or Blessing?

Credit Cards A credit card can be a double-edged sword very dangerous if improperly handled. By cons, if used with discipline and common sense, it can easily become an argument in the sound management of personal finances. If you assume that you never spend more than you earn, and therefore you pay the full amount due on their cards every month, without fail, then credit cards can easily become our best allied and one of the best ways to build credit. Otherwise … they can easily turn into your worst nightmare…

Credit cards can be used absolutely anywhere they are accepted. There are several reasons for this:


Expenses are centralized

When you find yourself with a few bills to pay and all at the same time; it is much easier to manage.


Extended warranty

If you use American Express card, it gives you an additional warranty takes over after the manufacturer’s warranty has expired.


Substantial savings to the key

Many retailers offer additional discounts or free items when paying with Visa, MC, Discover or American Express. These special offers are exclusive to the cardholder. It costs nothing more to use card, instead. For the same purchase it gives you the opportunity to save money, why refuse?


Credit cards, when used responsibly, are a great asset in the arsenal of tools personal finances. They offer peace of mind, ease and convenience; we cannot get with a debit card or cash. In addition they help to establish your credit and allowing you to build a credit rating that allows you to get competitive interest rates if you ever need a loan or mortgage.


Security for online shopping

Always make sure that the transaction is secure (indicated by the “https” at the beginning of the URL), and do not save your credit card information on merchant sites. This is true; credit cards are not immune to fraud.


Protection against theft

If, by chance, your credit card number is compromised or your card is lost or stolen, your responsibility is not engaged as you report the theft within 3 days. All you have to do is to call credit card Company to dispute the amount in question, or report the stolen card. In the case of a debit card the money would have disappeared from the account and it would probably take several weeks or even months to recover.


Protection in case of dispute

If you disagree with the amount that has been debited from your account, you can just play the said amount. This is the credit card company that is responsible for managing the whole. On your side just to prove why you reject the bill. For example, if it is because you have returned an item in the store, you will be asked to prove that the item has been returned.



Everything You Always Wanted to Know About Your Credit Report


1 – What is it exactly? Who consults it?Credit Report

The credit report is a file created by one of the credit agencies, once a person takes or makes a credit application for the first time. The information will accumulate potential lenders to evaluate its behavior in credit and make a decision to grant or deny a loan or credit. Homeowners also use the credit investigation before signing a lease, to verify if lessees honor payments. Some insurance companies also require permission to access the credit report: they offer discounts to customers whose credit rating is good.


2- from where they get information?

Information derived from several sources, so that the credit report is constantly updated. Banks, credit unions, finance companies and retailers regularly send information concerning transactions with consumers. Utilities such as telephone and electricity are not included in the credit report, but some cell phone companies are part of the late payments to credit bureaus.


3 – Can we see it? If so how?

It is possible and even advisable to check your credit in order to be able to monitor his condition and, if necessary, make some changes in our organization or our payment consumption. The fact of accessing to the file can sound an alarm or reassure uncertain consumers. Credit agencies offer online consultation or mailed. The mailing will be done for free, but a fee will be charged for access to the file via Internet.


4 – What is a credit score?

It is a score representative of your financial situation. The resulting number, which is between 300 and 900, allows lenders to know your financial health at a specific time. Some will rely on it to determine the interest rate of any loan requested, as the score shows the risk that a consumer can represent from different donors. They also determine a score “floor”, that is to say, the lowest score a person can have while still being able to get a loan.


5- What is the credit rating?

The credit score is the score on a scale of 1 to 9, the assessment shows that lenders make each experience credit record of a person. A rating of 1 means that the amounts have been resolved in time while a score of 9 implies difficulties and delays in payment. Having a good credit rating is among the ways to build credit.


6 – What is taken into account in calculating the odds?

Elements analyzed to calculate the rating are the following: payment history (about 35%), amounts owed (about 30%), and the age of historical (approximately 15%), new credit (about 10%) and types of credit used (about 10%). This is in attendance payments that are most important in the calculation of the score, followed closely by the amounts to be paid. Then take into account the time elapsed since the first credit application. A person who has a credit card and making payments on time for 25 years will have a higher rating than that which has only two years. The recent credit will also be analyzed, since the demand in a short time several sources of credit are in the eyes of lenders, a higher risk. Finally, the kind of credit on file will play on the calculation of the odds. For example, the mortgage is best seen as the card or line of credit. In addition, the limit of cards and lines of credit are also taken into account in the calculation, even if it is not reached. Thus, lenders consider the maximum is used to avoid surprises after the granting of a loan.


7 – How long do they keep the information on file?

Although in theory, there is no fixed term for data retention, we note that the various agencies no longer take account of them after 6 or 7 years. By cons, especially in the case of a credit card, the date of opening of the account will remain on file, but only information of the past six years will be considered. When we talk of bankruptcy, the data may remain on file for a longer period, even up to 14 years in the case of multiple bankruptcies.


8 – How late payments affect the credit report?

Everything depends on the type of payment that is overdue and the number of days of delay in question. For example, an exceptional delay less than 30 days will not cause any particular problem, the same for a delay of less than 60 days. However, the situation should not be repeated often. When we speak of a longer delay which recurs frequently, the credit report will be affected. A delay can always be justified from credit bureaus, which can put a comment in the report. However, it is not guaranteed to be taken into account, especially when the next calculation of the score or so when a lender will consult the report.


9 – How can we build a good credit record?

The only way to ensure a good record is still paying the bills on time, even if the minimum payment required by the lender. However, it may be difficult to obtain a loan for the first time when there is no credit history found in the credit report. Some lenders will want to be certain that payments will be made. Also, the fact of requesting a credit card and using it reasonably still paying the minimum amount allows you to demonstrate your financial health. Having a good credit report is one of the best ways to build credit.


10 – How to correct errors that credit report contains?

An error may be reported to credit bureaus, which will fill a request that the information be verified with the concerned lender. If the lender does not recognize the error and that the agency refuses to make a correction, it is possible to request a dispute with the Commission access to information, later than 30 days refusal. It has the power to require agencies to correct the error on the report, if it considers that the request is justified.

How to Improve Credit Score by Paying All Debts

A credit score is a three digit number created from information contained in your credit report. It is impossible to predict the exact impact of your credit habits on your score, you can check if your credit scores increases or decreases. Control your debt is the key to maintaining a positive credit rating. Pay certain debts; however, can be detrimental to your score.


Pay all debts   Wipe Debt


There are two main types of debt affecting your credit score each month. Firstly, loan payments are paid in monthly installments until the full amount of the debt is cleared as a car loan, mortgage or student. Renewable Accounts include credit card or line of credit. A mix of installment loans and revolving accounts has the greatest impact on your credit score each month. Repay your loan is paid in full can reduce your ability to earn the maximum amount on your credit score each month. This is among the good ways to build credit.


Ratio of the use of credit


Your ratio of use of credit is the amount of credit you have available compared to the amount you borrow from the origin. With a credit card, a ratio of use of credit refers to how much you charge your credit card in relation to your available credit limit. Plus your ratio of credit use, the higher your credit score increases each month. Plus you get to repay your loan in full, the lower your ratio of credit use.


Small payments


It is equally important that the debt elimination responsible with the help of your credit cards. Credit cards are not ready. Repay the credit card debt and unaffordable replace it with responsible credit management to improve your score each month. Fresh small amounts which may be paid in one billing cycle to keep your ratio of credit utilization low and stay debt free. Creditors seek borrowers with low risk when issuing new credit accounts. A low risk borrower doesn’t charge more than he can afford to repay. Repay your debt in full each month shows creditors that you understand how to use your credit cards.




Become debt-free for the sake of raising your credit score is a contradiction. Credit ratings are determined by how you manage your loans and credit accounts. No loans or credit card balances, your credit score improvements are minimal each month. For a boost in your credit score, you need to work on the album and two revolving accounts. If you reach the end of your loan payment, you can get a small personal loan to continue your mix payment and revolving accounts. However, this option recreates the debt. Determine if you want the maximum benefit to your credit score or to remain debt free.








How To Build a Good Credit

Road to Good CreditThe credit is the ability to acquire goods and services with an agreement to pay at a later date. Credit can make your life easier by providing immediate benefit of goods and services easy to pay. You can use the loan for the rest of your life; this is why it is a good idea to start building a good credit early.




  • Open a bank account. Bank accounts are generally not part of your credit score, but the history of your account can be essential when lenders consider giving you a credit card or loan for the first time. They may use this information to determine if you are a good credit risk. Active bank accounts in order to prove that you can handle money.


  • Open a store credit card or gas station. For many people, these types of credit cards are easier to open. Sign one can help you start a good credit record. Use your credit card to buy a few items and pay monthly dues religiously. The opening of the account is to establish a credit history and credit score. Call the store and make sure it reports regularly to the credit bureaus so your credit report can be updated to show the credit history.


  • Sign up for utilities under your name. Having an electric or gas bill, telephone, water service, or cable under your name to establish a credit score, but it can help the borrowers first to get approved for credit.


  • Open a secured credit card. This type of credit card requires you to deposit some in the issuing bank. The amount of your deposit serves as collateral for your credit and also serves as your credit limit. This is an excellent solution for establishing good credit especially when other options are not available. Make sure that your bank reports your credit transaction to the credit bureaus to establish your credit history.


  • Get a job. Lenders definitely like to see how you gain income and how long you worked. Your ability to hold a steady job can improve the probability of getting approved for credit.


  • Show a history of stable residence. Lenders also check to see how many times you move and you rent or own. As with employment history, it is better to have a stable residence. Owning a home, even if only jointly, is taken into account as well.


Tips & Warnings


  • Never buy anything you cannot afford.
  • Never miss a payment as will be reflected in your credit history.
  • Avoid adding someone to your individual credit account you will be liable if the person misses a payment.





How to Build a Good Credit History?

This question often asked by many consumers and it deserves to talk about.Score, Report and History

To establish a credit history must exist in the credit system. So it is true to say that using credit card to make a name but yet should be used wisely…


Here are some tips and ways to build credit


Have one credit card linked to your financial institution with a reasonable limit. The best way is to pay the balance in full every month, otherwise, make sure you make the minimum payment.


Hold the balance at the lowest possible limit. More balance is high compared to your limit; the higher your credit score is affected. Do not exceed the limit.


Pay off your credit card as you use. This avoids interest charges and helps you better manage your finances.


Always pay your bills on time. Although the payment of utility bills does not appear in your credit file, the cell phone companies don’t hesitate to report late payments, which may affect your case.


Contact your creditors if you experience difficulties. Check your monthly statements and keep you abreast of changes that could be made.


Save! Have savings from your financial institution demonstrates that you are an informed consumer and could even be used as collateral for a loan.


Each loan application the lender inquires about your credit. Many credit applications in a short period of time will affect your case. If you are denied, ask yourself why. Perhaps it would be best to wait until your situation improves before reapply.


Several other factors have an impact on your score. Your payment (late payment / omission), recovery measures (debt transferred to a collection agency), bankruptcy, existing debts … The credit report is a reflection of consumer habits.


This is why it is important to check your credit report


Getting the credit report is easy. Moreover, contrary to popular belief, the fact of asking for the file has no effect on the score. When you receive it, read it carefully and do not hesitate to make corrections if necessary. You will receive a form to this effect at the same time you get your file.