Bank of America – Layoffs and Financial Ruin Plague the World’s Largest Bank

It used to be that the only ones who checked our credit files were creditors themselves. Times have definitely changed though, especially in recent years. Now there are an abundance of people who actually pay to view our credit reports, including landlords and employers, and even engaged couples. Now in case you see this as unnecessary, or don’t understand the reasoning behind it, I shall explain.

Creditors – Whether it is a credit card provider, a mortgage lender, or a bank, the reason for a creditor to request our report is far from new. Just as in the past, the reason today is that creditors are in the business of making profit. Ergo, they want to ensure that the person they are lending money to is a good investment, not a bad risk. If they find you to be a good investment, you will get the loan. If you turn out to be a bad risk, you’re out of luck.

Landlords – It’s no surprise that a house-renter would request your profile from a bureau, what with the economy the way it is.  thecreditrepairblueprint  To avoid excuses about rent being late due to the economy, a landlord wants to ensure that their income is stable. Often it is their estate manager who does the credit check for them.

Employers – At first there were a fair amount of people who were irked at the thought of having their employers read their credit reports. However, as a business owner, you wouldn’t mind paying a bit of money to see how good the person you are about to hire is at managing their financial life before you hire them – especially if they are being hired on in the accounts department of the company.

Engaged couples – Now who would have thought that your fiance would be one of those who are looking into your credit? Love, it seems, is no longer blind. Serious couples are beginning to understand that finances are an incredibly important part of a marriage. Mismanaging them can even lead to divorce, making financial responsibility a big part of the decision to wed.

So whatever their reasons are, you shouldn’t allow a bad credit score to negatively affect the different aspects of your life. It would benefit you to look into repairing your credit now, rather than later, whether it is by self-help or by consulting a repair agency.

So whatever their reasons are, you shouldn’t allow a bad credit score to negatively affect the different aspects of your life. It would benefit you to look into repairing your credit now, rather than later, whether it is by self-help or by consulting a repair agency.

The first step to repairing your credit is to get a copy of your credit report. To get a free copy of your credit report from a Reputable Source Click Here! [http://www.creditrepair-now.info] Fill out the simple form and you are on your way to fixing the problems with your credit score

There are many different types of credit cards available to choose from, and thanks to some new options, now those with less than perfect credit ratings can still qualify. You can find yourself facing credit score troubles for many reasons – death, divorce, reduced earnings, and job loss are just a few, especially during these tough economic times. That’s why we think it’s time you knew the benefits of having secured credit cards.

A secured credit card works with either your checking account or savings account. Don’t confuse this type of card with a prepaid credit card. With a prepaid you’ll put the desired amount on the card and then you spend it until you run out of funds and recharge the card. With a secured card you will put funds on deposit.

The more funds you put on deposit the higher your credit limit will be. Some offer you the full deposit amount while other institutes offer you a percentage of that deposit. For example, a deposit of a $1000 could mean $1000 credit limit on your secured credit card or it could mean $500 depending on the institute.

A secured credit card looks no different from any other card, so no one will know that your credit is less than perfect, except for your bank and the card issuer. They are available as either a MasterCard or a Visa and there are many different banks that are offering secured credit cards. Should you not pay your credit card payment the bank will take the money from your bank account where the deposited funds are held. These funds are the banks security that the payments are covered whether you choose to make your payment or not.

This type of card is an excellent way to build new credit or rebuild damaged credit. These cards prove that you are capable of making your payments, and over time as they report to the credit bureau your score will improve. Over time you are also likely to earn the privilege of an unsecured credit card or line of credit, with no collateral required.

A common misconception among consumers is that when you are rebuilding your credit back up, you should carry a balance by making regular charges on your secured credit card, and then of course make your payment on time to prove you can and that you are responsible. You might be surprised to learn that this is actually not a good way to increase your credit rating.

There are only three things that a creditor will look for when deciding whether to issue credit to you. They will look at how long you have had your credit account open, how much you owe on the card compared to the credit limit on the card, and finally they will look at your payment history. The credit bureau does not show you’ve made payments on time. Rather they report only when you’ve made payments late.

Treat your secured card as you would an unsecured card. Don’t be irresponsible. It’s also important to make your payments on time, because if you don’t you could find your interest rates going up and you may also have to pay a late fee. If you continue to pay late, you could find that even your secured one is canceled, and that certainly won’t do anything for re-establishing, and rebuilding your credit score.

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