Tag Archives: Basics of credit repair

Credit Card Limit Increase Considerations

When is a Good Time to Apply for a Credit Card Limit Increase? Getting a credit card limit increase is a much better way to gain access to new credit than applying for a new card.  With a credit card limit increase there is no penalty for a new inquiry.   The credit card company’s own

Debt Collection Letter Action Plan

Debt Collection Letter May be Fake That debt collection letter that has you so upset may or may not be real.  Don’t let your fear of having a collection wind up on your credit reports make you pay first and ask questions later.  There are a lot of creative scammers out there dreaming up ways

First Credit Card Enables Early High FICO Credit Score

 First Credit Card Big Opportunity Life has it’s benchmarks.  Turning 7 is the classical entry into the “Age of Reason” in some religions.  Now it is possible to commit a sin!  The first credit card makes it possible to commit financial sins that can lower your credit score for many years to come.  Those who

More Credit Repair Myths and Misconceptions

More Credit Repair Myths and Misconceptions This is the second part of what I suspect will be a never ending series devoted to debunking more credit repair myths and misconceptions.  My readers who are serious students of the subject of credit repair know I am fascinated about the persistence of myths and old wives tales. 

Credit Repair Myths and Misconceptions

Old Wives Tales about Credit Scoring Credit Repair myths and misconceptions are as numerous as the myths of ancient Greece and Rome combined.  The following are some of my favorite credit repair myths.  This list is by no means complete.  Just when I think I’ve heard them all new credit repair myths pop up. Credit

Credit Bureau’s “Expedited Dispute Resolution” is a Trap

Credit Bureau’s “Expedited Dispute Resolution” is a Trap All 3 credit bureaus: Experian, Equifax and TransUnion have an online dispute resolution process called “Expedited Dispute Resolution” governed by Section 611 a (8). The credit bureau’s “Expedited Dispute Resolution” is a trap.  We all can be tempted by short cuts.  There is no substitute for creating

Equifax, Experian + TransUnion Announce Separate Credit Score

Equifax, Experian + TransUnion Announce Separate Credit Score CoreLogic and FICO will partner to provide a separate credit score to lenders that want it.  CoreLogic will provide information that FICO does not currently use including payday loans, child support payments and evictions..  Future uses for subscribers are also contemplated including rents, phones and utility payments.

Alarm Bells to Credit Providers

Alarm Bells to Credit Providers Most lenders periodically review the accounts of those creditors they already have.  What do they look for? Here are Some Alarm Bells to Credit Providers Multiplying lines of credit.  Nothing signals desperation more than a sudden surge of applications for more credit.  File this under self explanatory.  This is the

FICO Needs Credit Limit Reported!

 FICO needs credit limit reported! If your credit card does not have a set limit to report on each statement submitted to the credit reporting agencies you have a potential problem.  FICO needs a credit limit reported!  FICO’s computers will otherwise assume that the highest balance you ever had represents your limit. Call and ask

Your right to explain in writing on credit reports

  Your Right to Explain in Writing on Credit Reports There are many things about the credit scoring system that are counter-intuitive.  A consumer has a right to file a written statement of 100 words or less to explain anything he feels needs further explanation.  Don’t do it. Statements in Writing on Credit Reports don’t

Before applying: Back to basics

Beginning Credit Repair Before applying for a mortgage you must begin the process of analyzing your credit report for mistakes.  Removing bad information is the first step towards improving your credit score.  Here’s how to begin if you are beginning credit repair and enhancement process.  Don’t be intimidated about beginning credit repair.  It’s actually quite