1. Credit ratings are improved if you closed your credit card accounts.
FALLACY! Canceling your credit card account adds up to the shortening of the age of your credit account, which is one of the primary clinchers your credit score. Your credit rating, therefore, will not increase once you opt to close your credit card accounts.
2. Credit scores are increased once you repay your installment loans.
FALLACY! Paying off installment debts will never improve your credit score. The detail with influences on your credit score is not the amount of money you paid for the loan, but the exact date you settled the loan. In fact, consumer credit report agents are only interested in identifying if you took care of your balance according to schedule or not.
3. Having only one credit score is natural.
FALLACY! Actually, you can receive up to three credit scores. Each of the top three credit report agencies in the country has its unique means of preparing your credit score. The data formulated by the three organizations result to three credit scores with minute dissimilarities. All three credit scores are acknowledged by the FICO, which is the company accountable for the calculation of your FICO credit scores.
4. If you get a negative marking on your credit report, then you can never remove it.
FALLACY! A bad marking, whether it is a late payment item or an existing loan item, can be removed from your credit report. You can initiate this by asking for a goodwill adjustment from your loaners or by testifying against the imprecision of your credit details.
5. Holding your credit balance helps increase your credit score.
FALLACY! It is actually the opposite. It is absolutely fine to have credit card activity; however, it doesn't affect your credit card balance. Keeping a remarkably low balance or no balance at all is really one of the most effective ways to prolong a good credit score and improve it.
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Three Easy Methods to Get a Late Payment Removed From Your Credit Report
Friday, November 21, 2008
Removing a late payment entry from your credit report, most especially if you do not have several late payment markings on the same credit account, is not so hard. You can always talk your way into the removal of the late payment record on your credit report. Here are three different ways which you can actually try to get rid of those late payment marks from your credit report:
1. Ask a goodwill adjustment from your original lender.
One of the simplest methods to delete a late payment from your credit account record is to ask your original loaner for a goodwill adjustment. Goodwill adjustment is a practice of altering your credit report entry from "late" to "current." Asking for goodwill adjustments from your lenders is much easier if your payment records prior to the late payment are considerably satisfactory.
2. Bargain a removal by availing of the automatic payment service.
Another technique that you can use to remove that late payment mark from that credit account is to register for automatic payments. Many lenders will help you get rid of the bad entries on your credit account only if you support their automatic payment service. The compromise is advantageous to both parties: the lender will obtain your credit payments on time and you will complete your financial duties on schedule.
3. Raise a formal charge stating that the late payment marking is inaccurate.
Disputing the imprecision of the details of your credit history is also a helpful way to remove the late payment mark on your credit account. Lenders, due to the overwhelming number of accounts they handle every day, have the tendency to experience a difficult time verifying the entries on your credit record. If ever the lenders fail to verify the accuracy of the late payment record, then that poor mark in your credit report will be deleted.
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1. Ask a goodwill adjustment from your original lender.
One of the simplest methods to delete a late payment from your credit account record is to ask your original loaner for a goodwill adjustment. Goodwill adjustment is a practice of altering your credit report entry from "late" to "current." Asking for goodwill adjustments from your lenders is much easier if your payment records prior to the late payment are considerably satisfactory.
2. Bargain a removal by availing of the automatic payment service.
Another technique that you can use to remove that late payment mark from that credit account is to register for automatic payments. Many lenders will help you get rid of the bad entries on your credit account only if you support their automatic payment service. The compromise is advantageous to both parties: the lender will obtain your credit payments on time and you will complete your financial duties on schedule.
3. Raise a formal charge stating that the late payment marking is inaccurate.
Disputing the imprecision of the details of your credit history is also a helpful way to remove the late payment mark on your credit account. Lenders, due to the overwhelming number of accounts they handle every day, have the tendency to experience a difficult time verifying the entries on your credit record. If ever the lenders fail to verify the accuracy of the late payment record, then that poor mark in your credit report will be deleted.
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Eliminate your credit card debt load and avoid filing bankruptcy
Tuesday, November 11, 2008
Struggling to get out of a mountain of credit card collection notices? Getting a lot of calls from debt collection companies? Can't get a new vehicle or a new sound system because your credit is maxed out? Here are some of the common yet effective ways of digging out from under that pile of credit card bills:
Move your credit balance from the card with a high rate to your credit card with low interest rates. This tactic frees you to pay lower interest as you work on clearing your remaining balance.
Change the credit card account that has the highest rate into a low interest card, contact the card provider, describe to them your money difficulties and ask for help with discounts your interest rate. Do this method for your credit cards today.
Pay off the remaining balance of your higher rate cards, and stop using them. If balance payoff is not possible, pay down as much as you can.
Contact a veteran credit card debt consolidation counselor and look into credit card debt consolidation options you can use. This is a viable option to your financial problems. Employ their knowledge to drastically positively change your personal cashflow.
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Move your credit balance from the card with a high rate to your credit card with low interest rates. This tactic frees you to pay lower interest as you work on clearing your remaining balance.
Change the credit card account that has the highest rate into a low interest card, contact the card provider, describe to them your money difficulties and ask for help with discounts your interest rate. Do this method for your credit cards today.
Pay off the remaining balance of your higher rate cards, and stop using them. If balance payoff is not possible, pay down as much as you can.
Contact a veteran credit card debt consolidation counselor and look into credit card debt consolidation options you can use. This is a viable option to your financial problems. Employ their knowledge to drastically positively change your personal cashflow.
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