The Key to Get Good Credit Score

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Personal budgeting is easier said than done, but with a little effort, a good financial mindset, and a good budgeting strategy, it is very possible.

Almost everyone is aware of how important credit scores are, and many people know how to improve them by paying your bills on time and properly managing your debt. However, many individuals still fail to do these things. This is often because of a lack of budgeting know-how, which results in uncontrolled spending and poor credit scores. If you want to get good credit score, here are some simple tips to help you start effective personal budgeting.

• Do Not Spend More Money Than You Have- If you cannot afford to pay something in cash, it’s best not to buy it-even if you have a credit card. A credit card is not free money. In fact, ideally, your credit utilization ratio should not go beyond 30 percent of your available credit to maintain a good credit score. If you go beyond 30 percent (or even worse, max out your credit card), not only will you have a difficult time paying your balances back but you will also damage your credit score. The best way to use a credit card is to use it sparingly and then pay the balance on time and in full every month. FreeCreditReport.Com

• Avoid Adding More Debt- If you have a credit card balance or loan that is long overdue and you receive a new credit card offer in the mail, you might think that opening a new line of credit can be a good way to help you pay your older credit card balances and loans. This isn’t a good idea, however, especially if you already have a poor credit score. By adding another line of credit, you will just add more debt to your current debt, which could quickly get out of hand. Similarly, if you have a good credit score and can manage your finances responsibly, it is not a good idea to have seven or eight lines of credit. Having two or three credit cards should be sufficient and will even make tracking and paying your expenses much easier.

• Track Your Spending- Effective budgeting starts with knowing where you spend your money. Many people get their income and then wonder where their money went after only a few days. To avoid this confusion, list all of your expenses to the penny and separate your fixed expenses (the expenses you need to make every month) from your variable expenses. Examples of fixed expenses are mortgage payments, rent, electricity, water, groceries, and transportation costs, while examples of variable expenses can include trips to the coffee shop, candies bought from gasoline stations, eating out, going shopping, and other expenses that you can usually do without. The next time you receive your paycheck, before spending it, take a look at your list. The first thing you should do is to set aside the amount of money you need to pay your fixed expenses. Then, the money left should be divided between your savings and your personal expenses. Your savings, as much as possible, should be a fixed amount. If the money left over for your personal activities is too little, take a look at your list of variable expenses and find areas where you can cut back.

• Regularly Check Your Credit History- There are people who overlook the need to check their credit reports. However, checking your credit reports is extremely important because your reports may contain errors and inaccuracies that contribute to a low credit score. By regularly checking your reports, you can have errors corrected before they do serious damage to your credit score. It is also a good idea to order your credit score every once in a while to motivate yourself to work on improving or maintaining it. By checking your credit rating regularly, you will know if your financial strategies are working and whether you should keep at it or try another way.

Personal budgeting can be hard. You have to live below your means and you really have to take control of your spending. If your first attempt at creating a budget doesn’t seem to be working, you might need to rework your budget. If your fixed expenses are leaving you with virtually no money, you should re-evaluate the expenses and determine whether or not you really need them. Sometimes, all luxuries (such as cable, Internet, movie service subscriptions, and so on) can be mistaken for needs. If you are working all day and only use these luxuries occasionally, you may find it best to cancel them.

www.FreeCreditReport.Com – The hard part of budgeting is sticking to it, but as long as you keep track of your spending and keep your financial goals in mind, you will soon be able to budget effortlessly.

Joy Mali is an active finance blogger who is fond of sharing interesting finance management tips to encourage people to manage their own personal credit finances. More specifically, she advocates that people should check creditreports in the regular basis.

How to Obtain Free Credit Report

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Most credit transactions today are based on a credit score. People with high credit scores, those above 680, get preferred interest rates and repayment terms. People with low scores below 620 have problems getting financed for everyday necessities.

The difference between the scores means thousands of dollars on automobile and home loans. This numeric score even affects homeowners insurance and automobile insurance rates. The federal government realizes how important credit information is and passed a law stating that once a year every consumer is entitled to one free credit report from all three of the existing credit reporting bureaus. Every consumer should know the 3R’s; request, review and report errors.

There are many ways to get a copy of your Free Credit Report every year. The consumer can write to each of the three credit bureau reporting agencies. These bureaus are Equifax, Trans Union and Experian. It is much faster and easier to go online and request it from one of the websites that offer this service. Filling out one application at these websites will access all three reports which can be printed or read on the computer screen.

Each report should be carefully reviewed. The consumer is looking for accounts they do not recognize or even erroneous information on an account. The current and past addresses should be reviewed to make sure they are all accurate. All the accounts should be familiar. FreeCreditReport.Com

The balances of the account should be fairly close to the current balances; closed accounts should indicate a zero balance. At the end of the report will be a list of companies that requested and received a copy of the credit report in the past two years.

Any discrepancies will be noted. A letter sent to the bureau with the wrong information will state the reason for the dispute. That bureau will then send an inquiry to the company asking for verification of the information on the report. That company has 30 days to respond; if the company does not respond in 30 days the credit bureau will remove the information from the consumer’s credit report.

If the company responds and the credit bureau determines it is a legitimate transaction, the consumer has the right to insert his or her objection into the file and a note will be made on the report showing the disputed information.

www.FreeCreditReport.Com – Even small discrepancies can have a big impact on the credit score and credit terms the consumer is able to obtain. By reviewing my free credit report once a year each consumer is doing all he or she can to protect their free credit report information and guarantee its accuracy.

Looking for my free credit report? Be sure to visit my internet site to find out info on how to get a copy of credit report for your credit report..

What You need To Know About Your Credit Report

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Traditionally, your credit report has looked like something out of a data collector’s worst nightmare. Codes, lines of data, and mysterious marks made them very difficult to read. In the past decade, things have become much easier to read and understand. All three major reporting agencies follow similar formats for their consumer reports. Direct lender pulled reports are a bit more difficult to understand, but essentially all three agencies have the same information on the reports. Personal, Employment, Public Records, Revolving Accounts, Installment Accounts, Mortgage Accounts, Collection Accounts, Inquiries and Creditor information. FreeCreditReport.Com

Personal Information:
Your credit report will contain personal information. Every time you fill out an application for anything, this information generally ends up in your credit file. Information such as telephone number, current address, and former address may be listed.

Employment Information:
On those same applications, you may have had to list you employer. This is especially true in the case of an application for the extension of credit. This information will end up on your credit report file.

Public Records:
A public record listing is any information obtained from county, state and federal courts. These types of records include bankruptcies, civil judgments and tax liens. Each entry should have a file date, case number, balance and other relevant data.

Revolving Accounts:
The term revolving account is often used interchangeably with a credit card. These accounts revolve in the sense that when you utilize them, what you owe is reported as greater and available credit goes down. When you pay it off, the opposite occurs. Understanding how these types of accounts report is fairly easy. The trade line usually reports the last 2 years of payment history, current limit, and current balance. Be aware; Revolving accounts often have a major impact on your credit score. www.FreeCreditReport.Com

Mortgage Accounts:
All obligations that are secured by a mortgage are provided here. This will include purchases, refinancing, and home equity lines of credit.

Installment Accounts:
Unlike credit cards, these accounts do not revolve. The account starts with a fixed amount owed that goes down with subsequent payment. The formatting on the report will be similar to those of a revolving account. Examples of this type of account are automobile loans and student loans. www.FreeCreditReport.Com

Collection Accounts:
Collection accounts involve third party companies that have either purchased past debt obligation, or are assigned to collect on debt obligation that are alleged to have owed and not paid in accordance to the stipulation of your contract.

Inquiries:
Every time you apply to obtain a credit, or there is lender with business justification (collection company checking for new information), the inquiry is recorded and listed for other creditors to see. This info and data will fall off your report after two years.

Scott Sweeney is the head writer at http://manvscredit.com. Please go to his website.