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10 Steps to Repairing Your Credit. #7 Is Extremely Important

1. Get Your Credit Report

girl laptop credit card
The first thing you should definitely do is to get a your credit report from the three bureaus.  Federal law dictates that you are offered a free credit report once a year.  If you already know your FICO score, then a free annual credit report will suffice.  However, if you want to know your exact credit score, the free annual report will not give it to you.  However, many credit cards offer free monthly credit score and reports.

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Credit Card Churning 101

Credit cards, when used with care, can yield amazing benefits. One of the main benefits are the travel perks.  If you have good credit, there are many credit cards out there that are willing to give you free flights and hotel stays if you sign up with them.  There is a small community of people who travel on the credit card company’s dime all the time—they are called credit card churners.

Credit card churning is the practice of signing up for credit cards that offer large sign-up bonuses, and then canceling the cards once the bonus points are redeemed and used.  The bonuses can be in the form of miles, points, or cash back.  So if you want to be able to travel on someone else’ dime, learn how to churn credit cards and play the bonus miles game.  But before you start, here are a few tips and tricks that you should know about credit card churning:

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How To Consolidate Debt

If you are in debt that is over your head, there may be some debt relief options for you.  Debt consolidation loans can be a great way to lower your interest rate and also lower the monthly payments on your debt obligations. Sometimes it can be your savior and the best way for you to avoid bankruptcy.  It can be a vehicle for getting out of debt if done right.  Here are some tips you need to know on how to consolidate your debt.

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Ways to Get Your Credit Report for Free

Your credit is extremely important to your financial prosperity.  It enables you to used leveraged money to buy a house, get a credit card, or buy a car.  So it is extremely important that you check your credit report often to see where you stand and if there are any discrepancies in the credit reports.  There are many ways to get your free credit report.  Below, here are several of the ways you can do so.

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How to Write a Good Credit Dispute Letter

Writing a credit report dispute letter to the bureaus (Equifax, Experian, and Transunion) is an extremely effective technique for clearing past due items, charge-offs, and collections from your credit report—and consequently raise your FICO score.  The Fair Credit Reporting Act (FCRA) gives consumers the right to verify their credit report.  Only write to credit bureaus when you find yourself at least 30 days late with your creditor and the account shows up as past due on your credit score.  This is the same exact method credit repairs services are using when you pay them a fee to fix your credit. 

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Perks of Having A Credit Card

A lot of people use a credit card and think that the only perk to having one is that you can pay for things you buy later.  However, that is definitely not the only advantage to having a credit card.  In fact, besides all the rewards cards, there are also a lot of perks that comes standard with every credit card.  Again, these are perks that everyone is entitled to; all you have to do is ask.  Here are some of the perks available to you if you would just ask.

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Difference Between Home Equity Loan and Home Equity Line Of Credit

A home equity loan and a home equity line of credit has many similar facets so it can be confusing sometimes.  For instance, both programs let you borrow up to 85% of the value of your home and both use your house as a collateral.  However, there are some very important differences that you need to take note of.

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How Your Credit Score Is Calculated

Fair Isaac (the company that invented the FICO scoring system) does not give out the exact formula for computing your FICO credit score.  However, we do have something to work with—the factors that weigh on your credit and its exact percentages.  Your credit score is calculated using the following five factors.  They percentages is how heavily it weights on your credit score.

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