Having Exclusively Loans or Exclusively Credit Cards

Posted on February 2, 2012 by Greg Tilley

Many individuals don’t realize that maintaining a mix of credit is important to their overall credit score. In fact, mix of credit makes up 10% of your credit rating. For this reason, it’s a bad idea to only have credit cards, or only have loans. Rather, you’ll want to maintain a mixture of both. This is less important for younger credit holders or those who don’t have a long credit history.

How to avoid: Maintain at least one credit card and at least one loan, and make payments on both on time. This might seem difficult for a younger borrower, such as a student or recent graduate. However, most individuals can manage to maintain a mix of credit. For example, you might be making payments on a student loan while using a low-limit credit card to make basic purchases like gasoline and groceries, and immediately paying off the credit balance after using the card. This is actually an ideal way for a person with a limited credit history to maintain a mix of credit.

 Vitesse Financial has years of experience helping individuals just like you try and improve their credit. For your free consultation and more credit

Vitesse Financial Professional Credit Repair Services

Vitesse Financial Professional Credit Repair Services

tips call toll-free at 866.407.9110.

Posted in Bad Credit or No Credit, Bankruptcy, Budget, Building Credit, Credit Repair Software, Credit Score, Debt Negotiation, Debt Validation, Divorce and Credit, Late Payments, Lending, Understanding Your FICO Score, Validate the Debt, VantageScore | Tagged , , , , , , , , , , | Leave a comment

Your Credit and Revolving Balances

Posted on February 1, 2012 by Greg Tilley
Raise Credit Score

Credit Score

Using Your Balances Properly

High revolving balances will hurt your credit scores. Conversely, low balances will help. The extent to which this factor can impact your results is very dramatic. There are certain percentage breakpoints that you can focus on: 20, 40, 60, and 80 percent limit usage. If you run a balance up over 80 percent your scores could fall by up to 100 points. The best credit repair results will come from bringing your balances under the 10 percent mark.

Finding the Errors Can Be Hard

The negative information on your report presents a different set of challenges. Most people these days are aware of the prevalence of reporting errors. What most people are not cognizant of is how subtle some of these issues can be. It is not always easy to find errors. It is not just a matter of looking for late payments you do not recognize. Many errors are hard-to-spot legal violations by collectors and other participants in the system.

Credit Repair Services

All of these matters must be tracked down and disputed through the credit bureaus. If there is a doubt in your mind as to your ability to find errors you should consider hiring a good credit repair service to do the work for you. They are trained to hunt down every issue that can harm your scores. In addition, for a small fee these services will manage the cumbersome and time consuming job of sending and managing your ongoing dispute letters.

Posted in Applying for a Credit Card, Authorized User, Bad Credit or No Credit, Bankruptcy, Building Credit, Co-signing, Credit Repair Professional, Credit Repair Services, Credit Repair Software, Credit Score, Debt Negotiation, Debt Validation | Tagged , , , , , , , , , , , , , , | Leave a comment

Applying for Too Many Credit Cards or Loans Simultaneously

Posted on January 30, 2012 by Greg Tilley
Credit Repair

Credit Repair

Although it’s an excellent idea to maintain a mix of credit, it is possible to take the concept too far. Just like mix of credit, your credit inquiries will make up 10% of your overall credit score. If you apply for several credit cards and/or loans simultaneously, it will reflect badly on your credit report. This is because credit bureaus may view multiple loan and credit applications within a short time period as an act of financial desperation. After all, why would a financially stable individual need so much additional credit or cash within such a short period?

How to avoid: Keep your credit card and loan applications to a minimum. For one, too many credit card and loan applications within a short time span will directly affect your credit rating through the credit inquiries section of the scoring. Second, you’ll negatively affect your credit utilization period if and when you decide to close some of those cards later. Don’t be tempted by advertisements that try to get you to sign up for additional credit cards. Find one credit provider that you like and stick with it. If your financial needs seem to demand additional credit cards, you may need to revise your financial planning methods and budgeting, rather than solving the situation by acquiring additional credit.

For more credit tips, call Vitesse Financial toll-free at 866.407.9110 and see how they may be able to help you improve your credit score.

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Damage Your Credit …. WOW

Posted on January 29, 2012 by Greg Tilley
credit repair agency

Credit rating and restore your positive outlook.

Most home owners and renters are responsible for their own utility payments, including water, gas, electric, sewage, cable, Internet, and telephone. Surprisingly, utility providers will not pass your information along to the three major credit bureaus, despite the fact that they might review your credit rating before providing you with their services.

 

Unfortunately, this is only true of on-time payments. If you fail to make a utility payment, the utility company does have the right to notify the credit bureaus, in which case your credit score would drop.

 

Some banks and utility companies offer automatic online bill pay, in which the required utility payment will be automatically deducted from your checking account, savings account or credit card each month. This type of service can help you to make your payments on time, so long as you have sufficient funds in your account each time you’re billed.

For more fabulous tips like these call a Vitesse Financial credit professional today and receive your FREE consultation.

Posted in Bad Credit or No Credit, Building Credit, Credit Repair, Credit Repair Mistakes, Credit Repair Professional, Credit Repair Services, Credit Score | Tagged , , , , , , , , | Leave a comment

AH AH … Your Credit

Posted on January 29, 2012 by Greg Tilley
Raise Your Credit Score

Raise Your Credit Score

When you apply for insurance, the insurance company will take a look at your credit sore to determine your insurance premium, as well as whether or not they want to insure you. Despite this, insurance companies do not report your payments to the credit bureau. This is true of both on-time and late payments. Of course, late insurance payments are not recommended, because they could lead to late fees, your insurance being dropped, or other inconveniences.

 Vitesse Financial has years of experience and excellent customer service. Call toll-free at 866.407.9110 for your FREE consultation and to see how they may be able to help you improve your credit score.

Posted in Authorized User, Bad Credit or No Credit, Credit Repair Professional, Credit Repair Services, Credit Score, Debt Negotiation, Debt Validation, Inaccurate Items Reporting, Inquiries | Tagged , , , , , , , , , , | Leave a comment