Local Business DirectorySUPERIOR CREDIT REPAIRWebmaster, Social Media and Technology News BIRMINGHAM CREDIT REPAIR: Boost your credit scores

Wednesday, September 26, 2012

Boost your credit scores

Tradelines TRADELINES Learn how and why adding tradelines can increase your credit score! Here’s several reasons to add tradelines to your credit report: 85 percent of the American Population that has medical insurance has medical collections on their credit which is usually a mistake on your credit report because of medical insurance not paying the bill on time or not paying it at all. It may come as a surprise to you that there are probably mistakes in your credit report. These errors can bring your credit score down without your knowledge. A U.S. Public Interest Research Group survey reported that approximately 80 percent of credit reports contain errors. The United States enacted laws to protect against these mistakes. However, these consumer laws, so designed to protect you, do not compensate for the time and energy spent correcting inaccurate information in your credit report. It can take between several months to more than a year to correct mistakes in your credit file. Mistakes lower your score! These mistakes are factored into your credit score, and may have lowered your credit score to a significant extent. When you borrow money (loans or credit), your lender relays information which details how well you handle your debt. The information is collected by the three bureaus: Equifax, TransUnition and Experian. The information collected is then interpreted by FICO® (as well as other companies) who create a numerical representation of your credit worthiness, commonly referred to as your credit score. Here is how your credit score is broken down: •35% Payment History •30% Debt to Income Ratio •15% Length of Credit History on File •10% New Credit History •10% Types of Credit Used Despite the secrecy of credit scoring formulas, you can look at a credit report and logically determine what is dragging down or boosting up your score. Such as the following issues. •Late payments •Excessive credit inquiries •Denial for a loan •Maxed out credit cards •Collections •Liens •Jugdments •Bankruptcies •Charge offs All these issues will bring your score down. Perfect payment history, a nice cushion of debt (under 30%) on your tradelines, older accounts with history will boost your score. Low scores cost you money! Low credit scores can cost you money and this amount of money can be significant. Refer back to Bad Credit vs Good Credit page. Depending on the size of a loan and the accuracy of your credit report, mistakes can cost hundreds of dollars even thousands when it comes to a mortgage. Your credit score determines your interest rate for the life of a loan and, ultimately, how much your pay. Your contribution to the rate you receive comes in the form of your credit score. Generally speaking, your FICO (fair issac corp.) score is used the most frequently by lending institutions. Your FICO score is a mathematic representation quantifying your payment activity and history. However, your FICO score can be influenced by factors outside of your consumer world, such as leins, judgments, or other derogatory public records. Add credit tradelines today! By adding tradelines credit scores can increase. Why suffer a high interest rate and pay out thousands of dollars when you can simply boost your scores to qualify for a great interest rate to save money. There’s no better place to get tradelines to boost your credit score than Superior Credit Repair.

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