There is a lot of misinformation about managing your credit and debts. Here are some of the biggest credit repair myths so you know fact from fiction. 1: Amount of debt affects credit score. “It was only for $50. It shouldn’t affect my score very much.” Fact: It doesn’t matter if you have an outstanding [...]
Credit scores can range from 300 to 850. The higher your score, the more credit-worthy you are deemed to be. We all know what you can do to improve your score, but do you know what you can do to ruin your credit? If you do any of these, you are in the process of [...]
Budget When you begin a credit repair program, it is essential that you also learn to budget your money. Begin the process of gathering, sorting, categorizing and understanding the money you earn and spend. Build a Solid Foundation If you want to repair your credit, you need to make sure you have a solid foundation. [...]
MYTH: A Higher Income will Increase Credit Scores So many people say “do you know how much money I make?” when they get decline letters in the mail or don’t get the best interest rates or highest credit limits. The assumption is that an impressive salary leads to a great credit report and score. You [...]
Are you trying to buy a home, but can’t because of poor credit? In order to qualify for a mortgage, your credit score needs to be 620 and above. For anything below 740, there are price implications. People who have a lower debt-to-income ratio, might be able to get a Federal Housing Authority-backed mortgage with [...]
The first credit card that could be used at multiple locations was offered by The Diner’s Club in 1950. Visa was originally called BankAmericard. Mastercard was the first company to use holograms to prevent fraud. American Express started off as a shipping company in 1850. Visa stands for Visa International Service Association. Discover Card was [...]
There are several terms related to credit restoration and repair that are good to know. Our team at Trinity Credit Services wants our clients to be educated about how credit can affect many aspects of their life. Credit Report U.S. citizens have a credit report documenting their financial history beginning at age 18. Everyone starts [...]
The Fair Credit Reporting Act (FCRA) gives people the right to contest and challenge incorrect information on your credit report. Not only is it your right, it is your obligation. Regardless of this right, many people feel scared by the credit repair process. When credit repair is done correctly by a trusted credit repair company [...]
Everyone starts off with a clean credit slate at age 18. Using credit to establish a good credit history from the beginning is wise. Trinity Credit Services currently speaks to young people to help them get the best start possible. (Call us at 1-888-669-7372 for more information about our credit education program). Many people don’t [...]
Once you have been through Trinity Credit Services credit repair program, it is important to re-establish your credit. You need to prove to creditors that you handle credit responsibly. Getting started may be difficult, but with some determination, you will be on your way to having the best that a good credit score can offer. [...]
A few years ago, a score of 620 or higher was good enough. That increased to 680 in early 2008. Then it jumped to 720 in April last year and 740 in August. In the past, any score of 700 or higher would get a double thumbs-up from credit experts. Now, rate adjustments begin kicking [...]
When you hire Trinity Credit Services to repair your credit by getting rid of the negative credit report information your credit score is likely to go up. In some cases you will need to repair your credit and build your credit to raise your score to a level high enough to get loan approval and [...]
Most people only find out how bad their credit is when they apply for a loan, apartment or insurance and are rejected for having poor credit. Suddenly they begin to care about the three numbers calculated by FiCo and want to learn how to repair their credit. Of course, it is much better to start [...]
We are becoming increasingly dependent on using credit to make purchases. These days, having good credit is not only important when you want to obtain credit cards or apply for loans, it is also important when you apply for new services like phone and cable. Home When is comes to where you live, having good [...]
Have you been thinking about what you’d like to change for the New Year? Many New Year’s resolutions involve improving health or getting rid of a bad habit. In addition to making those positive resolutions, also consider how much your life would improve if you also resolved to improve your financial health. Get Your Free [...]
Consumer debt is at record highs, and many Americans find themselves overextended. If you are going through a time when you can no longer get credit, it may be because you have damaged your credit rating. In order to get your credit rating back where you want it to be you will have to make [...]
10% of your credit score is determined by the number of inquiries made for your credit report. Credit inquiries are placed on your credit report each time a business requests a copy of your credit report. The Fair Credit Reporting Act (FCRA) requires businesses to have an acceptable reason for accessing your credit report. Some [...]
A question we get asked all the time is “How much will my credit score go down if I have a bankruptcy on my credit report?” In the past, we had no way of knowing exactly how much the score would change. FICO has kept their proprietary scoring methods under wraps—until now. They have revealed [...]
Whenever you apply for a loan, your lender/creditor checks your credit report to predict your creditworthiness. It is advisable to check your credit report at regular intervals to see if you have any errors and get them fixed. Annually you should review your credit reports and verify the following information: – Your social security number [...]
Everyone has a different credit situation, so the answer to that question really depends on your credit scores, when you need credit and what your goals are. There is a common misconception that all credit repair companies are an illegal scam. This is simply not true! Trinity Credit Services has helped more than 20,000 people [...]
Step 1 Start early in the year by creating a holiday savings fund. If you deposit $20-$50/paycheck into a holiday savings fund, by the end of the year you will have extra money to spend on presents and other extras. This is a fairly painless way to save some extra money. Step 2 Get a [...]
In efforts to prevent you from becoming a victim of “good credit gone bad”, you need to work to keep your credit in good standing. If you don’t work at maintaining excellent credit, you may find yourself with credit denials and collection phone calls. If you are faced with a dropping credit score, the first [...]
Trinity Credit Services is one of the few credit repair companies that operate legally under the guidelines of the FTC. As an educational tool, we have put together a list of common credit repair scam techniques in an effort to prevent consumers falling victim to credit repair scams. Be very cautious of: 1. Companies that [...]
You finally got an interview for the jobs of your dreams. Your background and experience are perfect and your references are impeccable. You hope for an offer soon. Then the hiring manager says they just need to do one more thing: run a credit check. Oh no! Depending on the kind of position you’re looking [...]
Credit Scores The big three Credit Bureaus (Trans Union, Experian, Equifax) do not share information with one another. Differing scores between the three credit bureaus can result from one bureau reporting information that is not reporting with another credit bureau. If your credit scores vary between the three bureaus by more than 50 points, this [...]
by Jeremy M. Simon Sunday, November 29, 2009 provided by CreditCards.com Disclosed for the 1st time, ‘damage points’ taken off for late payments Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage. Did you max out your credit card? Expect a [...]
Fraud: There is no single definition of fraud, but some types of credit fraud that occur include: • Identity theft: the unauthorized use of personal identification information to commit fraud or other crimes • Identity assumption: long-term victimization of identification information • Fraud spree: unauthorized charges on existing accounts Sources of fraud Just as there [...]
Establishing and maintaining good credit history requires keeping your commitment to repay your credit cards or loans as agreed. This means making your payments on time in the amounts required. Neglecting to do so will make it difficult and costly for you to borrow money in the future. Your credit history can affect essential areas [...]
If you are looking at your credit report, you may be wondering what the number ratings indicate. The following list shows the ratings used in credit reports and will assist you in the process of understanding your overall credit rating and what credit report items you should consider disputing with the credit bureaus. Number Rating [...]
Credit scores give lenders a fast, objective measurement of your credit risk. Before the use of scoring, the credit granting process could be slow, inconsistent and unfairly biased. Credit scores have made big improvements in the credit process. Because of credit scores: People Can Get Loans Faster Scores can be delivered almost instantaneously, helping lenders [...]
No one wants to drive away in a dream car only to find he’s heading toward unwanted sacrifices. More than one consumer has bought an expensive automobile or truck and then found that he couldn’t afford to put gas in its tank. The prudent consumer can avoid this situation by reading and understanding the fine [...]
Home buying can be complicated and stressful, but if you plan carefully, buying your dream home can become more fun and less work for the entire family. Following these steps can help make your dream a reality. Be prepared When mortgage lenders review your credit report, they evaluate how much you already owe, how much [...]
By now you probably know how your credit score affects many areas of your life from qualifying for a mortgage to whether an employer hires you for a job, but have you made a plan to improve your credit score? If not, it could be costing you. When it comes to your home mortgage, auto [...]
Obviously making late payments or missing payments altogether is going to wreck your credit score. Fortunately, not all missed and late payments are counted equally. The FICO score weighs missed and late payments by several criteria, including recentness, how late a payment was and the frequency of missed or late payments. Recentness has the most [...]
Did you know that not paying overdue book fines at the library can hurt more than your book-borrowing privileges? It can damage your credit score, as well as unpaid parking tickets. Public institutions can use credit to get people to pay their fines and fees. If someone has unpaid parking tickets, it could be killing [...]
New credit doesn’t mean a shiny new credit card; it means a lower credit score, at least in the long run. Here is why: First, new credit accounts lower the average age of your credit history. If you’ve had one credit card for 20 years and then you open five new store cards because you [...]
Creditors and lenders want to see people use just the right amount of credit. Using too little sends up red flags and using too much sends up flares and fireworks! The credit scoring model favors lots of credit that is not utilized too little or too much. Having many low balances on several cards rather [...]
Consumers shouldn’t close their credit accounts in good standing. And putting them in the freezer in case of an emergency also may backfire. Creditors hate to lend just anyone vast sums of money. Most recently, lenders have taken a use-it-or-lose-it attitude–preferably lose it. Consumers encounter two pitfalls if creditors close accounts for non use: The [...]
A quick way to guarantee that your credit scores drop is to reduce your available credit by closing accounts. Credit scores are not built around common sense. Doing away with unused lines of credit would make sense to most people, but not to a credit-scoring model. Some things that can lower your credit score are [...]
Your credit score is a “snapshot” of your risk at a particular point in time. It changes as new information is added to your bank and credit bureau files. Scores change gradually as you change the way you handle credit. For example, past credit problems impact your score less as time passes. Lenders request a [...]
By Katie Adams INVESTOPEDIA ULC ©2009 While many experts can’t decide if the recession is nearing its end or not, we do know that there hasn’t been a tremendous surge in wages, job creation or the stock market. Consequently, most of us are staying pretty conservative on our spending. Here are a few relatively simple [...]
Your credit score is one of the most important factors used to decide whether you will qualify for a major loan and what its terms will be. Every day, many would-be borrowers are denied loans, while consumers with strong credit histories are getting great rates on mortgages, car loans and student loans. Understanding how your [...]
By CreditCards.com Starting Thursday, when the first phase of the new Credit Card Accountability, Responsibility and Disclosure (CARD) Act goes into effect, credit card users will be armed with a new right to say no to — that is, opt out of — interest-rate increases and other changes in their credit card agreements. Under the [...]
by George Anders published: 08/16/2009 Parade Magazine More than one million Americans filed for personal bankruptcy last year—an increase of more than 30% over 2007. Unexpected medical bills are a top cause of personal bankruptcy. Other reasons include losing a job, struggling through divorce, getting stuck with an unmanageable mortgage, or simply going on a [...]
By Jessica Silver-Greenberg Business Week It’s hard to find a group more publicly reviled than credit-card companies. On Apr. 23, President Barack Obama plans to convene executives at the White House to challenge high card rates and predatory practices, while Congress readies legislation that would crack down on the industry. But most of the crackdown [...]
In these tough economic times, everyone can benefit from these cost-saving tips. 1- Negotiate! Sometimes lowering your bills is just a phone call away. It doesn’t take any kind of special skill or secrets. Just tell the company that you want to cancel their services. In most cases, they will do anything to keep you [...]
After you have gone through Trinity Credit’s restoration process, it is important to handle the credit that you have wisely. Here are some simple tips to help you manage your credit wisely. 1) Keep your credit to debt ratio in check. If you spend more than 50% of your credit limit each month, this sends [...]
In a study by the Fair Isaac Corporation, it was discovered that 49% of the people polled did not understand that credit scores measure their credit risk. Chances are you too may not know how your score affects your life. Your credit score follows you everywhere. Your credit score determines: For which types of credit [...]
Your credit score determines if you will get approved for credit and at what interest rates. In order to save money, it is important to try to improve or maintain your credit score. If you need credit restoration, please contact Trinity Credit Services at 1-888-669-7372 for you FREE Credit Report Evaluation. Payment History Tips Pay [...]
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