“The best time to plant a tree was twenty years ago. The second best time is now.” -proverb Are medical bills piling up? Have you recently gone through a divorce? Is your home in foreclosure? Don’t worry–Trinity Credit Services is here to help! Trinity Credit Services was founded to help people just like you get [...]
Maintaining a good credit score can be difficult. There are so many factors that make a difference in your credit score. With credit utilization ratios, credit histories and even identity theft to concern yourself with, it’s important to take every step possible to make sure that the rest of your finances are in order. What [...]
This holiday season, many people pull out their credit cards to purchase Christmas gifts. Some people are lured into opening store credit cards to “save 10%” or receive “no interest ’til 2012″ or something like that. While you are in the shopping mode, you may not be thinking about how this affects your credit report [...]
If you are like me, you receive credit card offers in the mail every week. The offers can be tempting, but will they hurt or harm your credit score? There is both a short-term and long-term consequence to applying for a new credit card. Here are some things to consider if you want to apply [...]
The holidays are a joyous time of year, but many Americans overspend on gifts and celebrations. The overspending can cause serious harm to your credit score. The good news is that this is the best time of year to improve your credit score. Here are some tips to protect and improve your credit score: 1. [...]
MYTH: Open Lots of Accounts to Improve Your Credit It may seem like a good idea to have lots of credit accounts, but doing so can negatively affect your credit score. It is much better to maintain a few diverse accounts like a personal loan or mortgage along with a couple of credit cards that [...]
It used to be that a credit score of 680 was all you needed to get approved for financing through banks and credit card issuers and get decent interest rates. Those days are gone! Now you need a credit score of at least 720 to get approved for loans, credit cards, and mortgage refinancing with [...]
Most people in the United States will never see a perfect credit score in their lifetime, there are a few individuals out there that have attained the perfect score. The credit scoring company FICO has reported that less than 1% of the individuals in the United States have a perfect score of 850. The majority [...]
When you look at your credit reports, do you have a difficult time deciphering what is helping you and what is hurting you on your credit report? Here are some things to look for on your credit report: Delinquent Accounts This includes accounts that were inaccurately reported as delinquent as well as those that were [...]
If you are thinking about buying a home, it is often a good idea to check out your credit first. You should probably check your credit several months before you plan to buy a home to ensure you have time to take care of any problems with your credit. If your scores are so low [...]
The economy is still in the recovery process and there is still a lot of unemployment. Many experts recommend that you have several months of earnings saved as a safety net in case of illness or job loss. That is easier said than done. If you are in between jobs, you may need to access [...]
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 [...]
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 [...]
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 [...]
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 [...]
Engaged, Married, Divorced, or Separated? (Things you should know) Managing your credit can be tricky, even when you’re the only person involved in your financial decisions. Add a new spouse to the mix, and you have to be extra careful to ensure your credit remains in good standing. For many engaged couples, talking about finances [...]
Facts about the U.S. credit economy – There are over one billion credit reports issued annually – Two-thirds of the American economy is driven by consumer spending – Outstanding consumer credit totals $1.7 trillion – Credit reporting saves the average person 200 basis points on their mortgage loan – On average, every U.S. household owns [...]
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 [...]
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 more than 70% of all credit reports contain errors? That is why it is so vital to review your credit reports at least once a year. If you find errors on your report, you can try to dispute them yourself. You may get some good results, but if you want the [...]
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 [...]
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 Prashant Gopal Wednesday, June 24, 2009 provided by BusinessWeek After years of getting Americans hooked on credit, card companies are slashing limits and weaning themselves off all but the safest customers Terry Mazzera has worked to keep her credit score above 730, paying bills on time, sending in more than the minimum credit-card payment [...]
Unfortunately, legitimate credit repair and restoration companies have taken a lot of heat over the last decade because some organizations made false claims and often times did nothing to help consumers. The FTC and state attorney generals have been working hard to remove the bad companies and to make sure the good ones are operating [...]
Research conducted by US Public Information Research Group in Washington, D.C. finds that: 29% of credit reports contain serious errors, false delinquencies, or accounts that did not belong to the consumer. 41% of credit reports contain demographic information that was misspelled, outdated or incorrect. 20% of credit reports were missing major credit, loan, mortgage or [...]
Most people think about their credit score when they are trying to get approved for credit. Maybe they are applying for a credit card or trying to get a home loan. A lower than average score is a red flag to lenders that you are more likely than to be late on your payments or [...]
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 affects more than you think. Here are just a few aspects of your financial life that are affected by your credit: Employment Opportunities: Employers in today’s market investigate your dependability along with your track record of responsibility based off of your credit. Employers look to see how you manage your personal finances and [...]
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 [...]
You know the effects of bad credit. You have to rent instead of own. You have trouble getting approved for real estate mortgages and other financing. You sweat when the car dealership looks up your credit because you know you either won’t get approved or you will have to pay high interest rates. You have [...]
Credit Score Breakdown: 1. Payment History (35%) 2. Amounts Owed (30%) 3. Length of Credit History (15%) 4. New Credit (10%) 5. Types of Credit Used (10%) Payment History – 35% The lender wants to find out if (and how promptly) you pay your bills. The score is affected by how many accounts have been [...]
Many consumers are under the impression that there is nothing that can be done to change the information on their credit report. Thankfully, this is not true. We demand the validation and verification of derogatory information using the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Fair and Accurate Credit Transaction Act [...]
Most “credit repair” companies have a one-step system where they send out one form letter to each of the credit bureaus. You can do this yourself. The problem with this method is that there is only about a 10% chance anything will be removed. If an item does get removed, it will likely put put [...]
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