Bad credit? Time for tough love and no excuses
News from NASDAQ:

Quick, what’s your credit score? Don’t know? Don’t care? You should. If you’ve been turned down for loans or received high interest rates from lenders, your credit may be, well, bad. The good news? You can fix it. You really can. But there’s no magic formula. There are, however, some concrete steps you can take to turn your credit situation around. Begin by understanding what contributes to your current score and follow the four steps outlined below to change course.

“What is bad credit, anyway?”

Bad credit means that you have negative items or limited entries on your credit report resulting in being on the lower end of the Fair Isaac Corporation (FICO) Credit Score scale. FICO is the U.S. standard banks use to measure a person’s creditworthiness. Your credit report consists of entries from lenders saying you have paid your bills on time, how long your account has been open and other information about your account. When you apply for new credit, such as a credit card, the potential lender looks at your credit report to see how you have behaved with other lenders. The point range is 300-850, with 300 being the lowest score. Credit scores below 620 will…………… continues on NASDAQ

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Your credit report sucks! Time to give it a makeover
News from Firstpost:

There could be number of reasons a.k.a. excuses for why your credit report looks terrible: salaries aren’t increasing at the rate at which inflation has, so it has been difficult for you to service your debt. Or, you’ve simply been a credit junkie, flashing the latest iPad and smart phone and blaming maddening consumerism for your poor credit score. May be, you’ve simply taken some unwise decisions- inadvertently of course- which have hurt your credit report. Whatever the reason, you better take steps to give your poor credit report a makeover.

Why the makeover:  Reason being, going forward it’s going to be extremely difficult for you to get any more credit.  VN Kulkarni, Chief Counselor, Abhay Credit Counseling Center, a Bank of India initiative, says, “If you have a poor credit report, which results in a poor credit score, it’s going to be very difficult for you to get future credit. Banks don’t want to give loans and credit to people who don’t pay back on time.” Also, with the number of banks’ Non Performing Assets increasing, banks are extra cautious to give credit. And, checking consumers’ credit score before deciding on a loan is now the norm. So, here a quick guide to give your credit report that much needed makeover.

Read on, take the necessary steps, and you might just get a better deal on your next loan. Says, Har…………… continues on Firstpost

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Credit Score Companies To Come Under Government Oversight For First Time
News from Huffington Post:

NEW YORK — The companies that determine Americans’ credit scores are about to come under scrutiny by the country’s new consumer watchdog.

The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.

This marks the first time that a single government agency will take an active role in policing credit bureaus, according to industry experts. The Fair Credit Reporting Act currently requires them to keep accurate information about consumers.

Richard Cordray, the government agency’s director, said in a speech Monday that th…………… continues on Huffington Post

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8 Steps to a Better Credit Score
News from Fox Business:

People always ask me how important business credit scores are. The answer is: Very important! Creditors won’t make loans to people who are unlikely to pay the money back. Establishing a history of timely payments is an important step in alleviating concerns about your company’s creditworthiness.   

Establishing a solid business credit history does not happen overnight, but some simple measures can be extremely helpful in proving that your business is indeed creditworthy. 

Some tips:

No. 1: Incorporate your business

Set up your bills in your company name. Lenders are more likely to fund an established company that has an address on file and pays its utility bills each month than they are to lend money to a freelancer working at home. Incorporating makes your business look more serious.

No. 2: Separate business and personal accounts

Even if your record of personal debt is less than stellar, building a positive history of business transactions enables you establish a track record of creditworthiness. For this reason, do not co-mingle your business and personal bank accounts. Once your accounts are separated, be sure that your company payments are in order. If you prove that your business pays its debts promptly and efficiently, you become a better candidate for funding.

…………… continues on Fox Business

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Credit Score Secret: Pay on Time
News from NBC San Diego:

Consumer Bob Hansen spoke to financial experts about the simple thing you can do to raise your credit score, making refinancing easier, and increasing your likelihood of being approved for a loan.

Simple Way to Keep Credit Score…



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Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve…
Hidden Credit Repair Secrets (Second Edition)
“This book had a lot of good things that helped me repair my credit.” – Direck Chatman”The best credit repair book I have ever rea…

It’s the right time to buy a house
News from MSN Money:

This post come from Angela Colley at partner site Money Talks News.

I’ve wanted to buy my first home for a while, and when my landlord told me that my rent was going up to $ 900 a month, I got serious about it.

So I researched the estimated value of the house I rent now ($ 160,000) on my local property appraiser website. Then I plugged the number into a mortgage calculator. If I owned this house, my total monthly payment would be $ 817. In other words, I could pay my mortgage, property taxes, and homeowners insurance for $ 83 less than what I pay in rent each month.

I’m not alone in thinking it’s time to buy.  In the video below, Stacy Johnson talks to a real-estate professor who says if you’ve been sitting on the sidelines, now’s the time to get in the game. Then read on for a checklist…………… continues on MSN Money

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Your Credit Score, Your Money & What’s at Stake: How to Improve the 3-Digit Number That Shapes Your Financial Future, Updated Edition

In the midst of the 2008 widening financial crisis, your credit score is becoming more critical to your financial life than it’s ever been. That’s because lenders are suddenly making it tougher to get credit than ever before and even tougher to get the rates and terms you deserve. Now, MSNBC/L.A. Times personal finance journalist Liz Pulliam Weston has thoroughly updated her best-selling book on credit scores to cover all you need to know to maximize your score right now and save money in the process. This fully updated edition reveals the tough new realities of borrowing and credit scoring in post-crash America and shows why those realities aren’t going to change any time soon. Weston rips away the mystery surrounding the industry’s massive FICO 08 credit scoring overhaul, and tells you exactly how to use the new system to maximize your score. You’ll find up-to-the-minute guidance on: fighting back against lenders who want to lower your limits or raise your rates…strategizing about the number of cards and the outstanding balances you should have now…bouncing back from bad credit and bankruptcy…choosing the right credit “solutions” and avoiding options that will only make things worse. Simply put, Your Credit Score, Revised and Updated Edition, offers a complete, up-to-the-minute action plan that you can’t afford to be without.
List Price:
Price: 9.99

Time To Break Out The Mop And Clean Up Your Credit Report
News from Business Insider:

Flickr / tom.arthur

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Credit Repair Kit For Dummies
Now, you can finally end the cycle of bad credit and get back on your feet by following the step-by-step advice and tools in Credi…
Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve…

Credit score will rebound, but it will take some time
News from Columbia Daily Tribune:


Dear Debt Adviser,

I have horrible credit, but I have recently righted my ship as far as trying to pay it all off. A few months ago, I paid off one of my outstanding debts. On my credit report, it is listed as “Payment after charge-off/collection.”

My question is this: Can I get this completely removed from my credit report, or is there something else I can do to look better? Also, my credit score is pitiful. Will it start to go up once I get all my bad debts and charge-offs completely paid?

— Donald

Dear Donald,

As you have learned, one of the consequences of not paying what you owe is “horrible credit.” However, with time, your credit will improve, and it is hoped you will have learned some valuable lessons that will prevent you from defaulting on future financial obligations.

Y…………… continues on Columbia Daily Tribune
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Dollars & Sense: Credit score vs. credit report
News from KHON2:
During these tough economic times, it’s important to keep track of your credit score and your credit report. 

They are not the same. 

We had a viewer write to ask if it’s possible to get a free credit score.  If someone offers that to you, be cautious.

“Your credit score is typically not free.  You will have to pay one of the three large credit reporting agencies anywhere from ten to twenty dollars for that.  However, you should check with your bank.  Some banks do offer a credit monitoring service,” said David Hudson of Central Pacific Bank.

Some banks will provide information on what’s happening with your credit report and th…………… continues on KHON2
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Credit Repair: 28 Credit Secrets To Improve Your Credit Score Fast
CREDIT REPAIR: 28 Credit Secrets to Improve Your Credit Score Fast!”CREDIT REPAIR: 28 Credit Secrets to Improve Your Credit Score …
How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today
Your credit score affects every aspect of your financial life including qualifying for loans and mortgages, low interest rates, ho…

Too Many Credit Cards: Time to Close Them?
News from Credit Card Guide News:


Dear Credit Guide,
I used to have excellent credit. But in 2005, my credit score got down to 500 after my divorce. In 2006, I applied for two credit cards with $ 300 limits to rebuild credit. Then in 2008, I applied for another with a $ 500 limit. I’ve never been late, and my score went up! In 2010, I was approved for six more department store credit cards with higher credit lines. I spent under $ 200 each time I used the department store cards, and I always paid them off in a few months. Right now, all cards are paid off, and my total credit line available is $ 8,000.

My score is now 695. I would like to cancel and close the high-interest cards, including the original three from 2005/2006, which have annual fees. The department store cards don’t have annual fees, but do have high interest rates. I’m getting an actual credit card through my own bank now and an “airline mileage one” at 15 percent interest (compared…………… continues on Credit Card Guide News
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How to revive your credit score after-foreclosure
News from

By Kim McGrigg

Dear Credit Care,
I lost my house to foreclosure due to a drop in income. I have paid all my other bills, but my credit score is 645. What can I do to raise my score? And how long do I have to wait before I can buy a house again? I have no credit card debt or car loan and no other debts. — Silvia

Dear Silvia,
From your letter, it sounds as if you have paid all accounts with outstanding balances and your credit score has just not had time to recover from your foreclosure. Let’s go through some ways you might improve your score, and then we’ll discuss shopping for a mortgage.

Time and positive information is what you need to improve your credit score. Begin using old credit card accounts again for purchases that you have a plan in place to pay off each month. The new positive…………… continues on
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Business Plan for How To Start Credit Score Repair and Credit Counseling Services
How would you like to start or expand your business with a professional business plan that’s designed to save you time and money a…