Four Ways to Add Positive Credit to Your Credit Report

Four Ways to Add Positive Credit to Your Credit Report

1. Piggyback on a friend

If you know someone (a friend or parent) who has good credit, you can "borrow" that person's good credit listings. This friend must have credit card(s) and must trust you enough to allow you to become a "co-signer" on his card(s). Have your friend call the credit card company and request that you be placed on his card as co-signer. A copy of the card will be sent to you, but you never have to use it. (You can simply return it to your friend.) Your credit file should soon show an open account with all of the positive history that your friend has created over the years from that credit card. Remember, however, that when a new credit grantor reviews your file, he may insist that the balance on the card appear on your debt-to-income ratio balance sheet. So make certain that your friend doesn't have excessive debt, although this shouldn't disqualify you for credit if your income is sufficient and you don't have an excess of debt on your file.

2. Get a secured credit card

Ask your local bank if it offers secured cards. Many national banks are starting to offer this service. Your past credit is less important when applying for a secured card, as you will be depositing funds into the bank to secure the credit line on the card. You can get this card even if you still have bad credit on your credit file. By putting $500 into a savings account, you will be allowed to charge up to $500 on the card. Some banks may give you a credit line that is two to three times the amount of your secured deposit.

Make sure that any credit card you get is not listed as a secured card to the credit bureaus, and that it also lists your credit limit. If your card does not have these characteristics, you could actually be damaging your credit by getting one.

3. Seek easy credit

Many stores extend credit without tremendous regard for the credit standing of the applicant. These stores usually can be found in industries with small products or traditionally high mark-ups. Here is a list of creditors who often will extend credit to those without much credit history:

¦$• Jewelry stores;

•¦¦ Furniture stores;

¦$• Tire stores;

^ Appliance stores;

^ Gas companies;

^ Easy credit auto dealerships; and

^ Credit Unions.

Make sure that these companies report to the credit bureaus, as not all of them do.

4. KEEP YOUR ACCOUNTS ACTIVE

Once you've successfully received new lines of credit, it is important to have activity on them each month. I don't suggest that you pile up large debt—maybe maintain a balance of $50 dollars or so. Pay the minimum when the bill arrives even though it will cost you a little in interest charges. And pay it on time. This is what future loan officers and other creditors want to see. (Inactive accounts with a zero balance aren't displaying a tendency to handle existing debts.)

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You need to display at least one year of positive credit habits to be taken seriously, especially by a mortgage company. Start now, or you will always be a year or two from a good credit standing.

© Copyright 2001,2004, 2005 by Kristy Welsh

Good Credit. Part 3. Building Credit.

Situations Ripe for Building Credit.
You go to the gym to build up your body and you feel sexier. You like the way you look in the mirror, and you develop a certain confident swagger. People of the opposite sex find you more appealing. It's the same with creditors—they love to see the power of your "credit muscles" (your repayment history). But sometimes, as in the following instances, you have not yet built your credit muscles:
■$■ You're young and haven't used any credit yet; or
■$■ Your old credit card spending habits got you into a lot of trouble and you
cut up all your cards years ago. To avoid repeating your past mistakes, you pay for everything in cash and, consequently, your credit report is completely empty; or
■$■ You think that debt is bad and have always paid for everything with cash. Many people think—erroneously—that being debt-free is a positive trait valued by lenders; or
■$■ You're just out of a bankruptcy and you need to take those baby steps to rebuild your credit.
A certain amount of forgiveness is granted in these situations, but not forever. There must be some evidence of credit building. If you're a ninety-pound weakling all your life—credit wise—you'll have difficulty attracting that special someone willing to trust you with a loan.

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Before You Apply Yourself…
When you want to look your very best, what do you do? You work out, start taking showers every day, even cleaning behind your ears and pulling up your socks, right? A little cologne, combing the hair. You don't leave the house until you have primped at least a little bit. Equally, you must first prep your credit report before using it to attract creditors.
Now I'm not talking about handing in a credit application laced with Old Spice, or sealed with a big pucker of lipstick; I'm talking about looking at your credit report just like you'd have a look in the mirror before stepping out of the house. Even if you have never gotten a credit card or a loan, it doesn't mean that your credit report may not have mistakes on it. Someone else's credit may have been placed erroneously on your credit report, for example. You must make sure that your credit report is as attractive as you can get it. Begin by obtaining a copy of your credit report and examining it thoroughly. Follow the guidelines in Chapter 4 for analyzing your credit report and Chapter 25 for getting rid of blemishes (errors or derogatory marks), then use Chapter 26 to lose that credit "spare tire" (excessive inquiries). Having your report in tip-top shape will help you immensely when you apply for new credit. Once your report looks almost as good as new, it is time to start adding positive credit.
Keep in mind, however, that building or re-building a credit report is not a quick-fix situation. It generally takes a year or two to complete. Don't fall for promises of a "glowing report in a matter of weeks" from so-called credit repair agencies. It just doesn't happen that way any more than you can flatten your stomach overnight. There are, however, a few things you can do to jumpstart the process.

© Copyright 2001,2004, 2005 by Kristy Welsh

Good Credit. HOW TO BUILD CREDIT IF YOU DON'T HAVE ANY. Part 2.

Steve's Story
Steve has a lifestyle most people would dream about. He owns and runs a successful electronic equipment repair and supply business out of his home. His business associates are willing to extend Steve unofficial credit for equipment he buys in bulk. He travels, owns lots of toys (boats, cars, expensive stereo equipment), and has paid cash for them all. Even his home is free and clear—this man has no debts. Now Steve is getting married, but his fiancée tells him there is no way she will move into his house with all of his equipment scattered throughout the living room and garage. Steve comes up with a plan to expand his business and lease or purchase a small warehouse to store his extensive inventory.
Steve is surprised and angry to discover that banks won't give him even a small loan to cover the minimal costs of moving his business. When he finally finds a small lending institution willing to help him out, he is furious when they insist on attaching his home to the loan and charging him a rate that is 5% above the rates the banks were advertising. Why? Although this man has always paid his business associates on time, and has absolutely no debt, Steve has no credit track record.
Believe it or not, Steve's story is not unusual. Some people may not have ever bothered to get credit after an initial attempt that was unsuccessful and embarrassing. It used to be fine to pay for everything with cash and live debt free. There's nothing wrong with this, and you may even sleep better at night. But the times, they are a changing. Nowadays, almost everything requires some kind of credit card—like renting a car, purchasing things over the phone or the Internet, and sometimes even writing a check.

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No Credit is the Same as Bad Credit
As I mentioned in the last chapter, creditors regard a lack of credit history to be the same as a poor credit history, especially if you are not a young person. Why? Creditors want to see a history of how you handle debts. If there is no information upon which to judge you, you are deemed a risk. Not fair, but true.
Ironically, if you are a college student (even though you may not have a job), the creditors may be falling all over themselves to offer you credit because it is reasonable to expect that you haven't had time to build a credit history—just like having no dating history because you are still too young to date. Creditors want to hook you while you're in your formative years. It's true. If you are over 25, though, creditors are asking themselves: Why hasn't this person gotten credit?

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© Copyright 2001,2004, 2005 by Kristy Welsh

Good Credit. THE BASICS OF CREDIT. Part 1.

CHAPTER 1: HOW DOES CREDIT AFFECT YOU?

Joanne’s Story

Joanne is a 45-year-old former homemaker who is recently divorced after 22 years of marriage. She and her ex-husband had always lived in apartments and paid cash for most of their belongings, including all of their cars, clothes, furniture, and supplies for their two children. Her ex, Bob, had always handled the money and Joanne has never even written out a check in her life. Joanne finds a full-time job in a daycare center to supplement her small alimony payments. One of her girlfriends, Cindy, invites Joanne to a party where “There will be lots of handsome men.” Excited that life just might get interesting again, Joanne’s hopes are dashed as she stands before her closet. She hasn’t bought a new outfit in five years, and money is tighter than last year’s jeans. She goes clothes shopping at Today’s Trends Clothing, where she has shopped for years. She selects three outfits, but has no cash and no credit card since the divorce. Confidently, she applies for the store’s credit card, but is astonished when she is turned down. Listing off the credit cards she had with her ex only seems to bore the clerk.

Joanne has no credit in her own name.

Everyone Has a Credit History/Rating

Yes, everyone has one of these, even if you have never had a credit card or a loan. Your credit history is compiled in reports made by credit bureaus and provided to lenders, landlords, and utility companies at their request. When you apply for a credit card, mortgage, or other loan, the fine print on the application gives the lender permission to check your credit history. The lender usually requests a credit report from one of the “Big Three” credit bureaus. In theory, the bureaus merely report the raw data of your credit history and don’t assign you any kind of “credit rating.” In reality though, credit companies do provide a credit rating in the form of a credit score. The lender looks at your credit score and decides whether to grant you the credit you are requesting. Of course, lenders also look at your total outstanding debts, your minimum monthly payments, even your credit limits to see how far into debt you could go if you max out your existing accounts. Primarily, though, they are concerned with your record of delinquencies, accounts paid unsatisfactorily, and anything else that suggests how much of a credit risk you might be, all of which is used to calculate your credit score. Like Joanne, you may be surprised to know that part of what figures into your credit rating is a lack of credit history. If you have no credit history, you have no track record of payment and your rating is very low. Believe it or not, you’re a bit of a credit risk.

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Three Big Filing Cabinets—The Credit Bureaus

Most people think that credit bureaus are branches of the government. In actuality, credit bureaus are for-profit corporations that provide a service: storing and maintaining credit records. The three major bureaus, or Credit Reporting Agencies, (CRAs) are:

— Experian (formally TRW);
— Equifax; and
— TransUnion.

There also are local credit bureaus and reporting agencies, although their databases are not as extensive as those of the “Big Three.” The local bureaus are, however, worth noting because they are used by some who may judge your credit worthiness. An example of a local agency is a Residential Mortgage Credit Reporting (RMCR) firm that provides a bureau-merged credit report. In addition, all of the “Big Three” send your disputes to what are known as “third party databases”, to determine their validity. More about these in Chapter 25.
To report information to the credit bureaus, creditors must fill out an application and pay a fee to each bureau to which they wish to belong. Membership is completely voluntary. No creditor has to report anything to any bureau. The more “thrifty” creditors may expend the time, trouble, and money to report to only one credit bureau. Given the fact that each bureau has its own separate, private database and, because the credit bureaus generally don’t pass information back and forth to each other, you actually may have up to three divergent credit histories.
So who subscribes to the credit bureaus for their services? Banks, finance companies, department stores, taxing authorities, landlords, and other “credit grantors” all subscribe to the CRAs. Once a creditor subscribes to a CRA’s services, the creditor is allowed to report information on your account history. This information is stored by the CRA in a national database, and contains the following:

— Your payment history;
— Where you work and your employment history;
— Your age;
— Whether or not you’ve been divorced;
— Your address history; and
— In some cases, your salary.

Credit bureaus also search public records for:

— Bankruptcy information from the federal government; and
— Judgment and tax lien information from courts (district, circuit, justice,
municipal, superior, magistrate, probate, and state), town clerks, and
registers of deeds.

Just how current is the public records information? From Experian’s website:

The currentness of data collected from courthouses depends on the size and/or location of each court. Data obtained from courthouses serving large metropolitan areas is updated frequently. In most cases, bankruptcies are collected on a daily basis. Almost all other courthouse data is collected monthly or weekly, with some information (usually from courthouses serving less-populated areas) collected quarterly.
Experian also states that once it receives information, that information is added to its database within 24 hours. Records on tax liens, judgments, and bankruptcies are available nationwide.

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Who Regulates the Credit Reporting Agencies (CRAs)?

CRAs are governed by the U.S. Fair Credit Reporting Act (FCRA) of 1971. The FCRA was amended in 1997, and again in December 2003, and includes protections for consumers by increasing the responsibility of credit bureaus to investigate consumer disputes. The Federal Trade Commission, an organization responsible for enforcing federal credit laws, also governs credit bureaus.



© Copyright 2001,2004, 2005 by Kristy Welsh

Good Credit. INTRODUCTION.

Perhaps the better statement would be, "Bad credit is a major turnoff." Don't believe it? Try these scenarios on for size:
SCENARIO 1
You have just finished a romantic dinner at home with that special lady you're desperately trying to impress. Everything is going great. You're just settling in to a comfortable cuddle on the couch when the phone rings.
You ignore it, but the answering machine doesn't and the volume is blasting: "Hello, Mr. X, this is Bob calling on behalf of Huge Risk Credit Services. Your account is seriously past due. The last time we spoke, you said I could expect payment two weeks ago… ”."
You lunge for the machine, but it's too late. Your date suddenly has a stomachache and is heading toward the door as Bob's voice fades.
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SCENARIO 2
You're on a different romantic date (your last date still has her stomachache) at the latest chi-chi restaurant. This date is so impressed by you and your good taste that she practically coos. The bill arrives. You pull your triple platinum credit card smoothly from your wallet when the waiter arrives with the tab. The waiter bows tersely and retreats.
He returns momentarily with a snide smile. "Excuse me, Monsieur," he purrs a bit too politely, "but I have been told to confiscate your credit card. Do you have another form of payment?"
Your face turns purple as you sputter something about the profusion of computer errors these days and pull out another, less impressive, card. To your horror, it also is turned down. Avoiding further embarrassment, your date pulls her credit card from her purse and pays, then excuses herself to the ladies room. You watch the bathroom door, but she has slipped out the back window.
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SCENARIO 3
You and the man of your dreams are engaged and have decided to purchase your dream home together. You gaze into each other's eyes so intently that the loan officer filling out your mortgage application feels like an intruder. "I'll be back," he says, "I'm going to go pull your credit files."
Returning ten minutes later, the loan officer seems confused. "Are you sure you've given me the right information, Ms. X? Your credit file seems to have a lot of problems."
Your fiancé is stunned. The interview is called to an abrupt end. The ride home is long and silent. Mr. Perfect is rethinking the situation.
Good credit is decidedly sexy. Scientific studies may prove it, but who needs proof? Good credit allows you to purchase that fabulous home, car, clothing, vacation, sporting event tickets—all the things that shout, "Sex appeal!"
Feeling good about your financial situation helps you feel good about yourself. Healthy finances ward off stress about paying the bills or being able to buy that new house. Stress not only kills; it can negatively impact your eating habits. If you start binging on junk food or drinking too much, your sexiness takes a serious dive. Financial worries can also hamper your ability to shine at work, costing you raises which could go a long way toward pampering your sexy self or your alluring loved one.
But I have great news. Good credit, a healthy financial situation, and sexiness are in your future.
One final comment before you read on: There is a lot of information in this book, and some of the most valuable information begins after the chapters end. Take a moment to see what's there before you start working with your creditors. Read and heed The Importance of Documentation, and document everything—every conversation, correspondence, every step you take—along the way. The importance of your documentation will prove itself in time, I promise.
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© Copyright 2001,2004, 2005 by Kristy Welsh

Good Credit

Hi everyone! In the last years the significance of credit scores has greatly increased. In this blog you'll have an oppportunity to read a book that may help you to keep your credit good. Don't miss any post on this blog!