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At You and Your Credit, we offer a wealth of credit and monetary information that is vital to your financial health. Whether working to repair your credit or providing you and your family with loan counseling, we are here to assist in better managing your money and future.

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What's Affecting Your Credit Score?

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  1. Check your credit often. By checking your score you will know what's on your credit file.
  2. Learn how to read your credit file and interpret your credit file.
  3. Learn how to approach a creditor to remove negative information.
  4. Get into a credit restoration program.
  5. Figure out how to deal with collection agencies.
  6. Find out what date of each month your account is reported to the credit reporting agencies. You must understand credit worth. The image of your ability and your attitude towards your commitments means a lot.

Banks and other lenders are always looking for the opportunity to lend. Whether we realize it or not they can't make any money if they don't invest. 

So keep playing by the rules. You give a more positive impression when you get negative information removed because laws are in place for the removal of information you don't agree with or deem to be incorrect. If you think in negative thoughts you will get negative results. 

We become what we think about. If you believe you can have a good credit score, you will do what it takes to get a good credit score. You will understand what you need to do to get the home or car that you desire. It's achievable with a better credit score if you do the work.

Seed and Harvest. If you plant good seed you will get good harvest. 

Things You Must Do To Get A Good Credit Score

Qualifying for Credit Cards

The following are examples of positive signals you may show a creditor. These typically increase the chances of you being approved. 

  • No major blemishes on your credit report such as bankruptcy, repossession, or a 90-day delinquency.
  • Active accounts that show your information is valid (at least two active open accounts including one that has been open for at least two years.)
  • Consistent payments of at least the minimum amount and no recent late payments.

Federal Trade Commission

The 1970 Fair Credit Reporting Act

  • Assures that the information is reported correctly.
  • Gives you the right to dispute incorrect information.
  • Gives you the right to know what is in your file.
  • Gives you the right to request incorrect information to be deleted.

The 1974 Fair Credit Billing Act provides guidelines for billing practices.

The 1977 Fair Credit Collections Act provides guidelines for debt collections.

Debit to Income Ratio is the amount you owe versus your income.

Credit worthiness is the degree of potential of which you will pay a debt.

Inquires there are 2 types

Hard Inquiry - means a company has inquired about whether to advance credit to you at your request.

Soft Inquiry - Occurs when a person or company checks your credit report as part of a background check. This may occur without your permission. This may happen when you check your own credit score. It won't affect your credit score.

The Statute of Limitation on debt is 3 years. Within a 3 year period of time an obligee is subjected to:

  1. Having their wages garnished.
  2. Brought to court, found guilty remedy to be decided by the court. This type of debt can be renewed by obligator.

Average Daily Balance, Excluding New Purchases

This balance is calculated by adding the outstanding balance for each day in the billing cycle, and then dividing by the number of days in the cycle.

Average Daily Balance, Including New Purchases Which Have a Grace Period

This balance is calculated by adding the outstanding balance (including new purchases and deducting payments) for each day in the billing cycle, then dividing by the number of days. The grace period only takes effect if the balance from the previous billing cycle was zero.

Average Daily Balance Including New Purchases with No Grace Period

The balance from the previous cycle and all new charges in the current billing cycle are included in the balance calculation even if the previous month's balance was paid in full. 

Two-Cycle Average Daily Balance Including New Purchases

Several issuers use the two-cycle average daily balance method. It is used primarily to back-charge interest on a balance on which no finance charges were paid (because the previous balance was zero). This method is not favorable to consumers, especially if they are trying to pay off their credit balance. In essence, you must pay off your balance for at least two months to avoid finance charges. 

Extra charges may include:

Late payment: Your payment arrives after the due date. When this happens you can lose a low introductory rating or trigger a higher default rate.

Over the Credit Limit: Any amount charged over your credit line will trigger a fee.

Cash Advances: It is not a good idea to use your credit card for cash advances. The interest rate is higher than when you use your card for purchases and there is usually no grace period for a cash advance. Often the interest begins accruing before you even receive the money. 

Read the Fine Print after the Disclosure Box: There may be additional fees. Your interest rate may be changed at any time for any reason. For instance, even with a fixed-rate card, the rate can still be increased if you miss a payment.

Utilities, such as Electricity, Gas, and Telephone

Allows you to use the product and then pay at the end of the month. Note these are typically not listed on your credit report, nor do they affect your score, unless you have missed payments are in collections. 

The Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) was designed to promote accuracy and to ensure that the credit reporting agencies maintain precise information regarding consumer credit.

The Federal Trade Commision (FTC) enforce the FCRA and is the watchdog over the three credit reporting agencies. The FTC enforces fines and may shut down any business that does not operate in compliance with the FCRA.

The FTC stipulates the maximum length of time a negative item can stay on a consumer's credit report is 7 years, unless it is a public record. Bankruptcy and other public records may be legally allowed to remain on the credit report for 10 years.

The credit reporting agencies have 30 days to investigate our challenges according to the FCRA. The agencies can verify, modify, or delete a negative item in question. If a creditor takes longer than 30 days to respond back to the CRA for their request for investigation, the information should be automatically deleted.

It is important to note that the agencies are allowed to temporarily delay sending the consumers back their updates by sending a notification within the 30 days that they have received the requests and an investigation is pending.

The Fair Credit Billing Act

The FTC also regulates the Fair Credit Billing Act (FCBA), which is designated to protect the consumers from inaccurate information by their original creditors. The FBA states that the consumer is not liable for unauthorized charges and other billing mistakes by their original creditor. The FCBA also states that the original creditor is responsible for verification of any adverse account that the consumer challenges, and for any illegal activities by third-party collection agency that the original creditor assigns the account to.

The FCBA bounds original creditors to correct inaccurate reporting of information to the credit reporting agencies.

Fair, Isaac and Company of California - A credit score (FICO) based on their formula.

Credit scores are being used increasingly by potential employers as a considering factor for hiring.

Credit scores are now being used on a small scale to determine auto insurance and utility rates as well.

The credit score is a computation of many different factors including payment history, proportion of debt to available credit, and amount of credit used.

The length of a consumer's credit history counts towards 15% of consumer credit scores.

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