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Avoiding Credit Card Secret Traps
Credit card secret traps are the hidden side of plastic that keeps you in debt that is difficult to pay off. The main objective of credit card companies is for you to carry the largest balance you can possibly repay.
Trying to avoid these...
Bad Credit Loan - A Friend in Bad Times
Bad credit loans are the loans that are offered to those
borrowers who have a bad credit history. A bad credit history
includes arrears, default, county court judgments, bankruptcy,
etc. You acquire a bad credit score when you fail to...
Identity theft is an increasing problem; can you protect your credit information?
The news has recently been abuzz with several well-publicized
incidents of theft of credit information from several processing
agencies. The most well-publicized was a a security hole at
CardSystems Solutions, Inc.. that allowed as many as 40...
Online Credit Card Processing - Standard Routine
Online credit card
processing is the processes that will check your
customers credit card number, expiry date etc., withdraw money
from his/her account and deposit it into your account.
It can be achieved manually, but this could get...
Repair Credit Score: The First Two Steps To Increasing Your Credit Score By 100 Points
Need to repair your credit score? Would you like to increase
your credit score by 50 to 100 points? If you answered yes, keep
reading because you are about to uncover the first 2 steps to
repair your credit score:
Step #1 Get a copy of your...
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Will Inquiries Lower Your Credit Score?
What are inquiries?
When you apply for credit the creditor or lender checks your credit report to verify that you qualify for the credit or loan you are applying for. The "inquiry" is then reported to the credit bureaus and shows up on your credit report.
Does this affect your credit rating or score?
Yes, it does. Although only a few points are deducted from your score for each inquiry, having multiple inquiries may drop your score to a lower bracket, forcing a higher interest rate. You may not even qualify for the loan or line of credit at all.
Will requesting your credit report generate an inquiry?
This is a common misconception and is totally false. You should view your report at least once a month. Doing so will not generate any inquiries.
What if you did not authorize an inquiry, can you dispute it?
Yes. If you did not authorize any of the inquiries on your credit report you can and should dispute them. To dispute inquiries obtain your credit report, then make a copy of your credit report, highlighting the inquiries in dispute. Finally, send the copy of your highlighted inquiries along with a letter demanding the inquiries be deleted from your credit report to the credit bureau.
Is it worth it?
The next time you are out shopping and the salesperson asks you, "Would you like to apply for our credit line and receive 15% off your purchase?" Ask yourself, "Is it worth it?"
About the Author
Scott Brown is a fair credit reporting advocate and the author of his own website Credit Repair (http://selfhelpcreditrepair.blogspot.com), a free information site dedicated to help consumers repair bad credit and optimize their credit reports and credit scores.
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