Annual Free Credit Report vs free report when turned down for a loan.?
As I understand it, you return with one free credit report a year from each of the three agencies.You can also procure a free report if you've been turned down for credit surrounded by the past 60 days.
Are these separate? Say I return with a free credit report from Equifax in January and within February I get turned down for a loan and the lender say they used Equifax. Can I still get a free credit report? Or would I want to pay for this one?
Answers: The annual report if from the credit agency.
The post-turn-down report is from the lender who turned you down.
They are separate, and it never hurts to receive a free look at your report. Also, the report a lender sees is somewhat different from the one you can catch yourself for free.
juts call
Equifax: (800) 685-1111
Experian: (800) 311-4769
TransUnion: (800) 888-4213
I have been told that every time one checks their credit rating, it actually goes down--is this true? Thanx!?
Answers: Checking your own credit report and credit score counts as a soft inquiry and does not go against your score. However, if anyone else like a lender or credit card company is checking your credit report, this is considered a hard inquiry and will generally knock off about 5 credit score points.
no not true
if you applying for credit and they run your credit then YES it dings your score (down)
if you pull your credit its considered a soft inquiry and does NOT affect your score (remains the same)
if one of those credit card companies look at your credit without your knowledge or consent (they seeing if you qualify for their credit card) its a soft inquiry and does NOT affect your score (remains the same) although it will be shown on your credit report
.
You're given a time or two per year where you won't be penalized. If you or anyone else continually checks your credit, your score goes down. I have experienced it firsthand. My credit score is, I'm proud to say, is now a whopping 832. It hasn't always been so. At one time, while searching for a truck, auto dealers would say "While you continue to shop, let me get that old credit check out of the way. That way you can go shop other dealers. When you get back, you'll be pre-approved." DON'T DO THIS!
A check is a strike against you. Guard your credit score!!
Mine is high for a reason. I've learned the hard way, over 46 years.
no it's not you can check your own credit everyday if you want to . for around 15 bucks a month you can monitor all 3 credit bureau's and they will even email you when anything changes
Just filed Ch 7 with 97,000 debt, so when can I start rebuilding credit?
Answers: As soon as the ink dries on your discharge papers.
Get 2 credit cards and use them for every day things, never exceed 30% of your credit limit in any given month and pay them off in full before the due date.
After about 12-months you can get better cards and do the same thing with them.
I did this after my BK almost 7-years ago and raised my score over 150-points in just 12-months.
My scores now are all over 750 even with the BK still showing.
you already want to build credit so you can borrow and do the entire thing all over again?
I suggest learning to do something different next time around..
http://www.daveramsey.com
http://www.gazelleintense.com
avoid debt, don't borrow... operate on cash only. If you don't have cash for something you don't buy it.
There are several steps you can take to help improve your credit rating, but building and maintaining a good credit score requires diligent effort and a long-term commitment to financially sound living. In the process, you can also work to repay the debts that you did not include when you filed bankruptcy.
First, you should obtain a copy of your credit report from each of the three major credit bureaus–Experian, Equifax, and Transunion. You can request free copies of your reports by visiting http://www.annualcreditreport.com
Once you have received copies of your reports, you should carefully review them to make sure that all listings, especially the listings appearing in the “derogatory” category, belong to you and are being reported accurately. Credit reports are notoriously inaccurate, with consumers frequently finding listings of derogatory accounts that never belonged to them or that were paid off years ago. If you find any inaccurate listings, you should dispute them with the appropriate credit bureau. The Federal Trade Commission provides a comprehensive guide to disputing items on your credit report, available at www.ftc.gov
Clearing up inaccurate derogatory accounts may significantly improve your credit score, depending on the number of inaccurate listings you find on your reports.
Next, you should try to pay off any derogatory items that legitimately belong to you. While paying off these accounts will not make them fall of your report, it should improve your credit by reducing the amount of delinquent debt reporting to the bureaus and preventing the accounts from continuing to be reported as delinquent. Contact your creditors to discuss different repayment options available to you, such as monthly payments or settlement.
In order to rebuild your credit score after a bankruptcy filing, you will also need to start establishing new credit accounts and making timely payment to build a positive payment history. Your payment history accounts for approximately 35% of your credit score, so creating a new payment record is essential to rebuilding your credit score after bankruptcy. Since many credit card companies will not extend credit to people who have recently filed bankruptcy, a good option to consider is a secured credit card. Secured credit cards require you to deposit cash in an account with the credit card bank and the credit line available on the card is equal to the amount of cash you have on deposit. This may sound strange; why would you not just spend your own cash? However, these secured credit cards report timely payments to the credit bureaus each month and should help you reestablish your payment history. Also, small credit accounts, such as gas cards, can be a good option to build credit, but you should make sure that you pay off your balance each month to avoid finance charges and to prevent yourself from starting down the spiral of debt again.
The more time that passes, the less negative impact your bankruptcy filing will have on your credit score. However, to build a positive credit rating you will need to counterbalance the negative impact of the bankruptcy with positive listings on your credit reports as mentioned above. As time passes, the positive impact of your new accounts will become stronger while the negative impact of your bankruptcy should become weaker, thus allowing you to slowly rebuild your credit score.
To learn more about credit scoring, check out the Bills.com Credit Score Information page at http://www.bills.com/credit-score.
I also agree with Spiff.
If you want to get out of bankruptcy quickly you have to start before you file!
I have worked with people who purchased a new car and big-screen TV within a month of their CH7 discharge.
I would strongly suggest that you take a visit to http://www.lifeafterbankruptcy.com and read their free online newsletters. Tons of very good info on this site.
5 to 7 years