Category Archives: Useful Tips

Everything That You Wanted to Know for Adding Authorized User to Credit Card

Adding an authorized user to a credit card can have several practical advantages for the card owner as well as for the authorized user. It can offer shopping convenience or emergency funds to your family members, and credit building assistance to those you want to help. For you, it can help keep your credit card active and your credit score in good standing.

Here are a few things that you always wanted to know for adding authorized user to credit card:

What is an authorized user?

An authorized user is someone who is not the primary account holder of a credit card, but has their name on it and can legally use it. They may have it and can use it to make purchases or pay bills. The card usage will show up in the account of the primary holder when it comes to billing. However, the card issuers will usually—you should confirm with them that they will do so—report the authorized user as an independent user to the three bureaus—Experian, Equifax, and TransUnion. read more

How to Choose a Tradeline: A Buyer’s Guide

Buying a tradeline to improve your credit score is much like shopping for a commodity. It requires through research and consideration of various factors before you arrive at a decision. Here is a guide to help you choose the best company that offers tradelines for sale.

Assess the quality of the tradelines for sale

The first thing to consider is the quality of the offering, essentially the tradelines they sell. Most professional companies work with a limited number of banks, but some tend to work with too many, which needs to be addressed with caution. The need to tie up with a large number of banks arises when most of them do not report the addition of an authorized user well or they don’t report at all unless the users share the same address. If the company’s offerings include many names of financial institutions, understand that the tradelines buying activity may have little or no effect on your score. read more

How To Repair Credit

Fixing Bad Credit

The credit reporting system is not perfect and because of errors, inaccuracies and mistakes, many consumers do not have accurate credit scores and reports, and that affects the way lenders and credit issuers review your credit risk. If this is you, a bad credit report will cost you money. You can fix your credit, and there are consumer laws in place to protect you.

Fixing your credit is more than just about fixing your credit score. It is about repairing the errors so that your credit is a true and accurate reflection of your credit history. Every error, outdated and incomplete account history should be carefully reviewed, verified and corrected. It requires diligence and thoroughness in order to get the job done correctly. Inaccurate, unverifiable and incomplete information must be deleted, removed, updated or re-characterized by the credit bureaus and creditors.

Don’t Limit Your Options

Most people don’t even think about their credit score until they go to make a purchase that requires financing.   Then suddenly they are faced with the embarrassment of having the car salesman or mortgage broker tell them their credit score is not in the best shape. Suddenly, they tell you your credit score and you are left wondering what happened.

In order to build a good credit score (credit.about.com/od/creditreportscoring/qt/what-is-a-good-credit-score.htm) and improve your credit over time it is important to understand and avoid the mistakes that damage your credit history and score. Credit issues can stay on your credit history for many, many years.

You can negatively affect your credit report and credit score with missed payments, late payments, collections, repossessions, bankruptcy, tax liens, judgments, foreclosures and charge-offs.

Please don’t underestimate the importance of receiving and reviewing your credit reports on a regular basis. Errors and other inaccuracies can also drag down a credit score and can be on your credit history without you even knowing.

Long-Term Effects

These negative items can stay on your credit report for many years to come. Understandably, lenders are hesitant to loan people with questionable credit histories and if they do, it may be at significantly higher interest rates. It is possible to put your bad credit woes behind you, but it takes time, hard work and commitment.