Credit Report Articles

How to Qualify for New Credit with No Credit Score

It is a very difficult position to be in when you don’t qualify for new credit because you don’t have a credit score and you can’t get your credit score because you have no credit history. It’s a typical catch-22.

All is not lost, however, since banks know the struggle it can be to get a credit card for the first time. To get a credit score, you will need to have an active account for at least six months on your credit report. Some banks are now offering special credit cards to people with no credit.

What’s the Difference Between Free and Paid Credit Reports?

Your credit score can affect a variety of things in your life from applying for a home or personal loan, buying a car on finance, any insurance and even applying for a new job. That is why it’s important to ensure that your credit report is correct and reflects your finances accurately.

Check your credit score and credit report at least once a year to ensure everything is correct. You can find free credit reports online to keep up to date with your credit information.

3 Items You Don’t Want to See on Your Credit Report

Your credit report works in a similar way to a report card you would get back in school. It demonstrates your ability to repay debts and show how capable you are at making good on your financial obligations. Statistics show that 25% of consumers have a credit score of below 600 which is classified as a “bad” credit score.

How to Clear Your Name at the Credit Bureaus

People who incur unnecessary debt find themselves in a position where they are no longer able to service those debts. Failure to pay debts has long-term consequences. Your name will be registered with the credit bureaus. The next time you apply for debt, your name will be flagged. This means you’ve been blacklisted and won’t qualify for a loan.
Failing to pay off furniture you bought on credit could mean that when you’re ready to settle down, you won’t qualify for a bond. Being blacklisted by the credit bureaus can derail your future plans.
The good news is that it is possible to clear your name with the credit bureaus. It might not be an easy road ahead. However, it’s worth it for your financial future if you can get yourself on the right side of the credit bureaus.

How to Calculate Your Debt-to-Income Ratio

We all dream of a debt-free life, but most of us are not that fortunate.
Maybe we enjoy our shopping sprees a little too much, and we’ve racked up quite a debt. If that’s the case, it’s time to get your finances into shape.

Which Type of Credit Carries the Most Risk?

Let’s face it: we all want to live a life free of debt, but the reality is that most of us are in some sort of debt.
And for many of us, it’s a lifetime condition because of long-term loans such as home loans.
The trouble is, very few of us have the cash for bigger items such as properties, cars, and other big expenses.

How to create a budget with the envelope system

Start a simple budget for your home, look no further than the envelope system
What is the envelope budgeting system?
How does it work?

Can an employer check your credit score?

Credit scores are not only used by lenders to assess your creditworthiness but also by employers as part of their screening process.
This practice is becoming more common and is particularly found when the position involves handling cash or confidential information.
In certain industries, credit checks are a standard procedure.

Your best self-defense against identity theft is your credit report

Identity theft is easier to pull off than we think. Most people are under the impression that the only people that get affected by identity theft are the uninformed, naïve or trusting individuals that become a victim of identity theft. In reality, that couldn’t be further than the truth.

It has been estimated that identity theft costs the economy approximately 1 billion per year and growing. There are new scams and identity theft techniques appearing almost on a weekly basis. As technology and our use thereof changes, the opportunities for thieves to get hold of personal information is on the rise and we all need to become increasingly vigilant, particularly as we transact more and more online.

So, you’ve been blacklisted. What now?

People use the term blacklisted for a number of situations but no matter what definition you put to being blacklisted, it is not pleasant. It will make getting credit extremely difficult and will have other negative consequences as well. It will make renting property difficult, may cause difficulties in getting your child into some schools and could even prevent you from getting a job with many companies. You will not be able to get a credit card or a loan from most institutions and even store cards will be hard to come by. A cell phone contract is probably out of the question.