Introduction to Credit
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Credit allows you to do what you want when you want it!
Create credit, make your own freedom!
Why do I need credit?
What is a credit report?
Why is it important to establish a good credit history?
How do I establish a good credit history?
I have some credit, how can I establish more credit?
Should I check my credit report?
How can I fix bad credit?
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Credit is a privilege and a convenience. Credit lets you charge a meal on a credit card, pay for an appliance on an installment plan, take out a loan to buy a house, or pay for schooling. Credit allows you to make a purchase without ready cash.
A credit card enables you to buy things now and pay for them later. You get credit by promising to pay in the future for something you receive in the present. But, there are strings attached to credit. Credit usually costs something, and what is borrowed must be paid back
Why do I need
credit?
Credit gives a number of benefits you don't get when paying with cash or
checks:
• Convenient, hassle-free shopping. When you use a credit card to make a
purchase, you don't have to carry a lot of cash, pay by check, or present
additional identification. A credit card also simplifies and speeds up
catalog ordering and currently is virtually the only way to make Internet
purchases.
• Emergency protection. Credit cards are the ultimate financial security
blanket. They can get you through nearly any emergency situation.
• Easier budgeting. With a credit card, you can make purchases and pay them
off on a schedule that fits your budget. Credit cards also allow you to take
advantage of sales and special offers.
• Security. If you lose cash, it can be used by anyone. If you lose a credit
card and report the loss to the card's issuer before it is used, the issuer
cannot hold you responsible for any unauthorized charges. If a thief uses
your card before you report it missing, the most you will owe is $50.
• Travel expenses. You'll find that a credit card is almost essential for
renting a car, purchasing an airplane ticket, or booking a hotel room.
Whether you're across town or on another continent, a credit card is the
universal guarantee of your good financial standing. And if you need cash,
you can get it at ATMs or banks around the world that accept your credit
card.
What is a credit report?
When you apply for credit, the lender reviews your credit report before
approving your application. The three major credit reporting agencies are
Equifax, Experian, and TransUnion. These agencies, which are also called
"bureaus," collect and report information about consumers' financial habits
and put the information into a credit report. Each agency's reports contain
the same basic information: name, Social Security number, current and
previous addresses, details about loans and how they've been handled, public
record information such as bankruptcies, court judgments, or liens, and a
list of companies that have reviewed the credit report.
FIND OUT
what's in your CREDIT REPORT TODAY - so it's 100% ACCURATE TOMORROW.
Order a 3-BUREAU REPORT
Why is it important to establish a good credit history?
Establishing a good credit history is an important part of your personal and
financial future. It can help open doors for you or keep them locked.
A variety of people and businesses make decisions affecting your future that
are based on your credit history. Banks and other lenders consider your
credit report when reviewing applications for mortgages, revolving lines of
credit or other loans. Landlords sometimes use credit reports to decide
among rental applicants. And a potential employer may even assess an
applicant's credit report prior to extending a job offer.
Your credit report may also be reviewed when you apply for auto insurance or
homeowner's insurance, or even a mobile phone. That's why it is so important
to establish a positive credit history. Want a credit card now? This program
requires no security deposit
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How do I establish a good credit history?
In short, by consistently paying your bills on time. Remember, to establish
a good credit rating you should always pay at least the minimum amount due
every month by the due date. Want a credit card now? This program requires
no security deposit
I have some credit, how can I establish more credit?
Paying off a furniture loan, having a
department store credit card, or even paying off a student loan may
establish a credit profile on the credit Bureau for you. The most convenient
type of credit is a credit card. If you already have some type of credit
apply now for a
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Should I check my credit report?
Five Reasons to Check Your Credit Report Regularly
In much the same way that a resume displays your work experience to a
prospective employer, a credit report provides prospective creditors (and in
some cases employers and insurers too) with a detailed picture of your
credit history. And like a resume, your credit report can influence whether
you will receive what you are applying for. Ideally, your credit report is
an accurate, up-to-date reflection of your credit history. However, since we
don't live in an ideal world, there are many reasons that your credit report
could contain inaccuracies that might prevent you from receiving the credit
you deserve. The good news is you can take action to keep your report
accurate. Here are the top five reasons why you should make a practice of
regularly reviewing your credit report:
Inaccuracies Mixed Credit Files
Many inaccuracies on a credit report can be the result of simple human
error, and are therefore are not difficult to dispute. Of course, if you
don't order your credit report, you might never know about it. Whether the
inaccuracies relate to payments not credited, late payments, or data mixed
in from the credit file of someone else with a name similar to yours, you
will want to contact the credit bureau to dispute inaccurate information
promptly.
Tracking Payments
One of the most important elements of credit is a demonstrated history
of on time payments. Once you send the check though, anything can happen--a
delay in the payment being received can kick you over to a 30-day
delinquency. If you call your creditor and explain the situation, they might
adjust the information. Of course, if you don't read your credit report, you
won't necessarily know which payments are being received and reported
properly.
Identity Theft
This issue alone is reason to order your credit report immediately.
Identity theft is an insidious crime, involving a thief who assumes your
name to open new accounts, divert your card statements to another address,
and run up all sorts of bad debt without you ever knowing about it until
collectors come calling. Over time, identity theft could jeopardize your
ability to obtain further credit. The best way to catch a thief who is using
your name is by getting a copy of your credit report, which will show you if
there are accounts listed you know you haven't opened. For example, if a
thief has intercepted a pre-approved credit card offer in your name and sent
it in with a change of address, your credit report will include the account.
Inquiries
If you're shopping around for a loan or more credit, you should know
that when creditors check your credit, it places an inquiry on your credit
report. Inquiries can add up, which is often interpreted as a negative by
creditors. For this reason, too many inquiries can actually make getting
credit more difficult. Moreover, if you didn't authorize someone to look at
your credit report and they did, they may have broken the law.
Credit Fraud--Unauthorized Charges
Credit fraud involves the theft of your credit card or account number to
make unauthorized charges to your account. Though consumers are protected
financially from this abuse, other creditors may take note of all this
activity and decide to raise your interest rates or refuse to grant you a
loan. Ordering your credit report will help you catch new activity on
accounts that you haven't been using, or may have closed.
When it comes to managing your credit worthiness, your credit report is
your best resource. Ordering your credit report gives you the opportunity to
manage your credit wisely today, while planning your credit strategy for
achieving future goals--a credit-savvy move every consumer should make! If
you would like to get a free copy of your credit report right now,
click here.
How can I fix bad credit?
Without credit it is difficult to buy items online, reserve a Renault card,
buy a house or even rent an apartment. Bad Credit can reduce your ability to
gain employment. Get to know your credit report
FIND OUT what's in your CREDIT REPORT TODAY - so it's
100% ACCURATE TOMORROW. Credit repair agencies and
attorneys charge from hundreds of dollars to thousands to "fix" bad credit
or remove erroneous listings Some actual bad listings can be negotiated with
debt consolidation. We have found a low cost online credit repair source
Credit Repair
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I have been a lender for 20 years. I am constantly researching to find the finest assortment of lenders and information on the Internet. The information we provide is general in nature; specific questions need to be answered by an experienced advisor. Check with an attorney, read books, get involved with your credit! If one of our featured lenders doesn't have a loan product to suit your needs write me and I will try to help you find the type of financing you require. Our low interest credit card programs are the lowest we have found. Our bad credit lenders are among the most liberal on the Internet. If you are a lender and offer financing, credit or some easy qualify or helpful credit product please contact me. I am also interested in linking to various types of websites. Write to me! The Webmaster
©Creadit
2007
UPDATED
10/10/08