The term credit can mean many things. For most people, it is the ability to borrow today and pay later. The idea of “credit-worthiness” defines our personal finances, and reaches out to all parts of our financial lives. Credit can be an accounting term. You can talk about credit cards, your credit history, your credit score, or the three credits you got in college for taking Bowling. This page is the credit nerve center of ThinkGlink.com. From this page you can learn more about what credit means and how having good, bad, or mediocre credit affects your personal finances.
Take Charge Of Your Credit Score
Many people who are in debt end up getting suckered by credit repair scams that promise vastly improved credit scores (for a large upfront fee) but can't deliver without doing something illegal, like setting up a fake social security number. Others end up working with a credit consolidation company, but are unaware that being in a debt management program can torpedo their credit scores. There are endless reasons why someone might fall into financial difficulties, but there are only a few ways you can repair your credit history and credit score - none of which include hiring someone else to do it for you.
Letters You May Need To Write To Straighten Out Finances
When it comes to fixing your finances, you generally can't do it by phone. If you want to close a credit account, fix your credit history, or cancel a home equity loan or refinance during the 3-day right of recession, you'll need to do it in writing. Here's some information you'll need to get the job done.
What Makes A Credit Score And How To Raise Yours
Consumers now have easy access to their credit reports and credit scores. However, now that they can access all the information, it's up to the consumer to understand what makes up their credit score, and to know how to improve the credit score. Paying on time, the length of your credit history, and how much debt you carry will help creditors determine whether they should give you more credit or not.
Transferring Credit Card Balance Is Smart Move
A couple wonders if transferring their credit card balance to a lower rate card will hurt their credit score. Transferring a balance to save money and paying off the debt is the best strategy. Transferring a balance shouldn't lower your credit score, especially if it means paying off your debt sooner and cheaper.
Getting Finances In Order
Consumer Credit Counseling Services can help you budget for free or at a very low cost. Using credit counseling to pay off bills may negatively affect your credit history, so it's a good idea to see if you can come up with a budget first to get you back on track