“Secured Identity” Wednesday 03/12/08

Instead of signing the back of your credit cards, write “SEE ID” with a thick permanent marker. Your card will be a lot harder to use if it is ever lost or stolen.
VISIT http://www.creditskyrocket.com/

“Keeping Tabs” Wednesday 03/12/08

Most credit card companies provide email or text message alerts to inform you of an upcoming due date or to alert you when you are approaching your credit limit. These messages can easily prevent late and over-limit fees. Some credit card companies will allow you to change your due date to a day of the month that works best for you.
VISIT http://www.CreditSkyRocket.com

“Credit For The Not-So-Rich” Tuesday 03/11/08

When applying for a secured or partially secured credit card, be sure that the issuing bank or financial institution reports your timely payments to all three credit bureaus. This will help in building your credit. Just 6-9 months of timely payments and responsible use could qualify you for a nice credit limit increase or even an unsecured card.
Visit www.CreditSkyRocket.com now!

“Credit For The Rich” Tuesday 03/11/08

Certain large, national banks are increasing rates for some of their credit card customers. It doesn’t matter your limits, usage, payment history, credit score, or income qualifications. If you don’t opt-out of the pre-approved credit card solicitations in the mail, they may (or may already have) increase your rate.
Visit www.CreditSkyRocket.com now!

“How-To Own a Home” Monday 03/10/08

It’s a good idea to get pre-approved for your first home loan. The bank will give you a pre-approval letter. This is an estimate of the loan amount you can afford and a sample of the loan programs you may qualify for.
Be prepared for this experience. The lender or loan officer will “scrub” your credit. They’ll review your credit with you in every detail and ask questions about accounts, payments, negatives, late payments, etc. It’s a good idea to have reviewed it on your own before this “scrub”. Get a free copy of your credit report at www.CreditSkyRocket.com. Be certain all the information in the report is valid and be ready to explain any item in it. If you find errors and your credit needs repair, see our resources at www.CreditSkyRocket.com.

"Owning a Home" Monday 03/10/08

Phenomenal credit score? They’ll offer, but do your best to resist a “no-cost” refinance. Lenders often represent a loan with no out-of-pocket expenses as a “no-cost” loan. There are closing costs with every home loan. The banks don’t work for free.
“No-cost” often means that you are financing the closing cost over the life of the loan. The fees for a 30 year loan could sting a bit at closing. But in the long-run, the fees could cost about double if they’re financed.
Visit www.CreditSkyRocket.com today!

“Establishing Credit” 03/08-09/08

It’s important to open accounts cautiously. You’ll build your credit a lot faster by opening different types of accounts, rather than just getting approved for a couple of credit cards. Even if you have all the money to pay for a car, consider financing just part of the purchase. Buying a computer? Think about the stores financing options.

When applying for large financed purchases, banks look at the proper management of different types of accounts and they’ll be more inclined to approve you.

“Established Credit” 03/08-09/08

Your “Length of Credit History” is considered when calculating your score. It’s not an overall calculation of how long you’ve had credit, rather a look at each individual account.

If you’re thinking of cancelling a credit card or a revolving account, think twice. Be certain that it’s absolutely necessary. Doing so will lower your score. Why? Because according to the bureaus, you’re lowering the average length for all accounts.

“How the Bureaus Work” Friday 03/07/08

Most consumer credit data in the US is collected and shared by 3 main national credit reporting agencies: TransUnion, Experian, and Equifax. All three Companies are for-profit and do not have any government affiliation.
Although these bureaus are for-profit, independent Companies; there are two government agencies responsible for the accuracy of the bureau’s data and their general oversight. The Federal Trade Commission (FTC) is responsible for the oversight of the consumer credit bureaus. The Office of the Comptroller of the Currency (OCC) oversees, charters, and regulates all the national banks regarding credit bureau reporting.

“How Credit Works” Friday 03/07/08

Credit history, reports, and scores refer to an individual’s or company’s past financial habits and actions: past borrowing, repayment, credit use, late payments, bankruptcy, etc..
When an individual requests credit for any reason from a bank, credit card company, financial institution, store, etc., their information is communicated to one or all three national credit bureaus. At that time, the report is updated with new information and status regarding their credit accounts, address, employment, along with other pertinent changes since the last inquiry.
The information in the report is used by lenders, banks, and financial institutions to determine the individuals (or company’s / entity’s) willingness and ability to repay. This is known as credit worthiness.

“Keep Perfect Credit” Thursday 03/06/08

Since it accounts for 35% of your credit score, making all your payments on time is the most crucial aspect of credit. Make a hard & fast habit of making all your payments on time (Before the due-date).
Have a reserve account set up so in case there are ever any unexpected expenses in life; (accidents, travel, home repair, etc.) you’ll still have a month or two of at least the minimum payments on all your bills.
You should be able to set-up an automatic savings program with your bank. For instance, some banks allow you to set up an automatic deposit into your savings account from your checking. Even if it’s just $10 per month, start depositing into that reserve account.

“Fix Wrecked Credit” Thursday 03/06/08

There are many reasons folks may have wrecked credit. Yes, it could be that they just don’t care – but more often than that, it has to do with some sort of hardship. Medical bills, divorce, loss of job, etc…
First, go back in your mind to the time the decline began. Find out what went wrong. The task of credit repair is a lot easier with the cause in mind – and it’s less likely to happen again. Second, gather records. You’ll need to compare those records with what your credit report shows so that you may dispute any incorrect items. More next week!

“Secured Identity” Wednesday 03/05/08

If you ever receive unsolicited e-mails from your bank, financial institution, or even a government agency – DO NOT click on the link. Go directly to the website and purchase the products or enter the information they are requesting.
This form of Identity Theft is called “phishing”. Online thieves send those e-mails linking to a site that looks legitimate and then use or sell your information for identity theft.
VISIT: http://www.CreditSkyRocket.com

“Keeping Tabs” Wednesday 03/05/08

Can you tell whether any of your accounts have incurred any large, unauthorized charges over the last 72 hours? Not sure? Not good.
If you bank online, or bank with a bank who offers online banking; you should be able to set up e-mail alerts or even text alerts on your cell-phone. Some banks offer to notify you when, say, a charge is made on your card of over $100. You might like to know if a charge has been made outside the U.S., or if a withdrawal was made over a certain amount. Ask about alerts at your bank.
VISIT: http://www.CreditSkyRocket.com

“Credit For The Not-So-Rich” Tuesday 03/04/08

You may have heard of "Secured Credit" or a "Secured Credit Card". Here's how it works: You deposit money into an account at a bank or financial institution. They provide you a credit card with a limit equaling that secured balance. You’ll most likely get a VISA or MASTERCARD. You and the bank are the only one’s who know it’s secured.
Did you know that you can also ask for a "Partially-Secured Credit Card"? Here's an example of how that works: Deposit, say, $100 into an account and they provide you with a credit line of, say, $500 or more.
They'll take the risk on you if you show them you're serious about building your credit. No Credit, Bad Credit; no-matter you're situation, ask for one. You may be pleasantly surprised. They want your business.
Just be smart about a credit card. They can be an incredible tool or a nasty nightmare. You choose.
Need a Credit Card? We're still in pre-launch mode, but be patient - we'll have links on our Find a Credit Card page soon.

“Credit For The Rich” Tuesday 03/04/08

Paying off those credit cards in full every month seems like a great idea. No interest charges, no possible late payments when you make a habit of paying the balance in full before the due date, etc..

Well, the fact is; some credit card companies often have a clause in your contract. Pay off the balance in full every month and risk being cancelled. That's right, they'll view the account as "unprofitable" and they may increase the rate on your account - or worse close it. Explanation: you didn't earn them enough money.

Monday 03/03/08 “How-To Own a Home”

A common misconception is that you can’t buy a home until you’ve held down the same job for a solid two years. This is not true.
Lenders will look at your employment stability. Banks know people change jobs. It will help if you’re in the same field or profession for a minimum of two years – but even if you aren’t, it’s not an automatic decline.
Go to our Credit 101 page for information about credit reporting and scores.

Monday 03/03/08 "Owning a Home"

Looking to refinance? The majority of lenders use what's called "tiered pricing", where your interest rate will increase as your credit score goes down. Individual lenders determine their own tiers.
Example: Let's say Frank has a credit score of 677. Lender A may have a tiered pricing structure that will give Frank a better interest rate on his loan if he were to have a 680 credit score (Just a 3 point credit score boost). Let's say Lender B's pricing structure indicates that in order to get the next best rate, Frank would have to boost his credit score up to a 700.
Go to our Opt-Out page for a chance at a quick credit score BOOST!