Credit secrets are closely guarded by inside professionals. I think everybody should know about these tricks of the trade

 

Raise Credit Score. The insider information you must know to improve credit score starting right now-today. 

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 If you are serious about ways to increase your credit score, learn these insider tips.

 

 

 

As a credit professional  in the world of credit  , I see all types of credit situations . Mostly they are negative aspects of credit , but most people can do very simple things to improve their credit scores. These tips are not hard, but you do have to pay attention to how you spend and how you pay your bills.

 

Insider Secret #1 

 

You start the exercise of credit repair by writing a dispute letter. If that does not work you have to call the credit card company  . It’s proven that after writing a dispute letter, the best way to bad accounts  from your credit report is to negotiate directly with the company who is reporting it . You can make two very compelling cases for removal: 

 

1. payment in full by installments 

2. partial but immediate payment 

 

Do you really want to use a credit repair company to do what you can do yourself? . After dealing with the credit reporting agency, you may be stuck and have to deal directly with the lender. Do so yourself instead of using an outside source. 

 

 

 

Insider Secret # 2 

 

If the credit bureau refuses to remove negative information from your credit report , you have the right to have a consumer statement added to your credit report. Only do this as a last resort and only after you have exhausted all means of disputing, including direct negotiation with the company reporting on the status of your account. The consumer statement you insert into your credit report is supposed to be sent to anyone who requests your report. This really has little effect on your credit report.   

 

Insider Secret #3 

 

When reviewing your credit report look carefully to see if you are the subscriber or if you are a signor on the account.  For instance, a married couple shares the same credit card , but the card was issued in the wife’s name. The other might have use privileges and may have even been responsible for paying the bill  , but he is not responsible for that debt and the account should not be on his or her credit report if negative information is being reported. Dispute this and have these accounts removed . 

 

Insider Secret # 4 

 

You can also just wait out the account. . The Fair Credit Reporting Act specifically outlines the term limit for charge-offs, late payments, tax liens and judgements. After seven  years these items must be removed from your credit report. But many times you have to go in and do this work. The statute of limitations for a Bankruptcy is 10 years. Look at credit report and dispute every negative entry that is older than 7 years. You will be impressed with what   you can accomplish and how many points you can add . 

 

Insider Secret # 5 

 

Credit Reporting Agencies have thirty days to verify your credit report  . If they are unable to complete their investigation within that time , they are required by provisions in the Fair Credit Reporting Act, to delete the negative remarks  from your credit report. (Bankruptcy is 10 years). 

 

If you are to be successful in pursuing credit repair in this manner  , give yourself the best chance of success by following two basic rules (6 & 7). 

 

Inside Secrets #6 

 

Always include a copy of your drivers license or other identification showing you are indeed the petitioner. The FCRA allows for fines and imprisonment to employees of the Credit Reporting Agencies who violate privacy policies and give your credit information to just anybody. If you don’t comply with their identification process, you will not be given an investigation. 

 

Inside Secrets #7 

 

Knowing the Credit Reporting Agencies have 30 days to complete their investigation, always send correspondence to the Credit Reporting Agency by certified mail-return receipt required. This insignificant charge you incur  will be worth a lot if you are required to prove that the 30 day statute was violated. Keep copies  and follow up on the 31st day . 

 

Inside Secrets # 8 

Get a secured Credit Card and never charge more than 25% of the limit . This limit will be the amount of money you deposit with the lender . Pay the balance in full faithfully each and every month and do not be late. You will soon see that you will increase your credit scores and you may see offers of more credit arriving in the mail . 

 

Inside Secrets # 9 

Closing old accounts usually lowers your credit score . If you have some ancient credit card accounts which you don’t use, leave them open as it adds to the available balance and this is one way to keep your scores up. Closing these accounts lowers your available balance. There are time when closing accounts is a good idea and this is usually when you move and don’t alert the card company. If you close an account make sure you are the one who invokes this and not the lender. Check your credit report making sure a notation is “closed by account holder.” 

 

Inside Secrets #10 

Pay your bills early. Credit scores are partially a result of a ratio between credit available and credit used. The trick is to stay in the thirty percent range of credit used and this can be accomplished by simply paying your bills early-before the reporting period. Late pay means late fees and this is just another way for credit card companies to charge you more money each month . Pay them early. After all, it’snot your money  .

 

 

Bank of America and other big credit card issuers are handing credit unions with card programs another strong marketing message by starting to add annual fees to their cards once again.

 

Annual fees had been a regular feature of credit cards until 1990 when AT&T started offering a credit card without one and other card issuers quickly followed suit.  A combination of the economic downturn and increased regulations has helped bring them back, card analysts say.

 

So far, Bank of America says its annual fee of between $29 to $99 is “experimental” but analysts expect them to stick and for the bank try to wring at least a little money out of card holders who pay off their balances in full each month and therefore provide no finance charge income.

 

They also expect the practice to spread to other big bank issuers, leaving room for credit unions and other smaller card issuers without the bank’s high default rates to offer consumers a better deal.

 

But for banks, the fees are a moneymaker. They raked in almost $24 billion in overdraft charges alone in 2008, according to a new report from the nonprofit Center for Responsible Lending in Durham, N.C. And such a financial windfall has not gone unnoticed by legislators, consumer advocacy groups and the Federal Reserve, which are pressuring banks to revise the ways they charge customers.

 

In addition, customers now have the ability to opt out of the bank’s overdraft service, meaning they will not be able to use their debit cards or checks on purchases that would put their balances in the negative - thus avoiding a fee.

“Actions like these are rarely singular events. One issuer takes a new step and the others likely follow. Issuers are trying everything they can to reduce risk and increase revenue, especially since regulations are limiting their options,” said Bill Hardekopf, CEO of LowCards.com, a Web site hat helps consumers make card decisions. “Consumers have to pay attention to their bill and the notices they receive in the mail.”