If your credit is holding you back from owning a home, refinancing your current home, buying or refinancing a vehicle, obtaining a better job or promotion, getting security clearance, obtaining a loan, starting a business, improving your insurance rates, getting married, or just having the peace of mind for your future we can help! Your credit score dictates your financial future. The better your credit the more options you have.
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Understanding the process behind applying for credit is important. When you fill out the application and submit it for a loan credit card or any other type of financing you need to know what happens. Sending that application off will result in whats known as an inquiry. This means someone has looked into your credit and has ordered a copy of your credit report. The inquiry will show up on your credit report with the company name and the date they ordered the report. The only other thing this inquiry includes is a behind the scenes code allowing the industry its from to be identified. Will Others Known if You were Turned Down? You might be concerned if youre turned down whether another creditor will know this. The inquiry doesnt include a reason for the request and it doesnt include the results of the application. Other creditors will only know the company name and the date of their request. They wont know how much you applied for the results of the decision or anything else about the credit decision. What Happens if Youre Approved? If youre approved for the loan or financing it wont necessarily match the inquiry. Sometimes new creditors will try to match these up but it doesnt always work. Many companies use the marketing division of their company to pull the credit but not for the actual account. This eliminates the ability for a new creditor to assume you werent approved if an account doesnt match the inquiry. If youre turned down for credit you dont need to worry about it hurting your credit and inquiries only make up about 10 of your overall score. Its a good idea to get your own copy of your report before you apply for any type of financing. This will help you to figure out whether you will qualify before you apply.
Many financial gurus speak about helping people get out of debt and about how people should live without debt. Living debtfree has many rewards and many people strive to pay off vehicles homes and other debits in order to live without debt. This can put someone in a very good financial position but many people are finding that living without debt just leads to a punishment doled out by the credit reporting agencies. A credit score is based on the consumers interaction with debt which is why an 18yearold with no debt has no credit score. If a consumer pays off all of their debts closes the accounts and waits long enough they will revert back to the state of having no credit score. The Answers to Questions about the DebtFree Credit Score Many questions arise when someone becomes debtfree or decides they want to pay off their debts. With so much information available and socalled experts telling consumers they need a credit card to rebuild credit its hard to understand the truth. Here are a few things to think about before you consider paying off all your debts. You dont have to owe money to have good credit It can help your score to have some interaction with debt You dont need a credit card to obtain a good credit score Paying finance charges doesnt help your credit score Prepaid debit cards dont help your credit If you do want to live a debtfree lifestyle but you also want to maintain a good credit score you can. There are a few things you can do to ensure you remain debt free with good credit. You can still use store credit cards for purchases and pay them off the same day as the purchase. This can also be done with a credit card which you pay off every month and you will avoid finance charges while interacting with some debt on a regular basis.
With so many people in the United States without a bank account prepaid debit cards have become a very important part of our society. This makes cashing checks and paying bills much easier and less expensive. These cards allow for direct deposit online bill pay and many other conveniences. The easiest way to describe a prepaid debit card is by comparing them to gift cards. Here are the advantages and the disadvantages. Advantages Ability to use the card like a credit card except youre not granted credit Easy approval process with no credit requirement Access cash from ATMs 247 Use the card online or over the phone Less expensive than checkcashing services in most cases No interest charges Getting a prepaid debit card is very easy and provides you with many advantages. You dont need to worry about bad credit and you wont be able to over extend your card. Since you have to actually load cash onto the card overdraft fees are not an issue. Most cards dont allow overdrafts but make sure to check the card you apply for just to be sure. Disadvantages Dont report to the credit bureaus Dont help you improve your credit scores Cannot be used for car rental or hotels in some situations May charge a fee for opening your account May charge fees for loading money onto the card May cost more than opening a checking account Make sure you check the agreement with the company you choose for your prepaid debit card. Since this type of card wont improve your credit you need to concern yourself more with the fees. Some cards charge more than others do while some allow free direct deposit and lower fees. Its a good idea to compare a few cards before choosing the right one for your needs.
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