Repair Credit Score

Archive for August, 2009

Question: Why do credit apps ask for so much irrelevant questions, when they should just ask you for your SS #?

I just don't understand why they ask for your income, any additional income, past residences, etc ect..when all they really care about is your Credit Score. All the questions on a credit app should just be social security number and phone number or email so they can get back to you with an answer!

Answer: 1. To make sure that you are who you say you are. That is the reason they want to compare any past residences.
2. Your income doesn't show up on your Credit Report. Some lender require a minimum income in order to extend your credit.
3. Identity Theft is a crime. Falsifying an application for credit such as overstating your income is also a crime.

Credit Q&A: Do Inquiries Impact my Credit Score?

Question: What would be the best credit card for a 25 yr old to inprove her Credit Score?

My daughter is trying to build good credit. Her Credit Score in low and she just bought a small moble home for her family. I want to help to build her credit up, just in case she may need to buy something big ticket some day.

Answer: If she bought the mobile home on credit, then paying that on-time every month is the surest way to improve her credit. Opening another credit card is actually going to hurt her Credit Score, since the amount of $$$ available counts towards her indebtedness.

25 year old is not a child any longer, and so she should be responsible for her credit. If she's already in trouble, the best thing you could do is find out why, and make sure it doesn't repeat itself.

And do NOT co-sign for her.. You might end up with your credit and your relationship with your daughter in trouble.

Can Bad Credit Debt Consolidation Help Your Credit Score?

What does it mean to add a statement to my Credit Report?

You have the right to add a 100 word statement to your Credit Report to explain something in your report or to point out an error the credit agency will not correct. The credit agency must accept such a statement from you, but the credit agency is not required to include the entire statement and may include only a summary of what you have written.

Will creditors look at the statement I add to my Credit Report?

Creditors often will ignore this type of statement and that the statement may end up remaining in your file even after the item you are explaining or disputing is removed.

What are the benefits of adding a statement to my Credit Report?

This kind of statement can be useful if you have had temporary financial problems due to losing your job, being ill, or caring for an ill family member. Make it short and sweet, and be sure to include good news such as your financial situation has improved because you found a job, recovered, or are no longer caring for the ill family member.

Free example of statement to add to your Credit Report