Category Archives: Credit
Key Tips for Settling or Reducing Credit Card Debt
Credit card debt is one problems most Americans face at one point or another, and it can seem insurmountable. But settling your debt is a viable option, and can help you get started on the road to recovery. In a debt settlement program, you agree to pay a lump sum that is less than the […]
Short Sales Increase Across Pennsylvania
Short sales are on the rise across central Pennsylvania. A short sale is a potential way to avoid foreclosure for homeowners who find themselves underwater on their mortgages. It allows home owners to sell their properties for significantly less than they owe with permission from their mortgage holders. The Central Penn Business Journal reports some […]
Common Credit Report Errors
Credit report errors are more common than you many think. A recent study from the Federal Trade Commission found 26 percent of consumers had a material error on their credit report, and five percent of consumers had an error that was significant enough to place them in a different credit risk tier. This means those […]
How to Correct a Credit Report Error
Gary Lindner is a Pittsburg small-business owner who always pays his bills. In his 20 years as a Duquesne Light customer, his service was never interrupted for nonpayment. You can imagine his shock to receive a letter from Citizens Bank informing him of the termination of his credit due to adverse personal credit information. Duquesne […]
Keep An Eye on Your Bankruptcy Risk Score
Vince Laboon needed a loan to make home improvements. Shortly after he applied for a $15,000 home equity line of credit, Laboon got a letter from the bank with his “bankruptcy score.” The letter did not provide an explanation and Laboon was nervous. Most people are familiar with credit scores, but may not know about […]
Have Faith, and a Plan: Tips to Restore Your Credit
Follow a Budget. Your budget is your spending plan that will help you live below your means, preventing you from accumulating unnecessary debt. Set money aside. Open a long-term account at a bank or credit union that offers low to no fees associated with withdrawing early. Financial experts recommend setting aside an emergency fund equivalent […]
Actions that Damage Your Credit Score the Most
Today, people can monitor their credit scores by subscribing to services that provide them with periodic credit reports. People often have a fear of never fixing their credit scores after bankruptcy or other financial troubles, but credit scores can be restored. You can rebuild credit and restore a credit score to a former acceptable range, […]
Secured Credit Cards: An Option for Restoring Credit after Bankruptcy
Whether you are a young person starting out with no credit or are re-establishing credit after bankruptcy, one credit-building option is a secured credit card. A secured credit card requires a deposit to guarantee the card. For example, the bank may require an initial $500 deposit and give you a credit line of $500. As […]
How Can Using Retail or Gas Cards Help Re-Establish Credit?
After bankruptcy, you may have to use more than one approach to re-establish credit. With any approach, the main thing is making regular payments. You are rebuilding trust with lenders and on time payment restores their trust in you, thereby rebuilding credit. Retail cards A retail card is not a Visa or MasterCard. These are […]
Credit Cards and Bankruptcy
With credit cards as easy to get as ever and disruptions to income, such as job loss or serious medical disability, occurring to people every day, it’s no wonder that credit cards make up a large portion of discharged debt in bankruptcy. Here are a few things to note when considering bankruptcy as an option […]
