Business With Greg Mortgage and Real Estate Blog

It has become eminent that America needs to take charge of their finances and learn how they can better their situation for obtaining credit. In the past you could have a variety of issues and still obtain loans for what you need. Today the financial sector is not buying high risk or buying very little.

 The first thing you need to do is find out what is on your credit report. There are a variety of free credit report companies out there. But, beware of their tricks to get you to pay money. You are entitled to 1 credit report from all 3 credit bureau repositories 1 time per year that is free with no strings attached. The site to order this report is annual credit report.  For additional services such as obtaining an additional free credit report or free credit score you can use another company but usually it is a trial and you must cancel within a certain period of time before being charged. It is a great service but just be aware you may need to cancel before the free trial ends or you will be charged.

When you get your reports verify everything on them is accurate. Then work on paying off creditors you owe. If you want to open new credit you should pay off the old credit you still owe first. After doing so take the time and dispute all items that are paid on your credit report so it reflects them accuratly.

One of the biggest problems I see is medical bills. The best thing you can do is follow up with the hospital or specialist and make sure the bill was paid by your insurance. If it was not try to work out an arrangement to pay payments. If you do not they usually sell them to a collection company who will likely not work with you and demand payment in full.

Also if you have filed a bankruptcy and discharged debt the creditors sometimes show delinquent and that you owe a balance. They should show 0 balance and discharged through bankruptcy. Most common reason for this is your attorney did not notify the creditors that your bankruptcy had discharged.

If you are trying to re-build your credit then a secured credit card or 2 will do the trick. Keep any credit card balance under 30% of the credit limit to maximize your score. I personally reccommend Orchard Bank for a secured card. They were charging 7.49% as of the date of this post and very minimal charges if any. You also earn money because your deposit sits in a savings account.

Avoid buying cars while your credit is not good. Paying 25% on a vehicle or a loan with a finance company is not the best thing you can do to re-establish your credit. Plus it is very expensive!

I will try to expand on this post over the next few weeks. There are many ways you can take control of your credit.