Archive for July 26th, 2010
Employers now checking your credt report ! by Michael Malloy
Monday, July 26th, 2010Employers Now Checking Credit Scores Of Applicants Job Seeker Beware: You could have your credit pulled at any time!
Yes, it is very true that more and more today’s employers go for the credit report to make a decision on whether or not they will hire you. Therefore, if your credit report has problems, you better think about ways to fix it because the chances of it being reviewed by the companies you want to work for are high. Employers have targeted and even fired current employees because of a bad credit report. There have also been cases where workers were turned down for a promotion or transferred because of their credit, and high level security clearance jobs in the government and military can be taken away because of an employee’s poor credit rating. What can job seekers do to fix their scores so this won’t happen to them?
The Credit Physician, an expert in credit consulting and repair, suggests that job seekers should always prepare themselves for the future and look at their credit report once a month and also use a credit monitoring service to alert them to possible hazards or fraud attempts on their credit.
“If you keep your eyes on your report, you’re already 99 percent ahead of everyone else.”
The Credit Physician
Quick checklist for fireproofing your credit report:
Review your credit report and dispute or correct any errors.
Make sure all of your personal information is correct.
Look at your credit report every month.
Don’t attempt to handle big problems on your own – consult a professional.
Maintaining your credit report is an ongoing project – never stop working on it.
One important concept to remember is that your credit has two words – your creditor’s perspective (the people you owe money to) and your report’s reflection of your ability to pay your bills. You can still be paying all of your current bills on time and still have an unpleasant credit report.
One question that job seekers ask is how will their credit score hold up if a potential employer asks to take a look? Many job candidates view applying for a job much like applying for a loan, and jobseeker Sandra Bernke doesn’t like it.
“I don’t think a credit score has anything to do with your qualifications to perform a job and how well you do it,” Bernke said.
But a growing number of job seekers are finding out potential employers are increasingly likely to check applicants’ credit scores before hiring. “I think what they’re trying to do is see how responsible of a person you are, although it’s not the ultimate reason on whether or not they’re going to hire someone. It’s another bullet in the gun if you will,” said Richard Greenwald of the Concorde Staffing Group.
One recent survey shows that 47 percent of employers run checks on select job candidates, and 13 percent run checks on all candidates. It’s not just private employers running credit checks on potential employees – the federal government is doing it as well. The Transportation Security Administration rejects about 20 percent of airport screener applicants because of red flags on their credit reports. Job experts such as The Credit Physician say that you should be honest about these alerts on your credit report, and be prepared to explain them.
New York State Assemblywoman Ellen Jaffee said it can be a catch 22 for those looking for work to improve their finances. “Here you are in a situation seeking a job to be able to respond to financial issues, and suddenly they’re saying your credit doesn’t work for us. Goodbye,” said Jaffee, D-Rockland County. She supports a bill to limit the use of credit report checking to jobs that require handling large sums of money or access to sensitive data.
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About the Author:
Written by: Michael Malloy ( The Credit Physician ) This author has been researching the anatomy of the credit report for years,giveing readers the information to empower them to take control of there credit reports.
www.creditphysician.net md@creditphysician.net
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Things that drop your credit score by: Michael Malloy
Monday, July 26th, 2010 Credit Score Mistakes – Common Things To Watch For
Follow these tips to avoid traps that can drop your credit risk rating:
Manage the credit you don’t use.
It is easy to apply for a store credit card today and then forget all about in three years. However, that account will remain on your credit report and affect your credit score as long as it is open. Having credit lines and credit cards you don’t need makes companies view you as a bigger credit risk because you run the risk of “overextending” your credit.
Having lots of accounts you don’t use also increases the odds that you will forget about an old account and stop making payments on it, resulting in a lowered credit score. Only keep open accounts that you currently use and make sure that all other accounts are closed. Having fewer accounts will make it easier for you to keep track of your debts and will increase the chances of you making all payments on time while maintaining a good credit score. However, you must realize that when you close an account, the record of the closed account remains on your credit report and that can also affect your credit score for a while. In fact, closing unused credit accounts may actually cause your credit score to drop in the short term, as you will have higher credit balances spread out over a smaller overall credit account base.
For example, if your unused accounts amounted to $2,000 and you owe $1,000 on accounts that you have now (let’s say on two credit cards that total $2,000), you have gone from using one fourth of your available credit ($1,000 owed on a possible $4,000 you could have borrowed) to using one half of your credit (you owe $1,000 from a possible $2,000). This will actually cause your credit risk rating to drop. In the long term, not having the extra temptation to charge and resisting credit that you don’t need can work for you.
Limit inquiries on your credit report.
Every time someone looks at your credit report, an inquiry is noted. If you have many inquiries on your report, it may appear that you are shopping for several loans at once or that you have been rejected by lenders. Both can make you appear to be a poor credit risk and may affect your credit score. This means that you should be careful about who you allow to access your credit report and when. If you are shopping for a loan, do so within a short period of time because inquiries made within a few days of each other will generally be lumped together and counted as one inquiry. You can also cut down on the number of inquiries on your account by approaching lenders you have already researched and may be interested in doing business with. By researching first and approaching second you will likely have only a few lenders accessing your credit report at the same time, which can help save your credit score.
The credit physician says to look at your credit report every month. The most common error people make with their finances is not checking their report for mistakes and new items, such as collections and charge offs. These items will affect your score in a very negative way, and can drop your credit score quickly while setting you back for months or even years. Therefore, keep an eye on your credit report!
Online loan rate comparisons have a bigger impact than you may think.
Online loan rate quotes are easy to get – type in some personal information and you can get a quote on your car loan, personal loan, student loan, or mortgage in seconds. This is free and convenient, leading many people to compare several companies at once in order to make sure that they get the best deal possible. The problem is that since online quotes are a fairly recent phenomenon, credit bureaus count each such quote estimate as an “inquiry.” This means that if you compare too many companies online by asking for quotes, your credit score will fall due to a higher number of inquiries. This does not mean that you shouldn’t seek online quotes for loans. In fact, online loan quotes are a great resource that can help you get the very best rates on your next loan. What this information does mean, however, is that you should research companies and narrow down possible lenders to just a few before requesting quotes and allowing them to make inquiries. This will help ensure that the number of inquires on your credit report is small, and your credit rating will remain in good shape.
Thinking that you only have one credit score.
Most people speak of having a credit score when in fact most people have at least three or more scores, and these scores can vary widely. There are three major credit bureaus in the country that develop credit reports and calculate credit scores. There are also a number of smaller credit bureau companies.
Plus, some larger lenders calculate their own credit risk scores based on information in your credit report. When repairing your credit score, then, you should not focus on one number – at the very least, you need to contact the three major credit bureaus and work on repairing the three credit scores separately.
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About the Author:
Written by: Michael Malloy ( The Credit Physician ) This author has been researching the anatomy of the credit report for years,giveing readers the information to empower them to take control of there credit reports. www.creditphysician.net md@creditphysician.net
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Cheap Life Insurance
Monday, July 26th, 2010When it was time to get car insurance for my first car there were no insurance quotes to compare; there was nothing to think about. It was my parents’ policy and they went with the company they had used for years.
After getting married, there were still no insurance quotes to look at. When I took my husband’s last name, the insurance company came with it. Because of the relationship established with the local agent, we use the same company for all of out insurance needs.
Was this the best way to go about getting insurance? It worked out for us, but getting insurance quotes is always the best route to go – especially starting out. It could be that the company that works for you didn’t work for your parents. Most likely, the needs that you have today will be completely different from those of your parents (both then and now) and your unique requirements could require a unique insurance company.
Getting insurance quotes is easier than you might think; the trick comes with deciding just what you will put the highest value on – savings or availability. There are numerous online sites that will not only give you insurance quotes but will compare them to other insurance companies. This is easier (and more efficient) than calling numerous companies because it ensures that you will have the same information (discounts, deductibles, etc.) on all of the quotes.
Be prepared to give out some personal information. In order to give accurate insurance quotes, most companies will want to check the driving history of the person that is to be covered. If giving out personal information (even though it is perfectly secure) is not your thing, then you might want to stick with your local insurance agent.
If it is time to insure a car, a home, a boat (or any toy imaginable), take the time to get insurance quotes instead of relying on the same old same old.
Kathryn is a freelance journalist working in the insurance industry, providing guides and help on fairinvestment.co.uk/direct_line_car_insurance.aspx insurance quotes and also writes insurancedaily.co.uk/ insurance news for UK insurance publications
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sanakhan
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About the Author:
Cheap Life Insurance
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Why Use a Prepaid Debit Card?
Monday, July 26th, 2010The innovations of technology and the never-ending changes that we see day by day in our community has greatly affected us with the way we think, speak, act and live our normal way of life. Indeed, the new discoveries helped us to accomplish a lot of things easier than how we could have accomplished it 20 years ago. It is now easy to find and buy stuffs that we need, communicate to our friends and acquaintances and even pay our bills. The new technologies seem to have really helped us improve our lives and make a lot of things more convenient for us.
Due to the continuous changes that we see and the more convenient life we experience today, we are slowly becoming dependent on the new technologies. That is also one reason why many people choose to have a credit card. Credit cards seem to be really advantageous as it helps people to easily buy stuffs online or make hotel reservations at the comfort of their home, pay bills online or over the phone, and many more. However, since most people value their convenience and rely too much on credit cards, most people forget the disadvantages that we can get from our over dependence to it. Some spend too much beyond their credit limits and hurt their credit scores without realizing that the money they spend is not really their own but is considered as a debt or something borrowed from the bank. In turn, many people suffer for paying debts with extremely high interest rates and messing up with their credit ratings.
One alternative for getting convenience while being careful with handling your finances properly is through the use of prepaid debit cards. The use of debit cards help in instilling financial discipline as the cardholder knows that all expenses and stuff paid by his debit card are automatically deducted from his own checking account. This in turn makes him more cautious of the things that he buys and limits him with his expenses as he avoids buying things that he really doesn’t need.
A debit card can really serve as a good alternative to credit cards in terms of getting convenience as they are almost the same. Debit cards can also be used to make purchases online or pay bills with very reasonable fees, or in most cases, debit cards have no fees at all. There is also need to worry about late fees or high interest charges since it is your own money that you are using.
A prepaid debit card” title=”prepaid debit card”>prepaid debit card may really be a good option and may serve a number of benefits in our daily lives. In any case, we can always get the convenience that we want so long as we are cautious with our spending and if we are careful in taking care of our financial responsibilities.
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About the Author:
Philbert Manalo is an SEO expert and article writer working for different companies and websites.
One of the sites that he is working on is http://www.readydebit.com, a site that offers a prepaid debit card that may be able to help customers save their money.
For more inquiries on helpful prepaid debit cards, you may call 866-465-1645 or send emails to contactus@readyfinancial.com
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Raise your credit score in 30 days or less ? by: Michael Malloy
Monday, July 26th, 2010Don’t have a whole lot of time to bring up your credit score?
Here are some quick ways to get a handle on your score in less than 30 days!
Pay down your credit cards. Paying off your installment loans can help increase your score, but in most cases not as dramatically as paying down or paying off revolving accounts such as credit cards. The FICO model and even the Vantage scoring system now used by the Big 3 credit bureaus weight credit card debt more heavily. Each card you carry, combined with your revolving credit line, should be below 25%. If your goal is to increase your credit score – forget about paying down your high interest rate cards first. Work on getting the lower balances down first to reap the most improvement in credit score.
Use your cards as lightly as possible. Even if you pay your balance in full, your available credit is averaged over your billing cycle, which is sometimes less than 30 days. For example, if your credit limit on a card is $5,000 and you charge $5,000, your credit balance is still going to show $2500 (a 50% usage limit) even if you pay it off each month. This will likely make your score plunge.
Small businesses must also limit credit use. For most small business owners, credit cards are a lifeline for the purchase of goods and supplies every month. Maxing out business lines of credit each month can hurt them. Wait – these are business cards, you say? Yes, they are. However, most small business owners still have to personally guarantee their business cards, which means they show up on personal credit reports. If you run a small business and you find yourself needing to use all of the credit available to you on a card, you may want to consider getting another card to spread out the credit lines a little.
Make sure your credit report is accurate! Is your credit report correctly reporting your credit limits for your cards? Many times credit card issuers don’t update their databases as frequently as they should and this can taint your credit report with inaccurate information. Order a copy of your credit report and review it. If you find any information that needs to be refreshed, call your credit card issuer and ask them to update the list. You can also challenge the limits with the credit bureaus if something is wrong. Keep your eyes on your credit report every month.
”The credit report has a mind and the way it thinks effects the score, whether good or bad.”
The key is to figure this out by consulting with experts like The Credit Physician, who empower you to take control of your credit.
For more information, write us md@creditphysician.net or visit http://www.creditphysician.net
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About the Author:
Written by: Michael Malloy ( The Credit Physician ) This author has been researching the anatomy of the credit report for years,giveing readers the information to empower them to take control of there credit reports. www.creditphysician.net md@creditphysician.net
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How to stop wage garnishment ! By: Michael Malloy
Monday, July 26th, 2010How to Stop Wage Garnishment If your paycheck is being garnished, there are a few ways you can go about stopping it. You’ll either have to pay the debt, make an agreement with the person you owe, or file a specific motion with the court. How to stop a wage garnishment:
Pay what you owe. If you cannot pay the full amount, this won’t stop the garnishment.
Make a written agreement with whoever got the garnishment and file this agreement with the Court Clerk. The agreement should say that you will pay a specific amount each week or month.
File a Slow-Pay Motion. A slow pay motion asks the judge to let you make small payments. This is the next course of action if the person who sued you won’t make an agreement with you.
If you file a Slow-Pay garnishment, it is up to the judge’s discretion as to whether he or she will allow the Slow-Pay Motion. To file a Slow-Pay Motion, you need to go to the Court Clerk’s Office. The clerk will give you a form to fill out. This form will ask:
Where you work.
How much you make.
How often you are paid.
The name and address of the person who got the garnishment.
Your case number.
How much the judge said you owe.
How much you’ve paid already.
The clerk will be able to help you find out any information you don’t have. Then the clerk will ask you to swear that everything on the form is true to the best of your knowledge. You may have to pay a small filing fee when you file the form. Then you’ll have to come back to court on a certain day, and the person you owe will also be there. You’ll have to convince the judge that you need to make smaller payments, so be prepared with copies of your rent, electricity, water, gas, and any other bills you have. Write down all of your expenses, and any income you have. The judge will ask you why you can’t pay the full amount, and how much you think you can pay on a weekly or monthly basis. Be sure to offer to pay only as much as you think you can really pay. The judge may agree to the amount you suggest, or he may ask you to pay more. The judge will tell you who to pay and when. You may have to pay the court directly, or it may go straight to the person you owe. Always pay on time, and keep a record (receipt or canceled check) for what you pay. If you don’t pay on time, you could be subject to fines, or you could have to pay the full amount all at once, or the judge could order other penalties. If you can afford an attorney, it might be more likely that you would be able to get the amount you want. If you can hire an attorney, you should do so. If not, just be prepared with as much information as possible to prove your case.
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About the Author:
Written by: Michael Malloy ( The Credit Physician ) This author has been researching the anatomy of the credit report for years,giveing readers the information to empower them to take control of there credit reports. www.creditphysician.net md@creditphysician.net
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