Why Establish New Accounts?
Good credit is valuable. Having the ability to borrow funds allows us to buy things we would otherwise have to save for years to afford: homes, cars, a college education. Before creditors lend money, they need to be assured that the funds will be repaid. If you do not have a credit history, lenders do not know whether or not they should give you money. Without any credit history, they can’t tell if you are a responsible debt-payer or a bad risk.
Credit History
How do you manage debt? If you have credit cards or have borrowed money before, you have a history that shows prospective lenders whether you are creditworthy by revealing details about the amount of debt you already have, how many credit cards you have, and whether you make payments on time.It's easy to qualify for credit if you have a good credit history, but what if you have never used credit before? This is a common problem for people who just started working, those who work in the home, people who always pay in cash, and those who do not have assets or accounts in their own names. For them, the first step is to establish a credit history.Disclaimer: The information provided in this site is not legal advice. All information is general information, some of which pertains to legal issues involved in the subject matter. Credit Matters Inc. is not a law firm and is not a substitute for an attorney or law firm. Your access to and use of this site is subject to additional terms and conditions.
*For all consumers
*For members only
*Coming Soon
Mortgages
- Mortgage eligibility
- Loan to Value
- Mortgage Insurance
- Rent/Leases
Insurance
- Insurance premiums
- Car Insurance
- Home Owners Insurance
- Why it matters
Employment
Interest Rates
- Mortgages
- Automobile
- Credit card
- Store Financing
*For all consumers
*For members only
*Coming Soon
How to Read a Credit Report
- What is a Credit Report?
- The History of Credit Reports
- What Makes Up a Credit Report?
- Credit Reporting Agencies
- How Do Items Get Reported?
- How Long Are Items Reported?
- Serious Errors in Credit Reporting
- Which Inquiries Hurt and How Do They Get on My Credit Report?
- Prescreened Credit Offers
Obtaining Your Credit Report
- Your Right to a Free Credit Report
- How to Obtain Your Free Credit Report
Mechanics of Credit Scoring
Members Only
- Why Credit Scores?
- Who is FICO?
- Fair Issac Corporation Speaks Out
- Credit Card Debt Affects Score
- How Do Inquiries Affect Score?
- Different Types of Scores
- What is a Good Credit Score?
Obtaining Your Credit Score
- Online Vantage Scores Are Insignificant
- Types of Scores That Matter
*For all consumers
*For members only
Credit Management Principles
- How Many Trade Lines Should You Have
- Recentness of Account Activity
- Length of Payment History
- Managing Revolving Debt - Credit Cards & Lines of Credit
- Late Payments – What You Need to Know
- How Inquiries Affect Your Score
- Paying Collections or Defaulted Accounts
- Your Debt-to-Income Ratio (DTI) Impacts Loan Approval
Credit Restoration
- What is Credit Restoration?
- How Credit Restoration Works
- Consumer Dispute Statements
- About Judgments & Tax Liens and Restoring Your Credit
- Comparing Credit Repair Companies
- Rapid Rescoring Can Be A Quick Fix
- Fair Credit Reporting Act (FCRA)
- Fair & Accurate Credit Transactions Act (FACTA)
- Credit Repair Organizations Act (CROA)
Establishing Positive Credit
- Why Establish New Accounts?
- How to Establish New Accounts
- Active vs. Closed Accounts
- When Not to Apply For Credit
*For all consumers
*For members only
*Coming Soon
Debt Validation
Members Only
- The Debt Validation Process
- Prove a Debt Collector is in Violation and Win $1000
- Do's & Don'ts of DV
- Pro's & Con's of DV
- Sample Letters
Debt Settlement
Members Only
- Hiring a Debt Settlement Company - The Fees
- Hiring a Debt Settlement Company - The Risks
- The Debt Settlement Process
- Pro's and Con's
- Do's and Don'ts
- What is Your Best Option?
- Sample Letters
Credit Counseling
Members Only
- How Credit Counseling Works
- Why Most Plans are Bad
- Warning Signs - Tips for Consumers
- When its Appropriate to Utilize Credit Counseling
- How Does Credit Counseling Compare to Chapter 13 Bankruptcy?
- Impact on Credit Scores and Financing Approval
About Chapter 7 Bankruptcy
- What it is
- How it works - rules
- How it works - process
- Should you file for bankruptcy?
- Impacts of bankruptcy on your credit report and score
- Reaffirmation - assets you want to keep
- Common mishaps and selecting a good attorney
About Chapter 13 Bankruptcy
- What it is
- How it works - rules & process
- Should you do it?
- Impacts on credit
- Paying off early
- Compared to chapter 7 - pros/cons
Collection
- How it happens
- Your rights - FDCPA
- Statute of Limitations - by state
- What to do if you are harassed
- Impact on credit
- How they affect mortgage financing
- Paying collections - do's and don'ts
Charge-Off & Profit/Loss
- What it is
- How it works
- Impact on credit score and financing approval
- Affect on mortgage financing
- Paying charge offs - do's & don't
*For all consumers
*For members only
*Coming Soon
Judgment
- What it is
- How it happens
- What to expect and do if you're served with a law suit
- Impact on credit
- Garnishments
- Satisfaction - payoff recordings
- Impact on real estate and mortgage financing
Tax Lien
- What it is
- How it affects financing
- Impacts on credit
- Satisfying/release - get & keep your proof
Child Support
- What it is it?
*For all consumers
*For members only
*Coming Soon
Foreclosure
- What it is
- Impact on credit
- Stopping foreclosure
- Deficiency judgments
- Sample letters
Repossession
- What it is
- How it works
- Impact on credit
- Deficiency judgments
