Steps To Improve Credit History Spending Tips Stores provide lots of spending tips: Save 30% only until Thursday. Sale ends Sunday at 4 PM. You only go around once in life. You'll be happy with your purchase. You'll look good in this new model. Watch their happy faces when you give the very best. But, unless you have your own spending tips, you'll spend too much. You need to have your own spending tips always on your mind as you shop. Here are some useful tips: Spending Tip 1: Simply ask yourself, "Why am I buying this?" Reflect on your own thoughts. What motivates you into buying this item? Is there a real need for the product or is an advertising slogan going through your mind? Spending Tip 2: Before you buy something, think "Wait a week." Except for food and gas, this really helps. During the next week you can reevaluate your desire for what you thought you couldn't live without. If you still believe you need it, purchase it only when you have enough cash to pay cash or pay off your credit card in the next billing cycle. Spending Tip 3: Look over your budget plans and ask, "Is this in the budget?" Every successful business has a budget. Think of yourself as a business that is trying to make more money than it spends. Sometimes you delay buying something because it's not in the current budget. Spending Tip 4: Consider "Will there be a long term benefit or simply a short term moment of happiness?" A business buys an item because it helps the business to prosper over a period of time. You should see a long term benefit from the purchase for you and your family. Spending Tip 5: Finally, consider "What are both the benefits and disadvantages of buying this item today?" Think about the good things the item will produce in your life. Then think of the less pleasant side effects. Really think about these effects and decide if the item is in your best interests. Consider the benefits and disadvantages from both a short term and long term perspective. Credit Report History Your credit report is a history of your credit transactions. This includes on time payments, late payments, credit cards, mortgages, and lots more. Late payments can remain on your report for up to 7 years. A bankruptcy can be seen for 10 years. Current, outstanding, unpaid debts can remain on your report while they are unpaid and for 7 years beyond that.\ Negative or Derogatory Items on Your Credit Report Pull Your Credit Score Down Your credit score is based on the information in your credit file. Positive items like on time payments help increase your credit score. Negative or derogatory items like missed payments pull your credit score down. The lower your credit score the harder it will be to obtain credit and the higher the interest rate will be. So, it's to your advantage to challenge and remove as many negative items on your credit report as possible. How to Dispute Current Credit Card Charges You can dispute current charges on your monthly credit card statement. To dispute current charges: Make a copy of your current credit card billing statement. Circle the item you are disputing. Write a short letter indicating why the charge is in error. Send your letter and the copy of the billing statement to the customer service department. Their address is on the billing statement--either on the front or back. They will normally remove the charge from your next statement. You will have to contact the vendor who made the charge to resolve the problem. How to Remove Negative Items on Your Credit Report There are basically three ways to remove items on your credit report to help repair your credit. You can dispute items on your credit report. This may or may not remove the item from your report. Arrange with your creditor to pay off the debt in exchange for them requesting the credit bureaus to remove the negative item. Pay off the debt and wait (up to 7 years) for the item to be dropped. In addition, a bankruptcy can remove negative items, but the bankruptcy itself can remain on your report for 10 years. In addition, you'll want to establish a good credit history by making small loans, paying off your credit cards, paying your utility bills--all on time. A good current credit history of several years can be more important to credit grantors than bad credit items that are older. Removing Disputed Items From Your Credit Report You must first obtain a copy of your credit report. You may need to obtain copies from all three credit reporting agencies. Identify the item(s) in dispute. Make sure the creditor agrees you do not owe for this item. Get written documentation of this from the creditor if possible. Write a letter to each credit reporting agency whose report contains an inaccurate negative item. Include their credit report with the item circled or hi-lited. Indicate that the negative item should not be included on your report and indicate why. Include written documentation from the creditor if available. Keep a written log of all conversations and correspondence regarding this issue so you can detail the history in future communications. Here are two resources to help you remove negative or derogatory items from your credit report. One of the easiest programs to use is Credit-Aid Pro This moderately priced software comes in individual and professional versions. You'll want the individual version to use in for your personal credit report. This software works with all three credit bureaus, generates letters written by attorneys, provides expert advice to maximize credit scores, and much more. Fix Credit Biz is an established full service credit repair business. It handles getting your credit report, sending letters to all three credit bureaus, tracking results online so you can see what is happening every step of the way. 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Learn how to end your credit card debt with this free eBook (valued at $27) You will learn: Why moving credit card balances to low interest credit cards can save you money (page 52) How to use consolidation loans wisely (page 50) The three ways to pay down your credit card balances and which is best for you (page 69) How you can make "interest" work for you (page 17) How advertising influences you to spend more money and what you can do about it (page 10) Why the rich get richer and the poor get poorer and how you can move to the rich side (page 17) How the "Can I afford the payments?" culture has changed the way you think about credit and debt (page 22) Why banks are not necessarily your friend (page 23) Why written goals will save you money and how you can start writing your own goals (page 30) The only type of plastic cards you should carry (page 35) How to live like a millionaire for less than you think (page 24) The importance of budgeting and making targeted spending goals with easy to follow examples (page 36) How to create a personal budget (page 61) How to contact your creditors to reduce your interest rates (page 74) What to watch out for with credit counselors (page 77) How you can earn more money than you do now (page 82) All the resources you need (page 104) ... and a whole lot more You Need this Free Credit Card Debt Help Resource Just sign up for our Credit News and Tips newsletter. Name Email Credit Card Debt Help Credit card debt questions and answers Learn the simple facts you need to know about credit card debt. Let the facts work for you. Are you worried over mounting bills? Here are the sure signs you have a credit card debt problem. Why are you paying so much high interest credit card debt? This is what you are being told that makes you willing to spend. Credit Reports Correcting mistakes today can help you tomorrow. Mortgage Refinancing Reduce high interest debts. Get lower interest rates today. Debt calculator How many months will it take to eliminate your debts? Get your guaranteed Mastercard--re-establish your credit Get guaranteed credit cards and use them wisely to re-establish good credit. Worry making you lose sleep? If you have a hard time sleeping at night, perhaps we can help. Why you spend so much Everyone else wants you to spend. What should YOU be thinking? Control your spending Start with a personal budget. Find out where you are financially and where you need to be. Consolidation Loans Reduce your interest payments AND get a tax break. Act now before interest rates increase. A big step is to get lower interest payments. Take two minutes to fill our our no obligation form. A debt counselor from a non-profit agency is waiting to help you. Eliminate that mountain of bills and cut interest payments by more than half. There is nothing to lose. Back to the main page of Credit Card Debt Help | Become Debt Free Improving Bad Credit Dispute Letter Credit Card Charge Identity Theft Spouse Addresses To Three Credit Agencies Gas Prices Got You Down? Save 10¢ per gallon from now on! Buy Gas at a Discount Copyright © 2001-2009 by Robert Sherman All rights reserved. Privacy Policy