Understanding Credit Inquiries

This is a very talked about topic here.  Credit Inquiries, many people so misled about Credit Inquiries that they don't even know whats on there credit report because there afraid to check it.  Lets start with what a Inquiry is.  A inquiry is exactly what it says, its an inquiry, an inquiry about your credit history, for creditors or landlords, or jobs or even car rental companies to check on your credit background.  Now understand that there's two kinds of credit inquiries, the Hard Inquiry and the soft inquiry.

Hard Inquiry:

The hard inquiry is made form creditors looking to check on your credit history for a loan, credit card, or rental approval and more.  This kind of inquiry is a hard inquiry because it decreases your credit score.  Now even though this decreases your credit score if you get the loan or credit card, or apartment rental or mortgage, it doesn't look bad on your report, because you applied for an auto loan and you got it. Unlike if you applied for an auto loan like 3-5 times and didn't get the loan, that's bad.  Makes other or new creditors your trying to get, look at your report as if something is wrong with this picture.

Soft Inquiry:

The soft pull.  The soft pull is normally made by you yourself checking your credit report and sometimes some creditors doing a credit limit increase or a Pre-approval for a credit card or store card.  This Inquiry does not effect your credit score. Don't be afraid to ask some creditors if they do soft pulls or not.  Some credit grantors such as Walmart, Khol's, and others that do soft pulls due to a pre approval system they are associated with.  You can put your self in this system which is basically opting your self in to be able to possibly get a Pre-approval on credit.

Now also do understand that every creditor that pulls a report  and makes an inquiry does not do it to all 3 of your credit bureaus.  Some creditors only pull one bureau or maybe 2 sometimes.  You normally get all 3 pulled and an inquiry done on all 3 when your looking to get a mortgage done.  So this is a nice clue to you that 2 of your credit bureau reports are high in inquiries and your looking  to go get a auto loan, maybe you should go to a bank or creditor that will pull the bureau that has the least inquiries.

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How To Get Your First Credit Card

Here is a quick post for those who are fresh out of high school or even in college or just out of college, who may not know much about credit.  This blog post is to show you how easy it is to get your first credit card.  
Now due to the fact that your just starting out with credit, do not expect your first credit card to have a very high credit limit.  There are some local banks and credit unions that actually have programs for new credit beginners.  (Later on this post will be updated with a few of those banks).  Some of the programs are called My First Credit Card, you can Google or Yahoo this term and some banks should pop up, but if not as mentioned above a few links will be posted later on.  For those looking for a quick approval for a credit card.  You may want to give capital one, Journey Credit card a Go, and also Capital One Classic Credit card A go, at the same time.  I have seen many people approved for these 2 cards simultaneously. You r credit limit for one or both cards will be $300-$500, you may get approved for both at $500 a piece giving you a credit start of $1,000.  For those that maybe looking for higher limits at first, if you have relatives or parents with well established credit and credit cards, you may want them to add you as an Authorized User on there cards.(There is A post on What Is A Authorized User) 2-3 of these Authorized User cards with good credit history and limits added to your credit profile or report, will surely help get you, your first credit card at A higher limit.  Please use this information wisely, don't run up your credit cards if you cant pay them, you'll regret it later for sure. And IF you do handle your credit right at the beginning, trust me you can get your credit well up to $30-$50k Plus with in a very shot amount of time.

Leave your questions & comments I am here to answer your questions and help.

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How To Build Up New Credit To Obtain High Credit Limits

In this post  I will show those with fresh credit or new credit how to obtain higher credit limits in a short period of time,  avoiding the most common mistakes made with new or fresh credit.

I'll first talk to the ones with the blank credit files, or those just starting out. Lets say your fresh out of high school or even college.  You may have that great idea, or want to invest in the market, or even invest into real-estate, or you just have that  entrepreneur spirit.  More than likely your not at that point to invest cause your broke or don't have much, unless you have that rich uncle or grand mother, but even that scenario the rich relatives are tightening there pockets as well.  I mean times are hard, so wouldn't it be nice to have a little advantage over the rest.

lets get right into it.  First and fore most, reconsider the banks who you bank with.  You may want to start focusing on your city's local banks, and credit unions.  (In the ebook: The COME-UP COMPILATION) there is a list of the top 10 credit unions to join, which I may add, some are very generous, even with fresh credit, lol.  Going to these banks will give you a better chance to build your credit faster and with higher limits, verses going to the big wigs, you know who I mean, lol.

-Also before you choose to apply for a credit card you may want to reconsider doing that, because you don't have any or no credit, those that will extend credit to you will start you out low, which will make sense from a underwriter stand point, but think about choosing a secured credit card first,  these is a list of the top 10 secured credit cards to obtain in the copy of the ebook( THE COME-UP COMPLATION).  Getting a secured credit card as your first 2 cards or so will help you to pave your next unsecured limits to high limits especially if you start those secured cards out with high limits for example($1,000-$10,000).

-A very important step in obtaining high limits in a short time is to make sure your credit reports have completed information on them, correct name, address, age, DOD, even job and salary information.  Information that is not updated can be the difference between an approval and an denial even with a 700+ score.

-Following these steps will surely get you on the way to obtaining high credit limits in a shorter time period than usual.

I have helped many obtain funding under there personal credit even with negatives on, lol.  I have also helped many to clean there bad credit as well.

You can ask your question or leave your comments here about how to establish new credit to obtain high limits in a short time period.

I am available on my blogs, Wordpress, emails and itsmapps.com at all times.

check out the live actual proof of the credit this client got here:

http://www.youtube.com/watch?v=dFquL0J73E0&feature=endscreen&NR=1

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New Credit Step by Step Plan

This post is dedicated to those who have just started up there credit or are wanting to start getting credit, building it up on a slower pace.  For those wanting to do it on a faster pace, check out the post called: How To Build Up Personal Credit To Obtain Higher Credit Limits.  Moving on, here we go:

Ok, so you are wanting to start building your credit and have none and no money for a secured loan, ok.  Well you can apply for a capital Journey credit card and/or classic MC/Visa card at the same time one right after the next and you will most likely get approved for both if not one.  For those not sure if they will get approved and need assistance, you can email or post me and I will help you out witth that. You can email me at itsmapps@gmail.com or itsmapps@itsmapps.com.  After getting approved for the card, you want to use it once a month for at least 3 months, very small purchases under $50 dollars, make sure you make payments.  At about the 2-3 week of the 4th month, you will want to apply for a JC Pennys card.  They will approve you for about $100-$400 dollars credit line.  In about a week or two, You will want to also apply for a Walmart card at this time as well.  You don't need to use these new cards yet. After the walmart approval, you wait for another 2 weeks and then apply for a Old navy and Khols card at the same time, you will more than likely get approved for both. A word of advice which is very important to these approvals, make sure that your phone number that you have is listed in 411 directory, also go to:https://www.optoutprescreen.com/?rf=t  to opt yourself in the system.  If your not listed with 411 and not opted in, you will want to do so and wait about 30 days or so before applying for credit. You may also want to retrieve a current credit report to make sure all of your information is current and correct, because an address or phone number can be the difference between denied and approved.

For more info or help please leave your post or emails with questions, at www.itsmapps.com or www.itsmapps.blogspot.com, or itsmapps@itsmaoos.com, or itsmapps@gmail.com

Peer To Peer Lending

Bank Lending Alternatives For People With Good Or Less Than Perfect Credit

Hey, times are tough, bills are coming full force, and debts are still piling up, as well as inflation.  Which is why you have seen many different Lending Alternatives popping up, like Pay Day Loans.  Well her's a new one, Peer To Peer Lending.  What is Peer To Peer Lending you may ask?, I'll tell you.

Peer To Peer Lending is the new Alternative to traditional Bank Financing or Loans.  his is how it works:
You go into sites such as, Prosper or Lending Club, and fill out a Loan application, depending on the credit score, and your acceptance to their agreement,  you will then be matched up with a Private Lender.  Now Interest Rates can be as low as 6% or even as high as 35%, so those with Less Than Perfect Credit will still be paying the price, but now can consolidate or pay off their debts fully.

Although many applicants do apply for these types of Alternative Loans for Debt consolidation or Bills, these loans can be used for many other things such as, Home Improvement Loans,. Business Expense Loans, Wedding Expense Loans, Auto Loans, or even Vacation Loans, and there is a tab for other on the sites as well, so you can pretty much apply for a Loan for almost anything.

So with this said, Peer To Peer Lending can be a great Alternative for some, if its going to help save you money on your current Interest Rates, or even if you just want to consolidate debt but may not mind the high interest rate if it applies.  Do your due diligence and hopefully this may be a great Lending Alternative for you.       

What Is A Balance Transfer

Many people have been asking me allot bout credit cards lately, and one particular question about credit cards that I get allot is, What Is A Balance Transfer.  So I will try my best to explain what it is.  This is the scenario.  You Currently have a credit card with a $1,000 dollar credit limit which is maxed out, and has a 21% interest rate.  You also have another credit card or have just been approved for another credit card that has a limit of $2,000 as well as an interest rate of 9%.

With the first credit card at 21% with a credit line of $1,000 and an even payment spread over 12 months, would be $1,000 plus an additional $210 dollars added on for interest, which would be rounded up to about a monthly payment of $100.83.  With the second credit card that has a limit of $2,000 and a payment spread evenly over a 12 month period, with an interest rate of 9% , with a balance of $1,000 would make the monthly payments roughly $90.83, and a additional $90 added to the balance cause of interest; Saving you $120 dollars annually. and dropping your monthly payments down to $10 less.

To summarize everything, your pretty much paying off one credit card with another credit card that has a better interest rate, and will save you money overall as well as lower your monthly payments.

Don't forget to check out the new ebook that we just put out called: The Come-Up Compilation Ebook
which you can find at:    http://www.tradebit.com/filedetail.php/222443902-the-come-up-compilation

This ebook consist of some of the best information as far as personal credit, notary, health, trading top 10 secured cards to get, top 10 credit unions to join, top 10 sic codes to use for a business, and also a 10 step business credit"biz credit"  plan, to get you from not even knowing how to opening up a business all the way getting that business funded.

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Blue Mitzi

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What Is The Best Credit Card To Get?

Over the past few weeks I have been getting allot of questions about credit cards and one of these questions that keep popping up is: What Is The Best Credit Card To Get?  My response is that's not a question that can be answered right away.  There are certain variables that need to be analyzed first, like whats your current credit score, what is your current balances on your credit cards, whats your, oldest credit card or line, whats your newest credit card or line, and how many inquiries do you have on file right now.  Another important thing is, do you currently have any negative information on your credit file either form the past or present.

After you address these questions then you can ask yourself what do you want out of a card as well.  Gifts rewards, airline points for free trips, concierge rewards, or even cash back rewards.  There are many out there.

With all of this information you can even know who will approve you, get a guesstimate of how much your limit will be, and know who is the best bank or card to get because you can find out what banks or creditors use what credit bureau's to approve you with.

For any other questions please leave a comment and I will answer you right back ASAP.

We can even assist you with getting approved for credit.

Thank you for coming look around theirs allot of great information about personal credit, business credit, entertainment, gossip, and even many how to tutorials here as well as music info and opportunities as well          
Please also check out our new ebook at:
http://www.tradebit.com/filedetail.php/222443902-the-come-up-compilation

it consist of some of the best information needed today to get your self of the ground, like top 10 secured credit cards to get, top 10 credit unions to join, top 10 SIC codes to use when opening up a business, health information, notary information, and business credit"biz credit" information as well.

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Blue Mitzi
 

Collection Agency's Calling My Job Instead Of Me

Ok, collection Agencies calling other contact of yours, like your parents, grandmother, family members, or even work.  Now its not illegal at all for them to contact you but its bad practices.  Now if this is whats happened to you or what has been happening to you, it sucks, and can even be embarrassing as well.  So here's what you do, you write or acquire what is called a cease and desist letter.  This letter is in plain English means, to halt an activity and not to take it up later or face legal action, again it means, to formally ask someone to knock it stop or hold your breaks, or knock it off.  This can be used for many different besides annoying debt collectors.  It can be even used fro an ex boyfriend or girlfriend making harassing calls, or more.

While putting your letter together, I find it better to have it Notarized before sending it off.  There will be a Notarized letter posted up on the www.itsmapps.com site for download for your use.

Please leave your comments and questions, I am here to help.

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Elements Of Having A good Credit Report

Info will be up by later today, updating information for you the public, 

What Is A Authorized User Account

In the last few years due to the financial crises which still is not over, many people have had to find alternative options to help build up there credit report or file.  One option which was once dismissed a few years ago, seems to be making a come back very fast.  This option is called Authorized User.  An authorized User account is where one that may have more established credit or accounts or less may have for example, a JC Penny's credit account.  Well, This person can add an Authorized User to their credit card account, which will give that user the benefit of using that account to charge credit as well, and a second card, linked to the main account holders account is issued to that Authorized User with there name on the card.  Now this is beneficial for one that does not have any or no credit at all, because it helps them to start building up there credit profile of report.  Transactions of use and good payment is reported on not just the main card holders credit file but the Authorized User as well.  The cons to this method or option if you will; is that the Authorized User is not held responsible for the principal credit of the account, only the main card holder is, and the Authorized User can not make any little or vital changes to the account at all.  Another down fall to tis option is if the main card holder does not pay there bills and goes into default, this information will show up on the Authorized User Credit report.  So be cautious with this method.

Please, leave me your comments or questions I am here to answer them and help.

Also check out our new ebook called: The Come-Up Compilation Ebook.

This ebook has a ton of great information on Health, Trading, Notary, SIC Codes, Top 10 Secured Credit Cards to get, Top 10 Credit Unions to join, How To Keep An A+ Credit Score And Report, And The 10 Step Business Plan.  Which takes you from step 1 all the way to step 10 showing you how to incorporate all the way to getting funding for your business.      

You can get it out at: http://www.tradebit.com/filedetail.php/222443902-the-come-up-compilation         

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Blue Mitzi

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How To Dispute Collection Agencies

This one is sweet and to the point.  Before you start Disputing anything with the Collection Agencies, take a good look at your Credit Report first.  You maybe able to get rid of allot of your problems with them as far as negatives items being on your credit report.  Now if you have tried all that you can with the Credit Bureau's and all have failed, then you can pursue the Collection Agencies.  Word of advice, Collection Agencies are not very trust worthy and sometimes don't have all the ammunition that you think they would have considering that they are after you for a debt that they have bought from the original creditor. So firs thing, do not give them any information about you that they didn't know before.  if they say its your debt, then they should have all of your current information; and don't confirm any information that they relay to you.  Allot of times they fish to see if what they have is correct.  Some of them don't even have your social security number, which make you wonder, why are they reporting on my reporting without a ssn or how did they get the ssn number? ha, anyway, Never make any deal with a Collection Agency unless they mail or fax one to you and has a signature from a higher up in there company, ex: manager, supervisor.  They are notorious for making flake deals with unsuspecting and unaware individuals, that makes things worse for you.  And also don't believe when they tell you that they can not remove the negative item form your credit report, they can, because, they are the ones that put it there, and I myself have made such a deal.  They can even cut deals with you to update your account as a positive account, depending on the kind of flexibility they have or want to have.  There is nothing that cant be done.

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Blue Mitzi
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The Come-Up Compilation Ebook 
         

What Is A Credit Report

The other day a partner of mine asked me what exactly is a credit report, I was a bit shocked to hear at this day and age that he was not aware of what is a credit report.  To my surprise, after a little bit of research, I found out about 4% percent of people don't really know what a credit report is, and 6 out of 10 people don't know where or how to obtain one, and 75% don't know whats on it, surprisingly.  Which is why this blog has been started.

A credit report details a consumer's financial information and identification information. it can contain information gathered from creditors, public records, and other reliable sources which is reported through somewhat of an automated process.  The information on your consumer credit report or sometimes called file, can have your address, job, salary, good or bad payment history of your credit cards and or loans, which are also known as installment loans or revolving loans.  Installment loans are loans that are lent out to a consumer with a particular set interest rate, payment amount, and period of payments (ex: Auto loan, Furniture loan, Student loan).  A revolving credit line/loan are monies that can have unstable interest rates, non specified payment times, and can carry a balance, meaning does not have to be paid off all at once.

Now there are many different credit bureaus out there believe it or not, which some are off springs of others, but the ones that are commonly used by our major and local banks are as follow: Equifax, Experian, and Trans Union.  These 3 make up the big 3 credit reporting agencies.

Check out the video to go with this post at:  https://www.youtube.com/watch?v=ISHQhRiVasI

You can also get a free credit report and score at:

www.annualcreditreport.com
www.freecreditreport.com
www.creditkarma.com
   


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