Student loans

Investing in a college education is often the best investment a person can make for his or her career, as many jobs are only available to college graduates. However, college education can be expensive and most families are forced to avail of student loans to  fund the education of their children.

Websites like Next Student make the task of finding funding simpler for students. Students can find free funding for their education in the form of scholarships by using the database which contains information on over 2.4 million scholarships. Before applying for student loans, users can conveniently estimate their income and expenses using the college budget calculator.

Information about student loans like Stafford loans, PLUS loans, Grad PLUS loans and private loans is also available. Students can apply for private student loans at any time during the year, which are available at a competitive interest rate . Pre-approval for these loans is quick and they are disbursed within 2 days of final approval directly to the student.

How quickly will my credit score improve?

You may want your credit score to improve quickly so that you can apply for a loan for a large amount at a low interest rate like a car loan or housing loan. However, the time period over which the credit score will improve depends on the factors which resulted in the low score.

Your payment history accounts for 35% of your credit score and is the biggest factor influencing the credit score. The amount owed to the creditors is 30% of the score and is the second biggest component and is  still significant it is not as important as payment history. Get a copy of your  credit report and delete all incorrect entries.

If you repay most of the debts and pay off the oustanding amount on your credit card, your credit will slowly improve over a period of time. If the credit score is fair, it could improve by as much as 100 points over a six month period.

Compare credit cards

There are thousands of credit cards available from different banks and credit card companies and finding the best credit card suitable for your needs can be a time consuming process. Comparecards.com allows you to compare credit cards and select the most suitable credit card for your requirement. You can then apply online for the credit card and get approval within a minute if eligible.

Low interest credit cards are suitable for persons whose credit score is above 680 and  do not pay off the entire credit card balance every month. These cards will help you save on the interest paid every month. For balance transfers get a zero or low interest credit card. Before applying for a credit card, it is advisable to get the latest credit report and credit score.

Business credit cards allow monitoring business expenses to be tracked accurately. A number of promotional offers are available on usage of business credit cards including free travel, discounts on business-related purchases and cash back. Zero interest credit cards are also available for startups.

Many people do not have a credit record to qualify for credit cards but can get pre-paid debit cards to make purchases both offline and online. The spending limit depends on the amount deposited. These debit cards may have an activation fee, but this fee is waived if the debit card is loaded by direct deposit.

How to repair your credit

AAACreditGuide helps you learn how to repair your credit, which can lead to substantial savings in interest payment. It starts with the basics of credit repair, with information on how to obtain your credit reports from the different credit reporting agencies and get a free Credit report from each of the agencies once a year. It also provides tips on how to analyze your credit reports and rebuild your credit

To remove bad credit from your credit report, you should know how to dispute bad credit. This involves sending credit repair letters to remove charge offs, collections and late payments. Public records also have to be corrected to remove bankruptcies, foreclosures, repossessions and judgments.

To repair your credit, you must first get your credit reports from each of the 3 major credit reporting agencies. These agencies will provide a free copy each, once a year. After obtaining a copy of the credit report, verify each item listed carefully. More than three fourth of the credit reports contain mistakes. You can and should dispute every error in the credit report, however minor it may be. If the credit reporting agency cannot provide information to support the disputed item in the credit report, they will have to delete it. Since the credit reporting agencies receive thousands of disputes every day, they are usually not able to provide evidence and delete the item.

When the chances of recovering the debt money are very low, creditors call it a charge off. Though the borrower still owes the money, the creditor has exhausted all conventional means of getting the money back and the case is handed over to the collection agencies, whose debt collectors take over. If the charge offs in your credit report from any of the agencies, your ability to obtain loans and other forms of credit from various banks and financial institutions will be adversely affected. Removing charge offs from a credit report is an important aspect of credit repair.