Improving your credit score through common sense methods

10_Tips_for_Improving_Your_Credit_Score_20938_11886A credit score reflects credit payment patterns over time, with more emphasis on recent information. You can check your credit report to read a summary of what goes into your credit score. Pay your bills on time. Delinquent payments and collections can have a major negative impact on a credit score. Keep balances low on credit cards and other “revolving credit.”

High outstanding debt can affect a credit score. Apply for and open new credit accounts only as needed. Don’t open accounts just to have a better credit mix. It probably won’t improve your credit score. Pay off debt rather than moving it around. Also, don’t close unused cards as a short-term strategy to improve your credit score. Owing the same amount but having fewer open accounts may lower your credit score. Protect your credit information from fraud and identity theft Pay Your Bills on Time (and other important tips) Paying your bills on time is the most important contributor to a good credit score. Even if the debt you owe is a small amount, it is crucial that you make payments on time.

In addition, you should: Minimize outstanding debt and avoid overextending yourself. Refrain from applying for credit needlessly as applications for credit show up as inquiries on your credit report, indicating to lenders that you may be taking on new debt. It may be to your advantage to use the credit you already have to prove your ongoing ability to manage credit responsibly.

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Things to Know Before Dealing with a Credit Repair Company in Australia

wesThere are instances when people in Australia have fallen in to the trap of scams by credit repair companies. Just to be on a safer side, it is important that you know your rights as a consumer for utilising the services of a credit repair company. Industry experts always advise people that there is no quick way to fix bad credit rating. The efforts that can do some good to credit worthiness involves time, commitment and a dedicated debt repayment plan from the consumer’s end. Even if you need the assistance of a credit repair company, there are things you should know before dealing with them, such as

First, Understand Your Credit Report
Spend some time to understand your credit file and all sorts of things included in it. Identifying the key areas to repair your credit score, you can then seek help from a reputed credit repair specialist.

Stay Away from Scams
Once you get involved in a fraud, knowingly or unknowingly, your credit report takes a toll. Thus, its necessary to stay away from becoming a victim of fraud. If you can find a reliable credit repair company, you can expect required assistance to improve your bad credit ratings.

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What is a Letter of Credit MT-700 & it’s types?

17123240849_14b0883f48_bIn the simplest terms, a ‘Letter of Credit (LC MT-700)’ is just a letter from a financial institution to guarantee that the payment which the buyer is supposed to pay to the seller will be paid on time and in the agreed upon value. This guarantee implies that if for any reason, the buyer fails to fulfill his obligation then the bank will pay the remaining or full, as the case may be, amount to the seller.

The most important use of letters of credit is in international trade because of a large number of factors which include the different laws in every country and a lack of trust on a foreign businessman especially if this is a new business partnership. The letter of credit offers a guarantee to the buyer as well by holding the payment until it receives a confirmation about the shipping of the goods.

Letters of Credit Types:

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Credit Repair as a Home Based Business Opportunity

werAre you unemployed or under employed? Maybe you’ve been looking for a job for a while now but you’re not having much luck. Don’t wait for someone else to offer you the job of your dreams. Create your own future by starting your own business! You may think that this sounds too tough, and you may have no idea what kind of business you could start. A credit repair business may just be the business for you!

There are many reasons to consider credit repair as your new career. Unlike many businesses, a credit repair business is relatively inexpensive to start. You can begin with a simple home office, with just a computer, a phone, some money put towards marketing, and possibly some credit repair business software to help you run your business efficiently.

If this sounds like something that might be right for you, read on for some basics about credit repair as a home based business.

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Review your Credit Card Statement!

aYou should review your credit card statements for several reasons:  to verify transactions and payments; pay attention to the due date; look for fees and penalties; and note credit line/ limit and credit available.

Transactions and payments

Verify the transactions on your bill including items charged by matching them to your receipts or at least review the list for anything you don’t recognize. Whatever you can’t verify, contact the credit card company to get more information to determine if you need to dispute it or if you have been a victim of Identity Theft. Confirm the payment on the statement with the amount you sent either by check or online bill pay.

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