Liberty Credit Repair

If i will let my credit card expire and then decide not to renew it, will it have a negative impact in my credit history/score? is that also the same with requesting for an early termination (closing) of the credit card?

You can’t let your credit card expire, the issuer will automatically send you a new card before the old one expires. Unless you or they cancel the account, it never actually expires. If you close the account, it should be reported as "closed by consumer." This does not directly impact your score. It will impact the average age of your accounts and your credit to debt ratio. Both of these are considered in calculating your score.

If you are looking for the free credit report national site, check out this site

http://free-credit-report-national.com/

Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating for free, fast and secure.

Hope this help,

March 3 (Bloomberg) — Simon Derrick, chief currency strategist at Bank of New York Mellon Corp., talks with Bloomberg’s Judith Bogner about Greece’s debt and deficit cutting measures.
The European Central Bank said Greeces additional deficit-cutting measures announced today will help the country overcome its economic difficulties. (Source: Bloomberg)

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I’m 18, and I’m planning on renting a place with my boyfriend and his two friends, who are all 19. None of us have credit cards, therefore we have no credit history. We want to be in a place by this summer.

What can we do to get a credit history?
The place we’re looking at specifically says we need good credit. And it’s a house, not an apartment, because there are no apartments that suit our needs, so I think they’ll be a little wary of renting to under-20’s; the credit report is probably pretty important.

Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – freecreditreport.sinfree.net

I’ve been trying to figure out how I can buy or lease a preowned vehicle with my age (20) and credit history. i don’t have have bad credit but not enough credit history; i’ve been denied several times applying for an auto loan through a bank. I have about $700 to put on a down payment. The problem is I don’t have a cosigner with good enough credit that could sign the car loan with me. And i don’t have a car i could trade in or collateral. It’s seems so difficult with me with so many obstacles. How can I make this happen?

You CAN get a decent car loan, even with bad credit. I’ve done it, but you’ll have to look around. That’s one of the BIG mistakes people make…just taking the first offer that’s given to them when they go to the dealer. Be smarter than that.

WARNING: DON’T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It’s a better option, you don’t have to take what they’re offering if you don’t want it, and it’s better than dealing with the car dealer’s people.

There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below…

http://www.axalda.info/bad-credit-car-loans.html

I am planning to buy a house in 6 months but want to refinance my current property right now to get a lower mortgage payment. Would that hurt my credit history, if I do that? Please help…

I don’t think it will hurt, but not sure. On the one hand, getting your current property down lower should help as far as having two mortgages and six months may be enough to offset that. On the other, I’ve heard at least a year to offset points off your credit score – and there will be if you refinance, just for the mortgage company pulling your credit score.

If you want more precise info. than I can give as a layperson, try this link:
http://www.myfreecredittips.com/credittips.php?keyword=YICS
It’s a great free website about improving credit scores and has some great examples on there. Then they also have a link to Equifax credit monitoring – which has a simulator on it that you can enter different things into to see what effect it has on your credit score, and how they diminish/increase over time. You can try the credit monitoring for free for 30 days, or pay (I think about $15 a month) to continue with it.

Good luck! (:

Hi, I turned 18 a while ago and I am interested in getting my first credit card. What is the best credit card for people with little/no credit history? I am looking for one WITHOUT an annual fee. The main things I buy are gasoline and food. Do you guys have any recommendations? What are your personal experiences?

I would offer the following advice to any 18 year old.

Too many people fall into the trap of thinking that a great credit score means they are doing well financially. This is not the case at all. Every factor used to measure a credit score deals with debt. Debt can easily be avoided. Follow this very simple advice and you will win with money.

Save. Save. Save. Put aside 10-15% of your check in a mutual fund. Time is your biggest friend right now. Look at the following chart and see the power of compounding interest. It is absolutely amazing!

http://www.daveramsey.com/etc/cms/index.cfm?intContentId=64

Notice Ben never invested another dime after age 26 and his investment of $40 per week turned into $130,000 at age 38 and over $2 million dollars at age 65! His friend Arthur waited to start saving at age 27 and had to contribute $40 per week the rest of his life and NEVER CAUGHT UP! That’s the power of compounding interest. Time is on your side!!! Save now.

There is also a common sense method to never having a car payment. Watch this video.

http://www.daveramsey.com/etc/cms/index.cfm?intContentId=64

Some people will tell you that you can’t get a home loan with no credit. This is not true either. There are lenders who do automatic underwriting (look at credit score only) and other lenders who do manual underwriting (look at rent history. payment of utility bills, cell phone bills, etc) You can get a mortgage loan without having to worry about building up a credit score.

To sum it all up, don’t make the same mistakes so many other Americans do!! Save your money, buy things with cash, don’t spend more than you earn. Sounds simple, but it works! Just not many people do it. But millionaires do!!!

Good luck to you friend!

Credit increase by 150 – 200 points in 45 days. This is a proven system that i have researched for 12 months, and used my own funds to enter my clients into the program.
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I have applied for a few of the big credit card names but as I assumed I was denied because I have no credit history. Is there anything I can do to get a credit card? Thanks for your help it’s very appreciated!

It will be better if you apply after building your credit. To establish your credit history:
1)Take out a small loan using the savings account as collateral, and then pay it back. This will help you for establishing your credit history.
2)Apply for a secured credit card. Using a secured credit card is an easy way to build your credit rating. Pay your credit card balances on time. After a few months of having the secured credit card, apply for an unsecured card.

I want to get another car, but I have no credit history. So I don’t know what I can afford to finance because I don’t know what my interest rate would be. I don’t have a credit history, so I don’t have a score. What is the normal pecentage dealers use on someone who has no credit?
Is Carmax known to give out good loans?

The best and most common way for people in your situation is to get someone in the family to co-sign with them on a loan. It gets you a good interest rate (assuming your co-signer has a good credit score), and it helps build your credit history for the future.

The only other way is to save cash to buy a "starter" car, then trade up in the future as your finances and credit improve.

http://www.ImproveCreditHistory.Net/ Learn tips and hints involved in credit repair to improve credit history and scores.

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