Five Credit Score Secrets The Credit Bureaus Don’t Want You To Know

By Author: Lester Mercado
Total Articles: 6
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Know how to fix your credit score:

1) Low score – HIGH profits
The credit agencies & banks don’t want to tell you that the lower your credit score, the more money they can make. Banks make more(charge higher interest rates) when you have a lower score. To get the best rates available, you will need a score higher than 720. If you don’t know what’s on your credit report, you are only hurting yourself.
2) We are just their data, But NOT their customers:

Banks, merchants, & insurance companies are the clients of the credit bureaus. So we are only the topic of matter they are recording & tracking. The credit agencies are in order data repositories, their work is to gather as much information as possible regarding consumers & then give out that information to their customers. So many times the mistakes you can find on your credit report are cause of the accumulation compilation strategies the agencies apply. If you don’t dispute the incorrect items, they will stay there. You can get a FREE copy of your credit report annually. Here’s the link:
www.annualcreditreport.com ...
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3) The credit agencies are round hole experts:
Most American reach the top of their respective fields between the ages of 40 – 55, that’s also when they have the most disposable income. Since credit isn’t based on age, but rather your likelihood to repay, chances are you will start receiving targeted offers even if you don’t have stellar credit. The top secret is that they also understand, most consumers open their initial credit card bank account among the ages of 18-24.

4) How the credit agencies make their money-actually:
The credit agencies main profit source: selling credit reports, is the deal of marketing lists. Have you yet wondered why you get sales ads targeted to your tastes & interests? If you go to jewelry stock up & buy a watch on credit, they are going to know. How? Every commercial who reports to the credit agencies has a subscriber system & then they are going to put who buy watches.

5) Paying off your credit card balances every month raises your credit score:
Sounds simple, but here’s the kicker. It all depends on when you pay it off. Each creditor reports on different days of the month. You may have a card with a $1000 limit you use for gas and food each month. Say your expenses are $700 on average. You pay off your bill, in full, every month like clockwork. This may actually be hurting you and your score. Here’s how: let’s say your payment is due on the 8th. At the time your balance is $700 and you pay in full, but the credit card company may not report you payment to the credit bureaus until the 5th of the following. Sounds like a little thing, but a component of your score is credit utilization, about 30%. So even though you’re paying your bill on time, in full every month, it may still appear as if you are using 70% of your available credit(1000x70%). Solution: know the date your credit cards report to the bureaus. It’s a small think that will pay BIG.

You ideally want to keep your utilization between 5% – 15%. The more credit you use the more of a negative impact it will have on your credit score.