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TITLE: What to Consider When Choosing a New Credit Card CONTENT: 2\\. How You Plan to Use the Card\n--------------------------------\nYou'll also want to consider how you plan on using your new credit card.\nFor example, if you're going to use one card for everyday spending, a flat-rate rewards card might make the most sense. If you're willing to put in a little bit of work to make sure you're maximizing your rewards, you could try to get several rewards cards that offer complementary bonus categories. For example, you could get a grocery card for your grocery runs, a travel card for when you're getting away and a flat-rate rewards card for everything else.\nIf you plan on only using the card during emergencies, you might look for a card with a high credit limit, low interest rate and no annual fee.\nOr perhaps you have a specific upcoming purchase in mind or want to consolidate and pay down debt. A card with an introductory 0% annual percentage rate (APR) offer on purchases or balance transfers might make sense. END

TITLE: What to Consider When Choosing a New Credit Card CONTENT: 3\\. Fees\n--------\nCredit card fees can impact your cost for using the card even if you never pay interest. Some of the most important fees to consider are:\n* **Annual fee:** An annual fee isn't necessarily a bad thing, but it can definitely impact the value you get from a credit card. There are plenty of good options that don't require an annual fee, including some of the best credit cards for beginners, such as the Capital One Platinum Credit Card. When looking at a card that has an annual fee, consider the benefits that come with the card. Premium cards like the Chase Sapphire Reserve® may have a high annual fee, but they can also offer benefits that more than outweigh the cost. If you think you'll end up taking full advantage of the card's benefits, it may well be worth paying the annual fee.\n* **Balance transfer fee:** Balance transfer fees are often around 3% to 5% and can apply to every balance transfer. You may be able to save money by finding a card that charges a lower balance transfer fee.\n* **Late fee:** Card issuers may charge a late payment fee if you don't make the minimum payment by the due date. There are a few cards that don't have late payment fees. But you can also avoid accidentally getting charged the fee by setting up autopay for at least the minimum payment amount.\n* **Foreign transaction fee:** A foreign transaction fee may apply when making purchases outside the U.S. or shopping online if the purchase isn't in U.S. dollars. It's often around 3%, but there are also many credit cards, including many travel cards, that don't have this fee. END

TITLE: What to Consider When Choosing a New Credit Card CONTENT: 4\\. Annual Percentage Rates (APRs)\n----------------------------------\nA credit card's APR determines how much interest accrues when you carry a balance.\nYou generally won't pay any interest on purchases if you pay off the card's entire balance each month. A card with a potentially low interest rate could be best if you intend to occasionally revolve a balance. For reference, the average interest rate on credit cards is around 16%.\nIf you plan on using the card for a large expense that you'll pay off over time, look for a card that has an intro 0% APR offer. Similarly, balance transfer cards can offer an intro 0% APR on balance transfers during a limited period.\nThe Wells Fargo Platinum card offers an 18-month promotional 0% APR period on purchases and qualifying balance transfers. However, with all intro APR offers, the card's standard variable APR applies to remaining balances once the promotional period ends—that's a 16.49% to 24.49% variable APR with the Wells Fargo Platinum card. Balance transfers made within 120 days of account opening qualify for the card's 0% APR intro offer. You'll pay a 3% balance transfer fee ($5 minimum) on balance transfers made within the first 120 days, and a 5% fee on transfers made thereafter ($5 minimum).\nAlso, credit card cash advances may carry a separate (often higher) APR that applies even if you have a 0% APR offer for purchases and balance transfers. END

TITLE: What to Consider When Choosing a New Credit Card CONTENT: 5\\. Rewards\n-----------\nRewards credit cards can offer you cash back, points or miles on every eligible purchase. Generally, a rewards card will use one of three earnings styles:\n* Flat-rate rewards cards give you the same rewards on every purchase that can earn rewards.\n* Tiered-rate rewards cards earn bonus rewards on select purchase categories.\n* Rotating rewards cards have rotating bonus categories.\nIn addition to the earnings style, consider the type of rewards you want to earn.\n* Cash back may be the easiest to use as you can often redeem the rewards for statement credits or a check, or transfer them to an eligible bank account.\n* Cards that earn rewards points can be very flexible and potentially offer more value.\n* Co-branded cards that give you airline miles, hotel points or points in other loyalty programs can sometimes be the best fit if you're already a fan of the brand.\nHaving a strategy for earning and redeeming miles is a fun and fruitful hobby for some. Others prefer the simplicity of cash back. END

TITLE: What to Consider When Choosing a New Credit Card CONTENT: 6\\. Credit Limit\n----------------\nYour card's credit limit dictates how high your balance can go before you can no longer make additional purchases. Your initial credit limit may depend on your credit history, score and relationship with the issuer, and you generally won't know your exact credit limit until after you apply and get approved.\nHowever, you can review some cards' minimum credit limit. For example, the Petal® 1 \"No Annual Fee\" Visa® Credit Card has a $500 minimum limit. Other cards may also list their minimum credit limit in their terms and conditions.\nSome cards have different minimums depending on the version of the card you're approved for. With the Chase Freedom Unlimited®, for example, you may get a Visa Signature card with a $5,000 minimum or a Visa Platinum card with a $500 minimum.\nThere are also cards that may automatically review your account for a credit limit increase. With the Capital One Platinum Credit Card, you could be automatically considered for a credit limit increase after as little as six months.\nYou can also ask for a credit limit increase on one of your open cards. But the request could result in a hard inquiry, which may slightly hurt your credit scores. Focusing on improving your credit, paying your bill on time and updating the card issuer with your new income when it increases could also lead the issuer to increase your credit limit without a request. END

TITLE: What to Consider When Choosing a New Credit Card CONTENT: Compare Personalized Credit Card Offers\n---------------------------------------\nIf you want to quickly narrow down the list of available cards, you can use Experian CreditMatch™ to review cards from our partners based on their credit score requirements and main attributes. After logging in to an Experian account, you can also choose several cards to create a custom side-by-side comparison before applying. END

TITLE: What to Do if Your Personal Credit Line Is Closed CONTENT: Similar to a home equity line of credit (HELOC), a personal line of credit lets you borrow money from a pool of available funds at any time during what's known as the \"draw period,\" which lasts several years. You pay interest only on the cash you actually borrow, not your entire borrowing limit. By contrast, a personal loan provides a lump sum of cash that you begin repaying (and paying interest on) right away.\nYou can use money from a personal line of credit for many purposes, such as consolidation of high-interest credit card debt, a home improvement project or a vacation. Once you've paid back any cash you've borrowed, the full amount of money authorized under a personal line of credit once again becomes available.Personal lines of credit are frequently used to fund big-ticket purchases, while people often turn to credit cards for smaller purchases. Interest rates on personal lines of credit tend to be lower than interest rates on credit cards, especially for borrowers with good credit scores. END

TITLE: What to Do if Your Personal Credit Line Is Closed CONTENT: How Does Closure of a Personal Line of Credit Affect Your Credit Score?\n-----------------------------------------------------------------------\nSimilar to a credit card account, a personal line of credit is a form of revolving credit. In both cases, a lender enables you to borrow against an approved credit limit and pay off the debt over time. Both credit card accounts and personal lines of credit also affect your credit scores, based on how you handle these accounts.\nThe FICO® Score☉ and VantageScore® credit scoring models place a lot of emphasis on how you manage your revolving credit. In particular, they keep a close eye on how much of your available credit you're using (your credit utilization). As your credit utilization climbs above 30%, your credit score could suffer. When a personal line of credit is closed, that chunk of available credit is lost, which could cause your overall credit utilization ratio to go up.\nIn addition, closure of a personal line of credit decreases the number of accounts you have and could reduce the average age of your accounts. Both of these factors can affect your credit score, but not to the same extent that a high credit utilization ratio can.\nIf you get enough notice that a lender plans to close your personal line of credit, consider reducing the balances on your other debts to potentially cushion any blow to your credit score. END

TITLE: What to Do if Your Personal Credit Line Is Closed CONTENT: Options When a Personal Line of Credit Is Closed\n------------------------------------------------\nFortunately, closure of a personal line of credit doesn't dry up the availability of credit. If a bank has shut down your personal line of credit, take a look at:\n* **Getting your credit in shape:** If you're concerned about how an account closure might affect your credit score—and your ability to take out a personal loan, auto loan or mortgage, for instance—you might want to work on boosting your score. One way to do this is by decreasing the balances on your other credit accounts while not taking on more debt. This can lead to a lower credit utilization ratio, which in turn can help your credit score and can open up more borrowing opportunities.\n* **Finding another lender:** If you've got a good credit score, a lender may be eager to let you open a personal line of credit. This could let you still enjoy the borrowing flexibility you're seeking without much disruption. Another flexible option may be the Upgrade Visa® Card with Cash Rewards, which provides access to credit you repay in fixed installments.\n* **Applying for a personal loan:** A personal loan may be able to fill the borrowing gap left by the closure of a personal line of credit. Keep in mind, though, that unlike a personal line of credit, a personal loan provides a fixed amount of money upfront, starts charging interest right away and requires fixed payments over a fixed period of time.\n* **Obtaining a new credit card:** A credit card also may be a viable alternative to a personal loan of credit. Remember that credit cards typically come with higher interest rates than you'd get from a personal line of credit, but 0% intro APR offers are available. As you're shopping for a credit card, be sure to check out Experian CreditMatch™, which can pair you with a credit card suitable for your needs. END

TITLE: What to Do if Your Personal Credit Line Is Closed CONTENT: The Bottom Line\n---------------\nWhatever option you pick if a personal line of credit is closed, stay on top of your credit by signing up for your free credit score, free credit report and free credit monitoring from Experian. Understanding your credit before you make any major decisions can help you narrow down your options and plan ahead in a smarter way. END

TITLE: Can You Use One Credit Card to Pay Off Another? CONTENT: There are two ways you can use one credit card to pay off another one, including a balance transfer and a cash advance.\n### Balance Transfer\nBalance transfers involve using a credit card, typically from another card issuer, to pay off an existing credit card balance and effectively transfer the balance from the original card to the new one.\nMany credit cards offer an introductory annual percentage rate (APR) on balance transfers—typically 0%, but sometimes the rate is just lower than the standard rate—for a set period, which can range from six to 20 months, depending on the card. Other cards may send out balance transfer checks to existing cardholders, so you don't necessarily have to apply for a new card to get this benefit.\nThis feature makes it easy to pay down a balance and save on interest charges in the process. Once the promotional period ends, though, the remaining balance will typically be assessed interest based on the card's regular APR until it's paid in full.\nIf you have a card with a 0% APR balance transfer promotion, paying off your credit card balance before the promo period ends can be an excellent way to save money and achieve your goal of paying off the debt more quickly.\nHowever, keep in mind that balance transfers typically come with a fee of 3% to 5% of the transferred balance. So if you transfer $5,000, you can expect to have between $150 and $250 added to your balance. That fee can still be worth it if the interest savings exceed the upfront charge, but it's important to run the numbers.\n### Cash Advance\nWhile you can technically use a cash advance to pay off another credit card, it's not advisable. Cash advances typically come with an upfront fee, and it's generally higher than what you'd be charged for doing a balance transfer of the same amount.\nYou'll also never get an introductory 0% APR on a cash advance. What's more, the interest you get charged—which often comes at a higher rate than the card's regular purchase and balance transfer APR—starts accruing immediately.\nIn other words, a cash advance could wind up costing you more money than if you were to keep the balance on the original card. END

TITLE: Can You Use One Credit Card to Pay Off Another? CONTENT: You Can't Pay Your Monthly Bill With Another Credit Card\n--------------------------------------------------------\nAlthough you can request a balance transfer from one card to another, you can't make your monthly payment on one card with a different one.\nOf course, you could technically request a balance transfer every month, but the fees and hassle of submitting a request every month likely wouldn't be worth it. END

TITLE: Can You Use One Credit Card to Pay Off Another? CONTENT: What to Do if You Can't Pay Your Credit Card Bill\n-------------------------------------------------\nIf you're having a hard time keeping up with your minimum monthly payment, requesting a balance transfer likely won't solve your problem because you'll eventually need to make a payment on the new card.\nThere are, however, other potential solutions:\n* **Contact your card issuer****.** Many credit card companies offer some form of relief to borrowers who can't afford their payments. This assistance may come in the form of forbearance, a reduced interest rate or a modified payment plan. Just keep in mind that this relief may be temporary, so it's typically not a good long-term solution.\n* **Work with a** **credit counselor****.** If you've tried working with your credit card issuer and it hasn't helped, consider reaching out to a nonprofit credit counseling agency. A credit counselor can help you evaluate your situation and determine some next steps. In some cases, that may involve a debt management plan. For a modest upfront and ongoing fee, the agency can negotiate with your creditors to potentially reduce your monthly payment or interest rate and get you on a payment plan that helps you avoid defaulting.\n* **Offer to** **settle your debt****.** If your situation is dire enough that a debt management plan might not help, you may consider offering to settle for less than what you owe. Because this option can damage your credit score significantly, it's best considered only if you're already far behind on your payments.\n* **File** **bankruptcy****.** If you've pursued all other avenues and can't find a solution, filing bankruptcy may be the only option that's left. Due to the devastating effect it'll have on your credit and finances, however, it's important to consider bankruptcy only as a last resort. In the right circumstances, this option could help you get back on your feet. END

TITLE: Can You Use One Credit Card to Pay Off Another? CONTENT: Check Your Credit Before Applying for a New Credit Card\n-------------------------------------------------------\nIf you're thinking about applying for a balance transfer credit card to get an introductory 0% APR, it's important to note that these cards typically require good or excellent credit to get approved.\nAccording to credit scoring company FICO, that typically means a credit score of 670 or above. Check your credit score to get an idea of where you stand, and if your credit history needs some work, take the time to improve your credit before you apply. Also, consider using Experian CreditMatch™ to get personalized card offers based on your credit profile. END

TITLE: Still Waiting on Your Tax Refund? Here’s What to Do CONTENT: Why Is Your Refund So Late?\n---------------------------\nThe IRS typically processes tax returns and issues refunds within 21 days of receipt. However, this tax season is different. Working under COVID-19 restrictions slowed productivity at the IRS, causing a backlog. At the same time, massive new demands have been placed on the agency: Three rounds of stimulus payments since the pandemic began, new monthly Child Tax Credit payments, an extra round of refunds for Recovery Rebate Credits and a raft of new tax laws and COVID-related benefits that made tax returns more complicated for the 2020 tax year. Add in the limitations and age of many IRS systems, and you have a perfect storm of delay.\nAccording to the IRS, your tax refund may also take longer to process if your tax return has any of the following issues:\n* Errors\n* Missing information\n* A need for additional review\n* Possible identity theft\n* A claim for an Earned Income Tax Credit or an Additional Child Tax Credit\n* Form 8379, Injured Spouse Allocation, which can take up to 14 weeks to process\nHow Can You Find Out Your Refund Status?\n----------------------------------------\nThe most efficient way to track your refund is through the IRS' Where's My Refund? tool or mobile IRS2Go app. Either one will show your tax return's status 24 hours after it's received. Your status will indicate one of the following:\n* **Received** means your return is being processed.\n* **Approved** indicates your return has been accepted and your refund amount is approved.\n* **Sent** confirms that your refund is being direct-deposited into your bank account or mailed to you as a check.\nIf it's been more than 21 days since you e-filed your return—or six weeks since you mailed a paper return—you can also call the IRS at 800-829-1040 for a status update. Be forewarned: Phone lines are busy and capacity is limited. Only 3% of callers to the IRS \"1040\" helpline reached live help during the regular tax season.\nIs there a simple way to speed up your refund payment? Although there is a process for requesting an expedited refund to cover hardship expenses (more in a moment), since most delays appear to be normal at this point, there may not be much you can do other than track your refund to make sure it isn't lost in transit.\nE-filing your taxes (if you haven't filed them already) can help you eliminate the lengthy delays taking place as IRS workers manually input information from paper returns. And selecting direct deposit instead of a paper check lets you skip mailing delays. If your refund check is more than 28 days past the date the IRS mailed it, you can file an online claim for a replacement check. END

TITLE: Still Waiting on Your Tax Refund? Here’s What to Do CONTENT: How to Pay Bills While You Wait for Your IRS Refund\n---------------------------------------------------\nWaiting for a tax refund is never fun, but if you've weathered economic challenges during the pandemic, you may need your refund money to make ends meet. If you need help covering expenses while you're waiting, here are a few ideas for bridging the gap:\n* **Make a hardship request to the IRS.** If your refund is being held up by a temporary backlog in processing, you can ask the IRS to expedite all or part of your refund to cover hardship expenses by calling (800) 829-1040 and explaining your situation. This is for serious hardships only; examples include eviction notices, utility shut offs and inability to pay for medication. You can only request enough money to cover your emergency hardship, and receiving this partial payment may delay the remainder of your payment.\n* **Put your budget into survival mode.** Cut discretionary spending, make minimum card payments and postpone major purchases.\n* **Take advantage of 0% intro APR credit card offers.** If you have good credit and are confident you'll manage a new account well, you may be able to find a 0% intro APR credit card offer on new purchases or balance transfers. Your current card issuers may also offer 0% APR balance transfers you can use to buy yourself some time on other accounts—and save on interest while you're waiting for your refund.\n* **Get a personal loan.** Although it's wise to resist running up debt while you're waiting for critical funds, a personal loan could help you get your money now and pay it back later. Lenders that fund their loans quickly may be able to provide the emergency cash you need. To get the right loan for you:\n * Leverage your good credit score to get the lowest possible APR.\n * Try to keep your loan to the amount of your refund minus interest, so when your refund arrives, you can pay the whole loan off. Make sure your loan doesn't have any penalties for paying it off early.\n * Stay clear of payday lenders, title lenders and other high-interest sources of fast cash. Sky-high interest could leave you owing far more than your refund amount.\n* **Look for ways to** **make money fast**. Also seek opportunities to earn passive income. Gig work and selling your unwanted items online are two simple ideas for generating a few dollars.\n* **Seek** **financial assistance**. Private charity and government relief programs may be able to help. Also look into credit counseling or similar help with student loans or medical debt.\n* **Adjust your 2021 withholding or estimates.** Receiving a tax refund means you've overpaid your taxes. If the same thing is set to happen for the 2021 tax year, you may be able to reduce your withholding or estimated tax payments for the remainder of 2021. You won't receive a lump sum of cash, but you might increase your take-home pay. Try using the IRS Tax Withholding Estimator or check with your tax preparer before making any adjustments. END

TITLE: Still Waiting on Your Tax Refund? Here’s What to Do CONTENT: Waiting Is the Hardest Part\n---------------------------\nTracking the progress of your tax return and refund won't make the money arrive any faster. But you may be able to allay some of your fears about your tax return never arriving or your refund getting intercepted by fraudsters by using Where's My Refund or IRS2Go to see exactly where you are in the process. The IRS assures taxpayers that they're making progress toward getting 2020 refunds paid out—hopefully soon, before the 2021 tax season is upon us. END

TITLE: Do You Need a Checking Account to Get a Credit Card? CONTENT: Having a Bank Account Makes Managing a Credit Card Easier\n---------------------------------------------------------\nWhen we talk about bank accounts, we're generally referring to checking and savings accounts. Each serves its own purpose when it comes to managing your finances, and both can help you manage your credit card in various ways. A checking account is meant for the frequent withdrawals and deposits associated with everyday spending. Checking accounts allow for unlimited monthly transactions with little to no fees. Find out how to get a checking account, and learn more about he benefits of having one.\nMeanwhile, a savings account is exactly what the name implies. It also allows you to set aside money long term, potentially earning interest on your deposits. Most banks and credit unions tack on fees or change the account type if you make too many withdrawals from a savings account in a given month.\nFor right now, let's focus on checking accounts. Having a checking account lets you see your spending history, deposits and account balance in one place pretty much in real time. What's more, a checking account provides a simple way to pay for various goods and services. You may be able to have your paycheck directly deposited into your account as well. And since bank checking accounts are insured up to a certain amount, you can rest easy knowing that your money is in a safe place.\nWhen it comes to your credit cards, you can set up automatic bill pay from your bank account so that you never miss a payment—a simple perk that can go a long way to protecting your credit score. If you have a cash back credit card, a checking account makes it easier to redeem your rewards. In most cases, you can receive your cash back as a direct transfer to an eligible bank account. END

TITLE: Do You Need a Checking Account to Get a Credit Card? CONTENT: How to Pay Your Credit Card Bill Without a Bank Account\n-------------------------------------------------------\nIt's still possible to pay your credit card bill without a bank account, though you'll have to take a few extra steps. Here are your options:\n* **Money order****:** This form of payment works like a regular check, except that it isn't linked to a checking account. Instead, you purchase a money order upfront using cash. You can do this at a post office, Walmart, Western Union or elsewhere at a cost of anywhere from $1 to $5 per transaction.\n* **Cashier's check****:** A cashier's check is similar to a money order, but is guaranteed by the financial institution that issues it. They're typically only available to account holders, but some banks and credit unions may allow you to purchase them upfront in cash without an account. Just bear in mind that the fee probably will set you back about $10.\n* **Cash:** Some credit card companies accept cash payments. For example, you can make payments toward a Chase credit card using cash at one of their ATMs. If your credit card issuer has a physical location nearby, you can pop in or call to see if cash payments are accepted. END

TITLE: Do You Need a Checking Account to Get a Credit Card? CONTENT: Benefits of Having a Credit Card and Checking Account at the Same Bank\n----------------------------------------------------------------------\nThere's one other benefit of opening a checking account: If you do so at the same bank that issued your credit card, chances are you'll have access to their mobile app and online checking features. This allows you to link up your accounts, making it easier to manage your financial life because everything will be in one place.\nYou can schedule automatic transfers from your checking account right to your credit card and keep track of your transaction activity across all your accounts. This kind of simplicity can prevent overspending and keep your budget intact. END

TITLE: Do You Need a Checking Account to Get a Credit Card? CONTENT: The Bottom Line\n---------------\nCarrying cash on your person or storing it in your home or car aren't the safest options. Establishing a checking account is a more secure way of managing your financial life. It also makes it that much easier to stay on top of your credit card bill payments. If you're considering getting a new credit card, Experian CreditMatch™ provides credit card offers that are personalized to you—and you can rest easy knowing viewing offers won't affect your credit scores. END

TITLE: How to Downgrade Your Credit Card CONTENT: Benefits to Downgrading a Credit Card\n-------------------------------------\nDowngrading and upgrading cards is also called a product change, as you're swapping the credit card product without closing your account. As a result, you can keep your credit line and avoid the potential impact that closing a card can have on your credit scores.\nOften, people downgrade a card because their current card's annual fee is coming due soon. They might feel like the card isn't worth its fee anymore, but they also don't want to close the account altogether. If you downgrade to a card that doesn't have an annual fee, you may be able to avoid the fee or get a recently charged annual fee refunded.\nYou may even find that the card you swap to is more suitable for you. Maybe it has a more generous rewards program, or offers bonus rewards in a category that you're spending more money in right now. Even if your new card has lower rewards rates, you might wind up earning more overall after you account for the lack of an annual fee. END

TITLE: How to Downgrade Your Credit Card CONTENT: Drawbacks to Downgrading a Credit Card\n--------------------------------------\nThere may be downsides to downgrading a credit card as well. For instance, if your current card has an introductory 0% annual percentage rate (APR) offer, the intro promotional period might be cut short. Ask a card issuer representative how a product change will impact your account's standard and promotional APRs to verify their policy before you make your decision.\nDowngrading to a lower-tier card could also mean you'll lose your original card perks, such as access to statement credits, primary rental car insurance and airport lounges. Additionally, you won't necessarily get intro bonus offers for the new card.\nAnd, if you earned an intro bonus on your original card and then try to downgrade it to avoid paying the first annual fee, the card issuer may claw back your rewards if it suspects you're gaming the system. END

TITLE: How to Downgrade Your Credit Card CONTENT: Credit card issuers don't have to offer product changes or comply with your request, and each company may have different policies and rules.\nIf your card issuer allows downgrades, you can make the request by calling the card issuer and asking for a product change. Some issuers may also give you an option to request the downgrade online or send you a product change offer in the mail or online.\nReview the issuer's credit cards ahead of time to see which card you want to switch to. Your options could be limited to cards within the same \"family.\" For example, if you have a co-branded airline card, you might only be able to change to other co-branded cards with the same airline.\nWhen you request the change, the issuer's representative can tell you about the next steps in the process. You'll have to wait for the new card to arrive in the mail, but you may still be able to use your old card in the meantime.\nWhen downgrading isn't an option, you may have to close your account and apply for a new card. However, there's no guarantee that an issuer will approve your application for the new card. If your current card has rewards, you may also want to review the program rules to ensure you won't lose the rewards in your account when it's closed. END

TITLE: How to Downgrade Your Credit Card CONTENT: Does Downgrading a Credit Card Affect Your Credit Score?\n--------------------------------------------------------\nDowngrading a credit card won't directly impact your credit score if your account isn't closed and your credit limit doesn't change.\nCredit scoring models, such as FICO, consider various factors related to credit card accounts, including when the account was opened, its current balance compared with the credit limit (credit utilization rate) and your payment history with the account. However, the specific card, interest rate and rewards program aren't part of your credit report and don't impact your credit score.\nClosing the account and applying for another credit card could impact your score in several ways, however. For instance, closing a card can lower your overall available credit, which may increase your utilization rate and hurt your scores. Opening a new card could lead to a hard inquiry and lower the average age of your accounts, which could also hurt your scores. END

TITLE: How to Downgrade Your Credit Card CONTENT: Compare Options Before Downgrading or Applying\n----------------------------------------------\nWhether you're downgrading or applying to a different card, you can compare your options and choose the card that will be the best fit. You can review cards in the Experian CreditMatch™ marketplace. If you're going to apply for a new card, you may want to check your credit score for free first. END

TITLE: How a Credit Card Bonus Can Help You Pay for Travel CONTENT: Credit Card Rewards Can Help Offset a Vacation\n----------------------------------------------\nThe most straightforward way your credit cards can help you offset or fully pay for an upcoming trip's expenses is with their rewards. Depending on the cards you have and the type of rewards they earn, you may be able to use your rewards to cover the cost of your airfare, hotels, rental car, gas, food and more.\nHere are some potential ways you can do this.\n### Book via Your Card Issuer's Travel Portal\nMany major financial institutions, including Chase and Capital One, have their own travel platform. So if you have a card that earns Chase Ultimate Rewards points, for instance, you can use your rewards to book travel through the Ultimate Rewards portal and save money that way.\nThis option is convenient, and in some cases, it's a method you can use to squeeze more value out of your rewards. For example, points earned with the Chase Sapphire Preferred® Card are worth 25% more when redeemed for travel through Chase Ultimate Rewards. And if you have the Chase Sapphire Reserve®, they're worth 50% more.\nThat said, some of these portals may not offer access to all travel providers, so you may miss out on a deal with a certain airline, hotel chain or other brand.\n### Book Directly With Travel Providers\nCertain travel credit cards, including the Capital One Venture Rewards Credit Card, allow you to use your card to book travel with any eligible travel provider, then use your rewards to get a statement credit that helps cover that purchase.\nThis method offers a lot of flexibility and also allows you to book directly with airlines, hotel brands and car rental companies, so you don't have to go through a middleman if there are issues with the reservation.\n### Transfer Rewards\nSome travel rewards programs allow you to transfer your points or miles to select partners, usually airline and hotel loyalty programs. You can do this with Capital One Miles, Chase Ultimate Rewards and certain Citi ThankYou® Points.\nBecause airline and hotel rewards programs often have dynamic pricing structures, this approach can make it possible to get more value out of your rewards than if you were to redeem them directly with the card company. That said, it can take more time and research to maximize your rewards this way.\n### Redeem for Cash or Gift Cards\nSome credit cards allow you to redeem your rewards for cash or gift cards at a good redemption rate. This can make it possible to cover expenses that travel rewards don't traditionally cover, such as groceries, restaurant meals, gas and more.\nHowever, it's important to note that many travel rewards programs don't offer as much value if you redeem your rewards for cash versus travel. With Capital One, for instance, your rewards miles are worth 1 cent apiece on travel redemptions but just 0.5 cents apiece if you redeem them for cash.\nIntro Bonuses Are Another Way to Save\nIn addition to the ongoing rewards cards earn on purchases, many of the top travel rewards cards offer a one-time intro bonus for new cardholders. In most cases, you'll be required to use the card to spend a certain amount on purchases within a set period in order to earn the bonus.\nThe spending requirement will vary depending on the card, but it usually ranges from $1,000 to $5,000, and most cards give you three months to meet the requirement—though in some cases, you may get up to six months.\nIn rare cases, you may get the welcome offer after you make just one purchase. But in most cases, expect to have to meet a spending threshold. For example, the Chase Sapphire Preferred® Card offers 100,000 bonus points after you spend $4,000 in the first 3 months.\nOne thing to keep in mind is that many card issuers place restrictions on who can earn a bonus. For example, if you've earned a bonus on the same card recently—say you had the card a few years ago and canceled it but want it again—you may not qualify to receive the intro bonus. This is one way card issuers can prevent credit card churning. END

TITLE: How a Credit Card Bonus Can Help You Pay for Travel CONTENT: What to Consider Before Earning a Welcome Bonus\n-----------------------------------------------\nIf you're thinking about applying for a new credit card to take advantage of a welcome offer, there are several factors to keep in mind before you pull the trigger and apply.\n* **Spending requirement:** Earning hundreds of dollars worth of points and miles can be exciting, but it's important to avoid overspending to achieve that goal. Check the card's spending requirement and determine if you can achieve it with your normal spending habits. For example, if you need to spend $4,000 in three months to earn a bonus, that comes out to roughly $1,333 per month. It's best to avoid an offer like this if you can't pay off the bill in full every month—otherwise you risk losing the rewards' value by paying interest on charges.\n* **Ongoing annual fee:** A welcome bonus is often enough to make up for the card's annual fee for the first year and often even longer. But once you redeem those rewards, you'll need to pay the card's annual fee out of pocket. Run the numbers to find out whether you can get enough value out of the card after the intro bonus through its rewards program and perks.\n* **Rewards value:** Not all rewards programs are created equal. While some credit cards may offer higher bonuses, they may not necessarily be more valuable than bonuses with fewer points. Do your research on point valuations and compare average values to determine which card can give you the most value. Look for cards that offer rewards rates that align well with your spending and also benefits that can enhance your travel experience.\n* **Other card features:** While potential reward earnings and the card's welcome bonus are likely what you prioritize, there are other cost-saving features to keep in mind as well. With a travel credit card, you can benefit from things like extended warranties, purchase protection, added insurance coverage and more. Read the card's fine print before you sign up so you can understand the complete suite of benefits it offers. END

TITLE: How a Credit Card Bonus Can Help You Pay for Travel CONTENT: Check Your Credit Before Applying for a Credit Card\n---------------------------------------------------\nMost of the best travel rewards credit cards with high intro bonuses require good to excellent credit. That generally means a FICO® Score☉ of 670 or higher, but each card issuer has its own criteria for creditworthiness.\nAs a result, the higher your credit score is, the better your chances of approval. Check your credit score and report to determine where you stand. If your score needs some work, take some time to review your credit report and look for areas where you can improve. It may take a while to achieve the credit score you want, but the effort can open up opportunities for bigger and better credit card bonuses and benefits. END

TITLE: Is The Platinum Card<sup>®<\/sup> from American Express Worth the Annual Fee? CONTENT: As with every card that charges an annual fee, it's important to run the numbers before you apply to determine if you'd get enough value from the card every year to make it worth the cost. Keep in mind that while a card may offer enough theoretical value to make up for its annual fee, it only makes sense to keep it if you actually plan to use those benefits. Terms apply to all American Express offers.\nHere's a comprehensive list of what The Platinum Card® from American Express offers and how much each perk is worth:\n* **Welcome offer:** As a new cardholder, you could be eligible for 100,000 bonus points after you spend $6,000 in the first 6 months you have the card. You can get up to 1 cent per point when you redeem your rewards with Amex, making the bonus worth up to $1,000. You may also get more value by transferring points to an Amex partner.\n* **$200 airline fee credit:** You can get up to $200 in statement credits annually for airline incidental fees, such as checked baggage and inflight food and drinks paid for with your card and charged by the airline. You can only get the credit on one airline, which you can choose from a list of major U.S. carriers. You can update your selected airline once per year in January.\n* **$200 Uber Cash benefit:** You'll get up to $200 in Uber Cash every year—that's up to $15 most months and $35 in December. You can use your Uber Cash to pay for rides or Uber Eats food delivery. Cardholders could also automatically become an Uber VIP member, where available. This benefit does not extend to additional card members.\n* **$240 digital entertainment credit:** Each month, you'll get up to $20 in statement credits for subscription fees for Peacock, The New York Times, Audible and SiriusXM that are paid for using your card. Enrollment is required to receive this benefit.\n* **$200 hotel credit:** You'll get up to $200 in statement credits every year on select prepaid hotel reservations booked through American Express Travel with your card. (Some bookings require a minimum two-night stay.)\n* **$300 Equinox credit:** Cardholders get up to a $25 statement credit every month when they use their card to pay for a monthly membership to Equinox All Access, Destination or E by Equinox, or for Equinox+.\n* **Global Entry or TSA Precheck application fee credit:** You'll get a statement credit every 4 or 4.5 years that covers the application fee for Global Entry ($100) or TSA Precheck ($85) when you use your card. The perk is effectively worth up to $20 per year.\n* **$100 Saks credit:** From January through June, and again for the July through December period, cardholders can get a statement credit of up to $50 when you use your card to shop at Saks Fifth Avenue or saks.com.\n* **Complimentary CLEAR membership:** Each year, you'll get up to $179 in statement credits when you use your card to pay the membership fee for CLEAR, which offers access to expedited airport security.\n* **Airport lounge access:** The card offers access to the following airport lounge networks: The Centurion Lounge, American Express Global Lounge Collection, Airspace Lounge, Delta Sky Club, Escape Lounge, Priority Pass Select, Plaza Premium and Lufthansa. Amenities can vary by lounge, but many offer complimentary food and beverages, comfortable seating and more.\n* **Elite status:** The card offers automatic Gold Elite status with Marriott Bonvoy and Gold status with Hilton Honors when you enroll. You'll also be able to enroll in Avis Preferred, Hertz Gold Plus Rewards and National Car Rental Emerald Club, all of which may offer discounts and complimentary upgrades when you rent a car.\n* **The Hotel Collection credits:** When you book a stay of two nights or more at a property in The Hotel Collection through American Express Travel, you'll get a $100 experience credit for qualifying activities like dining or spa treatments.\n* **Fine Hotels & Resorts perks:** When you book a stay at a property in the Fine Hotels & Resorts program through American Express Travel, you'll get benefits at each property. Examples include daily breakfast for two, late checkout and a $100 experience credit.\nAs you can tell, the card works best for people who regularly travel. Depending on how you plan to use the card and your travel habits, you could easily earn back more than the cost of the annual fee.\nUsing only the benefits with a predetermined annual value and the welcome offer, you can get up to $2,439 in the first year alone. After that, you could get up to $1,439 per year in value. Combine that with points earned when making purchases, too, and you can get even more value.\n> You may be matched with this and other cards at Experian CreditMatch™\n> \n> [Find Out If You're Matched](;refUrl=%2Fmember%2Foffers&br=exp&op=FRSC-ASK-ART-100-ILT-XXXXXXX-XX-EXP-VMAC-DIR-1205XX-44299X-XXXXX&dAuth=true) END

TITLE: Is The Platinum Card<sup>®<\/sup> from American Express Worth the Annual Fee? CONTENT: Is the Annual Fee Worthwhile?\n-----------------------------\nThe annual fee on The Platinum Card® from American Express is worthwhile if you take advantage of most of the card's benefits—in the first year, you can make up for it with the welcome offer alone.\nAdditionally, you should consider the value you expect to get from the card's rewards. Cardholders get 5 points per dollar spent on flights booked with airlines or through the American Express Travel portal up to 500,000 per year, 5 points on prepaid hotels booked with American Express Travel and 1 point per dollar spent on most other purchases. During your first 6 months with the card, purchases at restaurants worldwide and at Shop Small-participating merchants in the U.S. get you 10 points per dollar spent—up to $25,000 in purchases.\nThat said, you'll need to keep using the benefits the card offers to offset the annual fee every year you have the card. That can be difficult because some, such as the airline incidental fee credit, have limitations that make it harder to maximize.\nBut if you travel often enough to use the card's benefits regularly and earn a lot of rewards points as you spend, it can make sense to have the card in your wallet.\nAlternatives to The Platinum Card® from American Express\n--------------------------------------------------------\nIf you're looking for a travel credit card that offers a lot of value with a lower annual fee or no annual fee at all, here are two options to consider:\n* **Chase Sapphire Reserve®:** This premium travel credit card offers airport lounge access, a $300 annual travel credit, an application fee credit for Global Entry or TSA Precheck, special rental car privileges and more. While the $550 annual fee is steep, it's not as high as you'd pay with The Platinum Card® from American Express.\n* **Chase Sapphire Preferred® Card:** This mid-tier travel card packs a punch despite its $95 annual fee. The card offers 5 points per dollar on travel booked through Chase; 3 points per dollar on dining, streaming services and online grocery purchases; 2 points per dollar on other travel purchases; and 1 point per dollar on everything else. You'll also get an annual $50 statement credit on hotel stays booked through Chase and a 10% points bonus every year based on your spending. END

TITLE: Is The Platinum Card<sup>®<\/sup> from American Express Worth the Annual Fee? CONTENT: * **Chase Sapphire Reserve®:** This premium travel credit card offers airport lounge access, a $300 annual travel credit, an application fee credit for Global Entry or TSA Precheck, special rental car privileges and more. While the $550 annual fee is steep, it's not as high as you'd pay with The Platinum Card® from American Express. END

TITLE: Is The Platinum Card<sup>®<\/sup> from American Express Worth the Annual Fee? CONTENT: * **Chase Sapphire Preferred® Card:** This mid-tier travel card packs a punch despite its $95 annual fee. The card offers 5 points per dollar on travel booked through Chase; 3 points per dollar on dining, streaming services and online grocery purchases; 2 points per dollar on other travel purchases; and 1 point per dollar on everything else. You'll also get an annual $50 statement credit on hotel stays booked through Chase and a 10% points bonus every year based on your spending. END

TITLE: Is The Platinum Card<sup>®<\/sup> from American Express Worth the Annual Fee? CONTENT: Check Your Credit Before Applying for Your Next Card\n----------------------------------------------------\nIf you're thinking of getting a new card, make sure to check your credit score before you apply. Most of the top travel rewards cards require good or excellent credit. That typically means a credit score of 670 or above, though the higher it is, the better your odds of approval.\nIf your credit score needs some work, review your credit report for areas you can potentially address and take the time to improve your score before you apply. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: 1\\. Start Paying as Soon as You Can\n-----------------------------------\nStudent loans typically have a grace period of six months after you graduate, and you technically don't have to make payments during that time.\nBut while your payments are still paused, interest may be accruing on your account. Once your monthly payments start coming due, the loan servicer capitalizes the accrued interest, adding it to your principal balance.\nIf you can afford it, pay off the accrued interest—and make additional payments—on your loans before the grace period ends to save money and speed up your repayment timeline. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: 2\\. Pay More Than the Minimum Each Month\n----------------------------------------\nThe more you can pay each month, the fewer payments you will have to make over the life of the loan. It'll also save you money on interest.\nFor example, let's say you have $20,000 in student loans with an average interest rate of 5.5%. On a 10-year payment plan, your monthly payment would be roughly $217 and you'd pay $6,046 in interest. But if you were to pay an extra $50 to your monthly payment, you'd pay off your debt two years and four months early and save $1,493 on interest.\nKeep in mind that you'll need to let your loan servicer know you want the extra amount applied to the current month's payment—otherwise, they may apply it to the following month's payment. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: 3\\. Pay More Toward Larger, High-Interest Loans First\n-----------------------------------------------------\nTake a look at your loans and see which ones are the largest and which have the highest interest rates. If you can pay extra each month, making sure the excess money goes toward the loans with the highest interest or balance can help you save money over time.\nOnce you finish paying off the larger, high-interest loans, you can focus your efforts on the remaining debt. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: 4\\. Get a Job That Helps Pay Off Student Loans\n----------------------------------------------\nMany employers offer student loan repayment assistance programs. If you work in the medical field, public defense, armed forces or as a teacher, there are government agencies that offer this type of assistance. Additionally, some private employers offer repayment assistance as an employee benefit.\nDepending on your career field, research your options to find out if you can qualify for repayment assistance.\nThe same goes for federal student loan forgiveness programs. If you work for a government agency or eligible nonprofit organization, you could qualify for the Public Service Loan Forgiveness program. Also, some teachers may qualify for the Teacher Loan Forgiveness program. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: 5\\. Get a Side Hustle\n---------------------\nIf your job doesn't provide enough income to help you achieve your goal of paying off your student loan, consider getting a side gig to make it easier.\nThere are plenty of ways you can earn money with a side hustle. For example, you may decide to be a rideshare or food delivery driver, work as a freelancer online, walk dogs or take on a small job that you can find through websites and apps like Craigslist or Thumbtack.\nSide hustles can take time out of your day, but they can also give you the extra income you need to eliminate your student loan debt. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: 6\\. Refinance Your Loans\n------------------------\nRefinancing student loans involves paying off and replacing your existing student loans with a new one through a private lender.\nIn the right situation, refinancing can help you get a lower interest rate on your loans. You may also be able to get more flexibility with your repayment term. For example, if you can afford a larger payment, you can request a shorter repayment schedule and ensure that you become debt-free sooner.\nThat said, refinancing typically requires a solid credit history and income if you want to get the best terms. In some cases, it might make sense to ask a parent to cosign your student loan application to improve your odds of getting approved with favorable terms. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: How Paying Off Student Loans Affects Your Credit\n------------------------------------------------\nMaking your student loan payments on time has a positive impact on your credit score. Having student loans along with other forms of credit, such as credit cards, an auto loan or a mortgage loan, can also help increase your score.\nOnce you fully pay off your loans, you may notice your credit score lower slightly. This may be because the account has been closed and you're no longer making payments, so that positive payment history isn't helping your credit as much as it was previously.\nBut in general, you'll typically see your score bounce back from this temporary dip. Overall, paying student loans responsibly can help build your credit. END

TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: Monitor Your Credit to Track Your Progress\n------------------------------------------\nAs a recent college graduate, you may not have had the chance to build your credit history much while you were in school. Now that you're making student loan payments and potentially also taking on other credit accounts, it's important to monitor your credit regularly, keep track of your progress and address potential issues as they arise.\nExperian's free credit monitoring service is an excellent way to do this. You'll get free access to your Experian credit report and your FICO® Score☉ powered by Experian data. You'll also get real-time alerts when updates to your credit report occur. This can include new accounts, new credit inquiries and new personal information.\nAs you monitor your credit consistently, you'll better understand how different actions can impact your credit score and have the information you need to address issues to avoid damage to your credit score. END

TITLE: What Is a Bad Credit History and Rating? CONTENT: What Is Considered a Bad Credit Score and Rating?\n-------------------------------------------------\nTo a certain extent, bad credit is relative. As long as they obey laws forbidding discrimination, lenders get to determine their own lending criteria. Some seek only borrowers with exceptionally good credit ratings, and exclude applicants many others would accept. Other lenders focus on borrowers with less-than-ideal, or \"subprime,\" credit. Still others offer an array of products designed for borrowers with a variety of credit ratings.\nRegardless of their target borrower profiles, many lenders evaluate potential borrowers' credit ratings using credit scores: three-digit numbers derived by performing statistical analysis on the information in your credit report. Credit scores predict how likely you are to fail to repay a loan, with higher scores indicating lower risk that you'll fail to meet your obligations. The most popular scoring systems, the FICO® Score☉ and VantageScore® models, generate scores in the range of 300 to 850.\nLenders often use credit scores as a first step in their lending decision processes, excluding borrowers whose scores fall below a minimum threshold they choose. Lenders often also use credit scores to help set the interest rates they charge borrowers, and may direct applicants whose scores fall in certain ranges to particular products. Riskier borrowers might be offered credit cards with higher interest rates, for instance, while borrowers with the highest credit scores might be offered lower rates and bonus programs.\nFICO assigns ratings to ranges of credit scores according to their relative risk, as seen in the table below. Individual lenders may or may not segment credit applicants using these ranges and categories, and may be willing to extend credit to borrowers in any FICO® Score range from Exceptional to Fair. Some may even offer modest amounts of credit (possibly requiring a security deposit or collateral) to borrowers with scores in lowest range. END

TITLE: What Is a Bad Credit History and Rating? CONTENT: What Factors Influence Your Credit Report and Scores?\n-----------------------------------------------------\nThe history of debt management recorded in your credit report is the basis for your credit scores and the determination whether your credit is \"good\" or \"bad.\"\nGenerally speaking, credit report entries that indicate the difficulties with credit management will be detrimental to your credit profile and your credit score, while those that show sound credit management will promote good credit scores. Credit report entries that can hurt your credit scores the most include:\n* **Late or missed payments**: Payment history is the most important aspect of your FICO® Score, and even one 30-day-late or missed payment can hurt your score. Payment history is responsible for about 35% of your FICO® Score.\n* **Excessive credit card usage**: Using a high percentage of the borrowing limit on individual credit cards or on all your cards collectively can make lenders think you're overly reliant on credit. You can calculate that percentage, known as credit utilization, for each credit card by dividing your current outstanding balance by its borrowing limit, and then multiplying by 100 to get a percentage. You can also calculate your overall utilization by dividing the sum of all your balances by the sum of all your limits. Lenders like to see credit utilization, for each card and especially on all cards overall, of less than 30%—individuals with the best credit scores tend to keep utilization at 10% or less. Credit utilization accounts for 30% of your FICO® Score.\n* **Seeking a lot of credit in a short time**: Whenever a creditor requests your credit report or a credit score based on it for a lending decision, a hard inquiry is recorded in your credit file. These inquiries stay in your file for two years and can cause slight temporary reductions in your credit score. Lenders look at the number of hard inquiries to gauge how much new credit you are requesting. Too many inquiries can raise the level of risk you present to a lender or scoring model and affect your credit scores and the credit you'll be able to secure. New credit activity accounts for about 10% of your FICO® Score.\n* **Major negative events**: Major credit management missteps that can appear on a credit report include foreclosure, bankruptcy, repossession, charge-offs (the lender gives up hope of collecting what you owe and closes your account) and settled accounts (the lender accepts less than the full amount you owe in a negotiated arrangement, and then closes your account). Each of these can severely hurt your credit for years, even up to a decade. END

TITLE: What Is a Bad Credit History and Rating? CONTENT: Consequences of a Bad Credit History and Rating\n-----------------------------------------------\nIndividuals with good credit enjoy many advantages, but if you have a poor credit history and rating, lenders may be reluctant to do business with you. That means:\n* It may be difficult for you to get loans and credit cards.\n* If you can get a loan or credit card, you'll likely be offered a relatively small loan amount or spending limit, and you may have to pay a relatively high interest rate. That could cost you hundreds, thousands or even tens of thousands of dollars over the life of a loan, depending on the amount you're borrowing.\n* When securing equipment such as cellphones or cable modem, or even renting a car or apartment, poor credit could mean you'll have to pay extra fees or put down security deposits that aren't required of borrowers with more favorable credit.\n* Poor credit can mean you pay higher car insurance premiums than you'd receive if your credit were better. END

TITLE: What Is a Bad Credit History and Rating? CONTENT: How to Improve Bad Credit\n-------------------------\nBad credit doesn't last forever. You can take steps anytime to begin adopting good credit habits that promote improvements in credit score and credit rating. These include:\n* **Check your credit score.** When you get your free FICO® Score score from Experian, you'll also receive an explanation of the factors in your credit report that are having the greatest negative impact on your score. That can give you a good idea where to focus your score-improvement efforts.\n* **Pay your bills on time.** A good way to avoid late payments is to set up automatic electronic payments for recurring bills, such as student loans and car payments. Setting up email or text message reminders and calendar alarms can help as well. Whatever it takes, do all you can to avoid making late payments.\n* **Pay down credit card debt.** Any payment that reduces an outstanding credit card balance lowers your overall utilization ratio (assuming, of course, that you aren't running up new charges at the same time). If you focus on avoiding new card purchases, and work on paying down the cards with the highest individual credit utilization, you may be able to make progress toward credit score improvement in a relatively short time.\n* **Apply for new credit only as needed.** Avoiding hard inquiries for a year or two can help your credit score recover some, and remove the appearance of overeagerness for new credit accounts.\n* **Boost your credit.** Experian Boost™† is a free program that adds your on-time utility, phone and streaming service payments to your Experian credit report, often instantly increasing your credit scores based on your Experian credit data.\n* **Get credit improvement help.** If you're having trouble getting approved for a credit card or loan on your own, you can build credit history with the help of others:\n * Become an authorized user on someone else's account.\n * Work with a cosigner who has good credit. When you have a cosigner for a loan or credit card, the lender also considers them jointly responsible for the debt.\n * Open a secured credit card account. With a secured credit card account, you provide a deposit and the card issuer allows you to borrow up to a certain amount, only using the deposit if you stop paying your bills.\n* **Be patient.** If you have major negative events on your credit report, they can hurt your credit score and credit rating for years, but their impact will diminish over time. That's why patience is another prescription for improving your credit. As long as you avoid additional missteps and embrace good credit habits, your credit will tend to improve over time.\n### Learn More About Your Credit History and Rating\n* How to “Fix” a Bad Credit Score \n To improve a bad credit score, understand the basic contributors to credit and take steps to address the factors that are making a negative impact.\n* How to Improve Your Credit Score \n There are steps you can take to increase your credit score, and the sooner you address certain factors, the faster your credit score will go up.\n* What Is a Bad Credit Score? \n Based on the FICO Score range of 300 to 850, a credit score below 669 is considered either fair or bad.\n* How to Get a Loan With Bad Credit \n Getting a loan with bad credit is possible, but it may be more difficult and expensive. Here’s what you should do.\n* How to Rebuild Credit \n Good credit can make many of life's financial situations easier and less costly. For example, with good credit, you can get approved for a mortgage or auto loan, and...\n* What Are the Different Credit Scoring Ranges? \n Lenders use credit scoring ranges to decide whether to take a risk on a potential borrower. Understanding your score and how it fits into a scoring range will help...\n* Why No Credit Is Better Than Bad Credit \n Having bad credit is more challenging than having no credit, but both can limit your ability to borrow money. Here’s how to overcome either.\n* Can You Get a Job With Bad Credit? \n Bad credit can affect your job prospects, especially if you’re applying for a finance or management role. END

TITLE: How Does a Foreclosure Affect Credit? CONTENT: What Is a Foreclosure?\n----------------------\nA foreclosure occurs when a mortgage lender takes possession of a property from a borrower after the borrower fails to keep up with their loan payments. The lender is legally entitled to seize the property to recover as much of the loan amount as possible.\nHere's what to know about foreclosures and how they can affect your credit. END

TITLE: How Does a Foreclosure Affect Credit? CONTENT: How Long Does a Foreclosure Stay on Your Credit Report?\n-------------------------------------------------------\nA foreclosure entry typically appears on your credit report within a month or two after the lender initiates foreclosure proceedings. The entry remains on your credit report for seven years from the date of the first missed payment that led to the foreclosure. After that, it is deleted from your report.\nForeclosures have a considerable negative impact on credit scores, but as with all derogatory credit report entries, the number of points by which they'll lower your score depends on many factors. These include what your score was before foreclosure and the number of negative entries on your credit report.\nForeclosures typically occur only after you miss at least four successive monthly payments (120 days of delinquency). Missed payments bring down credit scores more than any other negative entries, so your credit scores typically will have dropped significantly even before a foreclosure appears on your credit report. (If you are missing payments on other debts as well, this has a compound effect.) END

TITLE: How Does a Foreclosure Affect Credit? CONTENT: How Do Lenders See a Foreclosure?\n---------------------------------\nArguably more significant than its effect on credit scores is the negative light in which many lenders view foreclosures. Every lender sets its own lending criteria, and there's no universal rule about how a lender will treat a foreclosure in terms of this criteria. But it's safe to say all lenders consider foreclosure a serious derogatory event in your credit history, second only to bankruptcy in terms of severity. Many creditors won't even consider applicants with foreclosures on their credit reports, while others may disregard foreclosures that are several years old, if the applicant meets the rest of their lending criteria. END

TITLE: How Does a Foreclosure Affect Credit? CONTENT: Can You Remove a Foreclosure?\n-----------------------------\nA legitimate foreclosure entry cannot be removed from your credit report before its expiration date, seven years from the date of the first missed loan payment. At that point in time, the entry should fall off your credit report on its own. If it doesn't come off your report after that date, or in the highly unlikely event that your credit report reflects a foreclosure that never happened, you can use the credit report dispute process to document the error and have your credit reports corrected.\nA foreclosure is a difficult process that can have major negative impacts on your credit, but with time and good credit habits, it is possible to recover and one day buy another home of your own. END

TITLE: What to Know About Filing Bankruptcy CONTENT: What Happens When Declaring Bankruptcy?\n---------------------------------------\nIf you're struggling financially, bankruptcy gives you the opportunity to pay down a portion of your debts over time or have some of them eliminated entirely.\nEither way, declaring bankruptcy grants what's called an automatic stay, which is essentially a block on your debt to keep creditors from trying to collect. They can't deduct money from your bank account, garnish your wages or go after any of your other assets.\nYou'll then have time to work with the court and your creditors to determine the next steps. END

TITLE: What to Know About Filing Bankruptcy CONTENT: Will I Lose My Property?\n------------------------\nWhat happens to your property depends on whether you file chapter 7 or chapter 13 bankruptcy. If you're not sure which option is right for your situation, see \"Bankruptcy: Chapter 7 vs. Chapter 13.\" Here's what to expect based on which route you choose.\n### Chapter 7\nChapter 7 bankruptcy is often called liquidation bankruptcy because you will likely need to sell off some of your assets to satisfy at least a portion of what you owe.\nThat said, state laws determine that some assets, such as your retirement accounts, house and car, are exempt from liquidation. Check with a bankruptcy attorney in your state to find out what property you would be allowed to keep.\n### Chapter 13\nWith a chapter 13 bankruptcy, you don't need to worry about needing to sell off any of your property to satisfy your debts. Instead, your debts will be reorganized so that you can pay them off partially or in full over the next three to five years.\nKeep in mind, though, that if you don't comply with the payment plan, your creditors may be able to go after your assets to satisfy your debts. END

TITLE: What to Know About Filing Bankruptcy CONTENT: What Happens to My Credit if I Declare Bankruptcy?\n--------------------------------------------------\nWhen you declare bankruptcy, it's a sign that you are no longer paying your debts as originally agreed, and it can seriously damage your credit history. That said, the two types of bankruptcy aren't treated the same way. Because chapter 7 bankruptcy completely eliminates the debts you include when you file, it can stay on your credit report for up to 10 years.\nWhile chapter 13 bankruptcy is also not ideal from a credit standpoint, its setup is viewed more favorably because you are still paying off at least some of your debt, and it will remain on your credit report for up to seven years.\nShortly after your bankruptcy is discharged by the court—meaning you no longer owe the debts you've included in your filing—it may be difficult to get approved for credit, especially with favorable terms. There are some lenders, however, who specifically work with people who have gone through bankruptcy or other difficult credit events, so your options aren't completely gone.\nAlso, the credit scoring models favor new information over old information. So with positive credit habits post-bankruptcy, your credit score can recover over time, even while the bankruptcy is still on your credit report. END

TITLE: What to Know About Filing Bankruptcy CONTENT: Are Bankruptcy Filings Publicly Available?\n------------------------------------------\nBankruptcies are considered a public record, but that doesn't mean everyone's going to know about it. Bankruptcy proceedings are filed in a system called Public Access to Court Electronic Records, or PACER for short.\nFor the most part, it's more common for attorneys and creditors to use this system to look up information about your bankruptcy. But anyone can register and check if they want to. The service charges 10 cents per page to access case information.\nAnother way people might find out about your bankruptcy is if your local newspaper publishes public notices.\nFinally, employers, landlords and creditors may be able to see on your credit report that you've filed bankruptcy when you apply for a job, an apartment lease, or a loan or credit card. END

TITLE: What to Know About Filing Bankruptcy CONTENT: Will Bankruptcy Affect My Job or Future Employment?\n---------------------------------------------------\nTwenty-nine percent of employers run a credit check on new job applicants, according to a survey by CareerBuilder. As a result, declaring bankruptcy could affect your ability to get a new job, especially if that job is in the financial services industry or with a government entity.\nThey do this primarily to make sure you're a good fit for the jobs—such as handling money—and that you're not financially stressed, which could increase the likelihood of theft or fraud.\nIf an employer simply runs a routine criminal background check, however, your bankruptcy won't show up.\nIt's less likely that employers would conduct background checks on current employees. So if you're not planning to switch jobs, you likely don't need to worry much about a bankruptcy affecting your employment. END

TITLE: What to Know About Filing Bankruptcy CONTENT: Keep Track of Your Credit During the Process\n--------------------------------------------\nBecause declaring bankruptcy can affect your credit history and ability to do certain things in the future, it's important to monitor your credit scores during the process and as you work on recovering from the ordeal.\nAs you do so, watch how certain actions affect your credit scores and look out for potential errors and negative information that might influence your score negatively. If you do find something that doesn't belong on your credit report, dispute it with the credit reporting agencies.\nAs you keep track of your credit score during and after bankruptcy, you'll learn better how to improve it over time and keep it in a good place going forward. END

TITLE: How Do Lenders View Your Credit? CONTENT: What Lenders Look at on Your Credit Report\n------------------------------------------\nYour credit report provides a detailed record of how you manage credit. For lenders who are just getting to know you, a credit report tells a lot about your experience with various kinds of credit. The best way to visualize what your credit report says is to check it yourself. You can access your credit report for free from all three credit bureaus at AnnualCreditReport.com or get a free Experian credit report anytime. You can also read up on what a typical Experian credit report contains. A few highlights:\n* **Personal information**, including any names associated with your credit, current and past addresses and date of birth\n* **Current and past employers** that have been listed on past credit applications\n* **Open loans and revolving credit accounts** with credit limits, dates of late payments and current status\n* **Collection accounts**, both open and resolved\n* **Bankruptcies**, which are the only public record listed on your credit report\n* **Credit inquiries**, including those from prospective lenders and credit card issuers\nLenders don't necessarily expect to see a flawless credit report. But a history of late payments, accounts in collections or a flurry of recent credit inquiries can raise red flags, lower credit scores, and may disqualify you from getting the best rates and terms or from being approved at all. END

TITLE: How Do Lenders View Your Credit? CONTENT: What Is Considered a Good Credit Score?\n---------------------------------------\nYour credit report provides a detailed credit history, while your credit score gives a quick read on how well you manage credit. Using data from your credit report, credit scoring models create numerical scores ranging from 300 to 850. The exact algorithms used to calculate these scores are not public knowledge, but the factors that affect your credit score are widely known. FICO, whose scores are used in most consumer lending decisions, breaks down the factors as follows:\n* **Payment history**: Paying on time every time creates a solid base for your credit score.\n* **Amounts owed**: The less of your available revolving credit you're using, the better. Progress on paying off loans is also considered in this factor.\n* **Length of credit history**: Having long-standing accounts shows stability.\n* **Credit mix**: A diverse mix of revolving credit cards and installment loans shows you can manage multiple types of credit.\n* **New credit**: While opening new credit isn't bad per se, frequent credit applications can make you appear as more of a credit risk.\nHow does your credit score stack up? Here are FICO credit score ranges and how they might play out when you're applying for credit:\nAlthough scores of 670 and above are considered \"good,\" when you're applying for credit, there's no one credit score that's universally considered \"good enough\" for all lenders and all types of credit. For instance, the score you'll need to qualify for a benefits-rich rewards card with a hefty credit line is going to be significantly higher than what you'll need to get a more basic credit card. With a higher credit score, you'll often be able to access better rates and terms. If your score is less than stellar, however, your options are to accept the rates and terms you qualify for now, or wait and try to raise your score significantly. END

TITLE: How Do Lenders View Your Credit? CONTENT: How to Improve Your Credit Before Applying\n------------------------------------------\nBefore applying with a lender, start by checking your credit score and report. This will give you a better idea of what types of loans and credit cards you might qualify for. You can access your Experian FICO® Score and credit report for free at any time, or sign up for free credit monitoring with alerts that let you know when changes have been made to your credit file.\nUnless your credit score is already top-tier, there's always room for improvement. And moving from \"good\" to \"very good\" credit, for example, may open the doors to lower interest rates, more favorable terms or simply a better chance of approval. Although there's no quick fix for your credit, there are steps you can take to bring your credit score up. Here are a handful of tips to consider:\n* **Review your credit scoring risk factors.** These are shown with your Experian credit report and score, and are a great starting point when trying to bring your score up.\n* **Practice good credit habits.** Pay every bill on time, keep your credit card balances low and don't apply for credit unnecessarily.\n* **Check out Experian Boost™† .** Adding on-time utility, phone and streaming service payments to your credit file with Experian Boost may help you bump up your scores.\n* **Give yourself time.** The longer your history of making on-time payments, the more beneficial those payments will be. If you have negative marks on your credit, the passage of time will reduce the impact they have on your scores and eventually they'll be removed entirely. If you've recently paid down card balances to reduce your credit utilization, it may take a few billing cycles for your score to fully reflect that change. Bottom line: If you want to raise your credit score to improve your loan or credit card options, there's no better time to start than now.\nThe same advice holds if you don't have much of a credit history—or your credit file is \"thin\" (with fewer than five credit accounts). It may take time to build the credit score you aspire to, so start working on it now. Building good credit from scratch may take multiple steps. You may need to begin with a secured credit card or start with a credit-builder loan. Over time, as long as you manage your credit responsibly and continue to make all payments on time, your positive credit history will populate your credit report and build up your score. END

TITLE: How Do Lenders View Your Credit? CONTENT: What Else Do Lenders Look at in Your Credit Application?\n--------------------------------------------------------\nTogether, your credit score and report provide quite a bit of insight into how you manage credit. But most lenders also want to know more about you and your finances. This information is not included in your credit report, and they'll typically ask you to provide this information yourself or provide documentation to back it up.\n**Income**: Lenders want to know about your employment and monthly income so they know you can afford to pay back your debt. They'll also use this information to calculate your debt-to-income ratio to make sure your total debts aren't eating up too much of your monthly income.\n**Capital**: Lenders want to know that you'll be able to make your payments even if you run into a bit of financial trouble. Having emergency savings or an investment account shows you have the financial backup to carry on through choppy waters.\n**Collateral**: Two common examples of collateralized—or secured—loans are mortgages and car loans. If you default on either of these types of loans, the lender will seize your property and sell it to recoup their money. Credit cards are generally unsecured, though applicants who are building credit may consider secured credit cards, which require you provide a cash deposit equal to your credit line as collateral. If your collateral is property, you'll likely need to prove its value and that you own it.\nLenders may also look at factors that don't seem to relate directly to credit. For example, if you've been at your job for many years or have lived in the same place for a long time, that's seen as a sign of stability. END

TITLE: What Is a Bad Credit Score? CONTENT: What Is a Bad or Poor FICO® Score?\n----------------------------------\nA FICO credit score is a number between 300 and 850 designed to indicate the likelihood that a consumer will repay a loan on time. The higher number, the greater the consumer's creditworthiness. This number is created from account and payment information on a user's credit report. A score between 300 and 579 is considered to be very poor, while one that's between 580 and 669 is considered fair.\nCredit Score\nRating\n% of People\nImpact\n300-579\nVery Poor\n16%\nCredit applicants may be required to pay a fee or deposit, and applicants with this rating may not be approved for credit at all.\n580-669\nFair\n18%\nApplicants with scores in this range are considered to be subprime borrowers.\n670-739\nGood\n21%\nOnly 8% of applicants in this score range are likely to become seriously delinquent in the future.\n740-799\nVery Good\n25%\nApplicants with scores here are likely to receive better than average rates from lenders.\n800-850\nExceptional\n20%\nApplicants with scores in this range are at the top of the list for the best rates from lenders. END

TITLE: What Is a Bad Credit Score? CONTENT: What Is a Bad or Poor Vantage Score?\n------------------------------------\nVantageScore is another credit scoring model that also uses data from consumers' credit history to help predict their likelihood of repaying a loan. Like FICO scores, VantageScores also generally use the range of 300 to 850. With the newer VantageScore models, a score of 601 to 660 is considered to be fair, while a score of 500 to 600 is poor. Scores between 300 and 499 are very poor.\nCredit Score\nRating\n% of People\nImpact\n300-499\nVery Poor\n5%\nApplicants will not likely be approved for credit.\n500-600\nPoor\n21%\nApplicants may be approved for some credit, though rates may be unfavorable and with conditions such as larger down payment amounts.\n601-660\nFair\n13%\nApplicants may be approved for credit but likely not at competitive rates.\n661-780\nGood\n38%\nApplicants likely to be approved for credit at competitive rates.\n781-850\nExcellent\n23%\nApplicants most likely to receive the best rates and most favorable terms on credit accounts. END

TITLE: What Is a Bad Credit Score? CONTENT: What Affects Your Credit Score\n------------------------------\nThere are many—in fact, hundreds—of credit scores that lenders use to help make lending decisions. Several factors affect those credit scores. But in almost all credit scores, the two factors that affect your credit scores the most are your payment history and credit utilization rate.\n* **Payment history**: With the FICO credit scoring models, your bill payment history makes up 35% of your credit score. Consistently making payments on time helps your score, while missing payments will hurt it. Furthermore, the longer your payment is late, the more your score will suffer. And recent late payments have a greater effect than those that happened further in the past.\n* **Amounts owed**: FICO scores consider how much of your available revolving credit you're using at any given time, also called your credit utilization ratio, for 30% of your score. Your credit utilization ratio is based on the amount you owe on revolving credit such as credit cards compared with the total amount of credit that you've been extended. To calculate your ratio, divide all your revolving credit balances by your total credit limits on those accounts. The more you owe relative to your total credit limit, the more it could lower your credit score. In general, always try to maintain a ratio of 30% or less to avoid hurting your score. For top credit scores, keep your utilization under 6%.\nThere are three other factors that affect your credit score to a lesser degree.\n* **Length of credit history**: This factor makes up 15% of your credit score and is based on the average length of time your accounts on your credit report have been open. The older your credit accounts are, the better it will be for your credit score.\n* **New credit**: When a consumer applies for many new credit accounts in a short period of time, it can be seen as an indication of possible financial problems. This factor makes up 10% of a FICO score.\n* **Credit mix**: The FICO scoring models also consider the different types of credit used by a consumer. A good mix of installment credit (such as home mortgages, student loans and auto loans) and revolving credit (such as credit cards and lines of credit) shows that you can manage different types of accounts, and this usually helps your credit. However, FICO doesn't recommend that consumers take out additional types of loans in an effort to improve their scores.\nFinally, certain types of negative information can adversely affect a credit score, such as bankruptcies, foreclosures and collections. END

TITLE: What Is a Bad Credit Score? CONTENT: How a Poor Credit Score Can Affect You\n--------------------------------------\nHaving a bad—or low—credit score can affect you in several ways:\n* **Higher interest rates**: Because lenders see those with bad credit as a higher risk, they'll charge interest rates accordingly. Having a poor credit score will result in a higher interest rate on your home mortgage, for example, which can cost you tens of thousands of dollars over the life of the loan.\n* **Trouble getting a mortgage**: Mortgages are very large loans, so understandably, lenders want to be confident you will not default on them. While some will simply charge higher interest rates, others may reject your application altogether.\n* **Risk of being denied credit**: Lenders are more likely to reject your loan application if you have a history of managing credit poorly.\n* **Difficulty getting approved for an apartment or cellphone contract**: Again, it all comes back to risk. Providers don't want to lose money by taking on a risky customer.\n* **Risk of being turned down for a job**: While employers can't access your credit score, they can request your credit report, and having negative information there could put you at risk for being turned down for a job. That's particularly the case for positions that have financial responsibilities.\n* **Difficulty obtaining a small business loan**: If you run a small business, having poor credit could make it difficult or impossible to borrow money to help your company.\nFinally, those with bad credit will likely have difficulty obtaining a conventional car loan and may have to utilize alternative, and more expensive, financing options. \nHow to Improve Bad Credit\n-------------------------\nThere is not a simple answer to this question because every person's situation is unique. But under most circumstances, if your scores are low but you start to take some positive action, you can see results in about two to three months. Here are some ways to improve your credit scores:\n1. First, check your credit score to see where it actually is. Experian offers you a free FICO® Score so you can see how you might look to a lender.\n2. Pay all of your bills on time. Your payment history is the most important factor in your FICO® Score, so making sure you pay all of your bills on time should be the highest priority. Try setting up automatic payments and payment reminders to help you to avoid late payments.\n3. Pay down revolving debt such as credit cards. This decreases your credit utilization rate and could help your scores.\n4. Become an authorized user on a family member's credit card. You will have to find a trusted partner for this, as the account owner is responsible for paying the bill for this account.\n5. Get a secured credit card. A secured credit card requires you to deposit money into an account which is used as collateral for a credit card and typically serves as your credit limit. The benefit for you is that most secured cards report your payment history to the three national credit reporting agencies—Experian, Equifax and TransUnion (confirm this with the card issuer when you're researching secured cards). If you maintain a positive payment history, this account will help you build your credit history and likely improve your credit score.\n6. Try Experian Boost™† . This free program can help improve your FICO® Score by allowing you to add positive payment information from the utility and telecom bills you pay every month to your credit report, often immediately boosting your scores.\n7. Apply for a short-term loan. A short-term loan is an unsecured loan that typically needs to be paid back in less than a year. Short-term personal loans are available in a variety of packages, and the devil is in the details with payment terms. Read agreements carefully.\n8. Apply for a credit-builder personal loan. A personal loan is an installment loan that typically has a lower interest rate than credit cards and can help you make a big purchase or it can be used to consolidate multiple credit card debts into a single, lower-cost monthly payment. A credit builder personal loan requires a refundable security deposit.\n9. Try to fix errors in your credit report. If there is fraudulent or inaccurate information on your credit report, then you can dispute it with the credit bureaus.\nThe Bottom Line\n---------------\nHaving bad credit presents serious problems with your personal finances, so it's important to know your credit report and credit score. Thankfully, there are many steps you can take to improve your credit, and you can start to see results within just a few months. By taking the time to understand how credit scores work, and what causes bad credit, you can manage your credit responsibly and enjoy additional financial opportunities as you improve your credit score. END

TITLE: What Is a Bad Credit Score? CONTENT: How to Improve Bad Credit\n-------------------------\nThere is not a simple answer to this question because every person's situation is unique. But under most circumstances, if your scores are low but you start to take some positive action, you can see results in about two to three months. Here are some ways to improve your credit scores:\n1. First, check your credit score to see where it actually is. Experian offers you a free FICO® Score so you can see how you might look to a lender.\n2. Pay all of your bills on time. Your payment history is the most important factor in your FICO® Score, so making sure you pay all of your bills on time should be the highest priority. Try setting up automatic payments and payment reminders to help you to avoid late payments.\n3. Pay down revolving debt such as credit cards. This decreases your credit utilization rate and could help your scores.\n4. Become an authorized user on a family member's credit card. You will have to find a trusted partner for this, as the account owner is responsible for paying the bill for this account.\n5. Get a secured credit card. A secured credit card requires you to deposit money into an account which is used as collateral for a credit card and typically serves as your credit limit. The benefit for you is that most secured cards report your payment history to the three national credit reporting agencies—Experian, Equifax and TransUnion (confirm this with the card issuer when you're researching secured cards). If you maintain a positive payment history, this account will help you build your credit history and likely improve your credit score.\n6. Try Experian Boost™† . This free program can help improve your FICO® Score by allowing you to add positive payment information from the utility and telecom bills you pay every month to your credit report, often immediately boosting your scores.\n7. Apply for a short-term loan. A short-term loan is an unsecured loan that typically needs to be paid back in less than a year. Short-term personal loans are available in a variety of packages, and the devil is in the details with payment terms. Read agreements carefully.\n8. Apply for a credit-builder personal loan. A personal loan is an installment loan that typically has a lower interest rate than credit cards and can help you make a big purchase or it can be used to consolidate multiple credit card debts into a single, lower-cost monthly payment. A credit builder personal loan requires a refundable security deposit.\n9. Try to fix errors in your credit report. If there is fraudulent or inaccurate information on your credit report, then you can dispute it with the credit bureaus. END

TITLE: What Is a Bad Credit Score? CONTENT: The Bottom Line\n---------------\nHaving bad credit presents serious problems with your personal finances, so it's important to know your credit report and credit score. Thankfully, there are many steps you can take to improve your credit, and you can start to see results within just a few months. By taking the time to understand how credit scores work, and what causes bad credit, you can manage your credit responsibly and enjoy additional financial opportunities as you improve your credit score. END

TITLE: How Can I Remove Late Payments From My Credit Report? CONTENT: Check Your Credit Report to See if the Late Payments Are Accurate\n-----------------------------------------------------------------\nTo start, review your credit reports and the details about the late payments. Consider which account is being reported late, when the late payments were reported and the amount that was reported past due. Keep in mind, interest and fees can lead to larger past-due balances.\nIf you're able to, review your own financial records about the account to see if there's a discrepancy. While even being one day late is enough for some creditors to charge you a late fee and dole out other penalties, many won't report an account as delinquent until it is 30 days past due.\nOnce a late payment is reported to one of the credit bureaus (Experian, TransUnion or Equifax), it can stay on your credit report for up to seven years. Even if you later bring your account current, the payment you missed will remain in your credit history as a record of what happened.\nMost negative information, late payments included, will be removed from your credit reports after seven years. Additionally, when a series of late payments leads to your account being closed, charged off or transferred to a collection agency, the entire account will be removed seven years after the first missed payment that led up that status. Chapter 7 bankruptcies stay on your credit report for up to 10 years, but the accounts included in the bankruptcy are also removed after seven years.\nIf you believe there's an error on your credit report, the federal Fair Credit Reporting Act (FCRA) gives you the right to dispute the item with the credit bureaus at no charge. The credit bureau will typically contact the company that reported the information and ask them to verify its accuracy. The creditor must complete a reasonable investigation and generally has 30 days to respond to the dispute. If additional information is provided during the dispute process, 15 days can be added to the investigation period. END

TITLE: How Can I Remove Late Payments From My Credit Report? CONTENT: Contact Your Creditor for Assistance\n------------------------------------\nIf you believe a creditor incorrectly reported the late payment, you may want to start by submitting a dispute directly to them. Include any documentation you have—such as copies of a canceled check or payment verification email.\nIf the creditor investigates and agrees that there was an error, it will send an update to all the credit bureaus it reports to and have the late payment corrected or deleted. You can monitor your credit reports for the changes, which may take several billing cycles to appear. END

TITLE: How Can I Remove Late Payments From My Credit Report? CONTENT: How to Dispute Inaccurate Information on Your Credit Report\n-----------------------------------------------------------\nYou can also dispute any inaccurate information on your credit reports with the appropriate credit bureaus. Once a dispute is filed with the bureau, it will reach out to the creditor that supplied the information and ask them to verify it and respond to your claim.\nIf the creditor makes a change in response to your dispute, it must notify all other consumer reporting agencies to which it reported the information of the change.\nBecause each bureau handles disputes independently, you should check your report with each to make sure the changes have been made. If they haven't, contact each of the credit reporting companies that are reporting the information separately to initiate a dispute with them.\nExperian has an online portal you can use to submit a dispute, or you can file a dispute by phone, mail or fax if you prefer. Equifax and TransUnion have similar systems and options.\nFiling a dispute is free, and you can attach or send copies of supporting documentation to verify your claim. However, some items that appear on your credit report typically aren't disputable, such as correct legal names and addresses.\nOnce a credit bureau concludes its investigation, it may verify, update or delete the item in question. Disputes are generally resolved in 30 days—although they may be completed even sooner.\nSometimes, the creditor will disagree and continue to report the late payment, or the late payment may be removed temporarily but re-reported later once it has been verified. If you still disagree, and you have additional documentation supporting your claim, you can submit that new documentation to the credit bureau and request a new dispute. END

TITLE: How Can I Remove Late Payments From My Credit Report? CONTENT: Monitor Your Credit for Free\n----------------------------\nRegularly monitoring your credit reports for changes can help you stay on top of new information as it is reported and can also help detect potential credit fraud or identity theft sooner. Experian's free credit monitoring can help by automatically alerting you to important or potentially suspicious changes. Whether it's a late payment, a balance increase or a collection account, keeping a close watch can help you keep your credit scores in great shape and help you protect yourself from potential fraud. END

TITLE: What Is the Fair Credit Billing Act? CONTENT: You may be familiar with some of the FCBA's provisions, even if you didn't realize it. The law defines what counts as a billing error, gives you the right to file disputes and creates billing-related requirements for creditors. END

TITLE: What Is the Fair Credit Billing Act? CONTENT: How to Dispute a Billing Error\n------------------------------\nIf you notice a billing error and want to dispute it under the FCBA, you must write and mail a dispute letter to the creditor. You may want to send it by certified mail with a return receipt.\nThe letter should be mailed to a specific address for billing inquiries and must be received within 60 days of when the creditor sent the billing statement with the disputed charges. The Federal Trade Commission (FTC) has a sample letter you can use as a template. Keep copies of the letter and any additional documentation you send for your records.\nOnce the creditor receives your dispute, it has two billing cycles (up to 90 days maximum) to investigate and resolve the dispute. Depending on the results, you might have to pay none, part or all of the disputed amount.\nIf you believe your creditor isn't abiding by the FCBA, you also have the right to sue the creditor. The FCBA allows for the court to order the creditor to pay your attorney's fees and award you damages. END

TITLE: What Is the Fair Credit Billing Act? CONTENT: How to Dispute Other Credit Card Charges\n----------------------------------------\nThere may be instances when you want to dispute a charge that isn't considered a billing error under the FCBA. Or, you may choose to dispute a charge or billing error over the phone or online rather than following the FCBA's process.\nFor instance, if you're the victim of identity theft, you may want to contact the card issuer right away so it can close the account. Depending on the circumstances, you may also want to report the fraud to the FTC's IdentityTheft.gov website.\nOr, you might want to initiate a chargeback if an item you purchased arrives damaged or doesn't match the merchant's description. Before attempting this, however, it's best to try to work out the issue with the merchant first. END

TITLE: What Is the Fair Credit Billing Act? CONTENT: Monitor Your Credit Report for Unusual Activity\n-----------------------------------------------\nTo quickly detect unauthorized charges and billing errors, it's key to review your billing statements each month. If you use budgeting software, you could also connect and sync your accounts, letting you quickly identify new charges throughout the month.\nMonitoring your credit report is also important. With a free account from Experian, you'll receive notifications if someone applies for or opens a new credit account in your name. You can also check your credit reports after the disputes are resolved to make sure the creditor sends an update to the credit bureaus. Sometimes this can take a couple of billing cycles, so don't be surprised if your account's information isn't updated the same day. END

TITLE: Do I Have to Notify Experian to Remove Collections? CONTENT: What to Do When You Find Out Your Debt Is in Collections\n--------------------------------------------------------\nFinding out a debt has gone into collections is never a happy experience. It happens when you've fallen behind in your payments—typically by three monthly payments or more. If this happens to you, both the late or missed payments and a collection account may appear on your credit report, and will likely have a negative effect on your credit score.\nIf you've been contacted by a debt collector, do everything you can to manage the situation proactively. By learning your rights under the Fair Debt Collection Practices Act and making an honest effort to pay back your debt, you may be able to contain the damage. Bear in mind:\n* Before agreeing to anything, request details about the debt in writing.\n* You have the right to ask a debt collector to stop contacting you, in writing.\n* Ignoring calls from a debt collector won't make your debt go away. You may be able to work with a collector to find a manageable solution. Read up on the debt collection process to get familiar with how it works. END

TITLE: Do I Have to Notify Experian to Remove Collections? CONTENT: How Long Will Collections Stay on My Credit Report?\n---------------------------------------------------\nA collection account stays on your credit report for seven years after the original delinquency. The original delinquency date is calculated based on when payment on the original account first becomes 30 days past due. Transferral of the debt to another creditor such as a collection agency doesn't reset the timeline for its removal from your credit report.\nOnce seven years have passed since the original delinquency date, the collection account should drop off your credit report automatically. If both the original debt and the collection account appear on your credit report, they will both be deleted at the same time. END

TITLE: Do I Have to Notify Experian to Remove Collections? CONTENT: Should I Dispute a Collection Account?\n--------------------------------------\nIf the debt and the collection account in question are valid and correct, there's no basis for submitting a dispute. However, if you believe information about the collection is inaccurate, you have the right to dispute it. Here are three instances when disputing a collection account might make sense:\n* **The collection account is not yours.** If you find a collection account on your credit report for a debt you don't recognize, contact the creditor or submit a dispute with the credit reporting agency that maintains the credit report it appears on. It could be the result of an error or identity theft. Once disputed, the company that reported the collection will investigate and, if it turns out not to be yours, the entry will be removed from your credit report.\n* **The collection is expired.** If more than seven years have passed since the debt originally became delinquent, you can submit a dispute asking to have the entry removed.\n* **The collection is paid but it shows a balance.** If you pay off a debt that is in collections, the collection account on your credit report should show a zero balance. File a dispute if the account continues to show an unpaid balance, since paying off a debt in collections may reflect positively to lenders and on your credit score, and may be a requirement for certain lenders. END

TITLE: Do I Have to Notify Experian to Remove Collections? CONTENT: Recovering From Collections\n---------------------------\nSeven years may seem like a long time to carry collections information on your credit report, but while you're waiting for it to expire, focus on managing the collections process, paying off your debt and working on good credit habits. Checking your Experian credit score and report regularly can help you spot any new issues and track your progress. END

TITLE: How Long Do Credit Report Disputes Take? CONTENT: How Does the Dispute Process Work?\n----------------------------------\nIf you discover inaccurate information on your Experian credit report, you can file a dispute quickly and easily online or by mail. (The other national credit bureaus, TransUnion and Equifax, have comparable dispute procedures of their own.)\nWhen you dispute credit report information by mail, you'll be asked to provide proof of identity, such as a copy of your photo ID and proof of address. Depending on the nature of the dispute, you may also wish to provide evidence of the inaccuracy, such as a copy of a statement or canceled check as evidence of an on-time payment. The Experian Dispute Center allows you to upload scanned documents electronically; you also can submit copies through the mail.\nIt's wise to dispute information that misstates your credit history, including but not limited to payments inaccurately reported as missed or late, or loans or other accounts reported as still open when you've paid them off or closed them.\nIt's also important to notify the credit bureaus (and the proper authorities) if you see listings for loans or credit card accounts you didn't request or open, which could be indications of credit fraud or identity theft. When reviewing your credit report, keep in mind that one or more of your creditors may go by a different name or acronym on your report than what you see on your account statement. Double-check to make sure the creditor listed is not one of your existing accounts.\nBecause credit scores are calculated using data from your credit reports, eliminating inaccuracies from your report can affect your credit scores. Eliminating inaccurate late or missing payments could mean a significant boost for your scores. It's always to your benefit in the long run to have your credit report accurately reflect your credit usage and activity. END

TITLE: How Long Do Credit Report Disputes Take? CONTENT: Do I Need to Contact the Other Credit Bureaus?\n----------------------------------------------\nIf you discover an inaccuracy that appears on all your credit reports, you may want to contact each of the three credit reporting companies individually to dispute the information. If the lender determines that the information was in fact reported incorrectly, they are required to update or correct the information with each of the credit bureaus. So while you should only need to file a dispute with one credit bureau, it's best to contact each of them to ensure the information is updated correctly by the lender; you can submit a dispute if it is not. If a bureau's investigation confirms inaccurate reporting by an information furnisher, the furnisher must notify the other credit bureaus, which must update their files accordingly. END

TITLE: How Long Do Credit Report Disputes Take? CONTENT: What to Do if You Disagree With the Outcome of Your Dispute\n-----------------------------------------------------------\nIf you dispute an entry on your credit report and the lender or data furnisher verifies the information is correct as reported, Experian will notify you that the lender has verified that the item should remain unchanged.\nExperian will update or remove an item in dispute if the lender or data furnisher does not respond within the time frame specified by the FCRA. However, if the data furnisher verifies the account information at a later date, it may be re-added to your credit history at that time.\nIf you disagree with the outcome of a dispute investigation, you have options, including:\n* Communicate with the lender (or other data furnisher) directly to seek correction of any discrepancy in their records.\n* Re-file a dispute with the credit bureau, along with additional information documenting the inaccuracy. (If you simply resubmit the same information you supplied with your original dispute, a different outcome is unlikely.)\n* Add a statement of dispute to your credit report. This is a note that appears in your credit report when a creditor checks your credit, indicating that you disagree with an entry in the report. To add a statement of dispute to your Experian credit report, go to the Dispute Center, choose an item you've disputed, and select Add a Statement.\nContacting the credit bureaus is typically the quickest and easiest way to resolve an issue on your credit report. As a last resort, you can also consider filing a complaint with the U.S. Consumer Financial Protection Bureau (CFPB) or your state's attorney general's office. END

TITLE: How Long Do Credit Report Disputes Take? CONTENT: Check Your Report Before Applying for New Credit\n------------------------------------------------\nCredit report disputes are typically concluded within a few weeks, but it may take a little longer for all of your credit reports to update, and for all of your credit scores to reflect the revised information. For that reason, it's always wise to check your credit reports and scores and submit any disputes three to six months before you apply for any major loans. This allows you to ensure the information being reported is accurate and gives you time to dispute any information you feel is incorrect or contact your lender directly to resolve any issues.\nYour free credit score from Experian will come with a list of the top factors that are currently impacting your score. Knowing these factors in advance will give you time to make changes to your credit accounts, which could put you in a better position to qualify for new credit with the best rates and terms. END

TITLE: When to Dispute Credit Report Information CONTENT: Disputing Can Delay the Credit Approval Process\n-----------------------------------------------\nPeople commonly discover issues on their credit report when a lender or credit card company runs a credit check as part of a loan or card application. Perhaps your credit score isn't as high as you thought it was due to late payments, high credit card balances or other factors.\nBut what if you feel there's information in your credit report that's wrong? What if the high balances are on accounts you believe were opened fraudulently, or you're confident the late payment being reported was sent on time? You can dispute the information, but you may have to put the credit approval process on hold.\nIt's best not to dispute information on your credit report when you're trying to apply for credit or a loan, especially a mortgage. Having an account in dispute on your credit report during the mortgage application process, for example, can prevent you from being approved for the loan until the dispute process is complete. For that reason, it's a good idea to review your credit reports several months prior to making a major credit application.\nWhen you submit a dispute, the credit reporting agency will contact the information provider (typically a lender, credit card company or bank) to verify the information you're disputing. If they can't verify the information or they confirm an error, the item will be updated or removed. Information verified as accurate will remain on your credit report.\nBefore you file a dispute, it's important to know what can be disputed in the first place. Successful disputes typically involve inaccurate or incomplete information, including items such as:\n* **Account information,** such as closed accounts reported as open, timely payments incorrectly reported as delinquent, and inaccurate credit limits or account balances.\n* **Fraud,** including accounts opened as a result of identity theft or account balances that are the result of credit fraud.\nThere's also information in your credit report that can't be disputed at all (more on that later). END

TITLE: When to Dispute Credit Report Information CONTENT: What if You're a Victim of Identity Theft?\n------------------------------------------\nFinding unfamiliar credit inquiries, accounts and balance or payment information on your credit report could be evidence that someone you don't know has opened accounts and run up debt in your name or that someone has gotten ahold of your credit card information and used it to make fraudulent charges on your account. If you find suspicious information on your credit report and believe you are a victim of identity theft or fraud, take these steps:\n* File a report with your local police department or the Federal Trade Commission (FTC). IdentityTheft.gov, an FTC website, can walk you through the steps of dealing with identity theft.\n* Contact any lenders and credit card companies reporting accounts you don't recognize. Explain that you are a victim of identity theft and ask that they close any unauthorized accounts, absolve you of responsibility for charges made and remove related information from your credit files. You can also ask that they refrain from furnishing further information about these accounts to any credit reporting agency. The FTC provides a templated letter you can use to submit your request in writing.\n* Contact any credit reporting agency where the fraudulent accounts appear to notify them of the fraud and begin the dispute process. You may be asked to provide documentation that supports the dispute.\nIn addition to resolving disputes, Experian offers help to victims of identity theft, including temporary fraud alerts and the ability to add an extended fraud victim alert that will stay on your reports for up to seven years. Experian's Identity Theft Victim Assistance page provides more information. END

TITLE: When to Dispute Credit Report Information CONTENT: How to File a Dispute Online\n----------------------------\nYou can file disputes by phone or mail, but the fastest and most secure way to submit a dispute is online at the Experian Dispute Center.\nTo start, click \"start a new dispute online.\" After signing in or creating an account, you'll be guided through your credit report section by section. Following the prompts, highlight the items you want to dispute and select your reasons for each dispute from the dropdown menu.\nYou can also upload supporting documents, review your dispute and submit it online. Once your dispute is finalized and submitted, the Dispute Center allows you to track its status until it's resolved. END

TITLE: When to Dispute Credit Report Information CONTENT: Items That Are Not Disputable\n-----------------------------\nWhen filing a dispute, make sure you understand which items on your credit report can't be disputed. You have the legal right to dispute most of the information in your credit report, but there is information there that's maintained as a matter of factual record. Credit inquiries, for example, can only be disputed if they are the result of identity theft, and legitimate personal information such as your name and address cannot usually be disputed.\nInformation that is factually correct is unlikely to be removed. You may flinch at your credit card account balance, or you may have a very good reason for being late with your loan payment—but as long as these items are factually correct, they're not really disputable.\nYour credit score, while not something that's included on your credit report, is also not negotiable. Credit scores are based on the information in your credit report, and are not calculated by the same companies that maintain your reports. The items on your report that affect your credit score can be disputed, but the score itself cannot be. If you feel your credit scores need a lift, learn how those scores are calculated and take action to improve them. END

TITLE: When to Dispute Credit Report Information CONTENT: What if You Disagree With the Outcome of Your Dispute?\n------------------------------------------------------\nIf you've filed a dispute with one (or all) of the credit bureaus and don't get the resolution you had hoped for, you can try contacting the source of the disputed information. It's a good idea to communicate with your lenders and card issuers about any issues you have anyway, as they may be willing to work with you as a customer. Be prepared to state your case clearly and have your supporting documents ready. If you agree on a resolution, your creditor can contact the credit reporting agencies to have the information deleted or updated.\nHave you recently uncovered additional information or supporting documents that might strengthen your case? You can re-submit your dispute along with any new evidence you have.\nOf course, sometimes disputes just don't go your way. If this happens, you can still add a consumer statement of explanation to your credit report to provide additional insight. Although this type of statement won't raise your credit score or change the items on your credit report, it may help a lender who is reviewing your credit file understand any extenuating circumstances that may apply. END

TITLE: When to Dispute Credit Report Information CONTENT: How Does a Dispute Affect Your Credit?\n--------------------------------------\nFiling a dispute has no effect on your credit, although the outcome of a dispute might. If, for example, you successfully dispute a late payment because you actually paid on time, removing that entry from your credit report will likely raise your credit score. Personal information such as a name or address on your credit report won't impact your credit score, but you may still choose to reach out to the creditors reporting the information to see if they can update it. END

TITLE: When to Dispute Credit Report Information CONTENT: Regular Reviews and Monitoring Can Help\n---------------------------------------\nYou can dispute an inaccuracy in your credit report anytime you find one. But keeping regular tabs on your credit can help you avoid the inconvenience of a stalled or postponed credit application. Monitoring your credit proactively can make it easier to catch inaccuracies and get them resolved quickly.\nDownload and review your credit reports from all three credit bureaus at least once a year to avoid last-minute surprises. You can also sign up for free credit monitoring through Experian and receive free alerts when your credit score changes or new accounts or inquiries appear on your credit report. If you plan to apply for a loan or credit in the near future, consider checking your credit now so you can resolve any issues in advance. END

TITLE: How to Repair Your Credit CONTENT: What Is Credit Repair?\n----------------------\nA quick Google search for \"credit repair\" may convince you there's a company out there that can help you repair your credit in no time. Despite what you may hear about credit repair companies that supposedly make negative information on your credit report magically disappear, they can't do anything you couldn't do for free yourself to clean up your credit file.\nIn addition, credit repair scams are rampant, targeting distressed consumers who are lured in by false promises and who often end up worse off than they were before.\nCredit repair companies charge consumers to review their credit reports and dispute negative information that appears there. Often, you'll pay several fees, such as an ongoing monthly fee or a fee each time information is removed from one of your credit reports.\nOver time, working with a credit repair company could wind up costing you hundreds or thousands of dollars for actions you can take on your own for free. And keep in mind, credit repair companies cannot remove accurate, legitimate information from your credit report. END

TITLE: How to Repair Your Credit CONTENT: Learning what impacts your credit scores and what's allowed on your credit report are important first steps to repairing your own credit.\n### Learn What Affects Your Scores\nWhile there are many credit scoring models, similar factors can impact all your scores. In order of importance, these are:\n* **Payment history**: This includes whether you've paid your bills on time, defaulted on accounts or had accounts sent to collections. Public records, such as bankruptcies, also fall under the payment history category. A long history of on-time payments is best for your scores.\n* **Credit usage**: If you're currently using a large portion of your available credit limits, that could hurt your scores. Having low credit usage, or credit utilization rate, is best.\n* **Credit mix**: Experience managing different types of credit accounts, such as installment loans (including mortgages, car loans and student loans) and revolving credit accounts (including credit cards and credit lines), is usually better for your scores than having experience with only one type of account.\n* **Age of accounts**: Managing credit over a long period can help improve your scores. The age of your oldest account and the average age of all your accounts can affect your scores.\n* **Recent applications**: Credit applications can lead to hard inquiries, which may temporarily knock your credit scores down a few points. Multiple hard inquiries can increase the impact, although there's leeway for consumers who are rate shopping for certain types of loans.\nKnowing these factors can help you focus your efforts on paying your bills on time, not using too much available credit and only applying for new credit when you really need it as you try to improve your scores.\nWhen you're trying to repair your credit, usually you're also looking for derogatory marks (in other words, negative information) that are negatively impacting your scores. This can include:\n* Late payments\n* High balances\n* Defaulted accounts\n* Collections accounts\n* Charge-offs\n* Repossessions\n* Foreclosures\n* Bankruptcies\nOnce you spot a derogatory mark, you'll need to determine whether it's information you should dispute or it's accurate and belongs on your report. Credit bureaus such as Experian monitor reports closely to ensure information is deleted within the time frames specified by the Fair Credit Reporting Act. You should, however, dispute any information you believe is inaccurate.\n### Follow These Three Steps\nOnce you've got a grasp of how credit scoring and reporting work, here are three steps you can take to repair your credit.\n1. **Check your credit reports.** You can request a free copy of your credit report from each of the three bureaus once every 12 months at AnnualCreditReport.com. You can also review your Experian credit report for free at any time by creating an account. Additionally, Experian offers a free FICO® Score☉ based on your credit report, which you can use to monitor changes in your score.\n2. **Dispute negative information that you believe shouldn't be on your report.** You can file the dispute online, by mail or over the phone.\n3. **Review your credit reports regularly for signs of fraud or incorrect information.** Continue to monitor your credit reports to make sure there are no signs of identity theft resulting in inaccurate information and that no new errors appear.\nWhen you're working to repair your credit, keep in mind that disputed items only need to be removed or updated if they are:\n* **Inaccurate.** This includes accounts that aren't yours or late payment marks when you paid the bill on time.\n* **Untimely.** Accounts or information that should have been removed from your credit reports because of their age.\nAfter you file a dispute, the credit bureau must forward it, along with any documentation you provide, to the source of the information. The source, usually a lender, must then review your dispute and either verify, update or delete the item you're disputing. END

TITLE: How to Repair Your Credit CONTENT: How to Get More Help With Your Credit and Debt\n----------------------------------------------\nIf you're looking for help with your credit or are having trouble managing your bills, you could reach out to a nonprofit credit counseling organization. These companies offer guidance on a wide range of financial issues, and you may be able to start with a low-cost or free initial consultation.\nThe National Foundation for Credit Counseling (NFCC) can connect you with reputable partner agencies that meet the NFCC's standards and requirements. Depending on where you live, you could meet with a trained counselor in person, or arrange an online or phone meeting.\nThe counselor can offer guidance on your personal finances and show you steps you can take to improve your credit. If you're struggling to afford your bills, the counselor may be able to negotiate lower monthly payments with your creditors and set you up with a debt management plan. While this could negatively affect your credit scores in the short term, the plan can help your credit over time as you get better control of your debts. END

TITLE: How to Repair Your Credit CONTENT: How to Build and Maintain Good Credit\n-------------------------------------\nWhile removing negative information from your credit history could increase your credit scores, it's only half the battle. You'll also want to build and maintain positive information on your credit reports. You can do that by:\n* Making on-time payments\n* Setting up automatic payments to avoid accidentally missing a payment\n* Knowing and trying to lower your credit utilization rate\n* Paying down debt\n* Only applying for credit when you need it\nIn addition to repairing, building and maintaining your credit, you may also be able to improve your FICO® Score based on your Experian credit report with Experian Boost™† . By connecting the bank account(s) you use to pay your utility and telecom bills, you can add positive payment information to your credit reports. The service is free, and you choose which information to add to your credit file.\nRepairing and improving your credit can take time and effort, but working hard to keep your credit in good shape can help you reach your financial goals. END

TITLE: Can Credit Repair Companies Remove Late Payments? CONTENT: Should I Hire a Credit Repair Company to Remove Late Payments?\n--------------------------------------------------------------\nCredit repair companies cannot have accurately reported late payments deleted from your credit reports. If a late payment was reported correctly to one of the three main credit bureaus (Experian, TransUnion and Equifax), that late payment will not be removed.\nCredit repair companies don't have any backdoor access to the credit bureaus or unique abilities to remove late payments. If you choose to hire a credit repair company, which can cost hundreds or thousands of dollars, be aware that they cannot do anything to remove information from credit reports that you can't do yourself for free.\nGenerally speaking, the only reason a credit reporting agency or a data furnisher, such as a bank, would remove a late payment from your credit report is that it is either incorrect or has reached its credit reporting time limit.\nBefore you pay a credit repair company to attempt to have your late payments removed, ask yourself a few questions:\n* Are the late payments accurate?\n* Has seven years passed since the date of the late payment?\n* Does my lender have a record of these late payments?\nIf you answered \"yes\" to these questions, then it's unlikely you'll be able to have the late payments removed, whether you hire a credit repair company or attempt to do it yourself. END

TITLE: Can Credit Repair Companies Remove Late Payments? CONTENT: How Long Do Late Payments Stay on Your Credit Report?\n-----------------------------------------------------\nLate payments can remain on your credit reports for up to seven years from the date of the delinquency, according to the Fair Credit Reporting Act (FCRA). If the account with the late payment remains open, just the late payment will be removed after this time period. If the account became late, was never brought current and subsequently was charged off as a loss and sold to a collection agency, all of the late payments, the charged-off account and the collection will be deleted seven years from the date of the first late payment. If you have paid off and closed the account, the late payment will be removed from your credit report seven years after it was first reported, but the account itself will remain 10 years from the closed date.\nOpen accounts that are in good standing and include no late payments may stay on your credit report indefinitely, depending on the individual credit bureau's policy. Experian, for example, will remove positive accounts up to 10 years after the account was closed. That means your credit history benefits from your clean payment record: It will reflect your positive payment history for an extra three years over accounts that have late payments. END

TITLE: Can Credit Repair Companies Remove Late Payments? CONTENT: How to Dispute Inaccurate Late Payments Yourself\n------------------------------------------------\nThe FCRA gives you the right to challenge or \"dispute\" information on your credit reports that you believe is incorrect. Unlike hiring a credit repair company, disputing information on your own is free.\nIf you believe your credit reports hold incorrect information, late payments or otherwise, you can file a dispute with each of the credit bureaus or contact the company that furnished the allegedly incorrect information and ask them to have the information removed.\nIf you dispute credit report information with the credit bureaus, they will investigate your claim and then remove, update or leave the information on your credit report depending on the outcome of the investigation.\nTo dispute a late payment on your Experian credit report, go to the Experian [Dispute Center](;phx=disable&op=FRCD-ASK-ART-102-MDL-XXXXXXX-XX-EXP-VMAC-DIR-816XXX-39030X-XXXXX). END

TITLE: Can Credit Repair Companies Remove Late Payments? CONTENT: The Bottom Line\n---------------\nIf you're tempted to hire a credit repair company to dispute late payments on your behalf, keep in mind that their fees can run into the hundreds or thousands of dollars. Credit repair companies are also not legally allowed to guarantee that they can have information from your credit reports deleted. And if the late payments are accurate, they will not be removed by the credit repair company or anyone else. END

TITLE: How Do Credit Repair Companies Work? CONTENT: What Is Credit Repair?\n----------------------\nCredit repair is when a third party, often called a credit repair organization or credit services organization, attempts to get information removed from your credit reports in exchange for payment. These companies are for-profit and their services are marketed as being able to help people improve their credit. Credit repair is legal at the federal level and in almost every state (in Georgia, credit repair is a misdemeanor).\nSome credit repair companies suggest their services are designed to help consumers remove inaccurate or unverifiable information from their credit reports. In reality, however, many credit repair companies are simply trying to get negative, but accurate, information removed from credit reports before it would naturally fall off a credit report. END

TITLE: How Do Credit Repair Companies Work? CONTENT: The Credit Repair Organizations Act\n-----------------------------------\nThe federal Credit Repair Organizations ([CROA](;num=0&edition=prelim)) Act not only defines what a credit repair organization is but also how these companies must operate. Enacted in 1996, CROA clearly articulates what credit repair companies must do, and must not do, to remain compliant with federal law.\nPractices that are not allowed under CROA include:\n* Advising credit repair customers to make false statements to credit reporting agencies\n* Advising credit repair customers to change their identification to prevent the credit bureaus from associating them with their credit information\n* Charging credit repair customers any fee for services that have not been fully rendered\n* Guaranteeing that they can remove information from their credit repair customer's credit reports\nThe CROA also requires credit repair companies to notify their customers of the following:\n* They have the right to dispute their own credit report information for free\n* They can sue the credit repair company if they violate CROA\n* That while the credit bureaus must maintain reasonable procedures to maintain the accuracy of credit information, mistakes may occur\nCredit repair companies are not allowed to hide the above notices within the language of their contracts. These disclosures and others must be provided in a separate standalone form. And finally, credit repair companies are not allowed to force or entice you to sign a waiver whereby you would give up some or all of the aforementioned rights. Any attempt to do so would be a violation of the CROA. END

TITLE: How Do Credit Repair Companies Work? CONTENT: Ultimately, credit repair companies communicate on your behalf either with the credit bureaus or with the companies that reported or \"furnished\" your credit information to the bureaus. These data furnishers are almost always debt collectors or financial services companies, like banks and credit card issuers.\nThe intent is to have the credit bureaus or furnishers either delete the credit information altogether or modify it in some way that's more favorable to the consumer. Communications by credit repair companies can happen via the internet, phone or U.S. mail. The U.S. mail has historically been the method that's preferred by credit repair companies for several reasons.\nMailing a few letters to the credit bureaus might sound unsophisticated, but it's the approach that works with how credit repair companies tend to operate. Some credit repair companies employ a process called \"jamming,\" which involves sending repetitive and often frivolous letters to the credit bureaus and their data furnishers.\nThe theory is if a credit repair company can send a large volume of dispute letters challenging the same item over and over, that somewhere along the way either a credit bureau, lender or debt collector will fail to process the dispute within the 30-day period specified by the Fair Credit Reporting Act (FCRA), resulting in the account being deleted. END