When you consider credit repair help, often the simplest solutions are seemingly just out of reach.  It may be surprising, but Americans today are spending up to 20% of their annual income on automobiles.  Furthermore, this figure doesn’t include the fuel, insurance, maintenance and or any other associated costs to run the car.  The National automobile debt load may be overlooked because cars are viewed as a necessity, but it’s a common reason that many households today are living “paycheck-to-paycheck,” making them vulnerable to any sort of catastrophic financial event.  Consider that an average car payment costs between $300-$500 per month.  Furthermore, multiply that payment by two, because it is  common for a family household to be paying off two cars at one time.  With $1000 per month going toward your car payment, it won’t take much for the average American family’s outgoings to exceed their incomings.  It is especially useful for consumers who are trying to repair a credit score to be aware of this point. If your goal is Credit repair or not, consider paying cash for your vehicle.  Overlook what’s a “status” car and opt for a vehicle that is affordable and as reliable.

These days, many Americans could be only one life event away from a potential bankruptcy.  Maybe you got laid-off, were forced to exhaust your savings and you can’t cover your bills. Or, perhaps you had an unexpected health crisis and your medical bills have wiped you out financially. On the other hand, it could be as simple as your actual income versus overspending.  Whatever the reason behind it, bankruptcy and credit repair after bankruptcy is no small affair.

However, don’t be discouraged, because Fixing credit after a bankruptcy starts today. First, get in the habit of not charging more than you can pay off each month. Next, it may seem counter-intuitive, but consider applying for a secured credit card to help in your efforts for credit repair because while you may only qualify for a $500.00 or less credit limit, a secured credit card could be your “golden ticket” to rehabbing your credit score. The key take-away here is that while a bankruptcy may remain on your credit report for up to ten years, you can work toward rebuilding what you’ve lost credit-wise the day your bankruptcy file is closed.

Credit report repair after bankruptcy may seem like a glimmer of hope at the end of a long, arduous tunnel.  After a Chapter 7 or Chapter 13 bankruptcy, your credit will remain affected for up to ten years after the file is closed.  This can seem like a prison term of sorts because rebuilding credit or qualifying for credit or loans may feel like an impossible task.  The good news is that with a little education and a sound strategy, even after a bankruptcy, you can qualify for loans or credit with decent rates and terms.  The better news is that they can do this while you raise (your) credit score in the meantime.

First, it’s important to realize that when your bankruptcy case is closed, you can begin to improve your credit score.  Do this by using your credit cards wisely to rebuild your credit score.  If you are having a difficult time qualifying for credit cards, consider applying for a “secured credit card.”  Secured cards cater to those with damaged credit and are an excellent option for creating a solid credit history.

Moreover, since using credit wisely is such a key piece for rehabbing your credit score or bad credit repair, it’s important to understand what exactly that means.  Using credit responsibly includes: Paying bills on time and ideally paying off your balance every month; If you carry a balance, make sure to make it only a small portion of the total credit you have available.  For example, with a $5,000 credit limit aim to use only 10%, so ultimately your balance shouldn’t exceed $500.  Also, keep in mind that while switching to a cash-only system can be really helpful for those who cannot handle credit wisely or for those who already have excellent credit, for improving credit, establish a solid credit history by using your credit cards in a strategic way.

Finally, after a major life event like a bankruptcy, you may want to consult a reputable credit repair agency for credit repair advice.

Secured credit cards are a great way to establish credit and improve credit scores. Most major banks and credit unions offer a variety of credit cards. A secured credit card is when you put your own money down as the limit on the credit card, hence making it ‘secured’. Unlike a debit card that is linked to your checking or savings account, the secured credit card will have the limit of what you started with and every time you use it, the available limit will go down. Just like regular credit cards, there will be interest that accrues every month and often fees associated with having it. The best thing to do is shop around for a card that best suits your needs. Be careful of hidden costs such as annual membership fees, etc. This will report to the credit bureaus and with a positive payment history, this can start to establish a good credit score.

Many College Students are becoming increasingly concerned about their credit scores as well as accumulating credit card debt. College student debt is rising every year. The numbers of students who leave school with ruined credit scores is on the increase. Often times when students graduate from college, they are overwhelmed with debt, and without employment, they will quickly realize they have ruined credit. This will lead to an uphill battle as they consider their future finances. College students need to be aware of their options with credit repair and free credit repair advice. Vitesse Financial offer FREE credit advice for all college students.

Many people wonder how to have perfect credit… here are some pointers:
1. Two major credit cards are all that you need- having too much credit figures in to your credit score negatively.
2. Keep your credit card balances 10% or below- going over that limit will negatively affect your credit score and it has been found that balances at 10% or below is the best case for figuring your credit score.
3. Avoid paying late- late payments can adversely affect your credit score for up to 24 months, sometimes longer.
4. Having a long credit history is very important since it shows stability- you can achieve this by being a homeowner and having a mortgage.
5. Avoid public records such as bankruptcies and judgments- these stay on your credit report up to 10 years.
There are several things that everyone can do to work on achieving that perfect credit score. If you find that late payments or public records are showing on your credit report, you can work with a credit specialist to help optimize your credit.

There used to be a time when you could have great credit scores just by paying your bills on time. Unfortunately, this is no longer enough. You can make all of your payments on time and still have low credit scores if you don’t manage your revolving balances. The FICO scoring model grades you on the amount of available credit that you use. To achieve the best possible FICO scores you should keep any credit balance under 10% of the available credit line on the account. The lower your balance is, the higher your credit score can be. Sometimes this can make up to a 100 point difference for your credit score, therefore this can make the difference for many people, who may think they need credit repair, but really don’t.

Secured credit cards are often used to help people raise FICO credit scores, or increase a line of credit that companies are offering them. They generally accept everyone, and are an easy way to start building or rebuilding your credit. These cards are called “secured” because they require you to open a savings account and deposit a minimum amount of money (usually $250 or more) into the account before you can use the card. The amount of money placed in the savings account usually reflects the amount of credit you have on the card.

Unsecured credit cards are the most common. They do not require a security deposit on the account, and are often subject to credit checks and credit approval. Unlike a secured credit card, you usually cannot increase the credit limit whenever you want. This may seem like a downfall from the secured credit card, but they don’t require hundreds of dollars to activate, and they often have much lower interest rates and fees than a secured credit card.

• Open a checking and savings account. Having a bank account can be a sign of stability to lenders
• Pay all of your bills on time, every time. One missed payment can have a strong adverse effect of your credit score.
• Keep your revolving balances below 10% of the credit limit. Balances above 10% can lower your credit scores
• Get a secured credit card if needed – keep the balance low and pay on time each month. This is a great way to build good credit history
• Always review your credit report for errors

The first time home buyer tax credit has created a lot of buzz. Here are six things that you need to know about this tax credit created to revive the real estate market. 1. As many know, the tax credit is $8000, but it is actually 10% of the purchase price of the home and the cap is $8000. The original proposal was for $15,000 and it is unlike the earlier $7500 home buyer tax credit since this one does not have to be repaid. 2. The tax credit is for first time home buyers and this constitutes as someone who hasn’t owned a principal residence for three years before buying a house. Even if you have owned a vacation home within the past three years, which isn’t your principle residence, you would qualify for the credit. 3. The tax credit is for 2009 buyers only: you must purchase a home on or after January 1st and before December 1, 2009. 4. There are income limitations to qualify for the full tax credit. Single buyers need a modified adjusted gross income of $75,000 or less and $150,000 or less for married couples- there are eligible credits for those earning more than these thresholds. 5. In order to capitalize on the credit, buyers must own the home for at least three years. There are some exceptions (such as divorce or death), but if they sell the home before then they will have to return the credit to the government. 6. If you are eligible for this wonderful tax credit make sure your credit is in check and you can qualify for a mortgage. A credit repair specialist may be able to help ensure that you qualify for the first time home buyer tax credit