Steve Faber asked:




Catalogs with instant credit can help boost your credit. To know how they can give your FICO credit score a boost, you need to know how its calculated. Your credit score is a measure of the risk you present to creditors, based upon your credit history.

A major component of your score is the ratio of your total outstanding revolving credit to your available revolving credit. It’s known in the financial industry as the credit utilization score, and the lower your score the better. You have two ways to lower the credit utilization score. As with any fraction or percentage, you can make the top number (your outstanding revolving credit) smaller, or the lower number (your available revolving credit) larger.

If rapidly paying down your outstanding debt just isn’t an option for you, as it isn’t for so many people, you are left with only one option to lower your credit utilization score, and thus your FICO credit score. That is to raise your total available revolving credit. The nice thing is that as soon as the additional credit accounts are reported to you the credit reporting agencies, your credit score will get a boost. This could happen in less than a month.

In many cases, especially in the current skittish credit environment, you’ll not be able to get new credit cards, or the limit will be very low. That exhausts one of your best options for adding to your total revolving credit limit. Thankfully, there are other options for you to pursue. Once of these is to find catalogs that offer instant credit.

In the vast majority of cases, especially these days, the credit will have to be used to purchase only catalog merchandise. That’s perfectly okay, as you’ll not be using it, unless you have to make a purchase as a condition for opening the account. Before you open the catalog account, it’s essential you confirm that the company reports your account to the credit bureaus. If they don’t you’ll get no credit score increase from opening the new account.

That is how catalogs with instant credit can help give your credit score a quick boost. You’ll need tricks like this up your sleeve, because excellent will be a virtual requirement in the years ahead as businesses and lenders tighten their lending requirements.

Lillie

Sandra Stammberger asked:


Due to the increasing number of households having an Internet connection, instant credit reports obtained online have risen in popularity and are preferred when compared to the traditional methods of written requests and toll free telephone calls to major reporting agencies. An instant credit report allows a consumer to access their complete credit file within minutes or in some cases seconds with a click of their mouse. This is a vast improvement and is greatly appreciated by the consumer, especially if they are wanting to pursue a loan application and need an instant credit report to assess their chances.

There are currently two ways to obtain your instant credit report online, one is more cost efficient than the other depending on your specific needs. The first is a free annual, or even in some cases biannual, instant credit report. These types of free instant credit reports do not usually contain all three reports or a credit score. The second way is to pay a competitive fee including a three in one report from Equifax, Experian and Trans Union complete with a credit score. Paying for your instant credit report can be a little more complicated, as more choices accompany this option. You can go directly to the credit reporting websites or use a credit service company. With a credit services company, you will usually receive a free one-time instant credit report for agreeing to purchase many others throughout a set period, usually one year. However, with these companies you will not receive the free instant credit report information available at the major reporting agency sites.

Instant credit reports enable you to correct vital mistakes that may affect your financial future by submitting a request for an investigation into discrepancies online. They also allow you to update any or all information that has changed or been misreported since you last viewed the credit report. Even more importantly, an instant credit report can allow you to recognize if you have been a victim of identity theft faster than ever before.

Obtaining an online instant credit report requires that you have access to an online computer and have all your personal information ready to enter. It really is as simple as that to get your instant credit report. As with any online interaction that involves personal information it is always important to remember to check that the website is secure before entering any details and requesting your instant credit report.



Corey

Arturo Ronzon asked:




We all cannot do without requesting for our credit report, because of its importance, ideally everyone should check their report at least once in every six month to keep a tab of the activities and document of your creditors and also to know your present credit status. It then becomes imperative for us to use the right medium of request to achieve our result. The instant credit report is one way to get it done.

Now, there are two ways to get our report, the method you use determines the speed with which you will receive a copy of your request. The online application and offline application are the different ways one can apply for one. There are merits and demerits attached to the two methods of application. And it will be good for you to know them so that you can make the right choice of the medium of application. Why should you choose an instant credit report over a regular one?

When you apply for your report online you will get an instant credit report since it is emailed immediately to you. A regular report is given to you when you apply either through phone or mail, it takes a longer time to receive this – hence it is not instant.

It is important to know that you have to be very careful while requesting for an instant credit report online, since your personal information can be collected by scams to defraud you – that is if you don’t apply at the right place. Always go to the right website to request for your report to avoid dealing with fraudsters who are out there to steal your identity. It might lead you to bankruptcy, so be careful.

The downside of the regular method of application is that it takes more time to get. You can apply through a phone call and your credit report will be mailed to you and that might take some days or at most two weeks to get to you. If you decide to post a letter of application, your request will also be processed and mailed to you, taking about the same time or more. You can see that the regular process is slow, but it is safe since your personal information is concealed and sent to the right destination. The instant credit report is preferred by all these days, because it is received without delay.

Laurie