Credit Help Information & Resources

Credit Help Information & Resources

Credit can impact every financial aspect of your life. Credit is the lifeblood of a solid financial game-plan. Regardless if you’re talking about credit cards, credit scores, or interest rates, you need to be on top of your credit. Your credit score affects your ability to qualify for loans, and credit cards have a significant effect on your credit, both positively and negatively. If you aren’t mindful of how credit works and end up with a poor credit rating - it can hurt you financially and sometimes even personally. Bills.com is here to help you learn why your credit needs to be in good shape.

Bills.com has the information and resources you need to learn about credit, check and improve your credit rating, and use credit cards to your advantage so that you get all of the credit solutions you need. Here you’ll find credit guides, tips on how to improve your credit, and even a credit savings center to help you find credit solutions to all of your money problems. You can also search for related services such as credit reports, credit monitoring, and even credit repair. If you’re concerned about your credit, or are thinking about buying a home and just want to see where your credit lies, Bills.com is the credit resource center for you.

• Are there varying types of credit? If so, what are they?
  Yes. There are actually three general types of credit. They include:
  Revolving credit: this type of credit situation is when a consumer borrows money from a lender and pays it back in one lump sum or makes monthly payments (e.g. Visa and Mastercard).
  Charge credit: this type of credit varies from revolving in that you aren’t able to make partial payments. With Charge Credit, you are required to pay back the full amount at the end of the month.
  Installment credit: unlike revolving credit where you have the option to prolong your payback payments, with Installment Credit, you payback your debt in accordance within a predetermined period of time (e.g. mortgage).
• How do I start establishing credit?
  The idea behind establishing credit is you need to prove that you’re a worthy borrower. This means borrowing money and maintaining a perfect payback record. Consumers desirous of establishing a good credit record should start off by applying for a credit card. The companies that monitor credit history compile information based on your payments and responsible consumers build up a good credit report by promptly paying off what they owe. However, if you don’t already have established credit, some credit card companies won’t approve you. So another option is to apply for secured credit. This method lessens the lender’s risk by having access to some kind of guaranty from the borrower in case of default (a.k.a. collateral). One additional option to establishing credit is to have someone cosign with you. This lessens lenders’ apprehension of qualifying someone with no credit. That’s because if you default on the payments, they can always go to your cosigner for payment since he/she is also on the paperwork. However, the idea of building credit is to borrow and payback ASAP. You never want to default on your payments.
• I was denied a loan because of my credit! I need Credit Solutions fast!
  There are a few reasons why you might have been denied credit. If you don’t have sufficient income, have been employed or residing at a residence for a very short-time, or simply a have poor credit history, lenders will tend to deny you. If you are denied because of credit, you are entitled to a copy of your credit report they referenced. At the very least, you’ll see what your credit score is and other possible reasons why you were denied.