Fast Ways to Boost Bad Credit Score

Your credit score determines your interest rate on loans, can affect landing a job, and can limit your apartment options. Before considering a major purchase or move, you should boost your credit score. By following proven tactics, you can boost your credit score within 30 days. Clean Up Your Credit Report Incorrect information on your credit report or open accounts with balances due will hold your credit score down. According to the Federal...

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Penalties for Falsified Income Information for Credit Decision

Lying to get credit, including exaggerating your income, is a potentially serious offense that could land you in legal trouble, warns both the Columbia University Legal and Financial Resource Center and the book "How to File for Chapter 7 Bankruptcy." Bankruptcy Considerations If you defraud your creditors by lying on an application and then try to file bankruptcy on the debts, you could be imprisoned for federal bankruptcy fraud, according to the book "How to File for Chapter 7 Bankruptcy." Also, you could be forced to pay resulting debts...

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What Are Some Problems With Credit Overuse?

When used responsibly, credit cards can be a good thing. Credit cards offer convenience and security, and using them can help you build a positive credit history that can help you get other loans. However, overusing your credit cards--or any other type of credit--can lead to a host of problems. Debt One of the biggest problems with overuse of credit is the accumulation of debt. If you are overusing a credit card or line of credit, it typically...

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How to Find Out If a Collector Has Posted the Required Bond to Do Business in the State of Texas

Before licensing a debt collector to do business, the Texas Secretary of State requires the collector to produce a surety bond of $10,000. Bonds come from private insurers and bond companies at prices that vary based on a company's size, operations, assets and history. The truth is, Texas doesn't care what cost the collector pays, it just requires a current, legally issued bond. To protect consumers and anyone considering doing business with a debt...

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Can Social Security Benefits Be Seized by a Creditor?

When a debtor owes money to a creditor, the creditor has a number of options for how he can go about collecting the money. While a creditor may initially send the debtor letters or make phone calls requesting payment, if this is ineffective he may choose more severe measures. These can include petitioning a court to allow the creditor to garnish the debtor's income or freeze his bank account. Federal Law Federal law prohibits creditors from seizing all forms of Social Security benefits. These include SSI, survivor's benefits, retirement...

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How to Eliminate CC Debt

Eliminating your credit card debt can seem impossible but it isn't. If you know your debt has reached high proportions and you've taken an interest in getting rid of it, you have taken the first step in the right direction. Hundreds of billions of dollars are spent each year on credit cards, creating financial woes for consumers and large profits for credit card companies who have a variety of ways to keep you charging. With self-discipline, know-how...

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How to Pay Off Debt While Saving for Retirement

You've got major financial hurdles to deal with--you're in debt and you have to start saving for retirement or you'll be working long into your retirement years. But now you're wondering which to do first and if it's possible to save for retirement and pay off debt at the same time. Here is a guide to help you pay off your debt while saving for retirement at the same time. Instructions 1 Plan to put most of your efforts toward paying off the debt, especially if it's a high interest debt such as a credit card. Once you pay off the debt, you...

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How to Settle Personal Credit Card Debt

Personal credit card settlement is becoming a popular means of erasing financial debt. The key is to know when and how to use debt settlement to eliminate credit card problems and restore finances. Instructions 1 First, make a list of all your credit debt including amount, interest rate, payment schedule, and required minimum payment before settlement. 2 Second, prioritize your personal credit card list starting with the highest interest...

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How to Protect a Pay Check From Garnishment in Georgia

In Georgia, creditors may take up to 25 percent of your post-tax earnings to recover past-due debts. Garnishment is a procedure that creditors can use to force you to pay for your past-due debts. Like most states, Georgia permits creditors that follow proper legal procedures to execute wage garnishment orders against nonpaying debtors. In most cases, the creditor must file a lawsuit in a county magistrate court and obtain a judgment against you before it can garnish your paycheck. Instructions 1 Contact your creditor as soon as you realize...

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If I Paid Off a Credit Card & Cancelled It, Can I Reopen That Account?

A credit card that is paid off and cancelled is considered closed and cannot be reopened. However, a new account can be opened following a credit check. Your status as a former customer may allow you to accomplish this easily over the telephone. Resuming use of a credit card is easier when you have the account open after paying it off. Some people store cards they are not using in a bank safe deposit box to avoid impulse spending. Credit Approval You're no longer a customer of the credit card company once you cancel the card. The company...

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About Collection Letters

A collection letter, otherwise known as a dunning letter is a tool used by businesses to collect on delinquent accounts. While some businesses use these letters as a last-resort method, collection letters can be a budget-friendly and customer-friendly way to collect on past due accounts. Function Also called dunning letters, collection letters function as a written notification of past-due balances. Meant to nudge past-due customers to make payments, they are usually sent strategically one after another. With each letter the tone grows...

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Debt Forgiveness & Credit History

Debt forgiveness can be a huge financial relief. If you recently experienced foreclosure, you may have concerns about the fate of your remaining mortgage debt. Lenders have many options to recoup the balance of the loan, including filing a lawsuit. The course of action chosen by the lender impacts many aspects of your credit score. Mortgage Debt Mortgage debt doesn't automatically disappear after foreclosure. A lender can choose to forgive all, part or none of your mortgage debt. In cases where all of your debt is not forgiven, financial...

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Debt Reduction Definition

Debt reduction, often referred to as debt relief, is the process of reducing your debt balance through a systematic approach to repaying your debt or the use of a financial maneuver to improve your debtor position. Refinancing and reorganization of debt are two strategies used by companies and individuals to reposition debt for more efficient payoff. Debt relief companies also assist those in over their heads with debt by negotiating with creditors. Benefits Debt reduction offers many financial and psychological benefits. Lower debt makes...

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Credit Repair and Debt Solution

If you're struggling with bad credit, fixing your credit and improving your credit score will make your life easier. There is no single credit repair solution that meets every consumer's needs. However, you can evaluate your situation and take steps to help yourself get out from under the effects of bad credit. Credit Report Evaluation You can start repairing your credit by reviewing your credit reports. Go to annualcreditreport.com, the only site authorized by the Federal Trade Commission to provide this information, to request your yearly...

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How to Wipe Out Debts Without Bankruptcy

You don't have to declare bankruptcy to wipe out debts. Declaring bankruptcy is the act of declaring that you are unable to pay your creditors. It is most often initiated by the debtor in an effort to eliminate crushing debts and start fresh. While bankruptcy will stop debtors from calling and allow you to get your finances back in order, it will also cause you to give up some of your possessions and affect your credit rating for many years. ...

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What Date Is Applicable in Statute of Limitations on Credit Card Debt Collection?

All debts in the United States have a statute of limitations on them. This does not mean that the debt a person owes a creditor will go away after a period of time. Rather, it means that the creditor have a limited amount of time in which to file a lawsuit to collect on her. The date from which the statute of limitations starts is usually the date on which the last payment to the creditor was made. Statute of Limitations The statute of limitations on a debt is the length of time allotted to a creditor to file a lawsuit against an individual...

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How Is Wage Garnishment for the Head of Household Calculated in Florida?

You are subject to wage garnishment after a court-issued judgment. State laws vary regarding how much can be taken from your paycheck. Florida has strict laws regarding garnishments, particularly as they relate to the head of household. Calculation In Florida, a creditor can garnish the amount by which your income exceeds 30 times the minimum wage ($7.25 as of March 2011) or 25 percent of your disposable income, whichever is less. Head of Household Exemption In Florida, a head of household is exempt from wage garnishment. A head...

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Debt Consolidation & Foreclosure Prevention

If your finances begin to spin out of control and you are faced with looming debt as well as an expensive mortgage, you may think the easiest way out is bankruptcy or foreclosure. However, Americans who find themselves in sticky financial situations may be able to take care of their debt problems without damaging their credit. Debt Management If your debts are more than you can manage, consider consulting with a government-approved credit...

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The Right Way to Pay Off Debt

Credit cards and loans provide a way to purchase an item or a service immediately and pay off the balance over a period of time. In the case of two or more credit cards or loans, the debt load can begin to pile up for the user of these financial instruments. Proper debt management can benefit a credit user, reducing the length of time that debts drag down his personal finances. Instructions 1 Evaluate all credit card and loan statements and pay attention to the size of the remaining balance on each account. Organize the balances on a piece...

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Can Disability Income Be Garnished in Indiana?

Garnishment occurs when courts grant a creditor or other party owed money permission to take income directly from the debtor's revenue stream to pay back the debt in question. This usually occurs with paychecks, though it can also impact bank accounts and benefits. Answering the question of whether Indiana allows the garnishing of disability income requires taking a look at the state's garnishment laws and types of available disability income. ...

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Can You Get Your Money Back After Being Garnished?

If a creditor files a lawsuit against you and obtains a legal judgment for a debt, it may apply for a writ of garnishment in most states, which permits the creditor to contact your employer and order withholding of a portion of your wages to pay against the debt, interest on the judgment and costs associated with the judgment lawsuit. The writ may also allow the creditor to seize funds in your bank account. In most cases, you have little recourse against a garnishment order; however, in some cases, you can get your money back. Statute of Limitations...

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How to File for Unemployment Compensation in Covington, Newton County, Georgia

If you lose your job in Covington, Ga., you may be eligible for unemployment benefits from the state. The Georgia Department of Labor processes unemployment applications for the entire state of Georgia. When you are ready to file for unemployment compensation, the Georgia Department of Labor provides more than one method for doing so. You are free to choose any of the methods for filing for your unemployment benefits. Instructions 1 File your unemployment claim online on the Georgia Department of Labor website. You can do this from anywhere,...

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How to Transfer Credit on Etisalat

The Etisalat credit transfer service works on both prepaid and postpaid GSM and Wasel accounts in the United Arab Emirates. You do not need to register or sign up for the service, because it automatically works if you have an active Wasel or Ahlan mobile account. With the Etisalat credit transfer service, you can transfer a balance or credit from your account to anyone who has a Wasel account. Five AED is the minimum credit you can transfer, with 100 AED being the maximum. AED, or dirham, is the official currency of the United Arab Emirates. ...

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How to Turn Debt into Equity

The most common forms of debt are home mortgages, auto loans, education loans and credit card debt. Equity is the monetary value of your asset, minus what you owe on it. It is the opposite of debt. Turning debt into equity is similar to saving money. Instead of depositing your money into the bank, you make payments to lenders, which increases your equity and decreases your debt. As your equity increases, your ownership of the asset increases. Any reduction you make in your debt will increase your equity in a particular asset. Instructions ...

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Can I Pay My Past Due Bill Before Going to Court?

Any creditor can sue you if you refuse to pay. If the creditor wins the case, the judge can order you to pay off the full debt plus court fees. In some cases, the court may also order you to pay your creditor's attorney fees. This can leave you owing much more after the lawsuit than before. Thus, if you can afford to pay off your debt before going to court, it's a wise choice. Avoiding Court If you agree that you owe the debt and wish to...

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Explanation of Debit & Credit

For years, when it came to purchasing different items, you could choose cash, check or credit. In the early 1990s an alternative form of payment started to gain in popularity, the direct debit, which could be also be accomplished using a card. Together, credit and debit have revolutionized the retail world and created a great deal of convenience for consumers. Identification Although the terms debit and credit may sound like they are related,...

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Is the Debt Ratio Important to Lenders?

Whenever you apply for a loan -- whether it's a car loan, mortgage or credit card -- your lender wants to feel secure that you can and will repay the money on time. When lenders evaluate borrowers to determine whether they are a safe investment, part of their calculation involves the borrower's debt-to-income ratio. Debt-To-Income Ratio A debt-to-income ratio (DTI) is a basic measurement lenders use to determine how much money you are taking in and how much money you have going out. For example, if you earn $10,000 a month and pay $2,000...

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What Happens if They Garnish Your Checks for a Student Loan?

Student loan garnishments deduct a smaller amount of money from a worker's wages than garnishments to recoup payments for back taxes or child support. People who have delinquent student loans receive advance notice of a garnishment order, as do all others who face garnishment. Therefore, they should take advantage of the opportunity to prevent a garnishment by responding to the notice. Higher Education Act The Higher Education Act allows the U.S. Department of Education to garnish 15 percent of a borrower's wages to repay a delinquent student...

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Does Getting Denied Credit Increase or Hurt Your Credit?

Being denied credit, such as an increased limit on a credit card, a car loan or a store credit line, can be disconcerting. A credit denial doesn't devastate your credit, though. The denial doesn't show up on your credit report at all, but the credit inquiry does. Too many credit inquiries can have a negative effect on your credit report and score. Credit Inquiries When you apply for credit, it generates an inquiry on your credit report. Multiple inquiries in a short period for multiple types of credit can lower your credit score, whether...

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Does Debt Relief or Credit Counseling Hurt Your Credit Rating?

Debt relief and credit counseling are strategies you can use to lower your interest rates and make your debt payments affordable, which can help you get out of debt more quickly. These strategies can also end creditor calls and letters, reducing stress and interruptions throughout your day. In some cases, opting for debt relief or credit counseling can negatively affect your credit score. Reporting by Debt Counselors Most debt counselors do not report credit counseling to the credit bureaus. Even if your credit counseling company does report...

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How to Call a Bank & Ask Them to Accept a Credit Card Debt Forgiveness

A settlement is when you and the bank mutually agree to let you pay less than the outstanding balance. Many banks are accepting settlements on credit cards because of the state of the economy. They reason that it is better to get something than nothing. If you want a settlement you must meet certain requirements. Your account needs to be at least 90 days past due. When you settle a debt your credit can be damaged. If you need to call a bank to ask for a settlement there is a way to go about it. Instructions 1 Call the bank using the toll...

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Can They Garnish Wages if I Just Started to Work for a New Company?

When you miss a payment on a debt, your creditor will likely attempt to help you bring your account current by contacting you by phone or mail. However, if you continue to miss payments, your creditor may use more aggressive collection strategies. In most states, this can include garnishment of your wages. If your state permits wage garnishment, the creditor may take a portion of your earnings even if you have just started a new job. Statute of Limitations Your state's statute of limitations stipulates the time frame during which a creditor...

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How to Define Unsecured Debt

To best define unsecured debt, consider the opposite -- secured debt. A secured debt is a loan guaranteed with an asset or collateral. The lender places a lien against your asset, giving him the right to take it if you don't pay the debt. Unsecured debt is a loan given without the benefit of collateral or security for the lender. Secured Debt Examples of secured debt include your mortgage, for which your home is the collateral, and your car...

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How to Get a Garnishment Removed

Wage garnishment is a legal process that allows a creditor, a former employer, business, individual or government agency to receive payment through a third party---known as the garnishee---after a judgment has been obtained. In many instances, wage garnishment is the result of unpaid taxes, court-ordered payments such as for child support, or nonpayment of a judgment in favor of a creditor. To get a garnishment removed, you can apply for an Offer...

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How to Get Free Credit Scores

How to get free credit scores! You have probably seen the commercials "Free Credit Report Dot Com" with the guys singing the catchy little tune. What they do not tell you is after the first month they will start to charge you. If you are looking for your once a year free credit scores, this is how to get them. I will also include some tips on improving your score. Instructions 1 Before you head to the website to get your free credit scores,...

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US Government Advice on Debt Relief

Debt problems can arise for a number of reasons. Sometimes you accumulate more debt than intended or unexpected events, such as job loss or a death in the family occur. Regardless of why you're having debt problems now, there are several steps you can take to start getting relief. Create a Budget To fully determine the health of your personal finances, you need to compare how much money you earn against how much you spend. The U.S. government suggests creating a personal household budget and tracking everything you spend money on each month,...

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How to Pay Off Student Loans Early

If you have recently graduated from college or professional school, your debts may look like a dark cloud over your future. You could have government loans or private student loans. You could have put tuition and books on credit cards and borrowed to buy a car. Now that you have finished school, you probably want more of the luxuries of adult life -- a new home or condo and nice vacations. But as long as you have huge debts, many of these will remain...

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How to File a Judgment Lien

One debt collection method available to judgment creditors is lien recovery. After you win a lawsuit against a debtor and become a judgment creditor, you earn the right to place a lien against the debtor's real estate or personal property. Your lien encumbers a home's title -- preventing the debtor from being able to sell or refinance his property without first paying off the judgment and having the lien released. Judgment liens are advantageous...

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