How to Track Credit Reports

Your credit report is basically a file that has all of the information about your financial transactions and history over roughly the last seven years. The information in this report comes from the companies you transact business with and rely on your for payments or who have extended you credit. It's a good idea to watch how the information on you is being updated. There are three main credit bureaus that keep credit records, Experian, Equifax and TransUnion. Each bureau may have all or different parts of your credit history.

Instructions

1

Familiarize yourself with what a credit report is and how it works. You can get one free credit report a year that is authorized by the federal government. Look over this report and pay attention to what each record lists, such as maximum credit and times past due.

2

Make notes and keep a notebook of everything that you notice. When changes happen you will be able to compare to what you initially found. This will help you notice mistakes also.

3

Sign up for a service. Several companies offer services where you can get constant access to your credit report or credit score. You can be emailed when changes happen to your report.

4

Keep up with your personal credit. Make a note when you apply for a new credit card or are late paying a bill. Knowing what should be on your credit report will help you avoid surprises.

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Does Marital Debt Include an Auto Loan in One Spouse's Name?

Splitting up your marital estate requires dividing not only marital property, but also marital debts. In going through a divorce, some people think of "marital debt" as being the equivalent of "joint debt," thereby removing from their calculations debts such as car loans in their own name. But even if a car loan is only in one spouse's name, it can still qualify as marital debt.

Marital Debt Division at a Glance

States divide marital property and marital debt under the laws of either community property (CP) or equitable distribution (ED). The key difference is that while CP courts seek an equal division, ED courts seek an equitable, or fair, division. Since fair and equal don't always mean the same thing, ED laws allow a court to make an unequal division in some cases. In both types of states, the name on a debt doesn't matter. If a party incurred a debt after the date of marriage and before either the date of separation or some other date specified by state law, it will generally be a marital debt.

How You Can Be Held Responsbile for the Other Side's Debts

ED and CP rights aren't automatic; you have to assert them. If your spouse does not insist on ED or CP in a marital settlement agreement, or doesn't file a claim against you before the entry of a divorce decree, he's stuck with the loan on his own. But ED and CP don't mean you'll be paying half the car loan directly. Marital estates are divided by adding property together, subtracting debt and trying to ensure that each party gets a certain percentage of the net. If the car loan really is a debt -- he owes more on the car than it's worth -- this just means that he has more debt that you have to balance off with more property.

What Happens When the Other Side Doesn't Pay

If your spouse has a car loan in her name alone, and quits paying on it even after she receives the debt in your settlement or court order, this will not affect you. If you didn't co-sign the loan, your Social Security number and credit won't be associated with the debt at all, and you won't be personally liable for any deficiency that results if the repossession and sale of the car don't bring enough to cover the outstanding debt. The only detriment you may suffer will be if you receive jointly titled real estate and a judgment is entered against your ex before you can change the deed over. Depending upon your state and circumstances, this could hold up the property transfer.

What Happens if She Trades the Car In After You Split

Marital debt stops accruing on either the date of separation or whatever date your state specifies. As such, if he owes a thousand dollars more than his car is worth on that date, the loan is a marital debt to the tune of a thousand dollars. If he later trades the car in and rolls the negative equity into a new loan, that thousand dollars is still there on the ED or CP balance sheet. It does not mean that you are now responsible for his new car loan.

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How to Fill Out a Personal Check for Cash

An old tried and true way to get cash from your checking account is to write a check to yourself to receive the cash. If you do not have an ATM card, you can use this method to take cash out of the bank. If you are paranoid about using ATMs, debit cards or any other form of electronic transaction, writing a check to yourself is a safe way to get your money.

Instructions

1

Write "Cash" in the "Pay to the Order of" section of the check, and fill out the check as per normal with the date, the amount of cash, write out the amount of cash, and sign the bottom. You can make a memo for your own notes if you want.

2

Flip the check over and sign your name on the back line as well.

3

Make note in your transaction register, if you keep one, of the check number and amount you are withdrawing.

4

Visit your bank; use the drive through or walk in. You must go to the bank whose business name appears on the check. Because this money is coming directly out of your checking account, you need to go to the bank where the account is held. Remember to give the teller your driver's license.

5

Receive the cash. The teller will process your transaction and give you the cash plus a receipt for the transaction.

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Budget Tools to Get Out of Debt

While debt can seem insurmountable with its endless payments and high interest rates, if you apply yourself diligently you can eventually eliminate it. Getting out of debt requires a plan of action and the appropriate tools. Once you make a commitment to your goal of wiping out debt, it's only a matter of time until it becomes a reality.

Create a Budget

Determine how much money you spend each month on your living expenses and bills. Add up the amount of your fixed expenses such as your mortgage or rent, food, insurance, car payment, utility expenses and phone bill and subtract it from your take-home pay. Note the amount of money left over after you pay the necessities and take a close look at areas where you spend money on things that aren't a necessity, such as take-out food, music downloads, new clothes or items for your home. Create a small budget for these type of things and stick to it. If you normally, stop at the drive-through and buy a coffee every morning, limit it to once a week, or make coffee at home and put it in a travel mug for the drive to work. If you have any money left over after budgeting for non-essentials, apply it to your debts.

Stop Using Credit Cards

You can pay off your debts much more quickly if you stop using your credit cards and use only cash. MSN Money recommends that you allot a specific amount of cash each month for non-essentials. Once you spend the cash, you wait until the next month to buy anything that's not necessary. Once you stop making new charges on your credit card, you will have less debt to pay off. If you choose to pay double your payment each month, the debts will disappear faster. If you can't afford a payment equal to double what you normally pay, pay as much as you can. Anything will help reduce the debt.

Contact Your Creditors

Call your creditors and ask for an interest rate reduction on your credit accounts. If you have made your payments on time, your creditors may offer you a better rate. This could save you a substantial amount of money.

Don't Apply for New Debt

To truly get out of debt, you can't take on new debt. Even though creditors' offers tempt you, avoid accepting them. The more debt you acquire, the longer it will take you to eliminate it. If you want to make an expensive purchase, wait until you have enough money in your savings account to do so.

Get Credit or Debt Management Counseling

If you need help organizing a budget and adhering to it, contact a reputable credit counseling agency or an agency that offers debt management plans. Credit counselors can help you budget your expenses and offer helpful budgeting advice. Debt management plans involve a third party, the debt management service, that pays your creditors each month with money that you deposit. The Federal Trade Commission warns consumers to check out any credit counseling or debt management service before enrolling.

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How to Improve Bad Credit And Slow Credit

You can re-build a strong credit profile with these tips.

Instructions

1

Determine your current credit standing.
You'll need a copy of your credit report from the three major credit bureau's. Equifax, Experian and TransUnion will typically have credit reporting info and payment data for most of your credit cards, mortgages, auto loans, store charge accounts, bank loans and public records. Having an idea of where you stand will position you to take action.

2

Obtain a tri-merged credit report.
A tri-merged credit report will provide data from all three credit bureau's on a single report. Ordering a tri-merged credit report will save you time and money because you will not have to wait for info from three different sources.

3

Prepare a plan to improve your credit.
After receiving a copy of your credit report, you should take a good look at your account details. Highlight or make a note of any items that you notice which are incorrect. This will be your first step to improving bad credit. Many times, bad credit is the result of flawed data. It is estimated that greater than 70% of all credit reports contain errors. Each of your creditors that supply information to the credit bureau's are required by law to show their contact info. Contact the creditors with adverse or slow payments to seek arrangements to settle bad debts. Many times you can offer to settle past due debt at 30% - 50% of the balance owed.

4

Make a commitment towards a positive credit history.
You can improve your credit by contacting each of your creditors and drafting a plan to get back on track. Do not promise to pay debts that you may not be able to honor. Take your time and decide that you will improve your credit one bill at a time or one bill per month. The key is to decide that bad credit is not for you and to take positive steps to build good credit.

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Ways to Help Clear Up Credit Card Debit

Clearing up credit card debt can help a lot of financial issues you may be having. By clearing up your credit card debt, you may be able take a lower paying job that is less stressful, you may not have to worry about having enough money to make the minimum payment each month and you'll have an opportunity to save money for unexpected expenses. There are several different ways that you can clear up your credit card debt, but they all involve work.

Instructions

More Income

1

Find another job. Find a part-time job if you already have a full-time job or a better paying full-time job. View the job as temporary (even if it's not) and use all the extra income toward paying down your credit card debt.

2

Look for other ways in which you can make a little extra money that you can apply to the credit card principal balance. Offer to babysit, make crafts for a local craft store that will sell your items or take orders for cakes, cookies and pies around the holidays if you are an experienced and good baker.

3

Consider having a yard sale. Clear up your credit card debt and your house at the same time. Sell items that you no longer want or use. Plan your yard sale for the first of the month, preferably on a day with good weather, and use all that money to help clear up your credit card debt.

Lower Interest Rates

4

Call the credit card company and explain your financial situation to them. Ask them if they would consider lowering your interest rate, especially on your high rate credit cards. Lowering the rate will help you to pay off the cards quicker.

5

Transfer balances from one card to another if you have several different cards. Transfer balances to get a lower rate on one card and also to eliminate one payment per month.

6

Transfer credit card debt to a card that offers 0 percent interest for a certain amount of time. Plan to pay that debt off in the 0 percent time frame by dividing the balance by the number of months of free interest. Stick to that payment.

Consolidation

7

Consider consolidating your credit cards to give you only one payment per month. Consolidate to get a lower interest rate and a lower payment.

8

Lump all your credit cards into one payment, but make sure the interest rate is lower than many of your credit cards. Watch for companies to charge you more interest, which won't help you.

9

Pay more than the minimum payment every month to help you pay that balance off faster. Make a note on the check that you want the extra money applied to the principal balance.

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Debt Consolidation for Payday Loans?

After you get a payday loan, it is often hard to pay it back when it is due in just a couple of weeks. Rather than rolling over the debt every two weeks and paying a fee each time, consolidate payday loans with a loan from another source that you can repay over a longer time period. Your options for payday loan consolidation depend on your credit and financial status.

Credit Union Loan

If you are a member of a credit union and have a decent credit score, you might be able to get a small loan for the amount of your outstanding payday loans. Credit unions offer competitive interest rates that are much lower than those of your payday loans. You can repay the loan with monthly payments spread out over a year or more. Make a household budget to ensure that you can afford the monthly payments and will not need to take out any more payday loans.

Credit Card

If you have a credit card or can obtain one, you can use the card to consolidate payday debt. The simplest method is to get a cash advance from your credit card and use that advance to pay off your payday loans. However, cash advances often have fees and higher interest rates than regular purchases. If you are a disciplined spender, the other option is to put some of your regular household expenses on the credit card, which will free up the cash you would have spent on those items to repay the payday loan instead. Then make monthly payments of the highest amount you can afford until you pay off the credit card.

Friends and Family

If you have trusted friends or family members, they might be willing to lend you some money to help you get out of payday loan debt. If you borrow from someone you know, work out a contract in writing and be diligent to make the payments as agreed so you do not harm the relationship. For example, if you borrow $1,000 from a friend to consolidate your payday loans, you might agree to pay your friend $50 out of every paycheck until you have repaid the full $1,000 plus an extra $50 for interest.

Home Equity Loan

If you own a home that is worth more than you owe on it, you might be able to get a home equity loan. You can add up your payday loan amounts and get a home equity loan for an equal amount. The closing costs on the home equity loan can be expensive, though, so this might not be cost-effective if you do not owe much in payday loans. In addition, borrowing against your home equity is risky because you could face foreclosure if you fail to make payments on your home equity loan. Therefore, you should only consider this option as a last resort.

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