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What Do Credit Reporting Agencies Do?

Credit reporting agencies keep vital track of all your credit history that has been reported to them by “some” creditors that you have dealt with in the past. I say “some” because not all creditors report.

This reported information can be either good or bad but the goal is to keep your credit profile stuffed with as much positive information as possible as this will improve your overall credit score and increase your worthiness to potential creditors.

Conversely, poor credit history will negatively impact your credit score and greatly hamper your ability to earn trust and qualify for loans and other forms of credit in the future. Negative credit history can haunt you for years so it is always best to try to keep your credit as positive as possible.

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Credit Inquiries Are Overrated

Ask any finance professional about credit inquiries and most will tell you that multiple credit inquiries are very damaging to your credit and credit scores. And although there is some truth to that statement, it is nowhere near the doom and gloom that they make it out to be.

How do I know? It's because I've tested this theory time and time again and the credit score drop that you experience if any, is very minimal...usually between two and five points and it's only temporary. Your score will shoot back up in just a few weeks like nothing ever happened.

My credit is still a work in progress and I was able to get approved for over 10 unsecured credit cards. I would never have been able to accomplish this if I were not willing to risk credit inquiries to get there. The key is finding out what works and what doesn't in order to build a baseline so you know not to repeat the same mistake twice.

Now, you can't just go "willy nilly" all over the place applying for credit anywhere and everywhere hoping that someone will approve you. You have to have a plan. The good news is that I've done the work for you. You can reap the benefits of my mistakes so that you don't have to repeat them.

I have compiled a list of places that grant easy credit approvals...most of which have already been discussed on my blog but there are many more out there that for whatever reason serve me no purpose but you might find them useful. Examples are women's clothing stores, online furniture outlets, craft and specialty stores. The list is almost endless if you know where to look.

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How To Make Late Payments Without Hurting Your Score

Contrary to popular belief, in most cases, you do not have to pay a credit card bill by the date of which the bill is due. The reason for this is because most credit card companies offer a 25-30 day grace period. This little known secret could come in handy if you're running short until payday.

Here's how the grace period works: Let's say that your bill is due on the 1st of the month. You can pay your bill anytime before the 25th or 30th (depending on your grace period) without it being reported as a late payment to the credit reporting agencies. They've allowed you a few days grace.

Now, this does not mean that you won't be charged a late fee for making the payment after the due date, because in most cases you will. It simply means that credit card companies that offer a grace period will not report your late payment to the credit bureaus as long as they receive a payment within the stated grace period on your credit agreement.

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