Debt Views

With the right resources, you can check your credit score online for free. In the past, the only way to check your score was to either pay for it or to get denied for credit. Neither of those were really great options, but you can find a couple of different places online to see your score and find out how you compare to the national average.

If your score is below 680 points, then you have some work to do. Not only could you run into trouble with getting approved for a loan, but credit card companies are actively contacting their customers to reduce their spending limits. Because of the trouble these companies are facing from the aftermath of the credit crisis, you could be next in line to get your available spending limit slashed.

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Since 2007, legislators in Congress have attempted to pass strong credit card laws regulating interest rate changes and other aspects of consumer credit.   Repeatedly, the efforts have been blocked by the powerful bank lobby.  These banks are one of the leading contributors to campaign chests and their lobbyists have a heavy influence (and easy access) on members of the House and Senate.

The Federal Reserve Board passed "rules" for credit card lenders in December 2008 – but left a huge window of time before implementation.   The result was quickly apparent as predatory lenders immediately began raising interest rates, lowering credit limits, and raising fees in order to better position their business before the June 2010 deadline.

As lenders looked for loopholes in the new rules, the general public outcry became louder and bankruptcies caused by heavy credit card debt have soared. 

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Some experts say that the depressed housing market makes this an excellent time to purchase a house. You agree and decide to apply for a mortgage. However, your credit score is 649 and the lender requires a score of at least 650. What do you do? At this point, you ask, "How to increase credit score?" Here are five strategies you can employ to insure success.

First, you should be aware that your credit score is really three independent scores averaged together. Each of the three main credit reporting agencies maintain a credit score on you. Therefore, you will need to get your credit report and credit score from each of the three credit reporting agencies. Some creditors use only one of the three credit scores so you should inquire of the creditor which score it uses and focus on increasing that particular score.

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