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GoApply.com Mortgage Experts Set Out to Help Americans With Poor Credit

Millions of Americans Looking for Advice to Improve FICO Score and Other Credit Needs

ALISO VIEJO, Calif., April 12 /PRNewswire/ -- Citing the millions of Americans who suffer from bad credit, mortgage experts at GoApply.com, a leading financial services website that matches consumers with appropriate lenders, are outlining simple steps consumers can follow to help improve their overall credit score. GoApply.com has set out to educate consumers nationwide and to provide easy steps to repair credit and pay down debt to improve their overall financial situation.

"Consumers don't always know where to turn for help, nor do they know there are simple ways to get their credit back in order," said Bill Baskin, COO of GoApply.com. "It's important to understand what to do and what not to do, and where to go when your credit report needs cleaning up." Following are six easy steps that Baskin and other executives at GoApply.com have detailed for consumers to follow to help them get their credit organized and back on their feet.

1. Run Your Report.
Before you determine if you need to improve your credit, you need to understand what your credit score is in the first place. Since your credit standing is constantly changing (due to changes in your own personal financial situation, your bill payment history and any outstanding debts you may have) and since the information differs depending on which credit bureau furnishes the report, be sure to access a copy of your credit report from all three of the major credit bureaus -- Equifax, Experian and TransUnion. You can access these bureaus online at GoApply.com (http://www.goapply.com). According to industry experts, credit scores of 720 or higher are ideal -- anything below 620 is usually considered sub-prime.

2. Repair Your Report.
If you spot a problem on any of the reports provided by the three major credit reporting agencies, notify the applicable agency in writing and report any information you feel is incorrect. Be sure to provide back-up documentation that supports your position and ask that the reporting agency delete or correct the information. By law, the credit bureau has 30 days to reinvestigate the information. If the report contains erroneous data, the credit bureau must correct it. If the report is incomplete, the credit bureau must complete it. And if the report shows an account that doesn't belong to you, the credit bureau must delete it. Once the reinvestigation is done, the credit agency will provide you with written notification and if there are any changes to your report, you will receive a free, updated copy for your files.

3. Pay On Time.
One of the most negative impacts on a credit score is a person's inability to pay bills on time. GoApply.com advises consumers to make payments in a timely fashion and to maintain that schedule over time. If you've missed several payments, do what you can to get up-to-date -- most importantly, do what you can to remain up-to-date. Over time, your credit score will improve if you demonstrate your ability to maintain a timely payment schedule.

4. Pay Down Debt.
Do everything you can to pay down debt. Most importantly, focus your attention on credit cards and other types of revolving credit. Keep in mind, however, that revolving credit is an important part of your overall score if you're responsible about it. According to GoApply.com, use credit cards regularly but delicately and, if possible, pay your balance in full at the end of every month. If you can't pay the balance in full, pay the minimum balance on time, every time. And since your credit score is based not only on individual card debt but also on the total amount of debt on every credit card account you have, consolidating debt to one card or moving it around to multiple cards simply won't improve your score over the long haul.

5. Don't Close Accounts.
It's common for people to cancel credit cards thinking they'll improve their credit standing in the process. However, GoApply.com says this is a misconception. "Closing accounts might actually hurt your credit score in the long run," said Baskin. "Credit bureaus want to see a big gap between the amount of credit you have and the amount of credit you're using. When you cancel credit card accounts, you narrow that gap. In the end, it could negatively impact your overall score."

6. Ask For Help.
If you're having trouble paying your bills, don't be afraid to ask your creditors for help. By contacting creditors directly and explaining your situation, they might consider offering more flexible billing options, including reducing your monthly payment. Creditors need to know you're making the effort to 'make good', so don't be afraid to ask for help if you need it.

In addition to credit information, GoApply.com offers a variety of
important financial tools, including home loan, refinance, insurance and automotive-related services. Consumers can log onto http://www.goapply.com for more information.

About GoApply.com
GoApply.com, http://www.goapply.com, is a leading consumer website offering Home Finance, Credit and Debt Consolidation, Insurance and Automotive-related services. Launched in 2002, more than 3 million online customer loan requests have been matched to GoApply.com's network of licensed industry brokers and lenders to help fulfill their financial needs. With close to 30 years combined business experience, the senior management team and staff at GoApply.com has an intrinsic knowledge of today's online consumer -- knowledge that allows the company to match consumers with the right industry professionals across the U.S.

Media Contact: Jennifer Geist
GoApply.com
http://www.goapply.com
(949) 330-6973
jennifer@goapply.com

SOURCE GoApply.com
Web Site: http://www.goapply.com