Increasing Credit Scores: 4 Tips from American Financial Solutions

Seattle, WA (PRWEB) January 24, 2012

Credit scores are an integral part of the financial portfolio for Americans. The score wields power on everything from employment opportunities to auto insurance rates and deposits on cell phones to qualifying for a home. Below are four of the most common problems and solutions credit counselors with American Financial Solutions see when contacted by people trying to improve their credit score. Remember that while a score can drop in a relatively quick period of time, it takes longer to bring it back up. There is no quick fix for credit reports and credit scores.

[1}Pay down balances. Next to missing payments, the best way to damage a credit score is to use more than 30% of the credit limit. If someone is using a credit card like a debit card and charging all purchases (usually to earn reward points or miles), paying the balance down before a major purchase using credit is a must. The card should be paid down to 30% of the credit limit at least 30 days before making the loan application.

As a general rule, it is best to keep credit card charges to a level you can comfortably pay back, in full, each month. If the credit score on your credit report seems stuck in a rut, look at those balances. Work to get them to 30% of the available limit and you will probably see that score increase.

[2]Add positive information. Adding positive information to your credit report can also improve your credit score. The most efficient way to do this is to open a new credit card. The new account can be an unsecured card or a secured card (a credit card backed by your money). Remember when using this card, the 30% rule from above still applies.

Also note that this method does not work if you already have four or more credit cards and the act of applying for credit cards could bring your credit score down.

[3]Another way to potential increase your credit score is to monitor your credit report. According to a study of consumer credit reports conducted by the U.S. Public Research Interest Group (U.S.PIRG), ?Twenty-five percent (25%) of the credit reports surveyed contained serious errors that could result in the denial of credit, such as false delinquencies or accounts that did not belong to the consumer? When reviewing the credit report, look for anything you do not recognize or that appears incorrect. For a complete list of what to review use American Financial Solution?s Credit Report Checklist.

[4] Pay bills on time. Missing payments can bring down a credit score very quickly, but it takes time to recover from late payments. In general, a the score considers the last 24 months the most relevant in your payment history. If you got behind, get current and keep making those payments. If you do not have any bills that show on a credit report, continue to pay so nothing gets sent to collections and then reported to your credit report.

Managing credit reports and credit scores can be daunting. There are no quick fixes for problems with credit. It takes time, hard work, and dedication to overcome the credit obstacles. There are other options that may also help people bounce back from damaged credit. These include debt consolidation plans, debt management plans, credit counseling services and more. To learn about all of the options and get help organizing, contact a certified credit counselor today.

American Financial Solutions (AFS) is a non-profit 501(c)3 financial education and credit counseling agency that helps people find solutions for managing their money and changing their financial lives for the better. Since 1999, AFS has helped over 750,000 individuals across the United States through one-on-one counseling, financial education classes, or the use of debt management plans. AFS is a member of the National Foundation for Credit Counseling (NFCC) as well as the Association for Independent Consumer Credit Counseling Agencies (AICCCA). AFS is also accredited by the Council on Accreditation (COA) and has an A+ rating by the Better Business Bureau. For more information, please visit http://www.myfinancialgoals.org. Find us and like us on Facebook (facebook.com/AmericanFinancialSolutions) or follow us on Twitter (twitter.com/MoneyTips4You)

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Massmutual Works with Emerging Asian-Indian Population to Help Protect Their American Dream

Springfield, MA (Vocus/PRWEB) March 24, 2011

George Eapen, a Massachusetts Mutual Life Insurance Company (MassMutual) financial professional, knows first hand the challenges encountered while striving for the American Dream that comes with relocation to the U.S. from India.

As a young man living in India, Eapen agreed to a traditional arranged marriage to a woman who lived in the U.S. He moved to Houston with his new wife and left his successful financial services career behind in India.

In Houston, Eapen began to build again and help other Asian Indian families make sound financials decisions that will benefit generations of their families.

His story is a new American tale.

The Asian Indian population has quietly been gaining momentum in the U.S. By 2009, the total Asian-Indian population had grown to 2.502 million, with an average household income of $ 90,000*.

Eapen and other financial professionals at MassMutual have been working to address the needs of this growing Asian-Indian population by helping them build on their solid savings knowledge and introducing them to an array of financial products that best meet their unique and extended family needs. With the backing of a 160 year-old mutual company to help, along with that company?s culturally relevant educational materials, Eapen and other MassMutual professions help Asian-Indians protect their assets, plan their businesses and prepare for the future care of their parents and themselves.

4 Protection pointers

To help Asian-Indians secure their American Dream, Eapen offers the following 4 ?Protection Pointers.?

Protect your hard-earned income. As you build your professional career in the U.S., your most valuable asset is your ability to earn a salary. Yet, if you were to become too sick or hurt to work, even for a few months, you and those who depend on you could be severely affected.

Protect your family. You, and your parents before you, have worked hard for a comfortable life, one with a promising future, but if you were to die, your family?s future may not be so bright. Would your children be able to attend college? Would your spouse be able to stay in the family home?

Protect your retirement. Undeniably, life in the U.S. is different than in India. Aging parents often are not able to move in with adult children, when they need help caring for themselves. Paying for that care could drain retirement assets quickly, endangering the parents? quality of life and potentially causing them to run out of income too soon.

Protect your legacy. One of the reasons your parents came to the U.S. was to provide more opportunity for you and your children. One of the most important values for Asian Indians in the U.S. as well as in India is to provide the best education possible to their children. Make sure you can pass this traditional value on to your children, and their children, by leaving an inheritance to the next generation.

These four protection pointers can be rounded out with one good piece of advice. Building a comprehensive financial strategy can be a difficult job. Make sure to find a trusted financial professional, backed by a financially sound, time-tested company, to help you navigate the 4 Protection Pointers and pave your path to the American Dream.

For more information about how MassMutual helps Asian Indians prepare for their financial future, visit massmutual.com/asian-indian. To find a financial professional near you, logon to facebook.com/massmutual or https://www.massmutual.com/secure/locateanoffice.

About MassMutual

Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company?s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

For more information, visit massmutual.com.

*U.S. Census American Community Survey 2009