If you have not done it before and need to get a new loan, to buy a car for example, you learn that the lender wants to see your credit reports and scores.
The information is abundantly on the internet. It may also be confusing sometimes.
We did the research for you and we found that https://www.usa.gov/credit-reports is a good website to start learning about credit reports and scores.
CARES Act = Coronavirus Aid, Relief, and Economic Security Act
Programs available to eligible Nevadans under the CARES Act:
Pandemic Unemployment Assistance (PUA)
PUA is available through December 26, 2020 to eligible individuals:
- 1099 contract workers
- Gig workers
- Employees whose wages are not reported for unemployment insurance
- Employees who have not earned enough wages or worked enough hours for regular unemployment benefits
- Individuals who were going to start work but could not due to COVID-19 pandemic
Pandemic Emergency Unemployment Compensation (PEUC)
This program has been implemented effective May 10, 2020. It is payable through December 31, 2020 to eligible claimants whose claims have been exhausted.
Federal Pandemic Unemployment Compensation (FPUC)
Eligible individuals received an additional $600 per week in addition to their weekly benefit amount from another unemployment compensation program. The program ended July 25, 2020.
Lost Wages Assistance (LWA)
Lost Wages Assistance (LWA) provides an additional $300 per week to any “eligible claimant” affected by COVID-19 that is collecting benefits under the following programs:
- Unemployment Insurance (UI)
- State Extended Benefits (SEB)
- Trade Readjustment Allowance (TRA)
- Pandemic Emergency Unemployment Compensation (PEUC), and
- Pandemic Unemployment Assistance (PUA)
To receive LWA, claimants must be unemployed due to COVID and be eligible to collect at least $100 benefits for UI, PEUC, PUA, SEB, or TRA for weeks ending 08/01/2020 to 09/05/2020.
LWA is payable beginning the week ending August 1, 2020 and will end the week ending September 05, 2020.
Have you recently been denied for a credit card because of insufficient credit history? How can you build your credit if no one will qualify you for a credit card?
Apply for a secured credit card to start building your credit history
To get qualified for a secured credit card, you’ll have to provide your credit card issuer with a security deposit prior to approval. The limit on your secured credit card will be the amount of your security deposit.
The credit card issuer reports your purchases and repayment activity to credit bureaus the same way as the unsecured credit card issuers. That will help you build your credit history.
Use the secured credit card responsibly
Once you received your secured credit card, use it regularly, without overspending and get into a healthy habit of paying it on time.
The secured credit card will incur interest on statement balances that are not paid in full and on time. These charges can add up quickly and they will increase your card balance which will negatively impact your credit score.
It is important to pay attention to how much you spend and when you repay. Make your credit card payments on time, all the time.
Monitor your credit score
Check your credit score and credit history regularly as you get used to your credit card. Your credit card issuer may give you free access to your score.
With controlled spending and on-time payments, your credit score and credit history will improve over time.
High credit scores will help you qualify for low interest loans and unsecured credit cards that offer rewards.
Popular credit cards: CITI ▪ CHASE ▪ CapitalOne
If you already have a credit history and need help improving your credit score, our credit repair specialists are a phone call away.
Few factors affect your credit score that are related to your past and current financial activities.
Payment history includes a record that shows if you paid your bills on time. It includes medical bills, so if there are any that you may have forgotten about, they will show in your payment history record.
This record holds information on credit accounts you have opened over the years, how long you have had the credit accounts.
What other factors affect your credit score?
Credit usage shows the current credit account balances compared to the credit limit. The older the credit history and the lower the balance, the better score on your credit.
An overall look at the total amount of your recently reported balances. Any delinquencies are included here.
This report shows the recently opened credit accounts as well as the recent credit checks performed on your account.
There is a maximum limit on a credit card or account. The available credit is calculated by deducting the account balance from the maximum limit.
We can help you improve your credit score. Call us to learn what steps and procedures we follow in providing you with a successful outcome.