Okay, so it is cheesy. However, in the coming days, we’ll have to face the facts there is a great deal of triage involved in the world of credit repair. There are some things that you cannot change and that is a tough one to face. At least, I know it was for me. I just wanted to lighten the mood here at The Free Credit Ability Today Blog with a really awful poem. The point is that self employed credit repair is really, really hard and to repair your credit when you are self employed, you need to be both knowledgeable and strong.

I hope that you will take this journey to credit repair and credit management with me at The Free Credit Ability Today Blog.

Once you understand what creditors look at you can begin to build credit.

Today I’ll provide a fairly definitive list of just what it is that spells bad credit (the bad credit that keeps you from getting approved):

• Having debts doesn’t especially endear creditors to approving you and aiding and abetting the creation of more debt!
• Having your debts become deliquencies tell creditors that if they give you money you will never give it back!
• Late payments are an unattractive sign: a sign that you are irresponsible.
• Going over your limits tells a creditor that you are out of control of your spending.
• Inquiries posted onto your credit report only tell a creditor that you have applied for other credit. They do not know whether you have that line of credit as well and usually don’t want to potentially give you more.
• Reposession, foreclosures, and bankruptcy are especially irksome to creditors.

If you find yourself with bad credit, then this is what your money management resume (the credit report) says to creditors.

Luckily, you can turn things around. Next Tuesday, we’ll discuss the Big Bads of credit repair.

Tomorrow, we’ll ease some pain of self employment loans with its sponsored serenity prayer.

So what problems have created bad credit for you?

Comprehensive. Objective. Free.

Just to give you an idea of the plethora of information available at BankRate.com, I’ll review their categories. First, they have a top-tier of links for more general browsing selections:

• News and Advice
• Compare Rates
• Life and Money
• Calculators

The second tier are the main navigational buttons of the site with submenus that show just how much BankRate.com can help. Here are the second tier button categories:

• Mortgage
• Home Equity
• CDs and Investments
• Checking and Savings
• Auto
• Credit Cards
• Debt Management
• Insurance
• College Finance
• Retirement
• Taxes
• Find Rates

The next time you need to research your financial options, give BankRate.com a look. You’re sure to find what you are looking for at BankRate.com.

This is not a paid review. I am an actual happy user of BankRate.com and want to share this with my readers.

There are no shortcuts when you’re building credit

Trying shortcuts to build your credit when you have none are always a mistake. Mistakes just aren’t something self employed professionals can make. As soon as you check the “self employed” box, you don’t want to fail to show the expected qualifications. The connotation of a self employed professional is that you could make $10,000 one month and not even $10 the next. However, just like trillions of other applicants, you can study the qualifications and put forward your best representation in a credit application.

You Need to Know Credit Qualifications

If you will read the qualifications supplied in this blog post and finish with an honest appraisal with the provided questions, you will be taking the right steps to building credit. You can build your credit from the ground up with all the support of Free-Credit-Ability.Today.com. When you can bring together these qualifications, you can get the approval you seek from a creditor.

Credit Qualification to Know: Can you manage money?

To begin proving yourself, start with your banking history. While a checking account is not required, having an account in good standing provides credible evidence of your ability to manage money. A creditor looks to the evidence for indication of your ability to pay back your debts. A checking account in good standing shows creditors proof of your ability to manage money and presents you as less of risk for default.

Credit Qualification to Know: Do you have backups and reserves?

To further lessen your appearance as a risk, it is good to have an accessible savings account of reserve income. While others building their credit may not need to take this step, when you are self employed you have to have money that is accessible. If if you are experiencing a bad side of variable income, a creditor needs to know that you will be able to pay them all the same. A savings account says that you will be able to repay any debt for which they approve you.

Credit Qualification to Know: (The big one) Do you have the money to repay your debt?

However, before you can save any money or keep any checking accounts in good standing, you have to present the income. Proving a reliable source of income for many individuals is a start date, name, and number of an employer. For a self employed professional, you need to present your solid business model in relatively predicable earnings with a strong foundation and outlook. Self employed or not, steady income will qualify an applicant.

Credit Qualifications of Character

If you can show a creditor that you can manage money and keep earning money, they will need a few more references to your responsibility and reliability.

Credit Qualification to Know: Are you living at a long-time, reliable address?

One of the references is your residence history. With a steady address, you showcase commitment abilities necessary for credit approval.

Credit Qualification to Know: Are you capable of paying regular expenses?

A final reference for creditors is your history of an ability to pay regular expenses. Paid services such as utilities and phone bills don’t go on your credit report but they convey reliability and responsibility. This directly conveys whether you will be capable of repaying your debt to them.Developing the qualifications a creditor seeks can help lack of credit become a thing of the past. Remember to understand what creditors are looking for and look to prove that you not a risk for default.

 Appraise yourself as a credit applicant

Think like a creditor and evaluate yourself with the following questions:

• Do I have a checking account in good standing?
• Do I have income reserves in an accessible savings account?
• Do I earn solid income from my self employment?
• Do I have a stable residence history?
• Do I have recurring expenses in my name that remain in good standing?

Evaluate your answers and take positive steps to becoming the applicant you would approve if you were a creditor. Understanding the qualifications of creditors goes a long way toward meeting them, which of course goes a long way to building credit when you have none.

Sources:

• CreditMe.com Credit Guide for When You Don’t Have Credit
• FinancialPlanning at About.com Credit and Debt Management Guide

• June 1 - Establishing Credit Means Understanding Lenders’ Qualifications
• June 8 - First Stop on the Road of No Credit? Your Bank.
• June 15 - Make a Smart Move Toward Establishing Credit With Department Store Credit
• June 22  - Secured Credit Cards: The Last Resort to Establishing Credit
• June 29 - Establishing Credit is Only the Beginning

I’m self employed and I have bad credit Tuesdays:

• June 2 - What Makes Your Credit Bad to Lenders
• June 9 - The Big Bads of Credit Repair
• June 16 - Bad Credit Repair’s Lesser Evils
• June 23 - Repairing Bad Credit With Aggressive Debt Reduction
• June 30 - The Seven Habits of Highly Effective Credit Repair

I’m self employed and I want financing Wednesdays:

• June 3 -The Serenity Prayer for the Self Employed
• June 10 - Loan Qualification When You’re Self Employed Starts With Homework
• June 17 - The FHA Mortgage and the Self Employed Professional
• June 24 - Self Employed Success Building an Action Plan to Obtain Financing

How do I budget for self employed life? Thursdays

• June 4 - The Emergency Fund for the Self Employed
• June  11 - Fixed Expenses: The How and the Why
• June 18 - Paying Self Employment Taxes
• June 25  - Keeping Your Variable Income Accessible and Profitable

Financial Planning for the Self Employed Fridays

• June 5 - The Self Employed Nest Egg
• June 12  - Reinvesting Your Returns
• June 19  - Creating Your Financial Vision Statement
• June 26 - Self Employment Milestone Mapping

What is Free Credit Ability?

The “free” stands for self employed (also known as “freelance”) individuals, and this blog is about building their credit ability. We function in a world of credit, and that world of credit focuses on the traditionally employed. Yet, others, such as myself and my blog readers, are self employed and aren’t going to get a job just for a debt device! We are self employed, we love it, and we want credit ability to operate in today’s world. Self employed professionals and traditionally employed professionals are players in the same game in today’s world of credit ability.

How will Free-Credit-Ability.Today.com help self employed professionals gain their credit ability?

Here at The Free Credit Ability Today blog, we will deal with real issues that the self employed face with obtaining credible credit.To give you an idea of some of the topics we’ll discuss at this blog, here is a weekly overview of typical post subjects:

1. I’m self employed and I have no credit Mondays
2. I’m self employed and I have bad credit Tuesdays
3. I’m self employed and I want financing Wednesdays
4. How do I budget for self employed life? Thursdays
5. Financial planning for the self employed Fridays

Each day of the week, Free-Credit-Ability.Today.com will have a blog post for discussion and solutions for these issues as addresses. Additional posts with assorted advice and commentary will be provided as well.So, readers, I hope you enjoy our journey to credit ability. Because the self employed are credible professionals too.