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•More Credit Score Myths
Most of us don't understand or know what makes up our credit score. Your credit score is the most important piece of information in your financial life. Landlords, lenders, insurance companies, electric companies and potential employers all have your credit score under the microscope.
With that being said, you should probably check your credit scores on a regular basis. Check it for errors, potential identity theft and improve your scores over time. The secret to a better credit score is to...
•When should you check your credit report
? When you are preparing to make a major purchase such as a home or auto loan you should check your credit report. Your credit score is one of the most important factors lenders use in determining whether or not you get a loan. Credit scores also determine what interest rate you will get. The higher the credit score the better off you will be.
Nonetheless, if you are planning a major purchase, you should check your credit report and credit scores several months before. Make sure the...
•Credit Score 101 Do s and Dont s
A credit score is an indicator of how likely you are to default on a loan or credit card. Your credit score is determined by a combination of the following:
1. Payment History. Do you pay your bills on time? Are there recent late payments? How many times were you late? 2. Amounts owed. Are your cards maxed out? Do you have a ton of debt? 3. Length of credit history. How long have you been using credit? Have you established good credit history? 4. New Credit. Are you opening new...
•Danger Signs of Bad Credit Repair Companies
If you are considering legitimate credit repair and restoration, then good for you. The first step in improving your credit score is to get a grip on your finances and handling up on your debts. Remember that no one can remove accurate credit reporting. If that's your car that was repo'd, it's not going away any time soon. On the other hand, if that car was someone else's then you'll have no problem getting it deleted from your credit report.
You may be thinking about hiring a credit...
•Hidden Credit Scores that Affect Your Life
Before you ever receive that solicitation letter from a credit card company urging you to request their card, they've been checking you out.
Naturally, they check your standard credit scores. They do want new customers who are most likely to pay their bills each month. But they don't stop there. Sometimes even people who are currently paying their bills turn to bankruptcy as a way to stop.
Thus, they'll check your bankruptcy scores. Equifax offers a score called the bankruptcy navigator...
•Forget Piggybacking Get a Secured Credit Card Instead
Ever notice how many good things can be ruined by a greedy few? Piggybacking to raise your credit score is one of them.
Before unethical credit repair companies started brokering the rental of authorized user slots on credit cards, piggybacking was a good way to help your children, siblings, or even friends establish a good credit rating.
All you had to do was add them as an authorized user, and your good credit rating would, at least in part, transfer to them. That is, assuming you always...
•You Need Credit Scores With a Credit Report
I recently logged on to annualcreditreport.com to get my once a year free credit report but to my surprise there were no credit scores. In case you didn't know, everyone is entitled to their free credit report once every twelve months at http://www.annualcreditreport.com/. If you too have been there then you know that your credit report did not come with your credit scores. Just about everyone these days is looking at your credit so shouldn't you know what they are? This magical three digit...
•How long will negative information stay on my credit report
? You know that your credit scores are based on your money management history - and if you're working hard to rebuild your rating, it can be very frustrating to see the same old negative information showing up on your credit report.
Unfortunately, there's not a lot you can do except wait it out. Your new, good habits will show up, and that will help your score, but the old stuff will remain for a while.
A bankruptcy will stay on your credit report for 10 years, which will seem like an...
•Periodically Checking Your Credit Score Can Save You Big Money
Your credit score changes every thirty days therefore you should periodically check it to ensure accuracy. Each one of your creditors reports your monthly pay habits and fluctuations in the amounts you owe them. Since creditors report any changes with your credit report every 30 days, you should probably check your credit once quarterly. We've heard some people say to check it monthly but feel that is a bit obsessive compulsive.
You are probably thinking why in the world would I want to...
•Rapid Rescore can provide a quick fix for low Credit Scores
When shopping for a home loan, your credit score is the first and also the most important factor that is considered by lenders when evaluating a loan application. Credit score requirements for many types of mortgages have increased substantially over the last year. And having a credit score that's less than excellent can lead to a higher interest rate for many types of loans, not just mortgages.
So what happens if you find yourself in a situation where your credit score is either too low to...
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