Tag: how to improve credit score

Understanding Mortgage Credit Scores

Your credit report is separate from your credit score, though the score is developed from the report. In addition to viewing credit reports from the three major reporting bureaus, you also should obtain your FICO score. Your score is like a report card. Fair Isaac & Co. (the FICO score keeper) assigns you a number based on the information in your credit report. Since there are three credit-reporting bureaus, you have three FICO scores. Here are the scoring factors:

Credit Checklist

  • Payment history
  • Amounts owed
  • Length of credit history
  • New credit
  • Types of credit used

 

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How Credit Scores Affect the Price of Credit and Insurance

Ever wonder how a lender decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you’d be a good risk for credit cards, auto loans, and mortgages. These days, other types of businesses — including auto and homeowners insurance companies and phone companies — are using credit scores to decide whether to issue you a policy or provide you with a service and on what terms. A higher credit score is taken to mean you are less of a risk, which, in turn, means you are more likely to get credit or insurance — or pay less for it.

 

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Your Credit Score Affects Your Love Life

A few years ago, credit scores were taboo. The idea that a credit score could be used for more than just determining qualification for a loan was at best unfair and at worst discriminatory. Employers in some circumstances can use credit scores or credit reports to determine whether to offer jobs to applicants. If you sign a credit authorization form, which some employers might imply or outright say is necessary to be considered, the company can use your credit against you.

Auto insurance companies can use credit scores to set your rate because they’ve found that there is a correlation between higher scores and safe driving. If you intend on renting an apartment, the landlord can choose to perform a background check, and credit history could be included.

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Is there a legit company to fix my credit score?

Dear Debt Adviser,

Is there a legitimate company out there I can consult to assist with increasing my credit score and deleting derogatory marks on my credit report? Thanks for your time and consideration to my question.

— Quan

 

Dear Quan,

I know it seems strange that in our age of instant everything, some things still take months or even years to accomplish. But, in the case of credit scores, it’s true. Your credit score is based on your past actions, and your past took time to create. Sometimes, it’s even longer to outlive. When you’re late on a bill, it stays on your credit report for a long time and there is little you can do about it. But yes, there are still some things you can do.

 

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How to Raise Your Credit Score Fast

What’s a Credit Score?

In this post I’ll tell you how to raise your credit score fast. Credit scores—they’re like report cards for grown-ups. It’s a three-digit “grade” you get on a scale that ranges from 300 to 850. Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers, for instance. I’m sure you know that the higher your score the better.

 

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How Credit Scores Affect the Price of Credit and Insurance

Ever wonder how a lender decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you’d be a good risk for credit cards, auto loans, and mortgages. These days, other types of businesses — including auto and homeowners insurance companies and phone companies — are using credit scores to decide whether to issue you a policy or provide you with a service and on what terms. A higher credit score is taken to mean you are less of a risk, which, in turn, means you are more likely to get credit or insurance — or pay less for it.

 

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Improve Credit Score Effectively

Here are 5 things you can do to improve your credit score.

Checking Accounts – If you are paying cash money for everything that you purchase your credit score might be at its lowest point. You will need to boost your credit score before lenders will provide you financing. Underneath are the most important steps to improve credit score. Opening any bank account is a sure way to show the bank that you are credit worthy and can really help you establish a loan. Loan providers will likely have second thoughts in granting the loan application if you do not have a checking account. The financial institution accounts may not be noted on the credit report nevertheless they serve their purpose when you apply for a loan. In addition to that, opening a bank account could help you boost your credit score, just make sure you have manage your account well.

improve credit score

Improve Credit Score

Secured Credit Card – When your credit scores are low a secured card is actually a great way to raise those scores. You only need to deposit some cash to get started, which is used as collateral. As you use the said credit card wisely, paying on time every time. Being economically responsible is a good way to improve credit score. The reporting agencies will monitor your financial activity and report you as financially responsible. In just a year or less you should be determined as qualified for an unsecured charge card.

Become an Authorized User – Become an added user to improve credit scores. You may be listed as an authorized user on someone else’s credit account. You can enhance credit scores for being an authorized individual even without using the card from the primary charge card holder. You are able to still improve credit score as long as the account is reported to the bureaus as on time.

Personal Loan – The fourth way to improve your credit score is through a personal loan application. Improving one’s credit score can be done through exhibiting how financially trustworthy you are. Once you’ve proven your financial balance to the finance institutions and lending institutions, they could then allow you a personal unsecured loan that will help you improve credit score. When you get the loan, use it to buy an item that can be paid in installments for at least 12 months. Yet this can only be effective should you pay pay your balances promptly on-time.

Find a Co-Signer – Searching for someone within your family or a friends with a good credit ranking and ask them to be your co-signer could also improve credit score. You are also able to benefit from the good credit reputation of the co-signer thus boosts your credit score. Again, timely payments are so important so your credit score will improve fast. Pay extra attention to the details when looking for a co-signer. The records to the shared accounts, both good and bad, can appear on both the co-signer as well as the borrower’s credit reports for 7-10 years.