Tag: improve credit score

5 Characteristics of People with an Excellent Credit Score

 

 

 

credit score

 

Are you one of those people with stellar credit? If so, that’s wonderful! If you’re like a lot of people, though, your credit is a work in progress and you’re always trying to keep your finances solid. So, what is different about those people who have excellent credit?

 

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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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Clean Up Your Credit Report and Score Yourself Quickly

Credit scores and what shows on your credit report can make all the difference in getting that new home or car that you are wanting to purchase. Even if your credit scores are good enough to get the loan, the lower the score the higher your interest rates will be. There are ways to repair your credit report and increase your scores. Bad credit can be repaired to allow you to get the loan. Good credit can also be repaired to allow for you to get the loan at an interest rate that will save you a lot of money.

 

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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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What Is Rapid Rescoring Service for Credit Score Adjustments

If you haven’t applied for a mortgage in the past six years and have a low credit score, you may need a rapid rescoring service. Back in the mid-2000s, people with credit scores as low as 580 could qualify for a mortgage – but things have since changed. If you want to qualify for a mortgage loan today, most lenders require at least a minimum credit score of 680. This is not a problem if you have a perfect credit report and a good credit score. If you also have sufficient income and adequate upfront cash, you’ve got your foot in the door.

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Four Strategies to Avoid Family Debt

debt

Financial threats can visit families in many different forms.

A health crisis, student loans or a broken transmission can all lead to unexpected debt.

While the average family share of credit card debt is $15,325, NerdWallet notes American consumers owe $11.16 trillion to creditors.

Mention a formal budgeting process to families, and you’ll most likely get an eye roll that would make any teenager proud.

When even seasoned economists can’t agree on where the economy is going, how is the average family expected to know what is best for their economic futures?

 

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