How to Improve Your Credit Score The first thing that lenders will check when you apply for credit – whether a loan, mortgage, or a credit card purchase – is your credit score. That’s because before they decide to lend you money, they want to know how good a risk you would be. Lenders are business people and as business people they always consider the risks involved when they make an investment. The investment is you, of course. Or more precisely, your capacity to pay. If the risk far outweighs the investment, then naturally lenders would turn away from such a deal. The credit score helps lenders make their decisions easier and faster. Because your credit score is the closest thing to accurate information determinative of your future credit performance, they base their decisions concerning your credit application on this three-digit number. In short, your credit score is that [...]
Fixing Credit Score Report For you to obtain the best interest rates, there is a need for fixing credit score report. There are times that reporting agencies such as Equifax, TransUnion and Experian, may have bad information about you and this will matter much when financing institutions will give their decisions on your application. In fixing credit score report, you just have to follow some simple steps then go back and grab the terms that you want. There are two most effective ways: fixing credit score report through appraisal bureaus. fixing credit score report through the lender who made the mistake. With the appraisal bureaus, initially there is a requirement on your end to discover what is wrong, If ever you were not able to obtain a written copy, you can get a free government data and find out what is said. The next is to collect all the [...]
Credit Rating Scores At this modern time coupled with all the innovative technologies, people have been wanting things to be quick. Even when eating, which is why fast- food chains have been created. Even when researching, which is why encyclopedias are rampant over the internet. Even when shopping, which is why automated- teller machines are scattered all over. Even when luxury- spending, which is why credit rating scores are very much beneficial nowadays. Credit rating scores are distinguished by the reporting agencies that issue the points based on disparate assessment methods which are all grounded on different factors. There are times that people only take into consideration the information found on their accounts which is actually based on several matters such as payment history, current debts, time length, type mix and application frequency. All of those mentioned are essential in calculating a person’s points. Equifax, TransUnion and Experian are [...]
When you have started to purchase a car or acquire a land through mortgage, it is just but wise to keep on checking your credit score. Those are the magic numbers that lenders deliberately look into when they make decisions as to extending your limit and granting you incentives. Checking your credit score regularly will avoid any complications. As for the lenders, it is where they will identify how you are going to reimburse the money you borrowed from them. It is actually a snapshot of your “risk” at a particular point in time. The higher points you have accumulated, the more likely you are to accomplish your bills on the dot. With that, you will also be receiving exciting perks. The most widely known software calculator used since the 1960’s is the one developed by the Fair Isaac Corporation. Checking your credit score through FICO is more reliable [...]
9 CREDIT SCORES YOU NEVER KNEW EXISTED You already know about your credit risk score, more commonly known as your FICO Credit Score. That is the one we normally think of when we talk about credit scoring but are your aware that you are being analyzed based on other lifestyle choices and these Nine other types of Consumer Scores that are relatively unknown — that affect you tremendously: Revenue Score - This score measures how much money you are likely to make the creditor. This is measured by rank-ordering your revolving credit accounts by how much of a revenue source you might be in the future. Bankruptcy Score - Predicts if you are likely to declare bankruptcy. It looks at data such as how many high-balance and delinquent accounts you have. Creditors know that anyone who has a high number of late payments or maxed-out accounts is headed for [...]
Pay on Time Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your payment is due. If your bill is due at an inconvenient time of the month–for example, if it’s due on the 10th and you get paid on the 15th–contact your credit card company to see if they will change your billing cycle to fit your cash flow.
Payment History Tips Pay your bills on time. Delinquent payments and collections can have a major negative impact on your FICO® score. If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your credit score.