Education

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9 Types of Credit Scores You Didn’t Know Existed

9 Types of Credit Scores: Understanding Their Role in Predicting Profitability, Engagement Offers, and Bankruptcy Risk Beyond the familiar FICO Credit Score, which primarily assesses your credit risk, there are nine other consumer scores based on various lifestyle choices that significantly impact you. These relatively unknown scores play a crucial role in financial decisions made about you. Revenue Score How Creditors Predict Profitability Lenders use the Revenue Score to estimate how profitable you might be as a borrower. They rank your revolving credit accounts to forecast your potential as a revenue source. Bankruptcy Score Assessing Bankruptcy Risk This score predicts your likelihood of declaring bankruptcy by examining data like the number of high-balance and delinquent accounts you have. A high count of late payments or maxed-out accounts signals potential financial trouble. Response Score Evaluating Offer Engagement Creditors tally how many pre-approved offers you discard. Accepting more offers increases your [...]

By |2024-03-06T15:16:01+00:00February 6th, 2024|Credit Scores, Education|1 Comment

Lifestyle Choices That Effect Your Credit

Unveiling Hidden Credit Scores Beyond the familiar FICO Credit Score, there exist nine lesser-known consumer scores that significantly impact your financial life based on various lifestyle choices. Revenue Score: Predicting Profitability This score ranks your potential as a revenue source for creditors by analyzing your revolving credit accounts. Bankruptcy Score: Assessing Financial Distress Creditors use this score to predict your bankruptcy risk, focusing on late payments and maxed-out accounts. Response Score: Gauging Offer Engagement Your engagement with pre-approved offers influences this score, with higher acceptance rates boosting your score. Attrition Score: Loyalty and Retention A high Attrition Score may result in receiving incentives from creditors to discourage switching lenders. Behavior Score: Individual Creditor Performance This score reflects your transaction and payment history with a specific creditor, predicting future behavior. Application Score: Evaluating Credit Applications Creditors consider your employment and banking details from credit applications to assess your risk level. [...]

By |2024-02-07T01:26:59+00:00February 22nd, 2021|Education|2 Comments

What steps to take when buying a home

Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money- the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

By |2024-04-09T19:14:19+00:00April 1st, 2020|Education|0 Comments

Handling Foreclosures

Many people feel like they’ve been hit in the face when credit problems strike them. On a much larger scale, getting hit in the face is similar to some degree as getting your house foreclosed on or any credit problem.

By |2024-05-08T02:17:00+00:00May 20th, 2017|Education|0 Comments
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