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Does getting married affect your credit score?

Steven Greenwald — Mon, 28 Jun 2010 01:37:56 +0000

iwillteachyoutoberich.com

Credit score basics

Steven Greenwald — Thu, 17 Jun 2010 07:33:59 +0000

Jeremy Simon, staff reporter with creditcards.com, explains the ins and outs of credit scores and credit reports. For more information, visit www.creditcards.com

Improving Your Credit Score – Tips for Success

Steven Greenwald — Sun, 13 Jun 2010 19:25:41 +0000

Bill Fair and Eric Isaac. Have you heard of them before? They are the F (Fair) and I (Isaac) of FICO. Founded in 1956 these two gentlemen created a particular system of measuring risk that is the most widely used score for industry professionals. Everyone is entitled to know their FICO credit score and there are scores (pun intended) of websites available to help you get yours. Having a good credit score, which is now considered to be in the ballpark of at least 700 points, is the determining factor that decides how much interest you are going to pay on major purchases such as a mortgage, car loans, equity lines, credit cards, and other sources of credit and loan. This three digit number will also decide how much of a credit limit you have been awarded. So what goes into making this vital score that determines the course of our finances? Let me do a simple and basic breakdown. 10% – Recent research into obtaining new credit (i.e. Have you recently been applying for new credit cards?) 10% – The types of credit that you use (Installment loans, revolving, etc.) 15% – Accounts for the length of credit history you have (The longer, the better) 30% – Expresses the amount of debt you have in ratio to the amount of credit you have available. 35% – Getting your payments in on time. Late fees are not the only thing you will be paying for. As you can see, so much of keeping our credit score in good standings is paying our bills on time. Lenders love to know that if they are going to loan you a certain amount of money, they can count on you to be reliable in paying them back. There are other things that affect your credit. Settling on your credit cards and closing the accounts will negatively impact your credit. Letting your account expire because of inactivity will close your account as well. If you call your creditors and ask to be put on a program to pay off the balance of your credit line, they will likely close your account without you knowing it, unless they state otherwise. Tax liens, court rulings, and the number of recent credit checks can also weigh down your credit score. People have figured out ways to increase their credit score in simple ways such as opening new lines of credit with the purpose of increasing their credit debt to available credit ratio. They will do that by opening several department store cards and making sure they do not spend the credit that was given. If you decide to do this to add a few more points to your score beware of fees that the bureau may penalize you for opening so many accounts at once. Other people have gathered together simple facts and procedures to making your credit score improve significantly. If you are interested in learning more about improving your credit score, please see the recommendations tab on my website at http://www.dianathecreditcounselor.com/index.php?p=1_5_Recommendations for more information. May you have happy credit days ahead! Sincerely, Credit Counselor, Diana E. Jones

A Credit Score Indicates To Lenders How Likely You Are To Repay or Default On A Loan

Steven Greenwald — Fri, 11 Jun 2010 04:56:43 +0000

What is your credit score? A credit score or number indicates to lenders how likey you are to repay or default on a loan. The program used to generate this number is very complex. The bureaus use secret calculating techniques to reach these numbers. There are various formulas used. Basically put, your information is entered into a computer. The program calculates the data information stored by the 3 bureaus , it then produces a number, Your FICO score or Credit score. One of the biggest problems with the information used is that over 79% of all credit reports contain inaccurate information. This will then effect the actual FICO number. It is imperative that you keep track of the information found on the credit reports and correct any information that is not correct. You may be suffering just because of inaccurate information. To get the best interest rates your goal should be to have a rating of 720 or higher. By having this rating you can do things like refinance your mortgage at a lower rate, car loans can be obtained at a lower interest rate. You can literally save thousands of dollars monthly, lower down payments for utility deposits, and even have a better opportunity for obtaining certain jobs, (Government Jobs for example). The FICO range is 300-850Excellent – over 750Very good – 720-750Good / ok 660-720Could be risky 620-660RISKY below 620 There are several calculations used for obtaining the FICO number. 35% is calculated based on payment history. Lenders want to know what type of risk you may be. They want to make sure that you can pay your bills on time, based on your past history. 30% is calculated by the amount that you owe. Debt to Credit Ratio (DTCR) is determined by the total available credit divided by the total debt. It is important to try to keep your credit limit to about 30% of the maximum credit allowed.Total credit avail =$2000.00 / total debt $500.00 = 25 %. 15% is calculated by the by the length of time that you have had the credit. The longer the credit history the better. This factor determines how you have spent over a period of time and how well you paid the debt back. 10% is calculated by the number of new account or nquiries that you have. Inquiries can be looked at as if you wanted all the new debt. That you may be setting yourself up to failure to pay your debt. Also, new accounts do not show enough history, there is no proven payment history to make a determination if you are worthy of good payment. 10% is calculated by the “mix” of credit that you have. The “mix shows that you can handle and manage multiple accounts responsibly. Other things that are added to the equation of a FICO score:

They looks for things like stability in your living situation, moving frequently may lower your score.Owning a home may increase you score. Paying your mortgage on time is the most important thing. Do not max out your credit cards. Keep them at least below 50% of the maximum balance allowed, preferably 30%. Limit the amount of cards that you have open. 2-3 is a safe point. More than that may lower you score. Pay your monthly payments on time. What can happen if you have negative items on your credit report.Companies can charge you higher interest rates. The higher you are as a risk the more money they can charge,and the more they make. Having a low credit score can also prevent you from getting hired for a job. Remember “the credit bureau is not your friend”. They work hand in hand with mortgage companies, car loan companies, insurance companies etc. The more interest you pay the more money these companies make. Bottom line. If you have experienced poor credit there are ways to remedy this. You could hire a credit restoration company. However, just remember to do your homework. There are a lot of companies out there that make claims about doing credit repair and only do what you can do yourself for free. See www.FTC.com. Like sending dispute letters etc. You should find a company that has ties with a law firm or attorneys in their organization. They should have some type of money back guarantee to protect thier clients investment. They should be available to answer your questions. They should be legal, moral, and ethical. If you find yourself in credit hell give us a call 888-476-1220 or visit our website www.USACreditCure.com for more information. “Helping America one client at a time”

How To Get Rid Of Bad Information On Your Credit Report By Writing Letters

Steven Greenwald — Sun, 23 May 2010 16:37:13 +0000

Assuming you already have a copy of your annual credit report you may have already found some errors that should be removed. Errors should always be a big concern because they can and probably have affected your credit score, also called a FICO. You can repair your credit with a little bit of help.

How to Improve Your FICO® score

Steven Greenwald — Sat, 01 May 2010 16:42:01 +0000

What can consumers do to get credit in todays world? A critical piece is knowing about your FICO® score, how it works, and how to make sure yours is the best it can be. Fair Isaac is helping consumers through a program that delivers FICO® scores free as part of online banking statements, and free information presented at www.myfico.com. Find out more in this short video from FICO™, the creators of the FICO® score that is used in most lending decisions in the US Darcy Sullivan of FICO™ interviews Mark Greene, FICO™ CEO, for this FICO Tech Talk.

EZ Credit Correct

Steven Greenwald — Thu, 15 Apr 2010 03:18:30 +0000

www.EZCREDITCORRECT.com short video of do-it-yourself credit repair company

EZ Credit Correct

Steven Greenwald — Sat, 10 Apr 2010 17:19:26 +0000

www.EZCREDITCORRECT.com short video of do-it-yourself credit repair company

CREDIT REPAIR COMPANIES: Can They Improve Credit Score Better Than You?

Steven Greenwald — Tue, 09 Mar 2010 03:37:28 +0000

www.creditrepairpublishing.com Credit Repair Companies Can They Improve Credit Score Better Than You? Do you believe an Attorney who can earn $250 an hour will actually work on your credit report for $49 a month? Or, do you think the whole process is automated and boiler plate letters are spit out on their behalf? For $49 a month do you feel they are going to “drag out” the process to make more money? Or, do you feel they just want to help the masses by making it affordable? Will they disclose what they are actually doing? Show you the letters they are sending? Will they dispute with more than one bureau at a time per a month? Are they just sending dumb letters over and over claiming the account is not yours? Or, are they actually doing factual disputes against the items on your credit report. Are they going to go over each detail of your report and the EXACT errors on each item? Or, are they just going to shotgun dispute everything and anything that is negative on your free credit report? Lexington Law is well known for doing credit repair and some people swear by them… but others have complaints. Why so many complaints? Complaints on www.scam.com and www.ripoffreport.com ? Some people are happy and others are not. Other credit repair lawyers and law firms like www.ovationlaw.com and www.creditattorney.com use the clout of being a law firm to make consumers feel more attracted to them. In reality, you don’t need an attorney to provide you with credit help or legal credit repair. What you need is someone who knows what they are doing in the field of credit restoration. This can be your or someone else. Be careful. It’s jungle out there. Please sign in to rate this video. Thank you.

Credit Score Secrets Revealed

Steven Greenwald — Tue, 16 Feb 2010 11:39:36 +0000

In Willy Wonka and the Chocolate Factory, the eccentric chocolatier opened the doors to his magical realm so the public could get a peak at the mysteries within. At the request of financial columnist Liz Pulliam Weston, the equally mysterious creator of the formula used to derive your credit score FICO – shared some of its secrets. While we have known what negatively impacts our scores (late payments, maxed out cards, and so on), we did not know just how much our scores would decrease for such actions now we do. Join Thomas Fox as he discusses the numerical impact of negative actions upon credit scores.