fico: Dealing with Credit Challenges - 08/06/07 08:05 AM
Unfortunately, a person with a bad credit score is often in this position because he or she lacks the discipline to pay bills on time.
Of course, there are exceptions where unforeseen circumstances come into play, such as health complications, or loss of employment
There are a few things that may be able to bring your score up so that you can secure a better interest rate on your mortgage loan.
Example 1: Distribute debt from revolving creditOur borrower, Mr. Jones, has a credit score of 664.  He has five credit cards, but his Visa account is almost maxed out.  His other four … (0 comments)

fico: What About Errors On My Credit Report? - 08/06/07 07:37 AM
If you have items that are showing up on your credit report that you know you have already paid, request that these items be removed by the credit bureau.  They are obligated to rectify this within 30 to 45 days.
Follow this procedure to correct errors on your credit report:
Make a copy of the report and circle the items you are questioning.  Keep your original copy for your own records. If there are items on your credit report less than two years old, if possible, send in your payment and mark the back of the check with the following notation: "Accepting this check … (0 comments)

fico: How Does a Low Credit Score Affect My Interest Rate? - 08/06/07 07:30 AM

Lenders estimate your ability to pay back money based on your credit score.  The risk factor they take on is built-in to your interest rate as a financing fee.  Therefore, a low credit score results in a higher interest rate, higher monthly fees, and a higher amount of interest being paid over the total life of the loan.
A borrower with a credit score of 620 would be questionable to an underwriter.  While the lender may agree to provide financing, the increased interest rate is factored into the monthly payment.  The following chart illustrates the difference in the amount of interest paid … (0 comments)

 

Gail Loane

Lafayette, IN

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Genesis Credit Corporation

Address: 1221 S Creasy Lane, Suite J, Lafayette, IN, 47905

Office: 765(446) 293-0224

Fax: (765) 448-6398



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