credit score: FICO Now Offers Credit Scores for Free
- 11/26/13 08:31 AM
Having a good credit score can make or break a home buying experience.
During the housing bubble, people with credit scores as low as 500 were able to get mortgages, even big ones. But not anymore. Most lenders won't even consider people with a score of under 620 (and that's not even guaranteeing they'll approve them). A higher credit score is the key to a better interest rate, and can save home buyers thousands of dollars over the life of the loan.
But 56% of Americans have no clue what their score is. Until now. Starting this month, FICO is rolling … (1 comments)
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credit score: Three Credit Scores to Look at Before Making a Real Estate Purchase
- 10/24/12 05:28 AM
It’s always helpful to have good credit when buying real estate and important to check your credit report before making that big purchase. But in researching your credit, there are three scores you have to look at: numbers from Equifax, Experian and TransUnion.
These are the three credit reporting agencies responsible for updating your credit scores. However, you may occasionally notice the three scores are different or are not up-to-date. This can affect future financial endeavors you may want to make, like applying for a first mortgage loan.
As it turns out, your score is dependent on how creditors report … (2 comments)
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credit score: Race Against the Clock With Mortgage Interest Rate Shopping
- 10/18/12 07:44 AM
With mortgage interest rates reaching all-time lows, many of your clients are probably searching for the best deals, either on a new mortgage or a refinance.
Great deals are definitely out there for the picking, but too much comparison shopping can be a bad thing. Did you know if you have too many inquiries on your credit report, that can lower your credit score?
Good news -- All credit inquiries for a mortgage, refinance, or a car loan will count as ONE inquiry on your credit report.
Encourage your clients to shop around for a the best deal, but help them … (0 comments)
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credit score: How Your Credit Score is Calculated
- 06/18/12 03:44 AM
Your credit score is an essential part of your financial life, especially when it comes to real estate and the purchase of a new home. Each of us has a credit score, but how is that score determined? There are 5 important factors.
1. The number of accounts you have.
2. The types of accounts.
3. Your available credit.
4. The length of your credit history.
5. Your payment history.
Credit scores are found in your credit report. You are entitled 1 free credit report per year from each agency. It is important that you keep updated on your … (0 comments)
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credit score: What to Do If Your Child Is a Victim of Identity Theft
- 04/02/12 07:23 AM
Children's identity theft is on the rise. Not only is it an attractive target for identity thieves but it also is hard to detect when a theft has occurred. With adults, you would notice if your credit was affected so you can check to see if a theft was made but when you assume your child has no credit, you wouldn't think to check.
On today's Equifax finance blog, blogger Peter Schoenrock exlplains against the dangers of identity theft to children and informs you what to do if your child has fallen victim.
Some warning signs that your child's identity … (0 comments)
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credit score: Economic Recovery and Your Credit
- 02/27/12 01:58 AM
It is hard to decipher what is happening with the U.S. economy. Reports of an improving economic climate are met with reports of a dismal one.
Janet Dedrick, Equifax Analytical Services Strategic Consultant, says there are four important benchmarks that may help determine if the U.S. economy is experiencing recovery.
1. Credit Scores
2. New Credit
3. Consumer Debt Repayment
4. Outstanding Credit Balances
Dedrick says debt repayment is one of the most positive benchmarks that suggest the economy is improving.
“We’ve now moved past the highest levels of missed payments and late payments. Early-stage delinquency (defined as 30 days … (2 comments)
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credit score: Buying a Home? Mortgage Advice from Steve Cook
- 02/24/12 11:52 AM
Do your clients need an incentive to start moving on buying a home? 2012 may be your year, as 30-year fixed rate mortgages are at an all-time low.
However, mortgages are becoming more difficult to get approval for, which may result in your real estate deals falling through. Today’s Equifax Finance Blog post by real estate expert Steve Cook details his interviews with Margaret Kelly and the CEO of Total Mortgage Service Adam Walsh on the latest real estate and mortgage news.
“The Federal Reserve promising to keep short-term interest rates at zero for the next three years,” says Cook. However, … (12 comments)
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credit score: What Does Your Lender See When He Looks At Your Credit Report?
- 02/20/12 06:59 AM
There can be many reasons why you do not have a high credit score. You could be young, and have never been financially independent until now. Or you may have a thin credit file or a short credit history. Whatever the reason, it is important to boost your credit score because it will lead to financial freedom and opportunity.
The Equifax Finance Blog written by credit expert Diane Moogalian offers lots of advice on building a strong credit report.
A smart first step is to understand the components of your credit file. There are 4 things that are universal in … (0 comments)
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credit score: 10 Ways to Improve Your Credit Score
- 02/13/12 08:42 AM
Improving your credit score is an essential way to gain greater financial options and more favorable credit offers from lenders. However, achieving a high credit score is not an instant fix, but that does not mean that you cannot take steps to gradually improve it.
Today’s Equifax Finance Blog written by Equifax Experts gives a “Top Ten” list of strategies to improve your credit score.
Tip 5: Know your FICO credit score. You are allowed one free credit report per year from one of the three major credit bureaus, so inform yourself about what these numbers mean.
Tip 4: Check … (0 comments)
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credit score: Credit Reports and Identity Theft: When to Lock
- 02/07/12 04:35 AM
As technology becomes more accessible, so does our personal information. How can you avoid identity theft? On today's Equifax finance blog, a post gives you another option for limiting access to your personal records. Unlike security freezes and fraud alerts, you can limit who views your credit report by putting a lock on it.
A security lock can be valuable because you can keep it in place or lift it at will. Naturally if you need someone to view it for applying for a loan, refinancing your mortgage, setting up new utility accounts and opening a new credit card, you … (2 comments)
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credit score: How Can I Build Credit In Order To Buy A Home?
- 06/20/11 09:47 AM
Lots of future homeowners worry that their credit scores are too low to qualify them for a good mortgage. But what if you have no credit at all? A reader recently asked debt author David Bach what she can do to establish credit, as she has never owned a credit card but wants to buy a home in the next few years. Sadly, the potential home owner was denied three times for credit cards. Do she and her husband have any options for establishing credit? You can read David Bach's answer in his full blog post on building credit in order to buy … (0 comments)
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credit score: What Every First-Time Home Buyer Needs to Know
- 06/17/11 07:52 AM
In the current market, first-time homebuyers have their work cut out for them.In the past, when the market was going up, first-time homebuyers’ main concern was finding a home—any home. Their secondary concerns were how to get financing for the home and the condition of the property. They knew that if they could purchase a home, they would make money down the line, regardless of the type of property they purchased. How the market has changed. Today’s first-time homebuyers need to go back to the basics. First, you need to ask yourself several questions:
Is my credit good enough to buy … (4 comments)
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credit score: Do Credit Worries Keep You Up At Night?
- 05/16/11 01:11 PM
U.S. bank credit card delinquencies have fallen to their lowest levels in ten years, according to a recent report from the American Bankers Assocation. It seems that despite the tough economy, Americans are learning that having credit, and managing it wisely, is a financial behavior that has lots of rewards. On today's Equifax personal finance blog, Loretta Worters of the Insurance Information Institute explains how having and maintaining good credit not only has financial benefits, but can also help you sleep soundly at night. Besides peace of mind, Worters writes that good credit can also help you when applying for a job, buying … (1 comments)
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credit score: 3 Steps To Taking Control Of Your Credit Report
- 04/11/11 04:54 AM
More people than ever are seeking credit counseling, according to Mechel Glass, director of education for CredAbility. These people also tend to have better credit scores than just a few years ago. In 2009, the average homeowner seeking foreclosure prevention counseling had an average score of 565, but the number rose to 572 last year.
According to Glass, homeowners seeking to avoid foreclosure have an average income over $50,000. This reflects who credit counselors are seeing more and more frequently: people with greater incomes and assets. While no one can magically bump up your credit score, you can take control of your credit … (4 comments)
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credit score: How To Get A Mortgage Now
- 01/10/11 07:56 AM
What do mortgage lenders look for when they scrutinize your finances? It all boils down to financial stability and making sure you’re a good credit risk. But how exactly do lenders get a snapshot of your finances?On your application, you’ll be asked to disclose personal finance information that will help the lender decide whether your finances are stable or precarious at that moment in time. From your employment status to your cash reserves to your credit score, there are numerous pieces of the puzzle that will help paint of picture of your financial situation. If you're trying to buy a home in … (0 comments)
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credit score: How To Dispute Personal Information on a Credit Report
- 12/02/10 01:14 AM
Your credit report is one of the first things lenders, landlords, insurance companies, and even employers, can look at to learn about your financial history. What if it contains errors? A man named Michael wrote to the Equifax personal finance blog with a rather unique situation: "My ex-wives have very similar names (like Cristina & Tina) and they have the exact same last and middle names. Their credit reports got combined somehow. One of them thinks I did it. Not only did I not do it, I couldn't even if I wanted to. How/where do I get info to prove no one can … (2 comments)
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credit score: Hidden Costs of Refinancing a Mortgage
- 11/15/10 06:34 AM
I got an email today from a woman who has been reading recent columns about refinancing a mortgage.
She read that I paid very little to refinance and another woman paid $2,100 to refinance.
“How can this be when I paid $10,000 to refinance two years ago?” she asked.
It’s a good question because it gets to the heart of why no one seems to have the same refinance experience. There are several different choices you make that will directly affect how much you pay to refinance (or, let’s face it, finance) your mortgage. There are also several factors over which … (1 comments)
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credit score: Strategic Default: The Consequences Of Not Paying Your Mortgage
- 11/05/10 02:42 AM
When companies take on more debt than they can afford, they typically walk away from some of it to better balance income and expenses. Walking away from certain debts in order to shore up your balance sheet is called “strategic default.”
Here’s an example: The Mortgage Bankers Association built a beautiful new headquarters in Washington, D.C., several years ago, and then found it couldn’t afford its mortgage. So the nonprofit association turned the keys over to the lender and walked away from the property. Strategic defaults happen in corporate America all the time. And it’s considered a perfectly legitimate way of … (2 comments)
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credit score: How Does Closing An Account Affect Your Credit Score?
- 10/25/10 02:35 AM
The credit expert team at the Equifax personal finance blog gets tons of questions from consumers about how their credit score has changed. People also want to know how to improve their credit score, and how their financial activity will affect it. Unfortunately, we can’t say that closing a certain account will decrease your score by X points, or that paying off your balance on another account will raise your score by Y points. The reason we can’t tell you exactly what will happen to your credit score is that everyone’s credit is different, and everyone’s financial situation is different. (And … (1 comments)
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credit score: How Do I Refinance My Mortgage, Find A Good Mortgage Lender?
- 08/19/10 08:59 AM
A reader recently asked, "How do I find a good lender to help me refinance my mortgage?" I said there are four basic steps to take:
Find four to five different kinds of lenders and spend time chatting with each of them. You should search out a national lender, small banks that portfolio mortgage loans, a mortgage broker (ask your real estate agent for some referrals) and a credit union (if you belong or can join one).
Check your credit history and score. Go to annualcreditreport.com and receive a free copy of your credit report from each of the three major … (0 comments)
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Having a good credit score can make or break a home buying experience. 
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