credit reports: Top 10 Credit Myths
- 07/31/17 01:00 PM
Myth #1: “Balances below 30% of credit card limits will result in the highest scores.” False. Ideally you want to keep your balances as low as possible but if you are going to apply for a mortgage having your balances (on revolving credit cards) under 10% of the aggregate limits will allow you to achieve the best credit scores that the “revolving credit” category can offer. It is important to note that once you pay them down you should wait until the 7th of the following month to make an application for new credit since balances usually update on credit at the beginning … (2 comments)
credit reports: Credit Bureau Reporting Overhaul
- 06/21/16 03:59 AM
There may be light at the end of the tunnel for consumers complaining of unjust and inaccurate credit reporting behavior frequently used by TransUnion, Experian, and Equifax. By August 12, 2018, the three major bureaus (TransUnion, Experian, and Equifax) will be forced to comply with new policies and procedures – this comes as a result of a multi-state investigation that Ohio Attorney General, Mike DeWine, initiated and an additional 31 state attorney general’s joined in 2012. This settlement was announced in May of 2015, giving credit agencies 3 years and 90 days for all regulations to be effective and in place. While … (4 comments)
credit reports: How are FICO Credit Scores Tabulated?
- 01/12/16 05:49 AM
For professionals that serve those purchasing real estate or seeking financing we know firsthand how confusing and frustrating credit and scoring can be.
When advising and guiding individuals and businesses towards their goals many of us have heard these questions or something very similar, "How can my credit score be so low? I have been paying all my important accounts on time for 10-20 years, doesn't that count for anything?" "I have millions of dollars in the bank and own many properties how can I have such a low credit score?" "How can one account with a late payment for such a … (0 comments)
Myth #1: “Balances below 30% of credit card limits will result in the highest scores.”
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