credit scores: TOP 5 WAYS TO ESTABLISH PERSONAL CREDIT
- 06/20/17 10:27 AM
How To Build Diversified Personal Credit ProfilesIt is extremely important to understand the credit scoring landscape in order to have the most opportunity to achieve financial success and freedom. In the credit and lending sphere, your credit profile/score is a direct reflection of your creditworthiness. Typically, it is difficult to attain a line of credit or a loan offering the best pricing without establishing a robust credit profile, first. Those with limited credit, who do gain approval for a credit card or loan, will find themselves paying much higher rates and pricing due to their greater risk of default. But how do you … (2 comments)
credit scores: Consumers Have Hundreds Of Credit Scores
- 05/26/17 09:41 AM
Before the use of credit scores, lenders used data from credit reports, individual account information, consumer financials, and their own underwriter’s judgement when vetting loan applicants. As one can imagine, this quickly became a risky venture for banks since they began to face many discrimination lawsuits. In response to the need for a measurement of risk that was non biased and separate from the bank, in 1950’s FICO (then called Fair Isaac and Company), developed the first credit score but it took over 20 more years to create a successful credit scoring model using data from the three major Credit Reporting Agencies … (1 comments)
credit scores: RETIREES: MONITOR CREDIT PROFILES AND SCORES FOR IDENTITY THEFT
- 09/13/16 02:13 AM
As an individual approaches retirement age it is likely they are more focused on preserving their wealth and less on managing their credit profiles and scores. Many retirees make this mistake after leaving the work force, this has the potential to destroy a strong credit score along with decades of credit history. It is important to maintain a healthy credit report at any age; this means you need to monitor credit profiles on a consistent basis. Identity theft – The fastest way to catch identity theft is through monitoring your credit profiles and scores. When a criminal steals your identity, opens fake … (2 comments)
credit scores: Does Wealthy Mean A Better Credit Score?
- 05/24/16 03:37 AM
In February 2016, credit reporting agency, Experian, conducted a national survey concerning home-buying and credit. Despite a home-buying climate of low mortgage rates, many individuals are still concerned about their credit score and how it will affect their home buying ability over the next 12 months.
According to Experian, 40% of survey respondents who earn $100,000 or more per year voiced a concern about being able to access necessary financing for a home & 29% of those buyers are working to fix their credit score in order to qualify for a better rate.
While an individual’s total income and assets are used to … (2 comments)
credit scores: Establishing Credit and Building Scores
- 04/28/16 03:58 AM
As an individual, it is extremely important to understand credit scoring to help achieve financial success. Typically, it is difficult to attain a line of credit or a loan without establishing a robust credit profile first. Those with limited credit, who do gain approval for a credit card or loan, can find themselves paying much higher rates and pricing due to their higher risk of default. But how do you build credit, when you don’t qualify for credit?
1) Apply for a retail credit card. Retail credit cards are more easily obtained than any other form of credit. The downside to retail credit … (4 comments)
How To Build Diversified Personal Credit ProfilesIt is extremely important to understand the credit scoring landscape in order to have the most opportunity to achieve financial success and freedom.
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