Paying debt on time and in full has the greatest positive impact on your credit score. Late payments, judgments and charge-offs all have a negative impact. Delinquencies that have occurred in the last two years carry more weight than older items.When it comes to collections, there is a general rule of thumb. Any collections within two (2) years should be paid off. Any outside … (0 comments)
credit: Your Credit Score - What It Means to You as a Prospective Home Buyer Part II - Why Your Credit is So Important
- 05/22/09 05:38 AM
The credit scoring model seeks to quantify the likelihood of a consumer to pay off debt without being more than 90 days late at any time in the future. Credit scores can range between a low score of 300 and a high score of 850. The higher the score, the better it is for the consumer, because a high credit score translates into a low interest rate. This can save literally thousands of dollars in financing fees over the life of the loan. Only one out of 1,300 people in the United States have a credit score above 800. These are … (0 comments)
The subject of credit scoring has become an increasingly hot topic, and for good reason. For many years, the general public only associated the concept of credit scoring with the need to purchase high-ticket items such as a new car or a home. Today, credit scoring goes much further. Your credit score can affect your ability to get a good rate on commodities such as car insurance, cell phones, or even determine whether or not you get the job or promotion that you want and deserve. Indeed, the financial snapshot provided by the credit score has also become a … (0 comments)
credit: The Wild West ~ Trigger Happy
- 08/11/08 12:59 AM
While it's an illegal breach of privacy for real estate agents or mortgage originators to sell your credit information, it is perfectly legal for credit companies to do so. For a price ranging anywhere from $25 to $100, your name and certain specifics about your credit report - including your address, phone number, mortgage history, and even your FICO score range - are sold by the credit bureaus to mortgage companies. The result is an onslaught of unsolicited phone calls and junk mail as soon as you apply for a home loan.
Unfortunately, no legislation exists to prevent credit … (0 comments)
credit: Help; How Do I Repair My Credit
- 07/16/08 10:28 PM
Credit repair is a million dollar industry with a lot of scams. Finding a loan with poor credit isn't hard, getting a decent interest rate can be. When you clean up your credit report you end up saving hundreds, if not thousands, of dollars in interest charges.
We strongly recommend you learn what you need to do to repair your credit legally so you can qualify for low rate loans and credit cards.
Debt Settlement and Debt Consolidation can help you get your finances under control so you can get onto repairing your credit faster. One of … (1 comments)
credit: Understand The Credit Scoring System
- 06/09/08 03:56 AM
Gain a better understanding of the factors that determine your eligibility for a loan. The importance of financial responsibility is oftentimes overlooked in a materialistic nation comprised of excessive credit card offers, stretched lines of credit and the weakening dollar. In order to boost financial responsibility and provide more accurate information to credit bureaus, the company that calculates FICO scores has introduced a revamped credit scoring system. Many consumers will benefit, but others may face higher interest rates which may affect their monthly mortgage payments. Become one step closer to financial confidence by gaining a true understanding of the factors that … (0 comments)
Credit scores arecomprised of five factors. Points are awarded for each component, and a high score is most favorable. The factors are listed below in order of importance.
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