credit repair: Divorce and Credit
- 06/29/09 09:05 AM
The reality is that divorces are unpleasant and frequently involve legal battles between the two parties. Not only can divorce lead to emotional strain, but it can also lead to financial disaster as well. Any shared accounts and co-signed loans are the major source of the issue. During a divorce, the responsibility of marital debt is divided between the two spouses through a divorce decree. Most consumers assume that this division carries over to the actual accounts and they are absolved from the responsibility of the debt. In reality, divorce decrees do nothing to end responsibility for shared accounts. This way … (0 comments)
credit repair: Getting the Most out of Your Credit Score
- 06/29/09 08:56 AM
Before applying for a loan, there are three key things that can be done to help qualify for the best possible lending available. Step 1: Understand your credit. Credit reports and scores are a major part of a mortgage loan application. A mortgage professional will check scores from the three major credit reporting agencies-TransUnion, Experian, and Equifax. Having scores above 620 will help to ensure you qualify for lending. Higher scores = lower interest rates. The five factors that are used to determine your credit scores are: Payment History-35% Amount Owed-30% Length of Credit History-15% New Credit-10% Types of Credit-10% Step … (0 comments)
credit repair: Pay off Holiday Debt to Increase Credit Scores
- 12/29/08 03:45 AM
Now that Christmas is over, it's time to focus on paying off Holiday debt. High balances and finance charges can be a burden and actually limit financial opportunities by keeping your credit scores lower than they should be. Remember, debt utilization accounts for 30% of your credit score. By running up high balances on your credit cards, you may be hurting your credit more than you think... Take action to start paying credit card balances down. Step one: Get organized. Gather all credit card information, making note of balances, interest rates, due dates, and minimum payments for each card. Step two: … (1 comments)
credit repair: Why is my Credit Score is 0?
- 12/15/08 06:25 AM
Minimum Scoring Criteria for FICO The question has been asked: "Why does my credit report show 0 for a score?" The Fair Isaac scoring model has minimum scoring criteria in order for someone to register a FICO score. •1.) There cannot be a deceased notation being reported to the credit bureau. This sounds funny, but happens more than you think. If the wrong social security number is being reported on your credit report and it happens to be that of someone who is deceased, the FICO scoring model will not register a score. This also happens if someone has a joint … (2 comments)
credit repair: Credit Scores
- 12/09/08 06:11 AM
I would like to clarify the difference between credit scores and the different scoring models that are available to consumers. As we all know by now, the three major credit reporting agencies are Trans Union, Experian, and Equifax. What a lot of people don't know is how there credit scores are calculated and who is actually doing the calculating. First off, let me define what a credit score is. The credit score is a statistical calculation of a consumer going 90 days or more delinquent on a loan obligation within a 24 month period-that's it... Now, let me answer the question: … (0 comments)
credit repair: Short Sale vs. Foreclosure
- 12/09/08 06:07 AM
Short-Sale vs. Foreclosure??? This is the hot topic right now and for some reason many people are still finding it confusing; most likely due to the mis-information being spread about the topic. With the current state of the mortgage market, consumers that are trying to do the right thing and sell their homes to avoid foreclosure are in a tough spot. If they can't sell their home for the asking price and they can't lower the price because it won't be enough to cover the loan amount - a short sale or a deed in lieu of foreclosure may be their … (0 comments)
credit repair: Credit Advice 501
- 11/06/08 06:32 AM
The holiday seasons are quickly approaching and many of us will begin shopping for gifts. Almost every store will be offering a discount on your purchase if you sign up for their retail credit card. I know this 10%-25% savings on your purchase seems great! Before doing this though, please think of the effect it will have on your credit. •1. First, you are giving the store permission to pull your credit which leads to an inquiry showing up on your credit reports. We all know by now that inquiries, especially credit card inquiries, can have a negative affect on your … (0 comments)
The reality is that divorces are unpleasant and frequently involve legal battles between the two parties. Not only can divorce lead to emotional strain, but it can also lead to financial disaster as well. Any shared accounts and co-signed loans are the major source of the issue.
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