September 4, 2010 in Credit Score
In the United States, a credit score is a three-digit number based on a person’s past credit files, and represents that person’s creditworthiness. The score is based primarily on credit information obtains from the three major credit bureaus, and the credit score determines the likelihood that a person will pay his or her bills on time. FICO is a credit score developed by Fair Isaac & Co., and it is used by many mortgage and lending companies to determine the possibility of a client defaulting on financial obligations to the lenders. Read more...
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September 3, 2010 in Credit Score
What Exactly Is a FICO Credit Score Composed of?
Your FICO score is a very important item to keep monitored on a regular basis due to the fact that it, in a large part, has a lot to do with getting loans, insurance, even a job and more. As we all know, FICO scores cover a lot of our financial background, but what areas are these? There are five main areas and the percentages may differ slightly between reporting companies. Payment history, amounts owed, length of credit history, new credit, and types of credit are all considered in your credit score. Read more...
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September 3, 2010 in Credit Score
Annualcreditreport gives you a credit report free once a year, but they don’t give your credit score. I have been a lender for 7 years, and believe me when it comes to getting your loan done everyone looks at credit scores. Your credit score is a bench mark for banks to sell your loan on the secondary market. Typically investors use your middle credit score to determine your creditworthiness. Here is what myFICO® says in regards to how important it is to know your credit score. Read more...
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September 3, 2010 in Credit Score
There are a number of tips that you can use right now to improve your credit score. A credit score is used by lenders, credit card companies and several other entities to gauge credit worthiness. Understanding how a credit score is calculated, using credit responsibly and utilizing a credit monitoring program are some of the things you can do to quickly improve your credit score.
Credit Score Tip: Understand Credit Score Calculations
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September 1, 2010 in Credit Score
Why do some people get offers for pre-approved credit cards and others don’t? What do car dealers know about your financial health that you don’t know? The answer is your credit score.
Your credit score is a number generated by a mathematical formula to estimate how likely you are to pay your bills. Based on the information in your credit reports from the three credit bureaus, Equifax, Experian, and TransUnion, your credit score has been a factor in your ability to qualify for loans and good interest rates for more than twenty years. Lenders compare your credit report with millions of others to determine your score. Read more...
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August 31, 2010 in Credit Score
Your credit history and credit score have a major impact on your life. A credit history follows you no matter where you live, work, do your banking or apply for credit cards or loans. A credit score varies in range from 300 to 900. The national average for a credit score varies, but is usually around 692, says Experian Information Solutions, Inc. Learn more about what impacts a credit score, the short-term and long-term effects of a credit history and ways to improve a credit score. Read more...
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August 31, 2010 in Credit Score
Before you pay your bills this month, learn more about what actions will harm your credit score. Your credit score is used by the credit bureaus as a measure of your credit worthiness. The national average credit score is 692, according to Experian Information Solutions, Inc. Credit scores fluctuate by credit bureau, but they are usually in the same range and the national average can serve as a good benchmark. Lenders, credit card companies and other entities use your credit score as a major factor in determining your credit worthiness. So, what actions will harm your credit score? Read more...
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August 30, 2010 in Credit Score
Sure, the economy may be flailing, but learning to preserve and maintain your creditworthiness and improve your credit score is still extremely important. If you’ve spent any time watching or reading the news, you’re aware that bad mortgages obtained with faulty credit lending practices and other flawed methods have sent the economy into a tailspin. Read more...
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