There is a lot of information about credit scores and FICO score out there are wading through it as a consumer is not easy. What is accurate? What are the best decisions to improve or protect your credit score? To help, here a list of ten most common credit score myths you will find and [...]
A comment on a previous post about the credit score scale a commenter asked the question what credit score do employers check? This prompt a complete research of what I believed was the answer but needed some verification. The answer is employers actually do not check your credit score, they check your credit reports. The [...]
Have you a ever thought of using a credit monitoring service? Or are you a skeptic of the whole idea? You can do it yourself and not pay for it. Well, here is a short list of the reasons why you should consider it or reconsider it. 1. You Gain Access to Your Credit Report [...]
1. Pay your bills on time. This could be the single best way way to put yourself on the road to a good credit score. Also, not paying is the easiest way to ruin a credit score. 2. Maintain a low balances. You should try to keep your balances below 30% to 40% of your [...]
To be good at anything you need to be better than average. This seems to be the rule. So what is the average credit score? Most sites I found stated around 680. The real truth is this is just a general rating. The person who really determines if you have a good credit score will [...]
A common belief of many people is that every time your credit report is reviewed it will be a potential negative factor. The real truth is only what is known as hard inquiries will count in calculating your credit score. Furthermore, they could have an effect or they could not have effect. You need to [...]
Category: ApplicationsTags: Hard Inquiries | Comments (2)
Having a good score will save you money, but having an excellent credit score will really pay off. What is Considered an Excellent Credit Score? As the current credit crunch has taken effect, the idea of not only what is a good credit score has changed, but so has an excellent one. An excellent credit [...]
Category: Credit ScoreTags: excellent credit score, good credit score | Comments (0)
If you are thinking about closing an account that you have, wait! There are things you need to consider before doing it. For example, what effects will it have on my credit score? It might have the effect you are looking for.
Category: Credit History, UtilizationTags: Closing accounts | Comments (0)
There are three different credit bureaus and each of their credit reports contain the same general information. Here is a brief overview of what you will find or could find. Person Information This includes your name, social security number, employer, and addresses that you have lived at. Your Accounts This section of your credit report [...]
Category: Credit ReportComments (0)
The last part is your credit mix and it equates to 10% of your credit score. This section is almost ambiguous in explanation because there is little to find about credit mix. Its description is what types of credit are you using. Credit scores like to see a Healthy Mix of credit. This means you [...]
Category: Credit MixTags: healthy mix | Comments (0)
Another part of your credit score is your applications for credit and it equates to 10% of your credit score. Lenders like to see stable borrowers and nothing scares them more than person who goes out and applies for 10 new credit cards. Why all of a sudden would a person need all this credit? [...]
Category: InquiriesTags: Inquiries | Comments (0)
In calculating your credit score, the length of your credit history makes up 15%. The importance of credit history, is a short history is less reliable. A nice long history paints a larger picture of you to lenders. The longer the better. Here are the stats from MyFICO The average consumer’s oldest obligation is 14 [...]
Category: Credit HistoryTags: account history | Comments (0)
The second largest part of your credit score is how much you owe. It is defined as utilization and equates to 30% of your credit score. The reason for such a large weight in your credit score is because lenders find that people that owe or more specifically close to their limit are a increased [...]
Category: UtilizationTags: Utilization | Comments (3)
