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 [...]
This is a somewhat confusing word: Recency. It just refers to how recent you paid late on an account. The more recent it is, the more negative effect it carries. For example, if a payment was late in the last six months it will hurt more than a late payment from three years ago. The [...]
Category: Late PaymentsTags: recency | Comments (0)
Do you always pay your bills on time? The answer is hopefully yes. As part of your payment history, frequent late payments affect the largest part of your score payment history. To be honest I research an hour online using all forms of keys words and could find any specific information about frequent paying late. [...]
Category: Late PaymentsTags: frequency | Comments (0)
There is no better way to say it than what Congress stated in the Fair Credit Reporting Act. “The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued [...]
Category: Credit Report, Fair CreditTags: subprime | Comments (0)
As your payment history is 35% of your FICO score, negative factors such as delinquencies and late payments are a major point of review. How long you took to pay a delinquent account is known as severity. It is usually classed as 30, 60, 90, 120 days late, but could also include collections, repos, foreclosures, [...]
Category: Late PaymentsTags: Credit Score, Late Payments | Comments (0)
There is no bigger item that could effect your credit score. Why? Creditors want to know that they will be paid on time. Also there is a direct correlation between individuals that pay late and individuals that default on a loan. Currently, your payment accounts for 35% of your FICO score. It has the largest [...]
Category: Late PaymentsTags: definition | Comments (1)
