Archive for the ‘Credit Score’ Category

Can I get a mortgage with a 700 credit score

Thursday, September 20th, 2012

The mortgage market is pretty tight.  Lenders are less likely these days to give just anyone a loan.  But you are asking yourself can I get a mortgage with a 700 credit score? The fact is that not a credit score alone will get you approve for a mortgage.  There are several factors lenders look […]

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Credit scores and late payments

Wednesday, May 23rd, 2012

It is very important to pay your debt on time; otherwise it will badly affect your credit score. Your total credit score includes 35% of your payment history. Thus, if you make late payments, that simply shows your inability of making repayments. It will result in the lender’s unwillingness to lend you. Here are the […]

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What is considered a good FICO score?

Monday, March 19th, 2012

FICO score is one of the best credit score models widely used in the United States. This type of scores is used by lenders and creditors to check consumer’s credit information. With the help of FICO score, the creditors are able to decide the total credit risk of the consumer. FICO score can be obtained […]

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What is a good debit to credit ratio?

Friday, March 16th, 2012

An indicator of your financial health, a debt to credit ratio, also known as DTI ratio, is a particular amount from your monthly income that goes to the banks for paying your debts. It is calculated in percentage and obtained by dividing the debt spending of a month and the monthly gross income and then […]

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Store Credit Cards Are Ruining Your Credit Score

Tuesday, February 7th, 2012

How many times have you been at a store and you are just finishing checking out when you here the question. “So you have a” blank ” credit card?” The blank here is the store name. As you say No, you are met with the response would you like to sign up today and you […]

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Too Many Credit Inquires? How I Improved My Credit Score with New Credit

Monday, October 3rd, 2011

I use a credit monitoring service and nothing seems to slip by them. Case in point, I got an email regarding a potential change in my credit score. Well, it turns out that it was a new hard inquiry credit report; the terrible idea that I applied for more credit. This action allow set off […]

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Generic Credit Scores Versus Custom Credit Scores

Thursday, September 8th, 2011

A consumer today has potentially thousands of different credit scores. This leave the consumer in a difficult position. They must determine what score is most important to them based on the lending they will use or are already using. Generic Credit Scores Generic credit scores are usually what you think about when you think of […]

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How Your Credit Score is used

Wednesday, September 7th, 2011

The primary purpose of a credit score is determining creditworthiness and likelihood a consumer will not default on a loan or debt.  It is one of the main tools used by lenders when making the initial lending decision.  While this is seen as the main use there are a few others: Credit Score in Marketing You might see a […]

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Consumer are working on their debt to credit ratios and payment history

Tuesday, August 16th, 2011

A recent report by TransUnion, one of the three major credit bureaus, found the the nation’s delinquency rate fell to its lowest level in 17 years. The delinquency rate is a measurement of consumer late payments older than 90 days. The report also found the average debt per borrower is $4,699. This is somewhat surprising […]

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Who is looking at your credit score?

Thursday, August 11th, 2011

A credit score is one number that can affect several different aspects of your life. If you are unaware who looks at your credit score, you might be surprised where it being used. A credit score has many different applications besides granting you credit and here is short list of who is looking. 1. Credit […]

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What the government is saying about getting a credit score

Tuesday, July 26th, 2011

A recent study by the Consumer Financial Protection Bureau (CFPB) found some en-lighting facts about the credit score industry. First, the credit score industry is a high lucrative industry. The business of providing credit scores and credit monitoring generates over $1 billion dollars in annual revenue. Second there are a ton of credit scores each […]

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California Bill To Ban Employee Credit Checks

Wednesday, June 1st, 2011

It is pretty common practice for employers these days to do a credit check on prospective employees as a method of screening. But a new bill being introduced by California Assemblyman Tony Mendoza looks to ban employee credit checks by employers or better said will limit the requirement of a credit check by employers depending […]

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What is a “Healthy Credit Mix?”

Tuesday, March 8th, 2011

Your FICO score has many different factors that come together to generate your score. One is your Credit Mix and it makes up to 10% of the FICO score. The score wants to see a “healthy mix” of credit. What is does that mean? They like to see you using many different forms of credit. […]

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Where Did Your Credit Score Come From?

Sunday, March 6th, 2011

The origin of you credit score takes us back to the 1950’s, when Bill Fair and Earl Isaac founded Fair Isaac. The idea behind the company is they would develop mathematical formulas to aid in decision making. The marketable product really came from idea for companies to use their formulas to assess credit risk. The […]

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Going From Good To An Excellent Credit Score

Wednesday, February 16th, 2011

There is no doubt that an excellent credit score will benefit you through life if you plan to use credit. It will get you approved for lower interest rates and therefore you will pay less for the money you borrow throughout your life. But an excellent credit score is not the easiest thing to achieve […]

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How Many Credit Scores?

Monday, January 10th, 2011

When you think of your credit score, what comes to mind? A credit score is a very broad term. The reason is the many different credit scores out there. If you want to talk about your credit score, your are talking in general. There is hundreds of different credit scores and lenders can use what […]

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Inquires and Your FICO Score

Friday, January 7th, 2011

One of the factors that helps to determine your FICO score is the inquiries. Meaning your applications for credit. The reasoning is based on the fact applying for several different account in a short period of time represents risk. Lenders begin to ask why does a consumer need all this credit. Measured is what is […]

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Closing Accounts Effects on Your FICO Score

Thursday, January 6th, 2011

If you are looking to improve your FICO score a common mistake is to close accounts. People look at the fact you are judged on your credit mix and Fair Isaac likes to see a well round use of credit. Actually, your credit mix makes up 10% of your score.They think that closing the 10 […]

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Who Looks at FICO Scores

Tuesday, January 4th, 2011

There are many different entities that are interested in your FICO score. Here is a short list and why they will look at your FICO score. Who Looks At Your FICO Score – Lendors They are purely looking at your FICO score to judge your creditworthiness. They then can use what they find when making […]

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How to Figure Out Your FICO Score

Monday, January 3rd, 2011

Lets just say before we start. there is no way for you on your own to figure out your FICO score. This is because the FICO score formula is a closely guarded secret. The actual FICO formula was developed by the Fair Isaac corporation as a means to judge a person’s creditworthiness and the formula […]

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