Jan
30
Question regarding Credit Score Ratings?
Filed Under Credit | 2 Comments
BaseballFan4Ever asked:
I scored a 791 out of 850 with Eqiufax in Feb. 2006
I scored a 791 out of 850 with Eqiufax in Feb. 2006
I just scored an 888 out of 990 with Experian Oct 2007
Do the 2 agencies have different rating systems or scales?
Has my credit score improved from Feb. 2007?
Experian said that I am “Prime” Plus and my Risk Grade is B. My Credit rating ranks higher than 85.15 of US Cosumers.
Is this a good credit rating?
Ida
Jan
29
What do I need to do to improve my credit score and how long does it take?
Filed Under Credit | 3 Comments
mikey asked:
If I am at a 700 now, how long will it take to get to 750 and what do I need to do? I have about 4-5 open credit card accounts, but I only have debt on one, which is interest free until 2010. I have a mortgage. I don’t miss my payments. I have student loans again don’t miss a payment. What are techniques to get a higher credit score?
While you’re at it, where could I go to get a trustworthy credit score rating?
Helen
If I am at a 700 now, how long will it take to get to 750 and what do I need to do? I have about 4-5 open credit card accounts, but I only have debt on one, which is interest free until 2010. I have a mortgage. I don’t miss my payments. I have student loans again don’t miss a payment. What are techniques to get a higher credit score?
While you’re at it, where could I go to get a trustworthy credit score rating?
Helen
Jan
28
shanem1c1 asked:
I have bad credit from being irresponsible and want to change this. My debt is not huge maybe only $4000. My wife has excellent credit. We are wanting to build a home within the next 5 years and we will have to use my income to get the loan but I am worried my low credit score is going to hurt us. I’m wondering if we take out some joint accounts if that will improve my rating (abd make payments on time). Any advice is greatly appreciated!
Sylvia
I have bad credit from being irresponsible and want to change this. My debt is not huge maybe only $4000. My wife has excellent credit. We are wanting to build a home within the next 5 years and we will have to use my income to get the loan but I am worried my low credit score is going to hurt us. I’m wondering if we take out some joint accounts if that will improve my rating (abd make payments on time). Any advice is greatly appreciated!
Sylvia
Jan
27
Shakil Zaman asked:
If you have bad credit then you know that this can affect you negatively in many ways including not getting approved for certain loans and paying higher interest rates. However it is possible to improve your credit rating as long as you have the desire to do so. Defaulting on loan payments is one way to make your credit score worse.
It is critical that you always make all your monthly bill payments on time from now on. Making bill payments on time is the largest factor that affects your credit rating so make a long term commitment to do this regularly. Another important thing to do is to actually check your current credit score and make sure it is accurate. It is a good idea to get your credit score from multiple credit agencies as the scores can vary. Identity theft is a big problem so make sure that your credit score is not being pulled down by it.
Also take a look at your current credit card debt levels and do your best to reduce them as much as possible. Being close to the limit on your credit cards does not help your overall credit rating score. Avoid being maxed out on any of your cards. It is better to spread your credit card debt over several cards rather than being maxed out on a few. If you have balances on multiple cards make it a point to pay off the high interest cards first.
Also whenever possible make extra payments on your credit cards and other loans like student loans as this shows that you are willing to take that extra step to reduce your debt thus making you less of a risk to lend money to. Also if you have high interest credit cards then a good way to potentially lower your interest rate on those cards is to call the customer service representative and ask them for a reduced interest rate. You can mention that you were considering switching to other low interest cards and many times the representatives are authorized to lower your interest rates.
Paying off credit card debt immediately is also a good way to boost your credit score as it shows that you are responsible and only take out loans that you can afford to pay back. Use your credit card to pay for gas, groceries and other small bills and then make sure to make the credit card payments on those in full instead of just making the minimum payment. Keep in mind that having a good credit score will also make it easier to qualify for low interest and zero fee credit cards.
It is best to stick with the credit card providers or other loan providers you currently have since constantly switching your debts from one company to the next adversely affects your credit rating. Also keep in mind that while credit score is important when it comes to qualifying for a loan, it is not the only item that lenders look at. They will also look at employment history and current income level, any assets you own and your debt to credit ratio. Discipline yourself to build a solid credit history and you will find that getting loans like a mortgage for your dream home will become much easier and cheaper.
Ethel
If you have bad credit then you know that this can affect you negatively in many ways including not getting approved for certain loans and paying higher interest rates. However it is possible to improve your credit rating as long as you have the desire to do so. Defaulting on loan payments is one way to make your credit score worse.
It is critical that you always make all your monthly bill payments on time from now on. Making bill payments on time is the largest factor that affects your credit rating so make a long term commitment to do this regularly. Another important thing to do is to actually check your current credit score and make sure it is accurate. It is a good idea to get your credit score from multiple credit agencies as the scores can vary. Identity theft is a big problem so make sure that your credit score is not being pulled down by it.
Also take a look at your current credit card debt levels and do your best to reduce them as much as possible. Being close to the limit on your credit cards does not help your overall credit rating score. Avoid being maxed out on any of your cards. It is better to spread your credit card debt over several cards rather than being maxed out on a few. If you have balances on multiple cards make it a point to pay off the high interest cards first.
Also whenever possible make extra payments on your credit cards and other loans like student loans as this shows that you are willing to take that extra step to reduce your debt thus making you less of a risk to lend money to. Also if you have high interest credit cards then a good way to potentially lower your interest rate on those cards is to call the customer service representative and ask them for a reduced interest rate. You can mention that you were considering switching to other low interest cards and many times the representatives are authorized to lower your interest rates.
Paying off credit card debt immediately is also a good way to boost your credit score as it shows that you are responsible and only take out loans that you can afford to pay back. Use your credit card to pay for gas, groceries and other small bills and then make sure to make the credit card payments on those in full instead of just making the minimum payment. Keep in mind that having a good credit score will also make it easier to qualify for low interest and zero fee credit cards.
It is best to stick with the credit card providers or other loan providers you currently have since constantly switching your debts from one company to the next adversely affects your credit rating. Also keep in mind that while credit score is important when it comes to qualifying for a loan, it is not the only item that lenders look at. They will also look at employment history and current income level, any assets you own and your debt to credit ratio. Discipline yourself to build a solid credit history and you will find that getting loans like a mortgage for your dream home will become much easier and cheaper.
Ethel
Jan
18
Will keeping a certain amount of money in my savings account help improve my credit score?
Filed Under Credit | 4 Comments
Sunshine asked:
I recently deposited about $8,000 in my savings account. Over the next 5-6 months will this help boost up my credit rating which is currently a 678? I do NOT have any negative accounts. The reason for the low score is my debt to income ratio. I used a credit card to pay off my car and my score dropped significantly! I’m saving the money to buy a house, which is also why I would like to see my credit score go up some.
I recently deposited about $8,000 in my savings account. Over the next 5-6 months will this help boost up my credit rating which is currently a 678? I do NOT have any negative accounts. The reason for the low score is my debt to income ratio. I used a credit card to pay off my car and my score dropped significantly! I’m saving the money to buy a house, which is also why I would like to see my credit score go up some.
Thanks.
Actually, I never exceeded my available funds on the card. My credit limit was set at $25,000 and after paying the car off I still had available funds on the card.
I always pay my bills on time and pay MORE than the balance due. However, when I made the mistake of paying off the car I was still in college. I am now living on my own and have returned to school for my masters. My credit score is improving, but I’m not going to use the money I have saved for a house to pay off the car. I’ve been paying extra each month to that credit card and that will have to suffice.
Sgt Big Red…thank you said what I meant as far as using the credit card to pay off the car. I know paying it off will not drop my credit score, but using the credit card did do just that. I used well over 30% of my available credit to pay off the car.
Lester
Jan
14
Consolidate Student Loans to Improve Credit Ratings
Filed Under Debt Consolidation | Leave a Comment
Ernesto Maitim asked:
Many student borrowers consolidate student loans with the main intent which is to experience financial relief from the stress brought about by multiple loans. However, do you know that there is more to college loan consolidation than just relief from stress? I believe that this is one of the best advantages there is – which is the ability of consolidation to improve a borrower’s credit rating.
Let us be reminded that it has always been the same scenario for many students; as academic years go by, many of them experience the gradual but steady accumulation of student loans. Do you know that a person having multiple loans will most certainly earn bad credit because of this?
When you consolidate student loans, basically the multiple loans disappear. Well not exactly. They are just replaced with a new loan – a consolidated one. Where did the old loans go? They are wholly paid up by your lender and you are assigned with a new single loan. This with this loan, it helps in creating a better image of your financial standing, thereby improving your credit score.
With the improved credit rating, you also benefit from college loan consolidation with the cost savings which can be quite significant. Again, we have to reiterate the importance of refinancing student loans because with the number of debts greatly reduced, it easily is an important factor in increasing credit score. And with better credit, this can obtain for you a better financial image to banks and creditors.
To consolidate student loans is a great start in creating a better financial standing among student borrowers. Best of all, it helps in putting back your credit rating in the right track. Easily you can get the help that you need as a lot of efficient and effective lending companies online can offer you the best refinancing program options. It is best to ask for assistance of a professional loan adviser to understand fully the benefits of loan consolidation programs on your financial concerns.
If you are greatly interested in more student loan refinancing and consolidation articles, do visit our http://studentloanrefinancing4u.blogspot.com/ blog.
Heidi
Many student borrowers consolidate student loans with the main intent which is to experience financial relief from the stress brought about by multiple loans. However, do you know that there is more to college loan consolidation than just relief from stress? I believe that this is one of the best advantages there is – which is the ability of consolidation to improve a borrower’s credit rating.
Let us be reminded that it has always been the same scenario for many students; as academic years go by, many of them experience the gradual but steady accumulation of student loans. Do you know that a person having multiple loans will most certainly earn bad credit because of this?
When you consolidate student loans, basically the multiple loans disappear. Well not exactly. They are just replaced with a new loan – a consolidated one. Where did the old loans go? They are wholly paid up by your lender and you are assigned with a new single loan. This with this loan, it helps in creating a better image of your financial standing, thereby improving your credit score.
With the improved credit rating, you also benefit from college loan consolidation with the cost savings which can be quite significant. Again, we have to reiterate the importance of refinancing student loans because with the number of debts greatly reduced, it easily is an important factor in increasing credit score. And with better credit, this can obtain for you a better financial image to banks and creditors.
To consolidate student loans is a great start in creating a better financial standing among student borrowers. Best of all, it helps in putting back your credit rating in the right track. Easily you can get the help that you need as a lot of efficient and effective lending companies online can offer you the best refinancing program options. It is best to ask for assistance of a professional loan adviser to understand fully the benefits of loan consolidation programs on your financial concerns.
If you are greatly interested in more student loan refinancing and consolidation articles, do visit our http://studentloanrefinancing4u.blogspot.com/ blog.
Heidi
Jan
3
Erasing A Negative Credit Rating – Improve Your Credit History!
Filed Under Credit | Leave a Comment
Abhishek Agarwal asked:
Having negative credit ratings in your credit history is a strict no-no. It is something that will hinder your loan applications and get you a bad reputation when it comes to your credibility. Most financial companies will look upon you as a risky credit customer. You must be very cautious as it takes just one mistake to make all the difference between a good credit history and a bad one. So, when you have managed to somehow get a bad entry into your credit report, you should spend some time getting rid of it and setting the record straight once more.
In order to set the record right you need to first get a copy of your credit report from one of the credit rating bureaus. There are three bureaus and it is advisable to get a copy from all three of them and consolidate your own report. This is necessary because your creditors need to send in a report of you paying or not paying a bill and they are more than likely to send it to one bureau and not to the other two. If you have paid your mortgage bills and one of the three credit bureaus have not entered it into their records it is going to reflect badly in your rating. So, you need to inform them of any mistakes, with proof of your payments.
You can get a copy of your credit report online. All three credit rating bureaus have portals that facilitate you getting a report within minutes of logging in. When you see that there is a mistake in your credit report you should immediately gather all the evidence you can, such as bills, receipts and any other correspondence you may have with the creditors and send it to the credit rating bureaus and have them rectify their records.
Remember to send your letter and documents via certified mail because the credit rating companies have a mean streak and sit on the case while your ratings get distributed among any financial agency that you may have applied to for a loan. You should understand that the credit rating companies are permitted to make your report available to any financial company, but not to the general public. If they can do this they are obliged to keep their records up to date and reprimand the company that has not reported your correct financial report to them.
Erasing a negative credit rating is not an easy job. It cannot be erased, so to speak, however, it can be raised but this does take some time such as 6 months to a year. You should try to keep your rating at about 750, like most Americans. If your rating falls below 650 you are likely to be refused any financial aid you may require from any institution or company.
Ray
Having negative credit ratings in your credit history is a strict no-no. It is something that will hinder your loan applications and get you a bad reputation when it comes to your credibility. Most financial companies will look upon you as a risky credit customer. You must be very cautious as it takes just one mistake to make all the difference between a good credit history and a bad one. So, when you have managed to somehow get a bad entry into your credit report, you should spend some time getting rid of it and setting the record straight once more.
In order to set the record right you need to first get a copy of your credit report from one of the credit rating bureaus. There are three bureaus and it is advisable to get a copy from all three of them and consolidate your own report. This is necessary because your creditors need to send in a report of you paying or not paying a bill and they are more than likely to send it to one bureau and not to the other two. If you have paid your mortgage bills and one of the three credit bureaus have not entered it into their records it is going to reflect badly in your rating. So, you need to inform them of any mistakes, with proof of your payments.
You can get a copy of your credit report online. All three credit rating bureaus have portals that facilitate you getting a report within minutes of logging in. When you see that there is a mistake in your credit report you should immediately gather all the evidence you can, such as bills, receipts and any other correspondence you may have with the creditors and send it to the credit rating bureaus and have them rectify their records.
Remember to send your letter and documents via certified mail because the credit rating companies have a mean streak and sit on the case while your ratings get distributed among any financial agency that you may have applied to for a loan. You should understand that the credit rating companies are permitted to make your report available to any financial company, but not to the general public. If they can do this they are obliged to keep their records up to date and reprimand the company that has not reported your correct financial report to them.
Erasing a negative credit rating is not an easy job. It cannot be erased, so to speak, however, it can be raised but this does take some time such as 6 months to a year. You should try to keep your rating at about 750, like most Americans. If your rating falls below 650 you are likely to be refused any financial aid you may require from any institution or company.
Ray
Jan
3
My husband and I want to improve our credit scores and have about a year to do it in.advice?
Filed Under Credit | 8 Comments
SadToday22 asked:
We both have pretty good credit, I’ve never had a late payment but have quite a bit of debt. My husband doesn’t have nearly the debt I do but had some late payments about 3-4 years ago and has since paid those accounts off. So together we have fair/good credit but want to get better credit. What are some things we can do in the next 6-12 months that will help? We are trying to raise our credit scores because we want to refinance our home at a good rate. So, what’s some good, sensible advice to raising credit scores?
Dolores
We both have pretty good credit, I’ve never had a late payment but have quite a bit of debt. My husband doesn’t have nearly the debt I do but had some late payments about 3-4 years ago and has since paid those accounts off. So together we have fair/good credit but want to get better credit. What are some things we can do in the next 6-12 months that will help? We are trying to raise our credit scores because we want to refinance our home at a good rate. So, what’s some good, sensible advice to raising credit scores?
Dolores