20 Mar, 2007
Well, I hope the information has been helpful. Now it is up to you. Do not fall into the trap to pay off your debts assuming that your credit score will improve (reread the articles). The damage done in the past must be repaired.
I have investigated hundreds of credit repair companies and have found only 1 that does it the right way. (Do not get trapped by those that want huge upfront fees and monthly charges). This company will take on your project and does not charge you until after the blemish is REMOVED from your account. They are VERY reasonable. Read the rest of this entry »
13 Mar, 2007
Improving Your Credit Score
Maybe you’re young and haven’t used any credit yet…
Maybe you’ve recently come out of a bankruptcy or a tough financial situation. You may be tempted to pay for everything in cash, not wishing to repeat your past mistakes.
Maybe you think that debt is bad and have always paid for everything with cash. Read the rest of this entry »
7 Mar, 2007
Cracking the code
If you are denied credit, you will receive four reason codes which indicate why you were denied. These codes appear in order of importance, below. The first code has the strongest impact, followed in declining impact by the second, third and forth reason.
A typical readout your lender might view follows. This particular readout presents information from all three credit agencies. In the example below, the individual failed to qualify for each credit agency and the reasons are listed in descending order. Read the rest of this entry »
1 Mar, 2007
Amount of Time Credit Has Been In Use (Length of Credit) 15%
Generally speaking, the longer the credit history the better your score. However, this factor only makes up 15% of your total score so even young people, students or others with short histories can still score high overall as long as the other factors show good. If you are new to credit then there is little you can do to improve this part of your score. Open an account and be patient: Read the rest of this entry »
23 Feb, 2007
What factors affect your credit score?
There are five factors which are used in credit scoring calculations that determine your overall credit score.
Previous Credit Performance (Payment History) 35%
A lender wants to know what your payment history is like. Have you paid everything on time, are you late on anything now, and so on. Your payment history is just one piece of information used in calculating your score, although it can be the very important. Read the rest of this entry »