Why is your credit score important to your financial health? READ MORE...
From the interest rate features you are offered on a credit card to your ability for a mortgage, your credit score plays a large part in the bank's decision making process. A good score can have banks competing for your business when you apply for a loan. A bad score may mean that you won't qualify for your auto, mortgage or credit card- or if you do, you may only be offered high rates which will cost you extra money each month.
Credit scores have been around for decades, but only within the past decade have consumers gradually gained access to theirs. Knowing your credit score is the first step toward understanding your credit picture and how lenders view you.
Credit scores have been around for decades, but only within the past decade have consumers gradually gained access to theirs. Knowing your credit score is the first step toward understanding your credit picture and how lenders view you.
Your credit file may not reflect all your credit accounts. READ MORE...
Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors voluntarily supply information to the credit bureaus: some travel, entertainment, gasoline card companies, local retailers, student loan lenders and credit unions are among this group of non-reporting creditors.
If you've been told you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts with creditors that don't appear in your credit file, you might consider asking your creditors to begin reporting your credit information to credit bureaus. It won't hurt to ask, but keep in mind that creditors are not required to report consumer credit information to credit bureaus. Another possible option is to move your account to a different creditor who does report regularly to credit bureaus.
If you've been told you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts with creditors that don't appear in your credit file, you might consider asking your creditors to begin reporting your credit information to credit bureaus. It won't hurt to ask, but keep in mind that creditors are not required to report consumer credit information to credit bureaus. Another possible option is to move your account to a different creditor who does report regularly to credit bureaus.
Credit scores give lenders a fast, objective measurement of your credit risk. READ MORE...
Before the use of scoring, the credit granting process was slow, inconsistent and unfairly biased. Because of credit scores:
People can get loans faster.
Credit decisions are fairer.
Credit "mistakes" count for less.
More credit is available.
Credit rates are lower overall.
People can get loans faster.
Credit decisions are fairer.
Credit "mistakes" count for less.
More credit is available.
Credit rates are lower overall.
It's highly recommended that you monitor your report throughout each year. READ MORE...
Make sure everything is accurate, especially if you anticipate making significant credit decisions in the immediate future. Many credit report websites offer alert notifications that let you know when a new account appears on your report or when accounts go into delinquency. Monitoring your report also will allow you to protect yourself from the hazards of identity theft. Although most websites charge you a monthly fee to gain 24/7 access to your report, the security and comfort you will have in the long-run makes it more than worthwhile.
We recommend truecredit.com
We recommend truecredit.com
Each of the three major credit bureaus - Transunion, Experian, and Equifax - have their own unique way of formulating a consumer's score. READ MORE...
visit www.creditchecktotal.com, click here to view your credit score. Almost never will all three of your scores be exactly the same, but they should generally be within 10-25 points of each other. None of the scores have any more significance then the others, as they are all equally important and should be monitored for accuracy.
Credit scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below
Payment History (35% of your score)
Amounts Owed (30% of your score)
Length of Credit History (15% of your score)
New Credit/Inquiries (10% of your score)
Types of Credit Used (10% of your score)
Credit scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below
Payment History (35% of your score)
Amounts Owed (30% of your score)
Length of Credit History (15% of your score)
New Credit/Inquiries (10% of your score)
Types of Credit Used (10% of your score)
When you apply for credit, you authorize those lenders to ask or 'inquire' for a copy of your credit report from a credit bureau. READ MORE...
When you later check your credit report, you may notice that their credit inquiries are listed. You may also see listed there inquiries by businesses that you don't know. But the only inquiries that count toward your credit score are the ones that result from your applications for new credit.
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one's credit score. Inquiries have a greater impact on you if you have few accounts or a short credit history. Overall, inquiries play a minor part in assessing risk..
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one's credit score. Inquiries have a greater impact on you if you have few accounts or a short credit history. Overall, inquiries play a minor part in assessing risk..