Improve Credit Score
Are you having problems with your credit score? Do you want to know how you can improve? Do you want to learn ways you can raise your credit score?
The video you are about to see will teach you how you can have a better credit score. Also, the video will give you a solution on how you can handle and start doing things that will improve your credit score.
This video will be worth your while for it will make you have a handy, easy and manageable credit account. Options will be provided for you on how you can repair your credit. Be one of the people who can make their credit score perfect and belong to a group that can solve credit issues.
So enjoy and learn more how you can improve you credit score and start making changes.
Categories: Credit Score Videos Tags: Credit, Improve, Score
How do you lower your credit limit without lowering your overall credit score?
Question by Tim: How do you lower your credit limit without lowering your overall credit score?
I have only have one revolving credit card, and I have a very high credit score. Because of this overall score they subsequently increase my credit line, even though I don’t ask for or use this revolving line of credit. Question? I have been told if you ask for a credit line decrease they lower your overall credit score? Why? What can you do to minimize a lowered credit score?
Best answer:
Answer by missoctober003
I say keep the cards open because with a low balance on the card and a high limit it definitely makes your credit look better. Don’t worry about having that much credit in your name unless you plan on purchasing a loan from a bank. You aren’t using the card anyway, right?
Add your own answer in the comments!
Financing A Home: Improving Your Credit Score
Article by Gary McArdle
Today there are many homes for sale with low prices and low interest rates. Housing is more affordable now than it has been in many years. Considering the current market, why isn’t everyone snapping up homes? The truth is, many first time home buyers are jumping into the market and getting in on this affordable housing opportunity. Real estate investors are also very active as they see this unique opportunity to build their wealth. The unfortunate reality for everyone right now is that even though homes are more affordable now than in many years, lenders are very picky about who gets a loan and who does not. And your credit score is one of the primary indicators of whether or not you will get approved for a loan and what your interest rate will be.
Just a few years ago a borrower with a credit score as low as 500 could buy a home. Today that score needs to be a minimum of 620 to 640. And to qualify for the best interest rates you better have a credit score in the 700’s. No matter what your credit score is, you should know it. If it is not close to 750 you should resolve to get there and here are some easy tips to help improve your credit score.
Let’s take a look at what information on our credit report determines your score, then we will give suggestions on how to improve in each of those areas
35% or your credit score is attributed to your payment history which not only includes actual payments to your creditors, but it includes things such as collections, judgments and tax liens. With this in mind you always want to make sure you make your car, credit card and loan payments on time. Many lenders also require verification of rental payment history, so you will want to make sure you pay your rent on time as well. By the way, a payment is considered on time if it is paid within 30 days of the due date. If you have collections, judgments or tax liens on your credit, you will have to provide proof that these were paid. If there are unpaid collections you can in many cases negotiate a settlement for less than what is owed. From a credit scoring standpoint this is almost as good as paying in full as long as it is reported as satisfied in full on the credit report.
In addition, you can make a payment arrangement for tax liens and after 12 months get those rated for your credit report which will help. Judgments are required to be paid in full at the close of a loan, and you will need to get it paid and the credit report updated in order to improve your credit score. In many cases with a history of late payments we have to say, time heals all wounds. In other words, it may just take a year or so of making your payments on time to get the credit score you need. If you have items on your credit report that are incorrect, then you can dispute those items to get them corrected with the credit bureau.
30% of your credit score is attributed to how much you owe on your credit card as a percentage of total credit limit. Let me give you an example: If you have one credit card with a ,000 limit and you owe 0 on this card, your percentage of credit usage is 75% and your available credit is 25%. The lower the usage percentage the higher your credit score will be (all other factors being equal). There are 3 ways to improve this number. You can accomplish this by paying your credit card down as soon as possible. You can request an increase in the credit card limit. And you can also open up new cards. For the last two, you will need to exercise some caution however. When you request an increase in your credit card, you should ask your credit card company if they can do this based on the merits of your payment history with them. If not they will create a credit inquiry which can lower your score just a little bit. In my opinion it would probably still be worth the credit inquiry deduction from your credit to get your credit limit increased. I believe that in most cases you would have a net gain in credit score, but there have been times when I’ve seen it drop at least in the short term. By the way, do not increase the balance on your credit card when your limit goes up or you will have just undone the improvement, but now you owe more money and still have a low credit score. Similarly, when you open up a new credit card, you end up having a couple of strikes against you which is the credit inquiry and the new credit account. More about both of these in a moment.
15% of your credit score is attributed to your length of credit history. So Let’s have another example: Let’s say you have 2 credit cards. You have had one of the credit cards for 5 years and the other card for 3 years. So on average your credit cards are 4 years old, and so your credit score will reflect this 4 year average length. Now if you open a new card, you reduce your average down to about 2.7 years from 4 years. So initially at least this can have the effect of lowering your average length of credit and reduce your credit score accordingly. That is one of the reasons that opening new credit is not a quick fix for bumping your credit score up. However lets take a look at it a year from now. In one year from opening the new credit card your average length would be at 3.6 so if this is part of a longer term strategy then it would probably be a good strategy to follow.
10% of your credit score is attributed to new credit, so once again you can see that opening a new credit account not only lowers your average length of credit, but it also counts against you on a stand alone basis as well. This is also why an inquiry affects your credit score as well. When there are inquiries, it is “assumed” by the system that you are acquiring new credit whether you are or not. For example, if you had your car at the dealership to be fixed and while you were waiting you were taking a look at a new car and ended up making an offer which the dealership knows you will be financing, they will make sure to run your credit (with your permission of course). So even though you end up not buying the new car, the credit inquiry is on your credit report and will slightly lower your credit score. By the way, all inquiries reported in a 30 day period from similar companies will be treated as one credit inquiry. So if you are going to be buying a car or shopping for a mortgage, try to get all of the inquiries put in within 30 days to lessen the effect of multiple inquiries.
The last 10% of your credit score is attributed to the types of credit used, or what we call credit mix. It is good to have both credit cards, car loans, mortgages and installment loans on your credit report. For most people it will take time to accomplish all of these, but beware that someone who always uses high interest rate, high risk lenders will have lower credit scores as well. I cannot mention them by name of course, but it is the lenders who would be considered a finance company, and makes high interest rate and unsecured loans for household goods that will decrease your credit score. Now it is not bad to have an account with this type of company. Many of them work with stores to offer no interest, no payments for 90 days or longer. As long as you are not using them with regularity. Once established you should be able to qualify for reasonable rate credit cards or even an installment loan at a bank or credit union with a competitive rate as well. So bear in mind as you build your credit and credit score that these factors all contribute to your overall score.
A couple of other thoughts for you. Many folks ask me what this or that will do to your credit score and unfortunately no one can tell you exactly as credit scoring is somewhat like Kentucky Fried Chickens secret recipe of 11 herbs and spices. It is a closely guarded, highly sophisticated set of algorithms that combines all the above stated factors and reduces them down to a simple 3 digit number that is supposed to represent your likelihood of paying back the loan or credit card you are applying for. You may want to connect with a lender who can assist with guiding you through the process of improving your credit score. There are also a large number of companies who will, for a price, work on your credit score for you. There are no guarantees with these services and in addition, they are usually fairly expensive and many of them are just plain rip offs, so you would need to approach this avenue with a great deal of caution.
Finally, as a consumer of credit services and possibly as someone who want so purchase a home, you should make it a priority to take control of your finances and your credit score and find out what your credit score is and work hard to bring it up or maintain it.
Gary McArdle is a Branch Manager/Mortgage Consultant in Gig Harbor, WA and originates loans in Washington and Oregon. He has been involved in finance for the last 30 years and in the home loan business for the last 20 years. He can be reached by email at gmcardle@windermere.com
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Credit Score Basics
Are you familiar with credits? Do you know what to remember when it comes to your credit scores? Do you know how to check your credit reports? Have you heard of FICO score?
The video you are about to see will give you all the information you needed when it comes to basic education of credit score. It will be your guide to understand the important things about credit score and reports.
In addition, our expert Jeremy Simons will explain the different facts about FICO score and why it is the common credit score in the US. Also, this guy will amaze you on how much he knows about credit score. This video will help you be introduced in the guidelines of credits.
So I hope you will enjoy and learn more about the Credit score basics.
Categories: Credit Score Videos Tags: basics, Credit, Score
Wonderful Property Loan Terms Despite Poor Credit Score Rating
Getting the Bait on Wonderful Property Loan Terms Despite Poor Credit Score Rating
Article by Credit Report Shop
Getting a house loan is just like finding recognition at the end of each and every academic year in school. Just before you’re awarded of any recognition, you should comply with the requirements for such recognition. For example, prior to you might be given an academic award, you have to 1st satisfy the needed general weighted average on each and every or all subjects. Other awards also follows particular criteria just before it could be awarded to deserving students at the end of the school year.
The very same thing also goes in securing a home loan. You can find specific requirements that you need to meet prior to you may have the ability to secure a property loan. One of which is that you need to possess an excellent credit rating.
Then again, in spite of the wide availability of property loans, you’ll find still thousands of people who failed to secure household loans merely since they possess a poor credit ratings. They are not fully aware that any delinquency in paying their outstanding loans caused the ?stain? in their credit record, thus they would be having a tough time securing a superb household loan.
In other words, possessing a poor fico score basically means you might be giving the lender reason to get more cash from you through giving you home loans with high interest payments. You would like to secure a household loan for the reason that you do not have enough money to finance the purchase of your new home, and yet you’ll be given a monetary burden if you ever insist on obtaining a home loan in spite of of your bad fico scores. That could be a terrible situation for your component.
Fortunately, one can find still loan options for you regardless of your possession of a bad credit rating. There are commercial lenders who supply bad credit household loan for individuals who are having a difficult time securing a loan to finance the buy of their new residence. Then again, bear in mind that because of your bad credit standing, you are going to automatically grow to be a ?great risk? to the lender. Therefore, expect that they will charge you greater interest rate as an assurance that you are going to be able to repay your property loans inside the agreed time period.
Poor credit scores will genuinely put you in a scenario wherein it really is you who’s on the bottom of the wheel. Thus, you need to strongly convince your preferred lender that you are still worthy of a different chance and not be a risk to them. How you can do it? Have a look on the following guidelines and be sure that you may follow them.
Research for the most effective accessible poor credit home loan offer inside the market. You might prefer visiting diverse commercial lenders and financial institutions inside your nearby region to know their terms and conditions also as their rate of interest for residence loans with bad credit score. In addition, an individual contact inside these monetary institutions could possibly be of terrific support inside your credit challenge.
Cleanse your credit rating whilst there is certainly still time for you to do so. If you’ll find incorrect entries posted inside your account, it really is perfect that you call the attention of the authority with regards to this matter and have them clear your record of any incorrect rating. You might also ask for some certification from your prior lenders clearing you of any monetary obligations. In this way, the recovery of your credit rating is going to be in location just before you can secure an additional loan.
Acquiring a household loan with poor credit score could genuinely be a daunting task. But if you ever manage to clear your rating inside the shortest time achievable, you are going to be able to secure a house loan that will not be a monetary burden to your component later on.
Just take the time to understand extra regarding true credit report to safeguard your financial future. Here can be a linked subject matter concerning san diego wealth manager that might be of interest to you.
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Improve Credit Score for Motorcycle
Question by mdk72003: Improve Credit Score for Motorcycle???????
i have a credit score of 615 and i’m trying really hard to get a motorcycle or a loan for one. please somebody help me with a site or something i can go to. please no answers about how i should pay my bills on time to get better credit, i’m a college student i have no bills.
Best answer:
Answer by becky m
I wouldn’t recommend getting a loan off the internet. If your bank won’t finance you for a loan, then you’re just going to have to do what I know you don’t want to hear. Try to pay the things you currently have off before adding to your debt.
What do you think? Answer below!
Categories: Credit Score Questions Tags: Credit, Score
What’s My Credit Score and How Do I Raise It?
Credit score is important to us, we should always check on it and of course do things that will help improve our credit score.
People who have good credit score can easily negotiate to get a loan with a lower interest rate. But the question is do you know how you can check your credit score? Do you know how you can raise it? Well I think you have to watch this video and take down some notes.
The video you are about to see is informative and will provide you with the tips you needed regarding credit score. You will learn how you can check your credit score and remember it. After watching this, you will know tips on how you can improve or raise your credit score.
This will guide you to achieve the credit score you always wanted.
Categories: Credit Score Videos Tags: Credit, Raise, Score, What's
Credit Cards and Credit Score?
Question by hhhthegame: Credit Cards and Credit Score?
I have 2 credit cards on my credit report that I’ve never used. I’ve heard that the less credit you have available the higher your score will be (less cards/credit to max out on). But I’ve also heard that if you close accounts it lowers your score. Should I close them?
Best answer:
Answer by Princess
I don’t think that it is true that if you have more credit you have a lower score. I have lots of cards (at least 8 or so) and I have a really high credit score. As long as you pay back what you owe on time, your score will be good. So, I wouldn’t worry about it.
Give your answer to this question below!
Categories: Credit Score Questions Tags: Credit, Score
Your Credit Score, Your Money & What’s at Stake (Updated Edition): How to Improve the 3-Digit Number that Shapes Your Financial Future
Your Credit Score, Your Money & What’s at Stake (Updated Edition): How to Improve the 3-Digit Number that Shapes Your Financial Future
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve your credit fast. Read this book and prosper.”
David Bach, bestselling author of The Automatic Millionaire and The Automatic Millionaire Homeowner
“Excellent book! Insightful, well written, and surprisingly interesting. Liz Pulliam Weston has done an outstanding job demystifying an often intimidating and frustrating topic for the benefit of all consumers.”
Eric Tyson, syndicated columnist and bestselling author of Personal Finance for Dummies
“No one makes complex financial information easy to understand like Liz Pulliam Weston. Her straight-talk and wise advice are invaluable to anyone with a credit card or check book–and that’s just about all of us.”
Lois P. Frankel, Ph.D., author of Nice Girls Don’t Get the Corner Office and Nice Girls Don’t Get Rich
“In a country where consumers increasingly pay more when they have bad credit, Liz Pulliam Weston’s book provides excellent tips and advice on ways to improve your credit history and raise your credit score. If you just apply one or two of her insightful suggestions, you’ll save many times the cost of this book.”
Ilyce R. Glink, financial reporter, talk show host, and bestselling author of 100 Questions Every First-Time Home Buyer Should Ask
“Your credit score can save you money or cost you money–sometimes a lot of money. Yet, most people don’t even know their scores, much less know how to make them better. Liz Pulliam Weston can help you fix that. In this easy-to-understand guide you’ll learn how to make sure your score helps you get the best deal on loans and insurance. You can’t afford not to read it.”
Gerri Detweiler, consumer advocate and founder of UltimateCredit.com
The #1 Best-Selling Guide to Improving Your Credit Score…
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In post-crash America, it’s tough to get credit…and even tougher to get rates and terms you can afford. That makes your credit score more important than ever before. Now, MSN Money/L.A. Times personal finance columnist Liz Pulliam Weston has updated her best-selling book on credit scores to show how you can maximize your score right now–and save yourself a fortune!
Weston reveals the tough new realities of borrowing and credit scoring, and shows why they aren’t going to change any time soon. She rips away the mystery surrounding credit scoring, including the FICO 08 overhaul, and tells you exactly how to use the new system to maximize your score.
You’ll learn how to fight back against lenders who want to lower your limits or raise your rates…bounce back from bad credit and bankruptcy…choose the right credit solutions and avoid options that only make things worse. One step at a time, Weston will help you build (or rebuild) your credit score–so you can get the credit you need and deserve!
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Rapid rescoring: what it can fix, what it can’t fix, and how to use it
Don’t let the myths of credit scoring cost you a fortune!
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What drives your score–and what doesn’t
The real impact of credit cards, loans, late payments, inquiries, credit counseling, and more
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Practical Tips to Responsibly Manage Credit Cards & Maintain a Good Credit Score
Article by New Credit Applications
A good credit score can be maintained by following practical tips that will allow you to responsibly manage credit. Maintaining a good credit score and managing credit cards responsibly will afford you the future you desire. Without good credit you can not obtain a credit card, a car loan, or a mortgage. Having credit cards is a responsibility that will make or break your credit score.
Practical tips in establishing good credit card habits and being credit worthy are often not discussed enough with teenagers who leave home for college before they take on the responsibility of managing credit cards. What are some practical tips that will enable college students to responsibly manage credit cards and maintain a good credit score? There are 5 practical tips listed below that will help you to responsibly manage credit cards, and maintain a good credit score thereby boosting your credit worthiness.
Practical Tip #1 – BEGIN BY ESTABLISHING CREDIT
Compare credit cards on line, and choose one that has a low APR, and one that does not charge you an annual fee. Until you get the hang of responsibly managing credit only open two necessary credit cards to establish credit, and to maintain a good credit score. Learn how to manage two accounts simultaneously before opening additional lines of credit. Remember credit is a privilege, and a responsibility that should be responsibly managed.
Practical Tip #2 – PAY YOUR CREDIT CARD ON TIME EVERY MONTH
Missing a credit card payment or even being late on a credit card payment is not an option nor is it responsibly manage credit. If you intend to maintain a good credit score, than you must make your credit card payments on time every month. Missing a credit card payment can also negatively affect your good credit score, and it can stay on your credit report for seven years. It’s very important to be responsible by not allowing any negative marks to appear on your credit report if you want a good credit score.
Practical Tip #3 – WATCH YOUR EXPENDITURES
Responsibly managing credit cards and maintaining a good credit score includes watching your expenditures. As a rule of thumb it is generally a good idea not to charge your credit card for anything that you will not have when the credit card statement arrives. Managing credit responsibility will help you develop a thinking pattern to decide which credit card purchases are necessary. The exception to this rule is using your credit card for a specific bill you must pay each month anyway such as your car insurance. Not buying anything above what you already have to pay for monthly expenditures will build your credit and improve your credit score.
Practical Tip #4 – RAISE YOUR CREDIT LIMIT
As you continue to responsibly manage your credit cards on time most companies will allow you to request a credit card limit increase. Every credit card company and terms of each credit card is different. Some credit card companies will allow you to raise your credit limit by every 3 months, as others will only allow you to raise your credit limit annual. So keep in touch with your credit card company and find out what their terms are for raising your credit limit. As soon as you are able to raise your credit limit do so. This is to your advantage. The higher amount of credit you have available with the lowest mount of overall credit usage will significantly raise your credit score. Increasing your credit limit on a credit card is like applying for new credit only not being punished for having any additional credit inquiries added to your credit report.
Practical Tip #5 – ADD NEW LINES OF CREDIT
Once you’ve mastered responsibly managing credit cards and maintaining a good credit score than you can begin to open a new line of credit, but do so should only be done as the need arises. For example if you have to make a major purchase like a washer and dryer or a refrigerator, applying for a new line of credit to make this purchase maybe the only way for you to afford the item. Remember though you should pay the item off as quickly as possible so your debt to available credit ratio declines and thereby increases your good credit score once again. Adding new lines of credit responsibly does not afford you the opportunity to buy items on credit that you don’t need, or to go on a shopping spree when you can’t afford to do so. Also when adding new lines of credit you should remember to do so only once or twice a year as too many credit inquiries on your credit report will drop your good credit score.
Following the 5 credit tips above is a sure way for you to develop good credit habits and ultimately developing the best credit score you can. To responsibly manage credit cards and maintain a good credit score begin by establishing credit. Compare credit cards online at http://easycreditapp.newcreditapplications.com/, and choose the credit card that fits who you are. Most credit card applicants are approved instantly!
New Credit Applications is committed to helping those who don’t have a credit card or who have had credit lines taken away in the past. Easily apply online for instant approval for the credit card that most fits your needs!
Categories: Credit Score Articles Tags: Cards, Credit, Good, Maintain, Manage, Practical, Responsibly, Score, Tips