|
|
|
Alice in Credit Card Land
Your credit card is stolen. You place a phone call to the number provided in your tourist guide or in the local daily press. You provide your details and you cancel your card. You block it. In a few minutes, it should be transferred to the stop-list...
Bad Credit Debt Consolidation by www.alifeoutofdebt.com
Are you afraid of bad credit? Then this article is perhaps for
all of you who feel bad credit is an issue. Let this be your
first step towards Consumer Credit counseling.
No doubt there are numerous bad credit personal loans but
hunting for...
Big Brother knows what's in Your Credit Report. How about You?
Whether you are aware of it or not, credit bureaus have been keeping tabs on you and how you use credit. When it's time for you to apply for a mortgage, credit card, or personal loan, your credit report is what lenders look at to decide to approve...
Establish Or Rebuild Your Credit With Secured Credit Card
We all know how important good credit is in our lives. Today,
credit is no longer a luxury but a necessity. Credit makes it
possible for us to buy needed items, without paying for them at
the time of the purchase. Without a good credit rating, it...
How to get a mortgage even if you have a bad credit rating
If you are having trouble getting a mortgage, you need to remember one thing:- Persistence. If you give up trying, you will NEVER get that mortgage. It's also worth noting that there are a great many variables that determine whether a lender will...
|
|
| |
|
|
|
|
|
|
Composite Credit Report Score simplifies Mortgage Issues
Do you want a mortgage loan for your new home? Trying to qualify for a new mortgage can be very tough, especially if you aren't aware of the effect your credit report score has on your ability to get approved for loans. One of the first things a lender looks at to determine your suitability for a mortgage loan is your credit report, or FICO score.
This is a composite score that gives a quick glance at your overall responsibility rating when it comes to finances. It has to do with how well you maintain repayment plans, how well you keep the ratios of your overall debt to income, your stability in employment, and many other things. Basically, the better your credit report score, the more likely you are to qualify for the loan you want.
Of course, there are many things that a lender considers before reaching the decision about your suitability for a mortgage loan. Employment stability is one. Lenders know that people who stay in the same field of work will more likely stay employed, and therefore will be more likely to repay their obligations. So, even if you have changed jobs recently, if you have kept a progression of advancing within the same field, or have simply changed employers but kept the same basic job with each, your ability to be approved for a mortgage loan should not be hindered much, unless there are negative reasons for your changing jobs.
As a matter of fact, now that automated credit report scoring has come into the lending business, less discretion gets used in determining who qualifies for what credit rate. This is supposed to ensure more objectivity in the loan approval process. For this purpose, the automated credit report score is used to give lenders the ability to boil the entire process down to review of only your overall score.
Unfortunately, this can close out some borrowers from getting loans of the amount, or interest rate they would like. Its even possible that a prospective borrower with enough income could actually be denied a loan he could afford due to a low standardized
credit report score. For this reason, its imperative that prospective borrowers be diligent about improving their credit report scores and paying their bills on time. In this way the problem of disputing a low credit report score is alleviated.
Since there are five key factors that go into the composite credit report score, knowing what they are can help consumers to take control of their financial destiny by making them able enough to change things in their favor.
The very first thing that affects your overall credit report score is how well you repay your debts. Even a person with low income who carefully ensures that all his debts are repaid on time will be able to maintain a high credit report score. And timing is everything. A recent late payment is worse than several late payments some years ago.
Next, collection accounts and public histories are important to your credit report score. This means accounts that go into collection, foreclosure, and bankruptcies are harmful to your score. Ensuring these don't show up on your credit report goes a long way towards improving your credit report score. And therefore, the accuracy of your credit report becomes more important than ever. Consumers need to check their credit reports at least yearly and make sure the information therein is accurate.
Credit report scores below 620 will require remedial work to bring up to an acceptable level. This may take extended amount of time, perhaps years. But its worth it. You must build a positive credit history that shows extended time of handling your finances in a responsible way in order to bury old negative information.
About the Author
James Marriott is a finance writer with more than 15 years of experience in writing financial content, including those related to credit cards, mortgages, stocks, investments, and funds.He is also a regular financial columnist with renowned business journals. For your comments on the article and further financial assistance, please contact our staff writer at info@rncos.com.
|
|
|
|
|
| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
| www.credit.com |
|
| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
|
| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
|
| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
|
| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
|
| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
|
| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
| www.myfico.com |
|
| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
| www.credit-suisse.com |
|
| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
|
| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
|
| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
|
| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
|
| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
|
| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
|
| Compare credit cards | apply for a credit card | 0% balance ... |
| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
|
| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
|
| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
|
| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
|
| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
|
| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
|
|