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Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders. With a credit score below 585, you will need to put at...
Immediate Steps To Improving Poor Credit
Credit can be a wonderful thing, but it can also be a dangerous
pitfall, with disastrous results, when it gets out of control,
even it happened through no fault of your own. If you find
yourself overextended, here are some ideas for improving...
Loan Options For The Bad Credit Borrower
For several years if not decades, credit collectors have been telling individuals that if they don't pay and pay on time. They'll never get another car loan, credit card or mortgage. Honestly even with terrible credit, even after bankruptcy you can...
Sound Advice For First Time Credit Card Users
If you are just entering the world of credit cards, there is important information you will need to know in order to manage your credit and your finances effectively. Establishing good habits and a good credit history now is the foundation for a...
Using Credit Cards Wisely
"I think money was stolen from my card" or "I might have blocked my card in the ATM" - these are frequent problems that bank customer-support officers usually hear from agitated clients. Incorrect use of credit cards or wrong interpretations of...
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Credit Report and Credit Scores
The information on your credit report can greatly affect the interest rate and your ability to obtain a loan. So it’s very important to check your credit report early, even if you are not quite ready to buy a house just yet.
There are 3 major credit reporting agencies: Experian, Equifax and TransUnion. Everyone has 3 FICO credit scores, one from each of the agencies. The FICO (Fair Isaacs Corporation) score is found by combining several factors, the most important ones being:
• Payment History - have you been paying all your bills on time? Late payments will hurt your credit score.
• Amounts owed – do you owe a lot of money on each account?
• Length of credit history – how long have the accounts been opened? The longer, the better.
• New Credit – how many new accounts do you have?
• Types of Credit in use – do you have a mix of accounts?
Generally, lenders consider credit scores of 720 and above as excellent and you will get the best interest rates. Scores of 680 to 719 are considered good and you
will get the next best rates and so on.
Errors on the credit report are common. If you find an error on the report, notify the credit agency immediately in writing.
Specify clearly what the error is: account name, account number and what type of error (whether there was never a late payment or the account has been closed or you never had that account!).
The agencies are required to investigate and respond to you within 30 days. If the error is complicated, it might take longer than that to remove the error but at least they will be looking into it.
To learn more about credit, including where to check your credit score and tips for improving it, visit Empire Real Estate – Credit Scores.
This article may be reprinted only if credit is given and all links are kept intact.
Copyright©2005 Empire Real Estate Group, Inc.
About the Author
Andre McFayden is Vice-President of Empire Real Estate Group, Inc. in Fresno, CA
www.empirefresno.com
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