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Are You A Credit Risk? No? Are You Sure?
You may not find out how bad your credit really is until you apply for a mortgage. Then you will quickly realize that the low interest rates everybody raves about these days, the rates that are a big part of the rising prices of real estate across...
Don’t Fall For A Scheme When Trying To Rebuild Your Credit History
Don't Fall For A Scheme When Trying To Rebuild Your Credit History For people with a spotty credit history or bad credit, getting approved for a standard credit card can be difficult, if not impossible. There are a number of credit card options...
Home Equity Loan Information - What Is A Home Equity Line Of Credit?
Did you know that if you have a home that you’ve been paying on for years, you may have a lot of usable money right under your nose? What’s more, a home equity loan just may be the perfect way to get your hands on that money! Here’s how it works....
How to Get Your Credit Report for Free
Did you know that it's easy for you to get a free credit report ? An amendment to the FCRA requires each of the nationwide consumer reporting companies--Equifax, Experian, and TransUnion--to provide you with a free copy of your credit report, at...
What you need to know about debt negotiation on credit cards
Debt negotiation on credit cards is often referred to as credit card debt settlement. Whenever you make a credit card payment- or even pay your utility bills- it usually gets reported to one- or all- of the three main credit agencies. This...
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Best Car Loan Rate - How To Get The Most From Your Credit Score
Your credit score is the most important factor to getting the
best car loan rate. Many shoppers make the mistake of going to
the car dealership and applying for a loan before checking their
credit report and score. By checking your credit score ahead of
time, you will know where you stand before seeking a lender. If
you have an excellent credit score, you should expect the best
car loan rate possible. Do not expect the lender to tell you
that you could save money by applying for a loan elsewhere. Make
sure you do your homework before applying for the loan. The
little time that it takes to receive your credit report from the
three major agencies could end up saving you a lot of money.
Understanding Your Credit Score
Your FICO credit score is more than just a number. Understanding
how your credit score is determined can help you to maintain or
improve your credit rating. Most credit scores will range in
number from 300-850 points. The higher your number, the better
your credit rating. Your credit score will be determined by five
different categories. Some items
will have a greater affect on
your credit score than others.
1) How timely you pay your bills carries the greatest amount of
weight on your credit rating. While it is a good idea to always
pay your bills on time, lenders will look more at your recent
payment history.
2) Amount of debt- lenders will look at your total debt and the
outstanding debt on your credit cards. It is a good idea to keep
credit card balances well below the maximum amount allowed.
3) Length of your credit history- how long have you had open
credit accounts? Do you use credit on a regular basis.
4) How many credit accounts do you have open? What types of
credit accounts do you have?
5) Recent credit inquiries and newly opened accounts - lenders
will look unfavorably upon your credit record if you have had
numerous recent credit inquiries or if you have opened several
new credit accounts in a short period of time.
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