Credit Score Archive for November, 2009

• Big Credit Scores Required for Jumbo Mortgage

  by Sally Maison
  

  Many people feel more confident to borrow huge loans now that the economy is showing signs of recovery. But specialists advise jumbo borrowers to consider their plan carefully since luxury prices are very vulnerable to instability in the market. Additionally, borrowers are reminded that they need huge credit scores to meet the requirements of banks. Jumbo lending poses great risks to creditors since it is very difficult to sell a luxury property if the borrower defaults. Moreover, such property can … (more) November 20, 2009

• What Makes a Good Credit Repair Company

  by Brian Anderson

  Most people no longer have the time to correct unfair credit reports. They tend to settle for what has transpired from the assessment of the credit bureaus no matter how inaccurate they have been because they get fed up with some entities identifying themselves as part of credit repair companies and are just actually some deceitful individuals who intend to rob you off your money. For the credit score advice that works, you try to seek for credit repair companies … (more) November 20, 2009

• FICO Remains the Most Widely Used Credit Score

  by Sally Maison
  

  Despite the new credit score models appearing today, FICO remains the most widely used consumer rating model in the United States. Experts note that majority of mortgage lenders, banks, finance companies, and insurance firms use the system developed by Fair Isaac and Company. Fair Isaac and Company developed the first credit scoring model in 1958 for a finance group called American Investments. In 1970, the firm developed the first credit rating for a bank when American Banks and Trust request … (more) November 19, 2009

• 3 Credit Score Tips I learned from a Credit Counselor

  by George Hauser

  Debt seems to be the answer to individual’s need in today’s high unemployment rate and bad economy. Normally, individuals with good credit score records avail easily of loan and have a better interest charge offer. While availing a loan is easy to some, it is difficult to others. Although this is a reality, actually there are remedies to ease the problems of mortgage denial or delay. Here are a few credit score tips I learned from a credit counselor. Since … (more) November 19, 2009

• Home Loans Still Hard to Get despite Near-record Low Mortgage Rates

  by Sally Maison
  

  Mortgage rates are at the lowest they have been for years, but creditors still make it difficult for bad credit consumers to get a home loan. For the last two years, the major government-backed mortgage lenders, Fannie Mae and Freddie Mac, have gradually increased lending standards in different ways. Both government-sponsored enterprises imposed a “risk-based” pricing, raising costs for consumers who are more likely to default on their loan. The GSEs use the credit score of mortgage applicants to determine … (more) November 18, 2009

• You Can Improve Your Credit Score, But It Doesn’t Happen Overnight

  by Brian Anderson

  Whether you are applying for a credit card account, planning to get a home mortgage or a car, or seeking insurance, you should know that lenders and providers would most probably check your credit score. A huge part of their approval will depend on this score.  Through your credit report, they will determine how likely you’ll be able to repay for the loan. The higher your score, the least problems you will have because that means the lesser risk you … (more) November 18, 2009

• Debt-ridden Families Encouraged to Have a More Positive Outlook

  by Sally Maison
  

  Majority of American families fell during tough economic times but specialists advise them to remain positive since they can easily get their finances back on track. According to experts, the most important way to rebuild a credit score is by paying bills on time. Lenders typically report a late payment if it is 30 days past due so consumers are advised not to worry if they are week late on their bills. More importantly, consumers are advised not to panic … (more) November 17, 2009

• Credit Score Tips: Its Role to Borrowers

  by George Hauser

  Americans are fond of using credit cards to pay for goods they purchase or pay for services they need. About 91.1 million are cardholders. However it is surprising to know that more than one-third of American adults admitted they do not know their credit scores according to the statistical survey report in 2009 by the National Foundation for credit counseling.  Experts believe one must not neglect to know his credit scores if he wants to stay in the world of … (more) November 17, 2009

• Bank Teaches Teens the Importance of Good Credit

  by Sally Maison
  

  Things took very rapid turns over the past two years. With the economy and federal laws taking many changes as well, people know that a new financial reality is up ahead. First Interstate Bank, in joining the celebration of the seventh annual “Get Smart About Credit Day,” emphasized to students of Hotsprings High School how important it is to manage their finances well and to keep their credit report free from negative marks. According to Connie Gerard, the Consumer Loan … (more) November 16, 2009

• Knowing What Makes up A Credit Score Keeps It High

  by Brian Anderson

  Having a good credit score advice is important in seeking approval for loan applications, getting insured, and even getting a job! So, you ought to know what makes up a credit score to have some leverage over it. Of course, you already know that a credit score is the mathematical equivalent of your credit standing. It contains information about your credit history and activity.  Perhaps the one best credit score advice is to keep track of your credit report. Missing … (more) November 16, 2009