Credit Score Archive for September, 2010

• Checking your Credit Scores Online

  by Sally Maison

  Credit score is all about your borrowing performance.  It measures how you handle your credit card account.  It checks how long you have had credit and the amount of available credit being used.  The history of any late payments also has a corresponding score in the credit-scoring formula, and if you had implicated anything negative in your account transactions, it will also be recorded and scored.  If your credit score is impressive, there is a bigger chance of being able … (more) September 17, 2010

• Experian Would No Longer Offer Fico Scores

  by Brian Anderson
  

  After coming out of an unsettled agreement between Experian and Fair Isaac Corp, Experian would no longer offer consumers FICO scores, however, consumers who have had them prior to the renewal disagreement of the two companies would still receive their FICO scores. However, consumers who would be applying for new credit accounts, line and cards could no longer check their FICO scores and see if their scores are enough to land them a good new credit line. Equifax and Trans … (more) September 16, 2010

• Good credit score – A passport to better rates

  by George Hauser

  What do lenders check on first when one applies for a credit card, loan or a mortgage? Yes, it is the credit score. Credit bureaus do keep a record of the credit report including the credit score. The credit score has three digits which serves as the primary determining factor whether or not you get approved of a loan or not. In other words, these three digits is the basis of your creditworthiness. If you have a low credit score … (more) September 15, 2010

• Many Consumers Don’t Their Credit Scores

  by Brian Anderson
  

  Credit scores still stand as an important component of the credit industry. Though many have turned their backs on them, many are still continuously using them for decision purposes. The sad reality is not every consumer checks his or her credit score, let alone the credit report. The consequences would be too late if consumers ignore their scores. For instance, a person wants to buy a new house and applies for a mortgage loan. The lender denies the application saying … (more) September 14, 2010

• Foreclosure Isn’t the Last Resort

  by Brian Anderson
  

  Foreclosure is one of the worst items to appear in one’s credit history. Lenders will look at the borrower as someone who is in financial trouble and would more likely to belong in the high-risk debtors. The item will form part of the credit report and will be a component to computing the borrower’s credit score. The recovery will take a long time and the probability of approval of credit application will be too low. The borrowers with a foreclosure … (more) September 12, 2010

• Program Pulls Credit Scores Down

  by Brian Anderson
  

  President Barack Obama’s Making Home Affordable Program was an answer to prayer for many. But some of the praises ended and some even felt that the program is doing wrong. In the early months of 2009, the Obama administration set out a plan to help homeowners who needs mortgage relief. The plan, later on became a program, aims to help homeowners who have made timely payments and who have mortgages higher than their home value. The plan does not apply … (more) September 10, 2010

• The Credit Scoring System

  by Sally Maison

  The credit scoring system provides an analysis of your borrowing performance.  This is what lenders look at when deciding on the approval of any application you have submitted.  The higher you credit score is, the easier it is for you to be trusted by lending companies.  In determining how high a credit score will be, here is a list of things to keep in mind:  Past Delinquency – past issues of delayed or no payments tend to impact scores significantly.  … (more) September 8, 2010

• Authorized User Ignored In Fico 08

  by Brian Anderson
  

  Authorized User Abuse is a problem for lenders and borrowers alike, though some consider it as an effective credit repair tool. At first, being an authorized user has a good side. Authorized user option allows a family member, such as spouse and children or close relatives, to be added to an existing account. The authorized user can use the credit cards for charges but won’t be responsible for the payments. This is mostly applicable to parents who send their teenage … (more) September 8, 2010

• Work Your Way Out Of Negative Debt

  by Brian Anderson
  

  According to the latest reports brought forth by FICO Inc, there are now more than 43 million Americans who have a credit score which is lower than 599. This accounts to nearly 25% of the US population. Jarod Wells spoke to a real estate broker and a mortgage lender to know what low scores could mean and also their impact. The talk also helped people understand how they can turn things around to lead better lives. April Girard, VP of … (more) September 6, 2010

• Battle between the Scores

  by Brian Anderson
  

  FICO credit scores have faced many controversies for the past years. They have been blamed for the mortgage crisis and they were accused for having inaccurate and unreliable scores. To make it worse, they have a new enemy created by its three most powerful connections – the three major credit bureaus Experian, Equifax, and Trans Union. Many customers got confused with the issue. They have been asking questions like, “will Vantage Score replace FICO?”or “what will become of FICO?”. Vantage … (more) September 4, 2010