Archive for January, 2009
Learning The Art Of
Learning the art of managing your use of credit can pay big dividends when it’s time to get a home mortgage. The difference between a good credit score (680 and up) and a fair one (630 to 600) could be huge in terms of the interest rate that you will pay and also the other [...]
It Is Important To
It is important to establish several different credit accounts. Just having credit cards that have paid on time isn’t enough. Lenders like to see diversity and longevity. Often homeowners will open jewelry accounts and take out small bank loans to increase there credit standing. Of course this has to be done prior to attempting a [...]
If You Have A Credit
If you have a credit card that is maxed out you can request a credit line increase to bring your balance to limit ratio back within the preferred 50% range. This simple process can have a great affect on your credit score within a month’s time. However with an increased credit line you do have [...]
If Your Credit Score Is
If your credit score is preventing you from qualifying for the mortgage program you desire, talk to one of our representatives about the variety of credit improvement strategies which can help you improve those scores and get into the refinance or purchase loan you need. Tags: mortgage, refinance <BR/>
Do Not Apply For Frivolous
do not apply for frivolous department store accounts just because of an advertised discount. These accounts often come with marginal credit limit’s and high interest rates. Having even a small balance on a low credit limit card can hurt your credit score. Any time a department store requests your social security number they are bonding [...]
Credit Is Just One Aspect
Credit is just one aspect of a person’s overall financial picture. The best first step to managing credit responsibly is to manage all your money responsibly. This means creating and sticking to a budget, paying your bills on time, and not taking on more debt than you can handle. It Tags: debt, Credit <BR/>
If You Have An Old Collection
If you have an old collection account on your credit report paying it off may actually hurt your credit score. Most lenders will ignore collection accounts over two years old. By paying off that account, the date of last activity becomes recent and it may actually reduce your credit score. Tags: score, com, credit report [...]
The Four Most Important
The four most important factors regarding credit are: 1. Pay all of your bills on time. Know what bills report to the credit bureaus and which ones don’t. This will help to maintain a better credit rating. Do not let accounts go to collection. 2. Limit your balances on all revolving credit (such as home [...]
The Type Of Credit You
The type of credit you have has a 10% impact on your credit. A mix of revolving debt and installment loans is optimal, rather than just credit cards. Credit agencies tend to frown on consumer finance company trade lines and getting credit at a store that is not a department store. Tags: credit cards <BR/>
Borrowers With Fico Credit Scores
Borrowers with fico credit scores of 800 or more typically utilize very little of their available balances (the average is 7%). Tags: credit score, Credit, score <BR/>
