First off, it is important to realize that the credit bureaus are not open about how they calculate credit scores. Also, the same event may have a different impact on your score compared to a neighbor’s score. Given all that, we do know that a default will have a very negative impact on your credit. [...]
Follow these seven tips to quickly repair your FICO score. 1) Obtain A Copy Of Your credit Report You can easily obtain a copy of your credit report from the three major credit bureaus (TransUnion, Experian, & Equifax) by telephone, mail, or the internet. They all provide a FICO score, which is based on your credit [...]
Do you know what happens when you try to correct a mistake made by a credit reporting agency (CRA)? The important thing to understand is that CRAs are for profit corporations who view you as a potential customer. They are paid for their credit reports, whether or not they are accurate. While they are required [...]
With the economic turndown of the last few years, easy credit has declined dramatically and we have been forced to take a closer look at what influences the availability of credit to ourselves. Lenders have tightened up lending requirements, and heavily depend on credit scores to assess risk and make loans. The rate they offer [...]
Have you ever applied for a credit card, loan, or mortgage and been unpleasantly surprised when you were turned down? You may have been paying your bills, and so had no idea that your credit report was less than ideal. When this happens, it is important to find out what the problem is and what [...]
There are a number of common mistakes people make when trying to repair their credit. It is easy to make these mistakes when you are not clear how the credit reporting agencies (CRAs) work. Here are examples of some of these mistakes. As you will see in the examples below, it is important to be [...]
It is no secret that, with the economic downturn of the last few years, rates of bankruptcies have skyrocketed. As a result, one might be tempted to conclude that this is an easy out in a financial squeeze. While it can offer some benefits, and sometimes is the only available option, bankruptcy is not without [...]
Sometimes information reported by the three major credit bureaus is incorrect. On the other hand, some information which is harmful to your credit report may be old, yet still correct. Since negative information may stay on your reports for seven to 10 years, the ideal way to handle your accounts is to clean them up. [...]
A charge off is a terrible thing to appear on your credit report. A charge off is a debt that has been deemed uncollectible by a creditor. These are debts which are normally over 180 days overdue. A Charge Off Won’t Go Away Even if the creditor has decided that the debt is likely uncollectible, the [...]
There is often some confusion about what a “soft” and “hard” credit score inquiry is. When you pull your credit report to look at it, it is counted as a “soft” inquiry. When lenders look at your credit score it is counted as a “hard” inquiry. While both have a small impact on your credit [...]
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