Posts Tagged ‘fico score’
July 29th, 2010 | 
Author: 
Marc Sumner asked:
There are a number of ways in which you can have a collections agency reporting to your credit report. Most of the time it’s due to past due bills that were either overlooked or just never paid. You should know there are ways that you can try to fight this to attempt to raise your FICO score. This will in turn raise your buying power because you’ll be able to borrow more if you need to.
Every person has the ability to get one free copy of their credit report each and every year. All you have to do is make a request for it and it’s available to you either by mail or within a few seconds online. Most people don’t understand that you can dispute charges on your credit report.
What happens when you dispute these different collections charges on your credit report is that they will have 30 days to respond to the dispute, otherwise it’s marked as invalid. Most companies will respond to these disputes so all you will need to do is to negotiate with these collection companies and let them know you will pay off your debt sooner if they can remove this from your credit report.
What you should understand is that collection agency reps main goal is to get you to pay off the debt. So getting them to remove this shouldn’t be a problem if you can work out something with them to pay off what you owe.
Remember that 1 in 4 credit reports contain some sort of error that could be lowering your credit score without you knowing it!
Gladys
There are a number of ways in which you can have a collections agency reporting to your credit report. Most of the time it’s due to past due bills that were either overlooked or just never paid. You should know there are ways that you can try to fight this to attempt to raise your FICO score. This will in turn raise your buying power because you’ll be able to borrow more if you need to.
Every person has the ability to get one free copy of their credit report each and every year. All you have to do is make a request for it and it’s available to you either by mail or within a few seconds online. Most people don’t understand that you can dispute charges on your credit report.
What happens when you dispute these different collections charges on your credit report is that they will have 30 days to respond to the dispute, otherwise it’s marked as invalid. Most companies will respond to these disputes so all you will need to do is to negotiate with these collection companies and let them know you will pay off your debt sooner if they can remove this from your credit report.
What you should understand is that collection agency reps main goal is to get you to pay off the debt. So getting them to remove this shouldn’t be a problem if you can work out something with them to pay off what you owe.
Remember that 1 in 4 credit reports contain some sort of error that could be lowering your credit score without you knowing it!
Gladys
Posted in Finance | 
Tags: Attempt, Collections Agency, credit report, Credit Reports, Credit Score, debt collections, Due Bills, fico score, mail, Main Goal | 
No Comments »
John Rasor asked:
Let’s say you are what most people would consider a good person. You help out in the community, volunteer to help others and even show up on the front row for church every Sunday. You recently applied for a home loan and to your surprise were denied. How could this be? You’re a good guy or gal, and deserve this loan, right? Could you be on the credit bureaus blacklist?
Since there is no such thing as a “blacklist” within the credit scoring system the answer is no. You are not on a blacklist. Your credit history are based on nothing more than factual data that lenders have provided about your pay habits.
Your fico score has absolutely nothing to do with your age, marital status, race, sex, nationality or religious beliefs. Your occupation and length of time on the job also have nothing to do with how your credit score is calculated. Only information present on your actual credit report make up your credit score.
Pretend for a moment that you are an underwriter working through a mortgage loan application. What would be of the most importance to you? Ironically, underwriters look at the same thing that the credit bureaus do.
1. Payment history is a biggie. This tells the tale of whether or not you can handle what you currently have on your plate. If you are consistently 30 days late on your car payment, why would you think you are worthy of a home loan?
2. Credit history is also important. The age of your accounts reveals your experience with credit. Multiple accounts like credit cards, student loans, car payments with several years of history, especially with perfect payment status will surely pass the test for an approval.
3. Your debt load makes a difference in how you handle available credit. If all or even a few of your credit cards are maxed out a red flag pops up. People in control of their finances typically use credit cards sparingly or always pay them off in full each month.
4. Recent inquiries can wreak havoc if you’ve had too many. Multiple credit card applications make it look like you are in desperate need of more credit, or just credit in general. Its ok to have a few inquires with multiple mortgage companies within a 14 day window. The bureaus only look at these as one inquiry since most people will shop around for the best home loan.
It always makes sense to obtain a copy of your credit report either before you make a mortgage application or if you are declined credit as a result of a low credit score. There are several arguments for this statement. One is identifying potential errors and fixing them before your lender pulls their copy. Another is having the upper hand when applying for a mortgage. If you have a great credit score use it as leverage and tell the lender up front. Request terms based on it and make that lender wait to pull your actual credit report until you have received multiple offers.
Debra
Let’s say you are what most people would consider a good person. You help out in the community, volunteer to help others and even show up on the front row for church every Sunday. You recently applied for a home loan and to your surprise were denied. How could this be? You’re a good guy or gal, and deserve this loan, right? Could you be on the credit bureaus blacklist?
Since there is no such thing as a “blacklist” within the credit scoring system the answer is no. You are not on a blacklist. Your credit history are based on nothing more than factual data that lenders have provided about your pay habits.
Your fico score has absolutely nothing to do with your age, marital status, race, sex, nationality or religious beliefs. Your occupation and length of time on the job also have nothing to do with how your credit score is calculated. Only information present on your actual credit report make up your credit score.
Pretend for a moment that you are an underwriter working through a mortgage loan application. What would be of the most importance to you? Ironically, underwriters look at the same thing that the credit bureaus do.
1. Payment history is a biggie. This tells the tale of whether or not you can handle what you currently have on your plate. If you are consistently 30 days late on your car payment, why would you think you are worthy of a home loan?
2. Credit history is also important. The age of your accounts reveals your experience with credit. Multiple accounts like credit cards, student loans, car payments with several years of history, especially with perfect payment status will surely pass the test for an approval.
3. Your debt load makes a difference in how you handle available credit. If all or even a few of your credit cards are maxed out a red flag pops up. People in control of their finances typically use credit cards sparingly or always pay them off in full each month.
4. Recent inquiries can wreak havoc if you’ve had too many. Multiple credit card applications make it look like you are in desperate need of more credit, or just credit in general. Its ok to have a few inquires with multiple mortgage companies within a 14 day window. The bureaus only look at these as one inquiry since most people will shop around for the best home loan.
It always makes sense to obtain a copy of your credit report either before you make a mortgage application or if you are declined credit as a result of a low credit score. There are several arguments for this statement. One is identifying potential errors and fixing them before your lender pulls their copy. Another is having the upper hand when applying for a mortgage. If you have a great credit score use it as leverage and tell the lender up front. Request terms based on it and make that lender wait to pull your actual credit report until you have received multiple offers.
Debra
Posted in Finance |
Tags: Car Payment, Car Payments, Credit History, Credit Score, Debt Load, fico score, Havoc, Mortgage Loan Application, Red Flag, Student Loans |
No Comments »
Gressly Stevens asked:
When it comes right down to it you already know that there are many reasons that you are judged by your credit every single time you try to make a financial decision and even for employment anymore. This is why you have to check your credit rating at least twice a year. There are many things that you have to understand about credit and why you have to keep yours under control and check it from time to time. Here are some helpful credit tips for you.
1. Understanding your Report
It would do you very little good to pull your credit report twice a year if you have no idea what it means and how to read it. There are two basic categories that will consume the majority of your report, the paid on time side, and the not paid on time side. The paid on time side will be listed first and it will have all the different debts, credit cards, and loans that you are currently paying on and you are on time with. The not paid on time side will be all the different debts that you have ever paid on late, even if it was just one payment.
2. What to look for when you check your credit rating
Your actual rating is also known as your FICO score. This is what you are judged on and when you check your credit rating you need to be looking to see what is on your report. You need to make sure that your report is correct and all the debts listed are yours. If there are debts on your report that do not belong to you, then you need to contact the credit bureau and get these debts off your report.
3. Changing your Rating
The best way to change your rating when it comes to credit is to pay off debts on the not paid on time or delinquent side of your report. You do not have to pay off the largest debts to get your rating to go up. If you have any smaller debts on this side of your report you can pay them off one by one and this will help you to raise your FICO score and get to the point where getting financing is easier.
Tim
When it comes right down to it you already know that there are many reasons that you are judged by your credit every single time you try to make a financial decision and even for employment anymore. This is why you have to check your credit rating at least twice a year. There are many things that you have to understand about credit and why you have to keep yours under control and check it from time to time. Here are some helpful credit tips for you.
1. Understanding your Report
It would do you very little good to pull your credit report twice a year if you have no idea what it means and how to read it. There are two basic categories that will consume the majority of your report, the paid on time side, and the not paid on time side. The paid on time side will be listed first and it will have all the different debts, credit cards, and loans that you are currently paying on and you are on time with. The not paid on time side will be all the different debts that you have ever paid on late, even if it was just one payment.
2. What to look for when you check your credit rating
Your actual rating is also known as your FICO score. This is what you are judged on and when you check your credit rating you need to be looking to see what is on your report. You need to make sure that your report is correct and all the debts listed are yours. If there are debts on your report that do not belong to you, then you need to contact the credit bureau and get these debts off your report.
3. Changing your Rating
The best way to change your rating when it comes to credit is to pay off debts on the not paid on time or delinquent side of your report. You do not have to pay off the largest debts to get your rating to go up. If you have any smaller debts on this side of your report you can pay them off one by one and this will help you to raise your FICO score and get to the point where getting financing is easier.
Tim
Posted in Finance |
Tags: Contact, Control, Credit Cards, Credit Loans, Credit Rating, credit report, Debts, fico score, Financial Decision, Many Things |
No Comments »
Irena Bocheva asked:
Are you trying to obtain a mortgage or auto loan, but fear being turned down by creditors? Do you want to apply for a business loan, but don’t want to pay thousands of dollars on high interest? Whatever you specific situation is, you are not alone-more than 35 million Americans are struggling with issues related to bad credit score. Getting turned down on your loan, employment or lease application are just some of the side effects of having a low FICO. The growing significance of your FICO makes having a good credit score a necessity.
Here are 3 simple tips that will help you raise your score in less that a month
1 Face your credit problems NOW.
A lot of people postpone solving their bad credit issues until it’s too late. The collection phone calls, the tons of unwanted mail, the fear of applying for loans-deal with the issue NOW. The problem with bad credit is that the more you procrastinate action, the more your credit problem spins out of control. Don’t pretend that the problem doesn’t exist-face it.
2 Approach your credit problem with a clear plan of action.
Order a copy of your credit report and highlight all negative items in it. Which are the most harmful negative accounts in your report? There are various credit repair strategies which are tailored towards each type of negative account (collections, legal judgments, late payments, past due payments, tax liens etc). What works for late payments (pay them in full and send “goodwill’ letter to creditors) does not work with collection accounts (pay only the settlement amount and negotiate for the removal of the negative item). Familiarize yourself with the different credit strategies and start applying them to the most harmful accounts in your report.
3 No proof-no guarantee
There is one simple rule in the world of credit repair-try to keep everything in written form. Always use certified or registered mail, make copies of your correspondence with credit bureaus and collection agencies. Always ask for written verification of every deal you strike with a credit bureau or collection agent. If you don’t keep written proof of your efforts, you might be simply wasting your time.
How raise your credit score fast? The KEY is knowledge about the inner workings of the credit system and the various loopholes in it. Once you start thinking outside the box, you will be surprised to find how easy credit repair actually is.
Viola
Are you trying to obtain a mortgage or auto loan, but fear being turned down by creditors? Do you want to apply for a business loan, but don’t want to pay thousands of dollars on high interest? Whatever you specific situation is, you are not alone-more than 35 million Americans are struggling with issues related to bad credit score. Getting turned down on your loan, employment or lease application are just some of the side effects of having a low FICO. The growing significance of your FICO makes having a good credit score a necessity.
Here are 3 simple tips that will help you raise your score in less that a month
1 Face your credit problems NOW.
A lot of people postpone solving their bad credit issues until it’s too late. The collection phone calls, the tons of unwanted mail, the fear of applying for loans-deal with the issue NOW. The problem with bad credit is that the more you procrastinate action, the more your credit problem spins out of control. Don’t pretend that the problem doesn’t exist-face it.
2 Approach your credit problem with a clear plan of action.
Order a copy of your credit report and highlight all negative items in it. Which are the most harmful negative accounts in your report? There are various credit repair strategies which are tailored towards each type of negative account (collections, legal judgments, late payments, past due payments, tax liens etc). What works for late payments (pay them in full and send “goodwill’ letter to creditors) does not work with collection accounts (pay only the settlement amount and negotiate for the removal of the negative item). Familiarize yourself with the different credit strategies and start applying them to the most harmful accounts in your report.
3 No proof-no guarantee
There is one simple rule in the world of credit repair-try to keep everything in written form. Always use certified or registered mail, make copies of your correspondence with credit bureaus and collection agencies. Always ask for written verification of every deal you strike with a credit bureau or collection agent. If you don’t keep written proof of your efforts, you might be simply wasting your time.
How raise your credit score fast? The KEY is knowledge about the inner workings of the credit system and the various loopholes in it. Once you start thinking outside the box, you will be surprised to find how easy credit repair actually is.
Viola
Sam C asked:
My credit took a hit 2 1/2 years ago when I went through extended unemployment and found myself deliquent for almost 6 months on my accounts. I have since turned this around and I have a perfect on-time payment history for all my credit accounts since. This is apparent if I check the 3 major credit bureaus w/ my free govt’ mandated report, but if I were to check myFICO it would reflect my deliquency. Which do employers check?
Donna
My credit took a hit 2 1/2 years ago when I went through extended unemployment and found myself deliquent for almost 6 months on my accounts. I have since turned this around and I have a perfect on-time payment history for all my credit accounts since. This is apparent if I check the 3 major credit bureaus w/ my free govt’ mandated report, but if I were to check myFICO it would reflect my deliquency. Which do employers check?
Donna
Posted in Credit |
Tags: 3 Major Credit Bureaus, Credit Accounts, credit report, Deliquency, fico score, major credit bureaus, Payment History, Time Payment, Unemployment |
2 Comments »