Credit Score-Free Credit Score

QNA asked:


Here’s the background info:

Came to the US in mid-2001, opened my first credit account shortly thereafter.

Everything was going great, making ontime payments, keeping my balance low, until mid-2004 when I hit a bump on the road, which resulted in several late payments on several accounts, a couple as late as 60, 90 days.

Picked myself up a bit, but have been only able to make minimum payments. Cards are maxed out, which is the reason for my score of 580, I guess.

Have about 4K in credit card debt, which I am planning to pay down completely within the next 3 months.

How much and how fast can I expect my score to increase? When will it reach a respectable level assuming everything goes well from now on?

Thanks in advance.
I’m asking because I want buy a house.
I have no accounts in collection.

All my accounts are open and current, but just very near the credit limit.
I have been making on time but minimum payments for the past several years.

Carlton Malenke

cutechic42 asked:


I just turned 18 and have no credit. The bank would not finance me for a car beacuse of it. Since then, I have gotten 2 secured cards. One with a limit of $500 and one with a limit of $300 to start me off. I have had them for 3 months so far and pay them off in full every month. What will my credit score look like in 6 months? Will it be good enough to get financed for a car by then?

Kristi Labonte

eHow asked:

Child support can increase a person’s income and improve their credit score, but unpaid child support will be reported to credit bureaus. Discover how a large amount of child support can affect a credit score with help from a registered financial consultant in this free video on credit and personal finance.

Zachery Kaderlik

Anytime we are in a bank or see something even remotely finance related, we here the common phrase of credit score.

Most of us can likely make a fairly educated guess as to what the credit score is. However, we are unaware of the profound impact this little number can have over our financial lives.

The credit score affects much more than if you are going to get that new credit card or not. Credit scores can be the deciding factor in many of our life’s decisions and challenges.

In this article we will look at why it is so important to maintain a good credit score in this day and age.

Your credit score is most commonly associated with anything to do with loan decisions. It probably comes as no great surprise that whenever, you apply for credit card, loans, installment payment plans and mortgages the credit score is one of the major deciding factors.

People with low credit scores will likely struggle to get approval on any of these more so than those with high credit scores. By keeping on top of your finances, you can insure that your credit score remains solid.

The credit score not only decides yes or know on various types of financing, but what rate of interest you will receive. Those with good credit scores are likely to get the premium rates of interest. Those with low scores are going to be charged more. Those with low credit scores can still obtain financing but quite often they are forced to use sub-prime lenders. These lend the money but at much higher costs.

Many are surprised to hear that your credit score can now affect the rate you receive on car and homeowners insurance. Several states have started employing this policy on the evidence that statistically, those with better credit scores are less of a burden. They make fewer claims than those with poor credit.

Finally, sometimes potential employers will look at credit scores when making the decision on whether or not to hire. Those positions in the financial world are known for this. A poor credit history will make some employers reluctant to offer expense accounts and company credit cards.

Nearly all of us need credit accounts to get the things that we need today. Most of us would struggle to buy a new car without financing or a house without a mortgage.

Having credit is important and so is maintaining a good score. Keeping the credit score high can offer better finance opportunities as well as more favorable insurance rates and even that dream job.



By: Jim Moore

About the Author:

Riva Jinright

tyldak asked:


I am working on rebuilding my credit, and believe I can reach 600 in the next couple of months. I’m looking at possibly buying a nice starter home, and there are many in my area in the $50,000-$60,000 price range that I could easily afford. I’d be able to get the 20% down that is usually desired. I’m gainfully employed, making about 50k/year.

So what is the minimum score I should work for before even thinking about talking to a Real Estate Agent?

Jamie Ware

Chunkerbutt asked:


how can i make excellent credit score higher? For some reason my credit score dropped 12 points in the last year. I have no late payments and zero balances on all my credit history except 2, those balances arent high. Now i know looking at your credit report takes points away from your score. What can i do to make my score higher and fast?
i havent looked at it in a year… and i have also called that number to have consumers stop sending me offers in the mail…they said that your credit score should go up atleast 5 points if you do that. so whats the deal?

Bud Giallorenzo

¸.•*´`*? ?Lenka? ?*´`*•.¸ asked:


I filed for bankruptcy in 2007, my current credit score is 640. How can I raise my credit score before purchasing a home?

Freddy Pennigton

expertvillage asked:

You can get your credit score once a year from the official site annualcreditreport.com. Learn how to obtain your credit score from a credit counselor in this free personal finance video.

Dana

 

Remember the school times – the report cards and score? You may be out of school, but you are still not free from the report cards. If you want to apply for a loan, buy a house, a car or any other big item, a lender will look up your “grade” as soon as you approach him. That grade is your credit score and this determines how much of money you can get on credit.

A credit score actually assess the probability you’ll repay what you owe. This assessment is made based on information in your credit report. The better your credit card scores, the better will be your chances to qualify for more loans and good interest rates. Therefore it is very essential that you improve your credit score. Here are five important tips that will help you improve your credit score.

Get your credit report free of all the obvious mistakes because your credit score is only as good as what shows up in your credit report. Do the analysis for your reports from credit bureaus for accuracy once a year. Get all the mistakes removed several months before applying for a loan. Sometimes the changes much take time so it is advisable to apply for the changes without any delay.

The best way to improve your credit score card is by paying all your bills in time. Pay your bills on time as gives you good scores which increases your chance of getting a loan. On the other hand, a late or missed payment in the last few months is likely to lower your score.

Your credit cards can also be improved if you reduce your credit card balances. A heavily subjective factor is how much money you owe on your credit cards comparative to your total credit limit. It is generally good to keep the balances at or below 25 percent of your credit card limit. This helps in improving the credit scores.

It is advisable that you pay off debt rather than moving it around. This also helps in improving your credit score.

Abstain from closing an unused credit card account near loan time. If you have many credit card accounts but you use few of them, it is likely that you’ll only raise your balance-to-limit ratio if you close the unused ones. It is also advisable that you also don’t open new accounts when applying for a loan.

However, if you have a very old credit card then just stop using it because the older your credit history, the better. The issuers may stop updating those accounts at the credit bureaus if you keep it inactive. The accounts will still appear, but they won’t be given as much influence in the credit-scoring formula as your active accounts.



By: Kathleen Chester

About the Author:

Delia Leho

7steps2720 asked:

Your credit score is your financial life! Do you feel that that bad credit is ruining your life? Are you exasperated with your lackluster credit score? If so, its time to take credit matters into your own hands. Becoming credit-wise is as simple as knowing the facts about credit and how it affects the way you live. Philip X. Tirone shares some tips on how changing your credit score can change your life. For more information on Philiip’s 7 Steps to a 720 Score Credit Management System – visit …

Ryan