Dancegoddess69 asked:


I just checked my credit score with Equifax. From my understanding is every credit bureaus look at credit a little differently. Should I check my credit score from all three or is just one ok?
Also, I just payed off one credit account. It wasn’t a credit card, but a loan. I just payed the rest of the amount off so now that account will be gone. Will doing so hurt my score or raise it?

Sandra

Mike Singh asked:




You may find yourself asking what does your credit score mean exactly? This is a valid question, many people ask themselves what does a credit rating mean. It is a score that determines how responsible you have been in handling your credit and debts. When asking about credit score, it signifies you should also know it helps in getting accepted for a loan or a credit card so it is important to keep it in good standing. Also when looking at your credit rating means you should do everything you can to improve it if need be.

Not only should you know what does your credit mark mean, but you should also know the parts that it is made up of. This is because there are many numbers and names all over it. It is important in determining what your credit mark mean to look at it at least once a year in order to avoid any problems and to resolve any that do arise as quickly as possible. This will mean you must look at it carefully and make sure everything is correct from your address to the balances on each account.

Something else that you need to do when trying to figure out what does your credit score signify is making sure you are ready to dispute anything that is wrong on it. You should also be aware of how to go about this. There are ways and the creditors must oblige within a certain amount of time.

A good thing to do before attempting to find out about your credit rating is to get a free copy of it for your records. This can be done online and at least once a year needs to be done. If it is too low for your own comfort you can work on improving it by curbing spending, paying on time and transferring balances. Do not buy anything you really cannot afford.

When trying to figure out your credit rating mean you should look at the interest rates of different credit cards. These interest rates can greatly affect your credit score and your ability to pay credit cards off. Get rid of any cards with high interest rates as soon as possible and you will be better off.

Most of the time when you are looking at what does your credit score mean, you are trying to figure out if something is wrong with it and looking for a way to improve it. By following these simple suggestions you can be on your way to doing a lot better financially. As long as you understand your credit mark mean, you are well on your way to being debt free.

Cory

Ryan J. Taylor asked:




The secrets to increase credit score ratings are not just for professionals. You can use these same strategies to boost your rating without paying thousands of dollars. When you know the secrets to boost your score, you can instantly get approved for a bigger loan or a nicer car.

There is a very strategy that you can do right now to boost your credit score. This method is so incredibly easy, that most people overlook it. This is such a great strategy not only because it is easy, but it can have massive results and instantly increase your loan rating by a tremendous number of points.

It has to do with your current available credit to debt ratio. This may sound complicated to figure out, but it is really easy. If, for example, you have a credit card with a $10,000 spending limit and you currently have a $5,000 balance, your ratio is 50 percent.

If you are carrying a $2,500 balance, your available credit to debt ratio is 25 percent. Simply divide your current balance, divide it by the limit on your credit card, and multiply that number by 100.

Lenders like to see that you have a lot of credit that is not in use. That shows them that other lenders believe your are responsible and capable of managing a lot of money. If you are close to maxing out your credit though, statistically there is a good chance that you will not be able to pay back your debts.

If you have a lower available credit to debt ratio, you are rewarded with a higher credit score. So one of the fastest and best techniques you can do to increase credit score ratings is to improve that ratio.

The obvious way to do that is to pay off your debts, but there is an easier method you can use that is actually faster than paying your bills. This method doesn’t require spending any money and doesn’t even take a lot of time. When you apply these fast credit repair strategies, you will instantly boost your credits score and instantly get approved for any loan that you need.

Jesse

James Griffiths asked:




Having a bad credit rating is never a good thing. It can affect all aspects of your life, but particularly financial issues. Getting loans will be difficult, bank accounts are harder to get, and there are many other problems that come with it. However, fortunately there are ways that you can repair your credit. One way that you can do this is to apply for a credit card. This may seem like a strange method, but if you can use a credit card without getting into trouble with it then you can improve your rating. This means using it responsibly and not getting any unpaid bills.

Another thing that you can do to start repairing your credit is to make sure that you keep up with all of your monthly bills. This is especially true of things like mobile phone contracts. Many people get themselves into trouble by not paying their mobile bills every month. If you take out a twelve month contract with a contract provider and make sure that you keep up with all of your bills then again you will be improving your rating because you are proving that you can keep up with it.

The same thing works for mortgages. If you take out a mortgage and keep up with your payments then you will start to see improvements in your credit rating meaning that you are repairing it as you go. All of these things are actually very simple to do, and all of them will help you repair your bad credit. You can do the same with other kinds of bills such as contracts and loan repayments. Once you start to prove that you are keeping up with all of your payments then your credit rating will start to go up.

Ensuring that you have a good credit rating is very important. Many people find themselves getting into serious trouble by not having a good enough credit rating. As mentioned above, it can cause a lot of problems when it comes to financial issues. It may take a long time to repair your credit rating, depending on how bad it actually is, but it is certainly worth the hassle if you can repair it. You will find that financial issues are generally a lot easier to manage, and that you are not declined for things that you would be if you had a bad credit rating.

Ricardo

Brooke Ashley asked:




It is crucial to not only know what a good rating is but also what your current score is and how to get it up…fast. This three digit score can make or break your financial status, your ability to purchase a home or car, obtain a credit card, have a reasonable insurance premium, or get a job. In the end, the higher your score, the more money you can save because you will have lower interest rates, insurance rates, and a better paying job. While not all jobs or insurance companies check your credit, many do, and it won’t be long until they all do. In some cases, you don’t even get the chance to pay a higher payment, because you get turned down all together. If you have ever been in that situation then you know how humiliating it is to be told that your application for credit has been declined. There are ways to avoid this, so let’s discuss what is a good credit score rating, and how you can bring yours up.

What is a good credit score rating? A good score is somewhere between 700 and 849. While a rating slightly lower than that may be acceptable enough to get a loan approved, you won’t qualify for the lowest rate possible unless your score is at least a 700. Obviously, the higher the better. A person with a rating of 760 to 849 would instantly be approved for a loan, and receive a very low interest rate. Some creditors also require that you have proof of a job or steady income, but usually if your rating is above 760, you have proven your credit worthiness, and will therefore be approved. However, these high scores can seem very out of reach if you have a blemished past. The good news is that anyone can bring their score up this high; you just have to know what to do.

Once you know what is a good credit score rating, you will then need to work on bringing yours to this level. Basically, if you consider how your score dropped so low, then you simply do the opposite to bring it back up. Ratings usually drop when a consumer pays bills late, or doesn’t pay them at all. In order to bring yours up, the first step is to get a copy of your FICO report so that you can see exactly what has been reported. It is best to get a copy from each of the three agencies, Equifax, Experian, and TransUnion, because they all vary slightly. Call each creditor and tell them you want to dispute their negative remark on your report. Even if the debt is valid, disputing it will usually result in the creditor eventually removing it, which will bring up your rating. In the meantime, make sure that you pay your bills on time each month.

In these tough economic times, your credit score is more important than ever. Even people with seemingly good credit are getting turned down for credit cards and home and automobile loans.

Jamie

Kevin S asked:


Hi everyone.. so i just turned 18 a week ago.. and im looking to buy a financed car. i have a full time job over 38 hours and been employed for about 2 years.. im looking to make a 4000 down payment on a car that is for sell for around 8 to 12k.. i do have credit cards because some how when i was 17 i got approved for 3. i have about 1 year with them.i NEVER missed a payment on all of them. and i checked on a free credit report that i have over 700 in credit (not sure why). the problem is when they sent me the credit card they i said i was already 18 meaning i put a different year (1988 instead of 1990). will i be able to fix this in the future? will i still get a financed car? and will the credit score still show up (I THINK it will because its the same social security number).. well i hope you guys under stand what im trying to say with this.. hope you could help me.. thanks

Lucy

BRANDO123 asked:


have bad credit told me it was free credit score.. then it offers me a line of credit and a credit card … that reports to 3 to companys … i stoped because it askied for my banking information

Anita

US Cutie asked:


Hi,
I’m 22 years old and I don’t work (i’m an online student) and I live with my parents. 3 days ago I tried to open a basic bank account online(MyAccess Checking and Regular Saving), and they ask for minimum $25 for each and I paid them by my father’s Credit Card. They said you’ll receive an e-mail withen 1-2 business days. I received an e-mail today saying that “We are unable to open your account(s) at this time. Our decision was based in whole or in part on information obtained in a report from a consumer-reporting agency. Under the Fair Credit Reporting Act, you have the right to access the information contained in your credit file at the consumer-reporting agency.”

Why is that? I don’t have anything wrong because that’s my first time to open a bank account and it’s my first time to use my name.

The Federal Trade Commision webside – Facts for Consumers saying that “Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment.”
I’m not applying for anything of these. Why my application was denied?

Thank you!

I forgot to mention that it was Bank of America.

Thank you!

Harold

Ima Johnson asked:




Have you ever wondered how loaning companies, banks, and even other huge investors make up their decision whether if they would decline your application or approve it? That’s right. These establishments take a look at your credit score which is indicated in your credit report.

What Is A Credit Report?

A credit report is considered to be a brief, yet accurate financial history for one whole year. Your credit statement is where these companies base their decisions – as they would be able to see whether you have had some problems when it comes to paying your monthly bills, or whether if you pay on time. Your debts (if any) are also included in here, as long as the other purchases made from your credit card(s) or any other means of purchasing or paying for shopped items.

As an individual, you can benefit a lot from getting a free credit report. You can easily anticipate whether you will have your loan approved or not. This is also one way wherein you can keep track of you yearly expenses, and even financial records.

Through proper monitoring, you can also determine whether someone has tried to steal your identity or also known as identity theft. This is a rampant crime worldwide – and you have to be aware of these tings. Since your free annual credit report gives you a brief explanation and figures on your previous financial statement, you may determine whether someone has tried to fake your documents and forged your accounts.

This way, you can easily report that kind of incident immediately to the bank, and report the account is fraud. You can also have a lawyer checked and have that case investigated – that way, you can find who the potential suspect or who is the one responsible for identity theft. Identity theft is a serious crime that you do not want to take lightly.

Taking things back to your annual financial statements, there are various bureaus that can help you out and offer you a free credit report. Most often, the reason why these bureaus and companies offer this kind of service for free, is that they have set a particular budget for this one, and at the same time, they earn profits through companies advertising and visitors to their site. Once that you have been a customer, and that you have been obtaining your annual financial report, they can also offer you other kinds of services related to the field.

Obtaining a yearly financial free credit report or credit status plays an important role – make sure that your identity won’t get stolen, and that keep track of your other financial statements and even financial history; who knows, you can have your next loan approved in no time!

Leslie

Gary Bunn asked:




Your credit file is a document that presents a complete picture of your financial situation, both past and present, and is the primary deciding factor that leads your creditors to accept or decline your applications. So you can clearly see how important your credit report is! It’s also really important that you make sure the information recorded on your report is up to date and accurate. It is estimated that 7 in every 10 credit reports requested contain an error or incorrect entry of some sort! Just imagine the effect this must be having on your applications.

Your credit report is used to decide not only if you should be approved for a credit application, but it will also affect the rate of interest you pay, and also whether you will be required to provide a deposit or guarantor. Checking your credit file can be a quick and easy task that could mean the difference between getting that next credit card, motor loan or even a mortgage, so the sooner you check your report the better!

There are 3 main companies that collect and record your details and these are known as ‘credit referencing agencies’. The major 3 are Experian, Equifax and Trans-Union. You can apply individually to these agencies who are required to provide you with a copy, however there may be a fee associated with it.

Alternatively you can get a free copy of your credit report from all three companies here. These companies also offer subscription services to protect and monitor your files, which also helps prevent identity theft, but don’t think you have to pay for this! Regular credit report checks and common sense with your personal details (such as shredding) will certainly help keep you one step ahead!

Once you have copies of your report take a few minutes read through your file and highlight any potential problems you see. Once you have a list you can contact the referencing agency and let them know your disputes, they are legally obliged to look in to these for you. It may also help to write to the company who has entered the inaccurate info.

The most important thing for you to do is to get a copy of your report and check the details! You could be very surprised at what you discover! Remember you can get a free copy of your Free Instant Credit Report here, it really won’t cost you a dime. Good luck!

Thomas