beeper917 asked:
All of the cards have a zero balance currently and I am looking to improve my credit score.
Roland
All of the cards have a zero balance currently and I am looking to improve my credit score.
Roland
February 3, 2011
January 30, 2011
If there are 3 credit bureaus determining your credit score, which one is the correct one?
pangfvlx asked:
I don’t understand which one is the one that lenders look at. Do they just take the average of all 3? So if I’m trying to get my credit scores to know where I stand, should I get all 3? Any response would be great. Thanks in advance!!!
Kenneth
I don’t understand which one is the one that lenders look at. Do they just take the average of all 3? So if I’m trying to get my credit scores to know where I stand, should I get all 3? Any response would be great. Thanks in advance!!!
Kenneth
January 25, 2011
January 24, 2011
A Tale Of Debt, Credit Rating (Score)
Darren L Perks asked:
A credit rating is a strange thing? It has the ability to help or hinder our lives in so many ways.
With a good credit rating it can open the flood gates to borrowing. With a bad credit rating your choices are very limited. The question is “How can an electronic record hold so much power? The answer is it’s all about risk.
Your credit score is used by any business that wishes to provide you with a service or credit. From the utility supplier looking to see if you can pay on time to a multi national bank offering you a mortgage. Your rating is the way a business assesses your risk, and your risk sets the price.
Any business offering you a service or credit is in business to make money. The business has to way up how much money they will make against the risk of you defaulting. This is why your credit score is so important. It helps them decide who is good, who is charged more and who is untouchable.
When you are in debt the debt can have a dramatic effect on your rating. The curious thing is as long as you can meet all the payments. Even if these are just minimum payments then your rating will be good. This will allow you to borrow more! A note of caution if you can’t repay your existing debt then borrowing more money is not a smart move. Seeking help is.
If you are struggling to repay your normal household bills and your debt, your rating is at a turning point. As soon as you start missing any regular payments your rating will fall. The more you miss the more it falls. By this stage it becomes so poor that the only way to improve it is by dealing with the debt.
For most people there a 3 main ways of resolving a debt problem (England & Wales only). These are Debt Management, Individual Voluntary Arrangement and Bankruptcy. Each of these solutions has different consequences so please take advice before entering any solution.
Let’s look at how each of the solutions affects your rating.
Debt Management is an informal arrangement between the Debt Management Company and the creditors. You a pay an agreed amount per month and the money is split between the creditors. As each creditor receives less than there normal monthly repayment. Your rating will continue to be affected until all of the debts have been paid in full.
Once the debts have been paid in full, your debts are classed as satisfied it will start to improve. Example: let assume debts of £25,000 with a repayment of £200 per month. Note the any debt management company charges an administration fee; let’s say £40 per month.
Without interest and charges it will take 13 years to repay the debt. However it is unlikely that the interest will be frozen and the repayment period can be much longer. In this instance your credit rating will start to improve after 13 years.
IVA (Individual Voluntary Arrangement) is a legally binding contract between yourselves and your creditors. An agreed monthly payment is paid into the IVA each month. Once the IVA is complete (usually 5 to 7 years) any surplus debt is written off.
A common misunderstanding is that your rating is treated differently in an IVA to someone in a bankruptcy. It is not. If you cannot repay all of your debts in full you are insolvent. While you are in an IVA your rating is classed as bankrupt- “Bankruptcy Status”. Your credit rating will only start improving once the IVA is complete (after 5 to 7 years). For many years after the completion of the IVA lenders will know that your previous debts were not paid in full. This will affect your ability to access credit
Bankruptcy is where you recognise that you cannot afford to repay the debts, and an application is made in the county court to be declared bankrupt. A bankruptcy lasts for 1 year but you may have to repay an agreed payment for 3 years. Once the year is over all your debts are written off.
Once you are declared bankrupt you will have a mark against your credit rating for 6 years. During this time all lenders will know that the debts were not repaid in full. However once the bankruptcy (1 year) is over your credit rating can start improving.
An IVA and bankruptcy are legally binding therefore you should seek advice before entering into any arrangement.
If you are in debt, improving your credit rating boils down to 2 factors.
1. The debt must be dealt with. How this is achieved is dependent on personal circumstance.
2. Time. The time it takes to improve your credit rating after the debt has gone.
By dealing with the debt you not only improve your credit rating but you set yourself on a path to security and financial freedom.
Duane
A credit rating is a strange thing? It has the ability to help or hinder our lives in so many ways.
With a good credit rating it can open the flood gates to borrowing. With a bad credit rating your choices are very limited. The question is “How can an electronic record hold so much power? The answer is it’s all about risk.
Your credit score is used by any business that wishes to provide you with a service or credit. From the utility supplier looking to see if you can pay on time to a multi national bank offering you a mortgage. Your rating is the way a business assesses your risk, and your risk sets the price.
Any business offering you a service or credit is in business to make money. The business has to way up how much money they will make against the risk of you defaulting. This is why your credit score is so important. It helps them decide who is good, who is charged more and who is untouchable.
When you are in debt the debt can have a dramatic effect on your rating. The curious thing is as long as you can meet all the payments. Even if these are just minimum payments then your rating will be good. This will allow you to borrow more! A note of caution if you can’t repay your existing debt then borrowing more money is not a smart move. Seeking help is.
If you are struggling to repay your normal household bills and your debt, your rating is at a turning point. As soon as you start missing any regular payments your rating will fall. The more you miss the more it falls. By this stage it becomes so poor that the only way to improve it is by dealing with the debt.
For most people there a 3 main ways of resolving a debt problem (England & Wales only). These are Debt Management, Individual Voluntary Arrangement and Bankruptcy. Each of these solutions has different consequences so please take advice before entering any solution.
Let’s look at how each of the solutions affects your rating.
Debt Management is an informal arrangement between the Debt Management Company and the creditors. You a pay an agreed amount per month and the money is split between the creditors. As each creditor receives less than there normal monthly repayment. Your rating will continue to be affected until all of the debts have been paid in full.
Once the debts have been paid in full, your debts are classed as satisfied it will start to improve. Example: let assume debts of £25,000 with a repayment of £200 per month. Note the any debt management company charges an administration fee; let’s say £40 per month.
Without interest and charges it will take 13 years to repay the debt. However it is unlikely that the interest will be frozen and the repayment period can be much longer. In this instance your credit rating will start to improve after 13 years.
IVA (Individual Voluntary Arrangement) is a legally binding contract between yourselves and your creditors. An agreed monthly payment is paid into the IVA each month. Once the IVA is complete (usually 5 to 7 years) any surplus debt is written off.
A common misunderstanding is that your rating is treated differently in an IVA to someone in a bankruptcy. It is not. If you cannot repay all of your debts in full you are insolvent. While you are in an IVA your rating is classed as bankrupt- “Bankruptcy Status”. Your credit rating will only start improving once the IVA is complete (after 5 to 7 years). For many years after the completion of the IVA lenders will know that your previous debts were not paid in full. This will affect your ability to access credit
Bankruptcy is where you recognise that you cannot afford to repay the debts, and an application is made in the county court to be declared bankrupt. A bankruptcy lasts for 1 year but you may have to repay an agreed payment for 3 years. Once the year is over all your debts are written off.
Once you are declared bankrupt you will have a mark against your credit rating for 6 years. During this time all lenders will know that the debts were not repaid in full. However once the bankruptcy (1 year) is over your credit rating can start improving.
An IVA and bankruptcy are legally binding therefore you should seek advice before entering into any arrangement.
If you are in debt, improving your credit rating boils down to 2 factors.
1. The debt must be dealt with. How this is achieved is dependent on personal circumstance.
2. Time. The time it takes to improve your credit rating after the debt has gone.
By dealing with the debt you not only improve your credit rating but you set yourself on a path to security and financial freedom.
Duane
January 16, 2011
which is the best site to order your 3 CREDIT REPORTS WITH CREDIT SCORE?
no name asked:
most sites want to just charge you just your score and some with one credit bureau. I need all 3 with score.
Kelly
most sites want to just charge you just your score and some with one credit bureau. I need all 3 with score.
Kelly
January 12, 2011
3 Credit Reports and Scores – Are You Making A Mistake?
Sean J Williams asked:
Are you making a mistake? Can you fix it in time? These are two very good questions if you don’t already know or have your 3 credit reports and scores.
Let’s deal with the first -
Are you making a mistake? I will tell you right now that if you don’t know exactly what’s on your 3 credit reports, and you don’t know exactly what your credit score is, that you are making a huge mistake.
Your creditors know these things about you. Your car insurance company knows these things about you. Every time you fill out a form that has any kind of personal information about you on it – you can bet that the person who you gave that form to knows these things about you.
Are you okay with the fact that all of these strangers know that very important information about you and you don’t? Probably not, and you shouldn’t be. It’s your right to know that information about yourself!
Can you fix your credit reports in time?
The truth is, we don’t know. It’s hard to say – but the longer you have left your credit unattended, the harder it will be to get fixed quickly.
The genuine truth is that you need this information about yourself, not only to protect your past but your future as well. You really should look into your 3 credit reports and scores, and do so urgently.
Why? Every day that ticks by could be another $5,000 that someone is putting you into debt. Does that give you the motivation to urgently reveal the truth behind your credit?
To get those reports and scores, you will typically have to provide your email address, and some personal information. Once you do that you will typically get your scores and reports pretty quickly. It’s important to be truthful with the information you give to any agency.
Elsie
Are you making a mistake? Can you fix it in time? These are two very good questions if you don’t already know or have your 3 credit reports and scores.
Let’s deal with the first -
Are you making a mistake? I will tell you right now that if you don’t know exactly what’s on your 3 credit reports, and you don’t know exactly what your credit score is, that you are making a huge mistake.
Your creditors know these things about you. Your car insurance company knows these things about you. Every time you fill out a form that has any kind of personal information about you on it – you can bet that the person who you gave that form to knows these things about you.
Are you okay with the fact that all of these strangers know that very important information about you and you don’t? Probably not, and you shouldn’t be. It’s your right to know that information about yourself!
Can you fix your credit reports in time?
The truth is, we don’t know. It’s hard to say – but the longer you have left your credit unattended, the harder it will be to get fixed quickly.
The genuine truth is that you need this information about yourself, not only to protect your past but your future as well. You really should look into your 3 credit reports and scores, and do so urgently.
Why? Every day that ticks by could be another $5,000 that someone is putting you into debt. Does that give you the motivation to urgently reveal the truth behind your credit?
To get those reports and scores, you will typically have to provide your email address, and some personal information. Once you do that you will typically get your scores and reports pretty quickly. It’s important to be truthful with the information you give to any agency.
Elsie
January 11, 2011
Can anyone tell me if there is possibility to purchase a mobile home witha 3 credit score of 564?
Nonnie asked:
I just recently had my credit score checked a week ago. So this score is accurate.
Robin
I just recently had my credit score checked a week ago. So this score is accurate.
Robin
January 9, 2011
What Is The Credit Score Rating Scale?
Mike Singh asked:
Understanding your credit score rating scale can seem like an overwhelming and almost impossible prospect. A credit rating scale can be confusing, especially if you have trouble with numeric systems. In a scale you have several numbers that all mean something different. Even though it can be a hard and overwhelming to try to understand your rating scale, doing so can be rewarding and a necessity in fixing it if need be.
One of the first things you should look at it is how exactly your credit score rating scale is composed and put together. Companies look at a couple of different aspects to put it together. One thing that determines how your credit rating is put together is your past payment history. This includes how well you pay your bills and whether or not you pay them on time or not. This aspect also includes any outstanding debt, too much can make your credit rating lean towards the lower end. Something else that is considered is your credit history in general. Beginners as well as a poor one can lower it as well. Sometimes if you are just starting out it may be even lower than someone who has a history that is poor.
Other things that are considered as part of a credit score rating scale are any credit applications or inquiries into your credit. Too many of either can lower your score and reflect poorly on you and your score. Different types of loans and credit can also have an affect as well. Balances that are too high and the number of balances that are too high can be a bad sign to a credit reporter as well. High interest rates can even be a negative mark as well.
On the rating scale a score of seven hundred or more is excellent and someone with this type of score should have no problems with credit or interest rates. While those with scores around six hundred and fifty to four hundred and fifty will have some difficulty obtaining credit, though could still have a chance. A lot of times those who fall on this part of the scale will have to secure any loan they apply for with some type of collateral. Those who fall below four hundred and fifty will most likely not get approved at all, whether secured or not. These people need to find a solution to their credit problems and a way to improve where they fall on the scale if they wish to stand any chance at all.
Speaking of help in rising where you fall on the credit score rating scale there are a lot of places to start from. Free credit counseling is available if you know where to look and will greatly help you if you are in need. These credit counselors will not only help you improve your score but can also help you get back on track and be more responsible in the future to avoid the problem again.
After sifting through all the information and getting your bearings you can learn a lot. Things may not be so overwhelming after all. When it comes to the credit score rating scale and understanding it, all it takes is a little patience, which in the end can be well worth it.
Kimberly
Understanding your credit score rating scale can seem like an overwhelming and almost impossible prospect. A credit rating scale can be confusing, especially if you have trouble with numeric systems. In a scale you have several numbers that all mean something different. Even though it can be a hard and overwhelming to try to understand your rating scale, doing so can be rewarding and a necessity in fixing it if need be.
One of the first things you should look at it is how exactly your credit score rating scale is composed and put together. Companies look at a couple of different aspects to put it together. One thing that determines how your credit rating is put together is your past payment history. This includes how well you pay your bills and whether or not you pay them on time or not. This aspect also includes any outstanding debt, too much can make your credit rating lean towards the lower end. Something else that is considered is your credit history in general. Beginners as well as a poor one can lower it as well. Sometimes if you are just starting out it may be even lower than someone who has a history that is poor.
Other things that are considered as part of a credit score rating scale are any credit applications or inquiries into your credit. Too many of either can lower your score and reflect poorly on you and your score. Different types of loans and credit can also have an affect as well. Balances that are too high and the number of balances that are too high can be a bad sign to a credit reporter as well. High interest rates can even be a negative mark as well.
On the rating scale a score of seven hundred or more is excellent and someone with this type of score should have no problems with credit or interest rates. While those with scores around six hundred and fifty to four hundred and fifty will have some difficulty obtaining credit, though could still have a chance. A lot of times those who fall on this part of the scale will have to secure any loan they apply for with some type of collateral. Those who fall below four hundred and fifty will most likely not get approved at all, whether secured or not. These people need to find a solution to their credit problems and a way to improve where they fall on the scale if they wish to stand any chance at all.
Speaking of help in rising where you fall on the credit score rating scale there are a lot of places to start from. Free credit counseling is available if you know where to look and will greatly help you if you are in need. These credit counselors will not only help you improve your score but can also help you get back on track and be more responsible in the future to avoid the problem again.
After sifting through all the information and getting your bearings you can learn a lot. Things may not be so overwhelming after all. When it comes to the credit score rating scale and understanding it, all it takes is a little patience, which in the end can be well worth it.
Kimberly
January 8, 2011
troubled home owner? what could happen on my credit score from 3 credit bureaus?
frend asked:
if i tell my lenders that they can have the house.
if i tell my lenders that they can have the house.
But i’ve never been late on any payments for this mortgage.
Will this show up on my credit report for the next 7 – 10 years?
Can i purchase another house in 2- 3 years when market goes back up.
Lawrence