| In today's finance industry, when applying for a loan, | | | | times there has been old or downright incorrect |
| 95% of lenders will submit your application through an | | | | information in the report! 75% of credit reports contain |
| automated system. This automated system will | | | | errors. Hmmmm!! |
| determine if you will be approved or not based on | | | | You may visit us online and have out team repair your |
| your credit scores. Their automated systems do not | | | | credit at a low cost. Saves you time and headaches. |
| look at credit history. HMMMM! | | | | After repairing errors, the fastest route to a better |
| Most banks have set rules on how to qualify a | | | | score is paying down balances on credit cards; in my |
| borrower for the best loan terms, and those rules | | | | experience, it's possible to increase your score up to |
| almost always place a major emphasis on your credit | | | | 200 points or more in 90 days by paying down your |
| score. If their best rates are offered to borrowers with | | | | credit lines because it helps your debt to credit ratio. |
| a score of 700 or higher and yours is a 697, those | | | | 30% of your scores are calculated by how well you |
| three points could cost you thousands of dollars when | | | | manage that area. If you can't pay them down then |
| it comes to financing! | | | | you must apply for new credit to offset your debt to |
| According to , the consumer Web site of the Fair | | | | credit ratio. What that means is that, the credit scoring |
| Isaac Corp. that created the FICO score (the most | | | | system looks at all your credit card limits and your |
| commonly used credit score), the interest rate | | | | credit card balances and calculates what your credit |
| difference between those two scores is one-half | | | | limit vs. what your balances and shoots out a |
| percentage point. You may also enroll for their great | | | | percentage. So for example, If you have a credit card |
| monitoring service. Just click on the link. | | | | limits that amount to $10000 and you owe $8000 on |
| The good news: You can take steps to improve your | | | | them, you are at 80% of the credit limits. Your debt to |
| credit score by applying easy self help techniques. T | | | | credit ratio in that case is at 80%. Typically you want |
| There is several ways and variables that play into an | | | | to be at 30% or less. If you would like to apply for high |
| individual score make it impossible to say that one | | | | credit limits to help your debt to credit rations visit . |
| particular action will increase a given score by a | | | | They approve anyone with a heartbeat. Let all your |
| certain number of points. Sometimes, I have great | | | | friends and family know so you can help them with |
| results when a borrower pays down a credit card or | | | | their credit. |
| pays off a collection; other times, it makes very little | | | | 3. Had a few late payments in your past? No problem, |
| difference. But there are at least some good guidelines | | | | call Attractive Credit and they may help. Visit |
| to try and follow. | | | | Attractive Credit Secrets for self help. |
| Here are some tips I've picked up along the way: | | | | From now on, do your best to pay your bills on time |
| 1. The fastest way to a great score is pay your bills on | | | | (or ahead of time) and keep your balances as low as |
| time, keep account balances low, and take out new | | | | possible. After 12 months the scoring module becomes |
| credit only when you need it. This is mainly about plain | | | | immune to that late and your credit scores are not |
| old common sense. People who do these things | | | | affected. |
| faithfully usually have very high scores. To lenders, high | | | | 4. One thing you shouldn't do if you're just trying to |
| scores signify that you're being conservative and | | | | boost your score is close unused accounts. If |
| cautious about credit. In turn, they see you as a lower | | | | someone tells you to close unused accounts to |
| risk borrower and will reward you with much better | | | | improve your score, don't listen. It won't help you and it |
| terms and a much lower interest rate. | | | | can hurt you. |
| 2. What if you're house hunting and you just need a | | | | Closing unused accounts without paying down your |
| few extra points to bump you over the line to the | | | | debt changes your utilization ratio, which is the amount |
| great rates? Start by having your mortgage broker, | | | | of your total debt divided by your total available credit. |
| pull your credit report and your credit score to see | | | | You appear closer to maxing out your accounts. |
| where you are. If your score is above a 720, you're | | | | That's why your score can drop. It doesn't mean |
| golden. Even 700 is going to get you good terms. | | | | people shouldn't close them, but don't close them to |
| Improving your score from, say, a 720 to a 740 won't | | | | improve your score. |
| get you better terms, though, so don't waste your time | | | | If you do cut up cards, though, leave the oldest one |
| doing that. Just continue to follow the guidelines above. | | | | open! The length of your credit history is another |
| What you're really looking for on your report are | | | | factor in your score. If you close the account of the |
| factors that could be negatively affecting your score. | | | | credit card you got when you were a freshman in |
| Look for errors in the report, such as accounts that | | | | college and leave open the ones you just got within |
| aren't yours, late payments that were actually paid on | | | | the last couple years, it makes you look like a much |
| time, debts you paid off that are shown as outstanding, | | | | newer borrower. |
| or old debts that shouldn't be reported any longer | | | | Bottom line: know that you're not powerless when it |
| (negatives are supposed to be deleted after seven | | | | comes to your credit score. There are a lot of things |
| years, with the exception of bankruptcies, which can | | | | you can do to improve your score and you need to |
| stay for as long as 10 years). Every time I meet with a | | | | understand what your credit is like now and what's |
| client, I go over their report with them to ensure that | | | | influencing your score today. Then you can go out and |
| the information is correct. I can't tell you how many | | | | get that amazing interest rate! |