Credit Repairs Blog » Credit score

Rcacredit: Aid in Rebuilding Credit by Increasing Credit Score

Alex Smith — Tue, 20 Jul 2010 05:09:15 +0000

So you had a lot of experiences in credits. At one time, you think you could handle paying the credits that you had, plus the current fixed expenses like the rentals and bills. Finally, you get yourself loosing the grip needed to sustain you financially. Everything seems to fall apart and you have no choice but to declare bankruptcy. It is the only way of escape, so it seems.

Credit score?

Alex Smith — Mon, 19 Jul 2010 16:41:19 +0000

How much will my credit score increase if I were to pay off 50% of my credit cards within a 2 month time frame? My current credit score is 568 and Im hoping to increase it to 700 Im planning on getting a car by the summer and I want a great credit score…

7 Steps to a 720 Credit Score: Part 2

Alex Smith — Sun, 04 Jul 2010 16:02:01 +0000

Tips to Secure a Mortgage With a Low Credit Score

Alex Smith — Sun, 06 Jun 2010 07:15:27 +0000

As evidenced by the current economic situation, more people than ever have bad credit, but have still become involved in the world of purchasing property. When it comes to buying a home, this is bad news for the prospective buyer with bad credit. If you are considering purchasing a home, good credit can make this process much easier. A good to excellent credit rating will impress the lenders you that will eventually back the loan. Although sometimes it can be confusing to see where you should begin to repair your credit, the sooner you begin the closer you will be to improving your standing. Of course, there are still obstacles to overcome, so, what is the best way to secure a mortgage with a low credit score? First Steps A great first step is to become aware of your credit score. Even if you know that your score is low, find the exact number so you where you stand. In most cases, this is a free process. One free credit report is made available to every American each year. A paid version is also available from one or all of the three major credit reporting agencies; TransUnion, Experian or Equifax. This report will state that your credit score is between 350 to 850. The higher your credit rating is, the better you will look to lenders. While you may never have a perfect credit rating, you want to have it as high as possible. Pay Your Bills on Time Probably the simplest way to improve your credit rating is to begin to pay your bills on time each month. When a payment is not made on time, it affects your credit score in a negative fashion, which can cause lenders to think twice before lending to you. The thought process is this: if you can’t pay your regular bills on time, then there is a good chance that you will not be able to pay your mortgage payments on time as well. If you have a difficult time paying bills on time, you perhaps should consider automatic bill pay options. This will deduct the money from your checking account each month so that you do not have to write a check and mail the bill physically. If this is not something that appeals to you, you may also want to set up a filing system at home that reminds you when you pay your bills on time. Remember to send your bills at least a few days before they are due to be sure they arrive on time. Reduce Your Credit Card Debt Credit card debt is a huge concern for most potential homeowners. Average credit card debt is around $2000 per household. Due to this fact, it is no wonder than more people are seeing red when it comes to credit cards. But, in order to improve credit card scores, the first step is paying these debts. If you have a higher balance, it can appear as if you are living outside of your means. That is the opposite of what a lender wants to see. Make an attempt to pay more than the minimum balance each month in order to reduce the balances as quickly as possible. How to Minimize the Risk If your substandard credit score requires you to consider a bad credit mortgage, you may be able to score points with a lender in several ways: if you have a stable work history, a solid income to debt ratio, or a large down payment. Any of these factors may allow you to negotiate a slightly more favorable interest rate. You can also minimize the risk of your bad credit mortgage by both choosing your mortgage lender and your mortgage carefully. Avoid any mortgage lender who does the following: Makes an attempt to charge a high amount of fees for your mortgage. Remember that the average conventional prime loan does not entail more than 1% of the loan’s value in fees. If the lender attempts to sell you financial products or services that you do not require, such as unnecessary insurance. Offers a loan with mandatory arbitration. This clause means that you are not allowed to take the case to court if your home is threatened. Makes an attempt to take you in a direction that will result in you taking out a larger loan than you can handle. For example, offering a 100% or higher mortgage. These are extremely risky, because if the property market hits a slump, which it has by several estimations, you can end up owing more than the house is worth. Many individuals who seek out a bad credit mortgage do so with the purpose of refinancing as soon as possible. They plan to repair their credit score in the mean time in order to qualify for a better interest rate. If this happens to be your primary intention, it is a good idea to take into account the costs of refinancing (closing costs apply when you are refinancing just as they do for the first mortgage). These costs are payable in cash, and you should also take into consideration whether or not you plan to move in the near future. If you are planning to move in five years or less, the costs of refinancing may not be offset by the lower interest rate on the second mortgage. It is possible to secure a mortgage with a low credit score, but it can be difficult. However, with persistence and a firm commitment to paying all future bills on time, you can put yourself in a much better position to secure a mortgage and purchase that home you have been dreaming of owning.

Quizzle Free Credit Report Manage Money

Alex Smith — Thu, 03 Jun 2010 20:11:23 +0000

Quizzle.com is the free and easy way to manage your home, money, credit and life all in one spot. The Web site provides users with an Experian credit report, credit score, home value estimate, personalized home loan recommendations, personal budgeting tool, personal finance calculators and advice on how to improve. By giving people free access to the most important information about themselves, Quizzle puts control back into the hands of consumers, empowering them to make smart decisions about their lives.

Credit Ratings & Bad Credit : Where Can I Calculate & Obtain My Credit Score?

Alex Smith — Sat, 24 Apr 2010 20:22:14 +0000

Calculating and obtaining a credit score should be done directly through the credit bureaus, where free reports can be downloaded and the percentage of the scores are broken down. Gain access to a credit score with advice from a credit repairconsultant in this free video on personal finance. Expert: Stetson Lowe Contact: stetsonlowe.typepad.com Bio: Stetson Lowe is a credit repair expert. Known as the “mortgage insider,” Lowe assists increasing credit scores for the most challenging of clients. Filmmaker: Paul Kersey

What is the credit score scale?

Alex Smith — Thu, 22 Apr 2010 20:46:43 +0000

I know FICO scores range from 330 to 830, but does any one know what the scale is? What is scores constitute Excelent, Good, Average, Fair, and Poor? I know that a score above 760 is excelent, and anything below 600 is poor, but what is the scale for the scores inbetween?

Or, if it helps you, my socres are between 670 and 708. Where am I?

Credit Repair – 100% Legal Credit Repair Company

Alex Smith — Thu, 22 Apr 2010 04:39:04 +0000

Coast to Coast Credit Services, Inc. is a nationwide credit repair company/agency and developer of the Logic-10 credit repair system. 100% Legal. Bonded credit repair specialist. Plano, Dallas, Texas, Nationwide.

When can I expect to see my credit score improve?

Alex Smith — Sun, 11 Apr 2010 08:20:25 +0000

So a really stupid thing happened, and I acknowledge I should have been more on the ball to prevent it. That said, here’s the scoop.

I remembered setting up a monthly scheduled payment to automatically take the money out of my checking account to pay on my credit card so I wouldn’t have to worry about it. Foolishly, after setting up this payment, I didn’t bother to check my balance as I trusted it was taken care of. WRONG.

I check my credit report every month, and got a notice that a negative item had been posted. The aforementioned credit card was apparently past due, saying I had not made a payment since August. This floored me. Like I said, I thought those payments were being made. Anyhow, the negative item dropped my score by 75 points. Luckily it was Excellent, so now it’s just down to Fair instead of poor, but it still smarts. I made the payment that was due and then some, so now I am current. It was never about not being able to pay. I must have incorrectly gone through the procedure to set up my bill payment, and the money just never got drafted. Ironically, I haven’t used that card in months.

My question is this: Now that I’m current (and I actually intend to pay off the rest of the balance with my bonus check from work next week), can I expect to see any increase in my score at the next reporting period? I understand the report of my delinquent account will stay on my record for a few years. What I’m wondering is if my score can possibly recover.

And in case any of you are wondering, yes, this has taught me a valuable lesson about checking on my accounts to make sure those payments are being made!
I’ve already contacted the credit card company. The fact that, in my five year of being a customer, this is the first time I’ve had a delinquent report does not matter to them. They also will not modify thir report to the credit bureau because the “mistake was not on [their] part.” Therefore, the information will stand.

Credit Score Explained

Alex Smith — Tue, 06 Apr 2010 23:54:34 +0000

You are shocked when your loan is denied, or maybe you were approved, but the interest rate is much higher than you anticipated. How can that be you say? My credit score is good, I know I checked. Maybe it’s not as good as you think. It all depends on there you got it and what kind of credit score it is.