Optimize Accounts to Raise Credit Score
Markita Aldridge-Woods, Senior Loan Officer at Westar mortgage, provides some straight forward and helpful tips to raise your credit score. Check out the related videos for more information about improving your credit.
This is a guide about raising your credit score. Your credit score is important when applying for a loan or a line of credit. Although it can take awhile, there are ways to increase your credit score if you find that it's too low.
Purchasing a Home After a Foreclosure
I had a house go into foreclosure in 2007. My loan officer advised me yesterday that the mortgage company that financed the house that went into foreclosure has put that house back on my credit report as outstanding, indicating I owe them 20K.
Staggering Free Credit Report Requests
Since you are allowed to get one credit report per year free from the three major credit reporting agencies, why not request your free credit report one at a time every four months, from the different agencies?
Evaluating (and Protecting) Your Credit Score
It was a recent trip to the bank for a car loan that alerted me to the small things that can largely affect your credit score. I suppose that's how most people learn about their credit.
Providing Innovis Credit Bureau With Information
Innovis wants more information, such as copy of DL and copy of a bill, email address, social security, and two phone numbers. Should I be concerned with giving all of this information to this silent credit bureau?
Property Tax Lien on Foreclosed Home
I lost a house to foreclosure in 2005. There were property taxes owed on the house at the time of foreclosure. The house has been purchased by new homeowners now. I don't think they are renting.
How many Choose and Charge accounts can you have at one time?
Paying Debt to Improve Your Credit Score
I was told that I shouldn't bother paying off my debts (other than student loans), because paying it out won't change my credit score at all. It will still be lousy, so I might as well keep my money. True?
Check Your Free Credit Report Every Year
Get a free credit report yearly and check it carefully. The 3-4 credit bureaus allow you one free credit report a year. We were surprised to find a problem on ours that we did not know about. Home owners insurance premiums can be affected by your credit rating even if they are paid through your mortgage.
I am trying to rebuild my credit, and would like to know if there are any sites that I can go to that does pay later plans and also help with credit because I have bad credit and need help please.
You can get access your credit report from the three major credit reporting companies for free at annualcreditreport.com. Equifax, Experian and TransUnion are required by law to give you access to your credit report once a year for free. This website makes it easy to request this information.
Your Spouse and Your Credit Score
Keep in mind that your credit report may be tied to your spouse's. If your spouse has bad credit habits, it could effect your credit as well. Even a divorce will not necessarily eliminate negative marks against your credit since you may be held accountable for any joint accounts and shared debt.
Don't Apply For Credit Too Often
Don't apply for credit if you think you will be denied. Don't try to apply for credit cards too frequently. Submitting too many credit applications in a short period of time can lower your credit score and make it more difficult to get credit when you really need it.
Does anyone know what a good credit score is? I am referring to the FICO score.
Could you post some tips about how I can improve my FICO score?
You may obtain a copy of your credit report free once every year. A good idea to do this as you will be informed of what your credit standing is as well as be able to check for any discrepancies.
The "Secret" Fourth Credit Bureau
A fourth major credit bureau, Innovis/CBC, sometimes called the "secret credit bureau," has emerged. No longer is it enough for consumers to monitor their credit files with the "big three" credit bureaus, Equifax, Experian and TransUnion. Now consumers have to deal with Innovis/CBC, and dealing with them is not easy. Innovis/CBC is hard to find and consumers report Innovis/CBC is reluctant to provide information from its files.
I am not a financial whiz. Never was and never will be. Therefore, I respect the advice of those who seem to be knowledgeable about financial matters. However, when it comes to knowing what is in your credit report, I have one question -- who cares? I am 54 years old, have purchased several vehicles, two houses and can write checks anywhere in the town I live or the surrounding smaller towns without any hassle.
How Credit is Really Determined...
Most of us think that credit is determined by how we make our payments. And to a degree that's true, however, only 35% of our Credit FICO score is determined by how we make our payments. 30% of your score comes from how much debt you have, 15% from the age of your credit, 10% based on the establishment of new credit, and 10% is based on having a mix of credit with Credit Cards, Installment loans, and a Mortgage. An inquiry can lower your score by 5 points. Multiple inquiries within a 14-day period count as only 1 and inquiries within the 30 days prior to the scoring do not count at all.
Use Your Free Credit Report To Check Your Financial Health
As of Thursday, December 1, 2004, one-third of Americans can now access their credit reports from all three main credit agencies for free. Passed in late 2003, the Fair & Accurate Credit Transactions Act creates a central source consumers can use to obtain a free annual credit report.
You have a right to receive one free copy of your credit report from each credit bureau each year.
As they say, "Knowledge is power." Many times people either act on false information or fail to act because they didn't know what could be done to their benefit. This is the case in many areas of life, but on the top of that list is money. And in the money category you will find lots of misinformation about credit.
What is Better? Fewer Cards with Higher Balances, or Many Cards with Smaller Balances?
Scott,
My husband and I are preparing to buy a new home. We want to clean up our credit card accounts to better our chances for a mortgage. We were considering paying off our credit cards with smaller balances using other credit cards. What is better when your credit is being considered for a home loan--fewer credit cards with higher balances or more credit cards with smaller balances? The cards we are planning to pay off we are going to have closed so there are fewer credit accounts opened. Is that a smart move?
--Christina
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Evaluating (and Protecting) Your Credit Score
It was a recent trip to the bank for a car loan that alerted me to the small things that can largely affect your credit score. I suppose that's how most people learn about their credit.
