Articles » Credit Score
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Myth: “Closing Credit Accounts Will Help Your Score”
That statement does sound logical, especially when a mortgage broker tells you that lenders are suspicious of people who have lots of unused credit available to them. What's to keep you, after all, from rushing out and charging up a storm?
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Are You Unemployed? Learn The Smart Way To Utilize Your Credit & Your Cash
If you're already unemployed, don't beat yourself up. You're in good company. It happens to the best of us and it often happens more than once. Now that the unwanted event has arrived, if you've established savings, regardless of the amount, and you have some available credit lines, you have two tools that will be a big help to you to get through this time without damaging your credit.
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4 Ways To Help Boost Your Credit Score
There's more to credit repair than just getting rid of the negative information. You need to ensure that any positive information that can be included in your file actually is.
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How Identity Theft Can Crash In Innocent Person's Credit
Identity theft encompasses a variety of crimes, from stealing someone's credit card number to opening accounts in the victim's name. About 15 percent of victims report that their identities were stolen for purposes other than obtaining credit, such as to get government documents, commit tax fraud, or mislead police. It's relatively common, for example, for someone to give a phony name and Social Security number when arrested or stopped for a traffic violation.
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Are You A High Risk Or Low Risk Credit Applicant? Understanding Your FICA Score
Your credit history reported is shown as a three-digit number, and you should know what that number is, especially if you plan to purchase anything on credit soon. This three-digit number is most commonly known as a FICO score. (FICO is an acronym for Fair Isaac and Co., the company that began developing credit-scoring systems in the 1950s.) The people at FICO claim to use 30 different factors to determine risk.
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Understanding Your FICA Score - Are You A High Risk Or Low Risk Credit Applicant?
Your credit history reported is shown as a three-digit number, and you should know what that number is, especially if you plan to purchase anything on credit soon. This three-digit number is most commonly known as a FICO score. (FICO is an acronym for Fair Isaac and Co., the company that began developing credit-scoring systems in the 1950s.) The people at FICO claim to use 30 different factors to determine risk. However, they won't disclose the exact formula for arriving at these scores.
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Having a good credit score can affect one’s ability to get a loan from a lending institution. Yet, believe it or not, a loan is not the only thing that can be affected by one’s credit score. In fact, in addition to credit card applications, a credit score can affect one’s ability to get a vehicle and it can even affect one’s ability to get a house or apartment. Further, in some instances, a person’s credit score may even influence one’s ability to get a job.
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Today more than ever, questioning your credit score is an essential practice. Identity theft is on the rise and when you make a standard practice of questioning your credit score you are actually engaging in one of the critical steps required in protecting your identity. Whether you purchase products and services online or you have ever had a credit card stolen, whether you use the Internet on a regular basis or not, you should always question your credit score rating at least one time a year.
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Maintaining A Good Credit Score
Maintaining good credit and keeping a good credit score is important for your financial health and financial future. If you’ve been working hard at raising your poor credit rating, once you’ve established good credit, keeping a good credit score should be relatively simple and straightforward, provided you stick to a plan and follow a few guidelines.
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Importance Of Your Credit Score
We often hear dire warnings about how our credit score can affect our ability to get credit cards, loans and mortgages. Many people, though, don’t understand what all the fuss is about. Therefore, you must ask yourself the question: is your credit score that important?
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If you have ever tried to buy anything on credit or get a loan, then you know that your past credit history will affect the decision the lender makes. Why? When you purchase a home, car, or even apply for a credit card, your payments are kept on what is called a credit report, meaning if you are late on a payment it will reflect on your credit report.
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When I was a little younger and studying in college I needed to take out a loan to buy a car. I applied for a loan with a large, reputable lender and was turned down almost immediately. I’d missed some payments on a credit card a couple of years earlier, and apparently I had a poor credit history. I wanted to know exactly how bad my credit was, so I logged onto the Internet to find out. I was surprised to learn that finding out my credit score wasn’t nearly as difficult as I had expected.
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Are you in need of a loan, but you have been told that your credit score wasn’t high enough? Aren’t sure what a credit score is? A credit score is the credit rating that represents your credit worthiness. It is calculated by a statistical model. Loan processors will use your credit score to determine the likelihood of you repaying back your loan or failing to repay it over an estimated period of time. Where does your credit score come from?
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Your credit score is your credit rating calculated based on several factors, and is used to determine your creditworthiness, and you can find your credit score details online as well as through your bank, local credit bureaus or other credit report companies. Your credit rating is important for a number of reasons, but especially to determine whether you qualify for certain loans or forms of credit.
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When people talk about the need to have a healthy credit score in order to qualify for bank loans, what do they mean? What is the connection between your credit score and banks?
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If you’ve ever applied for a loan, you know how important your credit score is. When a lender looks at your credit score, he or she is able to make a decision on how desirable of a candidate you are for that loan. What many people don’t realize is that we constantly contribute to our credit score whether positively or negatively. Paying your bills on time has a positive impact on your score whereas late and missed payments can be crippling to your credit score.
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More Reasons Not To Close Older Open Credit Accounts
If your goal is to improve your credit score, don't close any of your current accounts. Closing credit cards and other revolving accounts can never help your score, and it might actually hurt it.
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Having No Credit Is Worse Than Having Bad Credit
Some people are so suspicious of credit that they advise giving up credit cards and living on a cash-only basis. They acknowledge that most people need mortgages and auto loans, but they feel the best way to impress a lender is by living a credit-free life.
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Myth: "Closing Credit Accounts Will Help Your Score"
That statement does sound logical, especially when a mortgage broker tells you that lenders are suspicious of people who have lots of unused credit available to them. What's to keep you, after all, from rushing out and charging up a storm?
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Tips To Help Boost Your Credit Score
There's more to credit repair than just getting rid of the negative information. You need to ensure that any positive information that can be included in your file actually is.
