Web Winners: Finding, Fixing Your Credit Score
News from LoanSafe:
(Source: By Reid Kanaley The Philadelphia Inquirer (MCT)– Your personal credit rating, to a great extent, determines what loans you’ll qualify for and the interest you’ll pay. Check these sites to find out where you stand, and how to fix credit problems.
—All’s fair to Fair Isaac. Fair Isaac Corp. (FICO) does the math behind the credit scores sold by consumer-reporting agencies Equifax, TransUnion and Experian. Its site includes this page on fixing or improving your credit rating and has a lot of links and tips, the most important of which may be to force discipline into your credit use and to be suspicious of quick-credit-repair offers. There’s also a link to guidance for disputing errors in your credit history. http://bit.ly/GJL7us
—The free pass. You are allowed, under a law called the Fair Credit Reporting Act, to get a free copy your credit report every year from each of the big nationwide reporting agencies noted above. This is the centralized site for doing so. Beware of other offers, and remember that getting a free credit report does not include your credit score. You probably will have to pay to get that — and each agency produces its own for a…………… continues on LoanSafe
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Money Pros: Opening and closing credit cards have consequences
News from New York Daily News:
Opening or closing credit card accounts can drop your credit score by dozens of points.
The Money Pros are standing by to take your question.
I want to improve my credit score. What do I need to know about opening and closing credit cards?
To improve your credit score, do not open new credit cards, or close existing ones, without first examining the effects on your credit score.
Opening or closing accounts can drop your credit score by dozens of points. This is particularly true for consumers with old credit — credit cards held for a long time, 15 years old or more.
If you no longer wish to use a particular card, do not close it. Just put the card aside. If you do one transaction every three months or so, the account will remain active and in good standing
Also, look at credit card balances. To achieve the best score, keep your balance at no greater than 7% of your credit limit. The higher the balance inches up to the limit, the more your score drop…………… continues on New York Daily News
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