Archive for January 31, 2013

How to Raise Your Credit Score 100 Points

How to Raise Your Credit Score 100 Points
News from Fox Business:

If you are preparing to apply for a new credit card or a loan, you’ll want to achieve the highest credit score possible. While FICO cannot provide an exact correlation between individual actions and specific points earned because there are so many variables in each credit score, there are steps you can take that will tend to raise your score. Some of these steps will have an almost immediate impact, while others may raise your credit score by as much as 100 points over time.

  1. Check your credit report. Get a free credit report from each of the three credit reporting agencies (Equifax, Experian and TransUnion) once a year at annualcreditreport.com. Start by looking for errors that lower your credit score and take action to correct them. Next, review the negative factors in the report and fo…………… continues on Fox Business

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Why is My FICO Credit Score Falling?
News from Fox Business:

Dear Credit Card Adviser, For the past five years, my FICO credit score has been above 825. This month, I checked my credit score again, as I do annually, and it dropped to the 755 range. Nothing has changed, except that I applied for and received six new credit cards in less than three months. They all are cash-back rewards cards. What happened? — Pat

Dear Pat, Your FICO credit score fell because you opened those six credit cards in a short time. Every time you open an account, you’re allowing creditors to pull your credit report, and you’re lowering the average age of your credit accounts.

Both of those actions will sink your score.

Here’s how it works: When you apply for a new credit card, a lender will pull your credit report and score. This is called a “hard” credit inquiry, and it’ll hurt your score. (It doesn’t hurt your score, by the way, when you pull your own credit report. It also doesn’t hurt when an employer pulls your credit report or when a lender pulls your credit report for marketing purposes. Those are called “soft” inquiries.)

If you have several hard credit inquiries in a short amount of time, the damage to your credit score increases dramatically, says Anthony Sprauve, spokesman for myFICO.com, the consumer education division of FICO.

“Our data shows that someone opening multiple credit accounts in a sho…………… continues on Fox Business

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How To Raise Your Credit Score 100 Points

How To Raise Your Credit Score 100 Points
News from TheStreet.com:

If you are preparing to apply for a new credit card or a loan, you’ll want to achieve the highest credit score possible. While FICO cannot provide an exact correlation between individual actions and specific points earned because there are so many variables in each credit score, there are steps you can take that will tend to raise your score. Some of these steps will have an almost immediate impact, while others may raise your credit score by as much as 100 points over time.

  1. Check your credit report. Get a free credit report from each of the three credit reporting agencies (Equifax, Experian and TransUnion) once a year at annualcreditreport.com. Start by looking for errors that lower your credit score and take action to correct them. Next, review the negative factors in the report and fo…………… continues on TheStreet.com

… Read the full article
.


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Improve Your Scoring Strategy with New Credit Reports

Improve Your Scoring Strategy with New Credit Reports
News from InsideARM:

Dave Rudd

The Great Recession affected each of us. Many people lost their houses, their jobs and their ability to use credit to make purchases, big or small. Most businesses were impacted because either they or their clients were unable to obtain the credit to purchase needed items for business growth.  And certainly the debt collection industry has been hit as well. No money to pay their debts!

Personally, I’m not an advocate of holding large amounts of debt and I certainly don’t like the idea of living off of credit cards. However, I do recognize that credit is needed for some larger expenses: home, vehi…………… continues on InsideARM

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Credit scores expected to continue to improve in 2013

Credit scores expected to continue to improve in 2013
News from Central Valley Business Times:

Credit scores expected to continue to improve in 2013

MEQUON, WIS.
January 22, 2013 9:00am

•  Californians have highest average scores

•  “Even the lowest average credit score of 689 is still considered to be a good credit score”

The national average credit score for mortgage applicants increased by four points over 2011 to 734, according to a review of more than 450,000 online mortgage applications received in 2012 by MortgageMarvel.com, of Mequon, Wis., a unit of Davis + Henderson Corporation (TSX: DH) of Toronto, Ontario.

For the third year in a row, Californians top the list with an average credit score of 755, according to the report.

Mississippi mortgage applicants, also for the third consecutive year, had the lowest average credit score at 689, which is 45 points below the national average.

By comparison, the average FICO score nationwide stood at 664 as of Nov. 30, 2012, so online mortgage shoppers on average had a FICO score 70 points higher than the national average.

“It’s worth noting that even the lowest average credit score of 689 is still considered to be a good credit score,” says Rick Allen, chief operating officer of Mortgage Marvel. “If you’re shopping for a first home, a score i…………… continues on Central Valley Business Times

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Scammers prey on credit card debt after the holidays

Scammers prey on credit card debt after the holidays
News from CNYcentral.com:

Read more: Local, Economy, Business, Consumer, News, Holiday Bills,

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Ads Claiming to Help Improve Credit Scores Going Around

Ads Claiming to Help Improve Credit Scores Going Around
News from KCEN-TV:

(KCEN) — This time of year many Americans are feeling stressed about paying holiday bills.

But watch out, you may now start seeing ads that claim they can turn around your credit score in no time.

While it’s important to improve your financial health, you want to be careful about believing some of those credit repair promises.

Credit repairs take time and the best place to start is checking your own credit report and make sure it’s accurate.

That’s something you can do for free from the website, annualcreditreport.com.

Credit Counselor Manuel Navarro said, “Because anything on your credit report that can be fixed, corrected, you can do yourself without having to pay for it.”

Experts say not to respond to an ad from an email or someone you’ve never heard from online.

Asking your bank or credit union for recommendations is a good place to start.

There are also legitimate non-profit credit counseling services that can help you clean up your report where there are mistakes.

…………… continues on KCEN-TV
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3 Easy Ways to Improve Your Credit in 2013
News from EBONY.com:

it’s important to manage your credit and debt wisely.

Getting your finances in order in 2013 can improve your financial wellness and make it easier to manage your budget. One great way to bolster your finances is to get your credit in tip-top shape. After all, credit is an asset that can best be utilized when you manage it wisely. But when you abuse credit—or mishandle your debt obligations—you can almost certainly expect to take a financial tumble. Fortunately, the experts at Credit Sesame recently offered some useful credit strategies that can prevent you from falling off your own fiscal cliff.

Boost Your Credit Score

If you’re planning on making a major purchase on credit or interested in a financing plan to cover a larger purchase, you’ll need to make sure your credit history is in great shape.

Start by taking the necessary steps to enhance your credit score so that lenders wil…………… continues on EBONY.com

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Survey: Nearly half of American consumers want to understand credit, improve …

Survey: Nearly half of American consumers want to understand credit, improve …
News from BankCreditNews:

Survey: Nearly half of American consumers want to understand credit, improve credit score

A recent survey by FreeCreditScore.com revealed that 83 percent of Americans know their credit scores, while 42 percent of consumers indicate that they’d like to improve their credit scores but don’t know how.

“The survey is an eye-opener to the fact that many people think about credit on a regular basis but don’t feel empowered to take control of their credit scores,” Ken Chaplin, the senior vice president of marketing for FreeCreditScore.com, said. “We’ve enhanced the freecreditscore.com website and launched our new, free Score Planne…………… continues on BankCreditNews

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De-jargoned: Credit score
News from Livemint:

You need to be more careful about your repayments and credit history now if you want to take loans in the future. The country’s first credit rating agency, the Credit Information Bureau (India) Ltd (Cibil), on Wednesday stated that banks are now considering a higher credit score for loans, especially for auto loans. This means that you will need a higher credit score to get a loan. Moreover, Cibil said that the number of enquiries for credit score by financial institutions have increased after the 2008 crisis.

What is a credit score?

Credit score is a number based on your credit report, which is a summary of your past and current borrowing and your repayment history, that a credit bureau agency prepares. If you have been regular with your loan repayments, your credit score is likely to be higher. Banks use this score to assess your repayment capacity and the chances of you defaulting on the loan. Your chances of getting a loan and a better rate increase with a higher credit score and vice-versa.

Currently, Cibil and Equifax Credit Information Services Ltd provides credit score. Experian Credit Information Co. of India Pvt. Ltd, another credit bureau agency, provides credit report.

The bank from where you are in the process of t…………… continues on Livemint

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Advice on how to repair your credit – Lexology (registration)

Advice on how to repair your credit – Lexology (registration)
News from Advice on how to repair your credit – Lexology (registration):