Tag Archive for score

Four ways to improve your credit score

Four ways to improve your credit score
News from CNBC:

Consumers are getting a better grade when it comes to how they use credit these days.

Nationally, credit scores are slowly and steadily starting to improve as more consumers who use credit are managing it more effectively. A recent report on FICO scores—the most widely used credit scoring system—found the national average score is currently at its highest level in nearly a decade.

It’s an encouraging trend, since a credit score is one of the most important factors that lenders use to get a snapshot of risk as they decide what rates to offer on credit cards, private student loans, car loans, home insurance and mortgages. The higher the credit score, the better the rate for which consumers will qualify.

Read MoreWhat millennials don’t know about credit cards

Your FICO score can range from 300 to 850. In April 2015, the average FICO score was 695 up from 688 in October 2005. Acco…………… continues on CNBC

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Raise Your Credit Score 100 Points in 6 Months with These Aggressive Tactics
News from TheStreet.com:

NEW YORK (MainStreet) — You might be surprised at just how much progress you can make in improving your credit in six months or a year. 

In fact, with a few nifty tricks, you can boost your credit score some 50 to 100 points in no time flat.

Especially if you’re looking at buying a house somewhere in the near future, you’re going to want to aggressively pursue raising your credit score for the best rates possible, says John Heath, managing attorney with LexingtonLaw.

Here’s how to make that happen.

First Things First: Pull Your Credit Report

To know what you can do for starters, you’re going to have to pull your credit report and look it over. That’s where any path toward a higher credit score, aggressive or otherwise, is going to begin. What you’re looking for is anything that…………… continues on TheStreet.com

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How Long Will It Take To Raise My Credit Score 100 Points

How Long Will It Take To Raise My Credit Score 100 Points
News from Muppet Newsflash:

Fico Score Vs Credit Score Minimum Credit Cards – Compare Credit Card Offers at CreditCards.com – Find the best credit card deals by comparing a variety of offers for balance transfers, rewards, low interest, and more. Apply online at CreditCards.com. Overview of the Vantage Score Credit Score – When most people

How Long Does It Take For Three Point Shooting To Stabilize? – With the increase … calculate how long various baseball stats take to stabilize to see how long it takes for three-point shooting percentage to stabilize. If we were trying to get a sense for how stable three point percentage is after 100 attempts …

Hallelujah 5 Ways To Get Your Fico Score For Free How to Trick Yourself Into Paying Off Your Credit Card Debt – Plus paying off credit cards helps increase your credit sc…………… continues on Muppet Newsflash

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Ways To Improve Credit Score From 660 To 750

Ways To Improve Credit Score From 660 To 750
News from Muppet Newsflash:

Pay Off Debt. The amount you owe accounts for 30% of your credit score, and if you have a lot of credit card debt and other accounts with big balances, systematically …

Credit Score Needed to Buy a House (and Get a Mortgage) – Note: This is an ongoing project. We have set up Google alerts for phrases such as credit score needed to buy a house. Whenever a new article or news story is …

Credit score – Wikipedia, the free encyclopedia – In the United States, a credit score is a number based on a statistical analysis of a person’s credit files, that in theory represents the creditworthiness of that …

Learn what scores you’ll need on the Chemistry SAT Subject Test for college … Learn What Chemistry Exam Score You Need for College Admission or College Credit … 33% of students scored between 750 and 800; 22% scored between 700 and 740; … 660, 54. 640, 48. 620, 43. 600, 37. 580, 32. 560, 27…

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How to Improve Your Credit Score by Negotiating With Creditors
News from Go Banking Rates:

Over time, delinquent debt is a financial hole that becomes deeper and harder to climb out of. It could be a past due credit card bill, or a car or mortgage payment. No matter how big or small, a debt left unchecked and unpaid will eventually find its way to a collection agency.

When this happens, the delinquent debt is filed on your credit report, a common problem in the U.S. According to a 2014 study from the Urban Institute, more than one-third of Americans have a debt in collections listed on their reports.

If you’re behind on bill payments, you can find ways to negotiate down your debts. Negotiating through your original creditor can help you dodge collection agencies, get rid of debt and improve your credit score.

Related: How to Find Out If You Have Debt in Collections

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7 ways to increase your credit score quickly

7 ways to increase your credit score quickly
News from Christian Science Monitor:

Your credit score will determine whether you will get approved for credit cards, auto loans, mortgages, or other loans, as well as impact the interest rate you’ll pay. If you aren’t happy with where your credit score is today, take heart: There are some simple ways to improve it quickly. Once your credit score improves, you’ll be able to enjoy perks like lower interest and insurance rates.

Note that while these tips will help you raise your credit score quickly, be patient and remember that it can still take 30–60 days to see any noticeable improvement.

Credit Utilization Ratio

Your credit utilization ratio makes up 30% of your credit score. It’s the number that shows how much debt you have compared to your total available credit. The more unused credit you have available, the lower your ratio. For example, if the credit limit on all your cards total $ 10,000, but you owe $ 8,000, your credit utilization ratio is 80%. You’re using 80% of your credit. That’s pretty high — a ratio of 30% or less is ideal. There are three main ways to lower your credit utilization ratio.

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Call Christina team helps viewer fix credit score
News from Local 10:

PEMBROKE PARK, Fla. –

When a Local 10 News viewer reached out to the Call Christina team about his downgraded credit score due to an unpaid debt on his credit report, Local 10 News sought advice on how to challenge  and improve credit ratings. 

“This is the marks on my credit report.  The 697 has always been above 750,” Luis Barranuevo said.

Barranuevo’s credit score took a hit after a car financing company reported him for a debt he didn’t know he owed.

“It’s not fair,” Barrnuevo said. 

Having a good credit score is vital.  Our lives revolve around it. “Because bad credit costs you a lot of money,” consumer protection attorney Jason Weaver said. 

So what’s a really good score?  Local 10 News asked some viewers. 

“Credit scores you see them over 800 now, which is real good,” Guy Abbotoni said. 

“700, 720 — anything over 700 I would consider good,” Stan Cohen said.       

A good credit score is more than just paying your bills on time. Those three digit numbers are the key to our financial health. The credit scoring system gives lenders information on who is most likely able to repay a debt. 

…………… continues on Local 10

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7 Ways to Build and Improve Your Personal Credit Score

7 Ways to Build and Improve Your Personal Credit Score
News from Entrepreneur:

In his book The Tax & Legal Playbook, CPA and attorney Mark J. Kohler targets the leading tax and legal questions facing small-business owners, and delivers clear-cut truths, thought-provoking advice, and underutilized solutions to save you time, money, and heartache. In this edited excerpt, the author offers quick tips you can use to start improving your personal credit score, which has a direct impact on whether you can obtain corporate credit.

Corporate credit is the ability of a company to obtain its own loans under its own credit score. Thus, a company (such as an S corp or LLC) can apply for a line of credit and, without the owner’s personal guarantee, use the money to expand its business. The owner of the company isn’t personally liable for the credit line, and their personal credit score has nothing to do with the company’s ability to obtain credit. However, in some instances, having a good personal credit score can expedite the process of obtaining corporate cr…………… continues on Entrepreneur

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Get your credit score ready for home-buying season
News from Times Herald-Record:

Getting ready to buy a home this spring? Make sure there aren’t any cracks in your credit. A good credit score is essential when it comes to securing a mortgage.

“If (your score is) below 600, you’re probably not going to buy a home in the short term,” says Mike Sullivan, director of education at nonprofit credit and debt counseling agency Take Charge America.

Given the slew of stringent regulation introduced following the housing crisis, most lenders simply won’t risk extending this demographic credit. In fact, even consumers with good scores should polish up the ol’ credit report.

Qualifying for the best mortgage rates starts at a 740 credit score. Scores below that threshold will likely have higher interest on their home loans.

So if you plan on hitting up the housing market this April, make sure to pull a copy of your credit report and check to see where your score stands.

Check your status

Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, or Credit CARD Act, everyone is entitled to one free credit report from each credit bureau every year.

Obtain a copy o…………… continues on Times Herald-Record

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David Seeger of Great Lakes Credit Union talks about the simple steps you can take to improve your credit score. Money Monday on NBC 24 Today, March 2, 2015 For the latest News-Weather-Sports…
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Take These Steps to Improve Your Credit Score

Take These Steps to Improve Your Credit Score
News from Techli:

Take These Steps to Improve Your Credit Score

Brought to you by Bank of America: Better Money Habits

Your credit score impacts many important financial decisions in life, from car loans to mortgages, so it’s important to manage it. For instance, applying for a lot of credit cards in a short period of time could negatively affect your score. Check out all of the credit-related do’s and don’ts below on how to improve your score and ensure it’s attractive to potential lenders.

Now that you’ve learned some tips on how to boost your credit score, you may be wondering the best way to manage your credit cards. Check out the video below to better understand how your balance and the number of credit cards you have influences your score so that you can start building healthy credit.

For more information on how to boost your credit score, visit Better Money Habits from Bank of America

Share and Enjoy

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Millennial, Gen-X or Boomer, Here’s How to Boost Your Credit
News from MainStreet:

NEW YORK (MainStreet) — You might think younger Americans would rely on their elders as role models when it comes to credit health, and maybe they would — if they were pointed in the right direction.

The 2015 Chase Slate Credit Survey shows that Millennials, for example, might draw inspiration from Generation X instead of their Baby Boomer parents. Chase says that 96% of Gen-Xer’s have checked their credit scores, while 28% of Boomers are defined as “having never taken steps to improve their credit score.”

There is trouble across all age demographics, however. Chase also reports that two in five Americans don’t know their credit score and more than half don’t know paying bills on time is the primary driver of a credit score. Yet two-thirds say they’d like to be able to improve their score in the next year.

“Having healthy credit could mean the difference between achieving major life goals, such as buying a home or starting a small business, and nev…………… continues on MainStreet

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A new kind of credit score for those with no credit

A new kind of credit score for those with no credit
News from Washington Post:

April 2
Andrew Harrer/Bloomberg

In the finance world there is what’s known as the Catch-22 of credit.

Only those consumers who already have loans and make payments that show up on their credit report can get a credit score to help prove their trustworthiness to financial companies. Those who work mostly in cash but want greater access to credit are often locked out of the lending market because financial institutions don’t have enough information to evaluate them.</…………… continues on Washington Post

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3 Things You Should Know About Your Credit Score
News from Fox Business:

Source: Flickr user Morgan.

Your credit score is one of the most important aspects of your personal finances. Whenever you need to borrow money, your credit will be scrutinized. Yet many people don’t know some of the most basic facts about their credit scores.

To help shed some light on this key part of your finances, we asked three Motley Fool contributors to talk about some things many people don’t know — but should — about their credit scores. Read through their descriptions and see what you learn about your credit score.

For starters, there is no single credit score, and your score will vary based on the scoring method used. The FICO score is the most widely used, but different lenders use their own algorithms to determine your risk level as a borrower and the interest rate at which they should lend you money. The one commonality across all credit scores, though, is the information it is based on, which is the data contained in your credit reports.

The three big credit bureaus — Equifax, Experian, and TransUnion — each collect as much credit data as they can on you. They then sell this information to lenders, which use the data to come up with credit scores. Onc…………… continues on Fox Business

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The Nation’s Housing: Rent payments can improve your credit score – TriCities.com

The Nation’s Housing: Rent payments can improve your credit score – TriCities.com
News from The Nation’s Housing: Rent payments can improve your credit score – TriCities.com:

WASHINGTON — It’s the great credit divide in American housing: If you buy a home and pay your mortgage on time regularly, your credit score typically benefits. If you rent an apartment and pay the land-lord on time every month, you get no boost to your score — zip. Since most landlords aren’t set up or approved to report rent payments to the national credit bureaus, their tenants’ credit scores often suffer as a direct result.

All this has huge implications for renters who hope one day to buy a house. To qualify for a mortgage, they’ll need good credit scores. Young, first time buyers are especially vulnerable — they often have “thin” credit files with few accounts and would greatly benefit by having their rent histories included in credit reports and factored into their scores. Without a major positive such as rent payments in their files, a missed payment on a credit card or auto loan could have significant negative effects on their credit scores.

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6 Reasons You Can Be Rejected With An Excellent Credit Score

6 Reasons You Can Be Rejected With An Excellent Credit Score
News from Forbes:

These days, our credit scores are everywhere. Many banks now print credit scores on your monthly credit card statement. Companies like CreditKarma give credit scores for free. Americans increasingly understand how their score is calculated and how to improve it. However, just because you have a good credit score doesn’t mean you will be approved for credit. I spent nearly 15 years working in banking. During that time, I used to decide who we would approve and who we would reject. Despite what the scoring experts like to imply, simply knowing your score is not enough to know your odds of approval. Here are six reasons why you can have an excellent score, but still get rejected.

1. What Credit Score Are They Using, Anyway?

I often hear people talk about their “credit score,” as if they only had one score. There are hundreds of scores in the market. Fair Isaac Corporation developed the original FICO score. However, there are multiple versions of the generic FICO score (the most widely used is Version 8). There are also FICO scores specifically for automobiles and bankcards. To complicate the picture even further, the score depends upon the data from the credit bureau. And there are three credit bureaus. You can s…………… continues on Forbes

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Tips on how to repair your credit score

Tips on how to repair your credit score
News from Bay News 9:

By Angie Moreschi, Consumer Wise Host
Last Updated: Tuesday, March 24, 2015, 11:00 AM

Your credit score is an all-important number, especially if you’re in the market to buy a house, a new car or even insurance. The number is an analysis of your credit history and will sit on a scale between 300 and 850.

700 and above is considered good. To get in that range, it’s important to make sure you’re paying your bills on time.

There’s a delicate balance with how much debt you carry. You don’t want too much of it, but don’t shy away from using credit either. Proving that you can pay off debt can help improve your score. Use the cards you have and make those payments. Payment history makes up about 35 percent of your credit score. Keep in mind, every time you apply for a credit card, you’ll get a notch on your credit history.

Another tip, check your credit reports for mistakes. You’re entitled to a free copy of your credit report from each of the three credit reporting agencies every year. You can sign up on websites like Annual Credit Report. Aim to get a report once every four months so you can monitor them throughout the year. If you find any mistakes, report…………… continues on Bay News 9

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