August 3rd, 2009 at 07:03pm Under Credit Score
I heard that you credit score would go up anywhere for 30-40 point if you pay a credit card off that is maxed out (if the balance is over a 1,000.00) Is this ture?? And if not does anyone know about what it would go up?
By Finance Enquirer 2 comments
August 3rd, 2009 at 05:50pm Under Credti Debt
The way most Americans are buying almost everything on credit it is very easy to get into a situation of bad credit. As per research, an American has, on an average, eight credit cards, and with such a bonanza, it is very easy to lose track of the expenses you incur along with payments you make. People easily forget to correlate their incomes with their expenditures. When such a thing happens, you are in deep trouble and may need the services of Bad Credit Debt Consolidation services.
A variety of credit card companies, offer a variety of cards with tempting offers, and this is the beginning of your downslide. You should sign up for only that particular credit card that meets with your requirements, and keep track of all your purchases and make your payments in FULL, every month. You are bound to get into a very bad debt situation, if you only keep on making the minimum payments.
What Debt Consolidation Services Do
You wake up one day to the fact that you are in deep debt. This is where the Bad Credit Debt Consolidation services come in. Such services do not only provide debt consolidation loans but offer other services to get you out of your bad debt.
Bad Credit Debt Consolidation involves sitting with experts who help create a plan to reduce your debts. They help you make a monthly budget after listing all you debts, and knowing about your total income. They help calculate what minimum amount you can afford to payback every month, and you have to ensure that you stick to that plan.
All Bad Credit Debt Consolidation services will advise you to stop using your credit cards. This stops your bad debt from getting worse. Your only option is to stick to the plan, where your Bad Credit Debt Consolidation plan has reduced your numerous payments to one monthly payment. This is your only hope to stay out of bad debt.
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August 3rd, 2009 at 03:29pm Under Auto Loan
My credit scores vary by 100 points from one agency to another. The Experian score is the highest.
By Finance Enquirer 5 comments
August 3rd, 2009 at 07:01am Under Credit Score
I filed for bankruptcy (chapter 7) a year ago and successfully had it discharged. I’m in teh process of rebuilding my credit and I pulled my credit report and all the creditors included in the bankruptcy have my accounts listed as “bankruptcy” which is destroying my credit score. Is there any way I can have those accounts removed since they are all closed and were included with the bankruptcy? Does anyone have any tips on rebuilding my credit? My score is currently 530 and I would like to raise it to the average but it seems like it hasn’t been going anywhere. What can I do?
By Finance Enquirer 6 comments
August 3rd, 2009 at 06:37am Under Consolidation Loan
No, you do not have to have any credit to consolidate your loan. As long as you have a federal loan and you are not a continuous student then you can consolidate. There are many different companies that offer consolidation. They will offer give you the same base rate, they may just offer different “benefits” for consolidating with them. For example, some lenders will offer a 2% cash rebate (2% of your total loan balance) after you make your first payment, some will offer a 1% interest rate reduction after 36 on time payments, etc. Unless you have a very specific reason for consolidating (can’t make payments, no forbearance/deferment time available, cannot do graduated payments, extended repayment, etc.) then you probably shouldn’t consolidate right now. Interest rates are very higha nd once you conslidate and fix the interest rate you currently have you are stuck. It will never be able to be lowered again. If you have any other questions let me know!
By Finance Enquirer 2 comments
August 2nd, 2009 at 07:01pm Under Credit Score
I heard on some commercial that a bad credit score can keep you from getting a loan, a car, and a job? How is this possible? Why wouldn’t someone hire you because of your credit score?
By Finance Enquirer 6 comments
August 2nd, 2009 at 06:48pm Under Auto Loan
I had bad credit from when I was younger. But I have been working on re-building my credit for the past 5 years.
By Finance Enquirer 3 comments
August 2nd, 2009 at 05:51pm Under Credit Score
It is hard to watch television these days without hearing about credit scores. If you are not looking to get a loan or credit card, you may be wandering whether or not they are important. Your credit score is important, regardless of whether or not you plan on applying for a credit card or loan. In this article I will explain what a credit score is and why it is important.
What Is A Credit Score?
Your credit score will determine whether or not you’ll be approved for a mortgage loan, and how high your interest rate will be. Your credit score will also determine the cost of your car insurance. Even certain jobs, which you apply for, will require you to have good credit. Having a low score will make things much more expensive, and you may find that some companies won’t hire you. The easiest way to get a good score is to make sure you’re responsible with making your payments on time. It is also important to understand what is used to calculate the score.
Calculating Your Total
The type of different loans you have makes up about 10% of the score. If you don’t have an established credit history, the number of different accounts you have will be considered. Your payment history makes up 35% of your credit score. The number of different accounts you make payments on is considered, as well as number of late or missed payments you have. Any liens, bankruptcies, or judgments will be reviewed, and this information will be used to factor in your score. Services such as furniture rentals and car loans are included as well as credit cards.
The total amount owed makes up about 30% of your credit score. The number of accounts you have and the amounts you owe on all of them are reviewed. The closer you are to maximizing out your loans, the more likely it is that your credit score will be lower. How much you have paid back on your loans is also taken into consideration. The age of your credit history makes up about 15% of your credit score. If you have a long credit history your score will be higher if you don’t have any negative marks in the past. The last factor that makes up your credit score is called new credit.
New Agreements
New credit refers to the number of new loans you have opened recently, and makes up about 10% of your credit score. The number of request you’ve made for credit cards or loans is also computed. Now that you know all of the things that are used to calculate your score, what can you do to improve it?
What You Can Do To Improve
One of the things you can do is make sure all of your bills are paid on time. If you are too busy to make sure your bills are paid on time, set up automatic payments so that the money is debited from your account on the day it is due. You also want to make sure you don’t open too many accounts within a short period of time. It is also important to keep your balance low in proportion to the total amount of credit available on the loan. You should owe 25% less than the total available credit on your loan or credit card.
It is also better to pay off your credit card instead of moving over the balance to a card that has a lower interest rate. Constantly moving around your balances can cause your score to become lower, because the total amount you owe could fluctuate if you close certain accounts.
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August 1st, 2009 at 01:13am Under Credit Application
My wife is a stay home mom and she does not have any income. She does not have bad credit history but she does have some debt. Will banks run her credit report when I apply for a mortgage? I want to apply for the mortgage based on only my FICO, my income and the outstanding credit in my name.
Is that possible in NJ?
Thanks!
By Finance Enquirer 3 comments
July 31st, 2009 at 07:44pm Under Credit Application
If they do check your credit, then It’ll be no more thann 6 points off of your credit. Thats if they check your credit. Most apt’s do check you credit once you appply to rent an apt. I wouldn’t be surprised if they did though. It’s considered a hard hit if they do, but it just all depends. Nothing is certain in the credit world. We could only gestimate, that’s all. You should also, every year get a credit check/score done yourself on -line or by calling the 3 most trusted credit companies…Experian, Trans Union, and Equifax. That way you knoe where you stand.
By Finance Enquirer 3 comments