Archive for June, 2008

Credit Q & A

Thursday, June 12th, 2008

Hello Mike,
I have searched all over the web for credit reports with credit scores for free. One thing I have noticed is some sites sell credit reports with one score, and some with no scores at all. Where can I get a credit report with credit scores for free. I would prefer to get a score from each credit bureau. I am getting ready to buy a house and would like to know where I stand. Will this affect my credit score by pulling my report ?

Margarita Jiminez

Hi Margarita,
Great questions you are asking. There is only one site where you get your credit report for FREE, which is At this site you don’t get your credit scores. If you want your credit scores you have to pay for a score with each bureau. If you are getting ready to make a purchase you need to get all three of your credit scores to see where you stand. You can get your credit scores at our site with all 3 credit bureaus on a trial period. Most of our offers will give you all three credit scores. Pulling your consumer credit report does not affect your score at all. This type of credit pull is considered a soft pull according to my fico. If you have any questions don’t hesitate to e-mail us.

Remove Judgement Q & A

Monday, June 9th, 2008

Hi Mike I was wondering if it is possible to get a judgement removed that is 6 years old ? I believe this judgement is dragging down my credit score. Even though the courts say I have to pay, I dont agree with this debt.
Laura Tylor

Hi Laura,
Its looks like you are real close to the 7 year rule on judgements. Judements stay on your credit report 7 years from file date. So if you wait one more year, it should be removed from each credit bureaus. If it does not get removed, you can use our free dispute process under our resource tab on our site. is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Card Q & A

Wednesday, June 4th, 2008

I had some questions in regards to credit cards. My wife and I had filed bankruptcy a while back. The bankruptcy was a Chapter 7. We got ourselves in trouble with credit card debt, but I am aware credit cards are necessary for good credit. How many credit cards should I apply for, and what type of credit card should I apply for with challenged credit. I pulled a credit report at your site, and our scores are in the low 600’s. Thanks for your help.

Hi Tim,
This is a common question we get. Your overall credit score has many parts to it. Type of credit is 10% of your overall credit score. We always recommend a couple of credit cards to get the ball rolling. Most lenders like to see around 3 lines of credit reporting on your credit report for about 12 months or more. With good payment history your scores will go up. As far as what type of credit card, I would recommend trying to get a couple of our sub-prime cards. Below are some links to some good sub prime credit cards to get you in the right direction.

Tribute MasterCard® Gold

Continental Finance Gold MasterCard®

Rewards 660 Visa® Card is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Common Credit Report mistakes

Tuesday, June 3rd, 2008

Your credit report is not something to be taken lightly these days. It is almost as important as your social security card. There will come a time where your credit report will be required for credit purposes. We see credit reports on a daily basis, and there typically are issues with that individual’s credit report that was not known. This is all too common due to a lack of staying on top of your personal credit report. Here are some common issues we see that cause loans to get denied.

Credit Report Issues:
Credit Cards charged beyond credit limit
• Credit Cards charged above 30% of allowed credit limit
• Late payments
• Co-signed for loans
• No Credit
Credit Score too low
• Your dads credit shows up on your report because you are a junior
• Medical Collections
• Stolen Identity
• Credit card fraud

The majority of the time most people have no idea that the previous information discussed affects your credit report. All it takes is one of these mistakes to have issues getting credit extended to you.

If you are getting ready to make a purchase you can definitely save on interest rates and terms by pulling a copy of your credit report with credit scores. This is a preventive measure so you don’t get blind sided with a credit problem. There is a 1 n 4 chances your credit report has incorrect information on it.

Suggestions to avoid common credit report mistakes
• Pull your credit report every 3 months
• Don’t be late on obligations
• Don’t co-sign for anyone
• Don’t charge more on a credit card than you can pay off that month
• Establish credit if you don’t have any with Secured Credit Cards
• Pay your medical bills
• Shred all document that come in the mail to avoid id theft

Get alerts when your Credit Scores are inaccurate.

Monday, June 2nd, 2008

When you’re quoted a higher interest rate than you deserve because of information in your credit file, wouldn’t you appreciate it if someone red-flagged it for you?

That’s an especially pertinent question in today’s mortgage market, as lenders ratchet up their credit score minimums and use electronic “risk-based pricing” to set rates and other loan terms. If you really deserve a 720 FICO credit score but you have been pulled into the low 600s because of incorrect or missing information in your national credit-bureau files, you ought to know so you have the opportunity to fix the problems.

To help with this, two federal agencies have proposed risk-based-pricing alerts that would cover all lending situations, including home mortgages, credit cards and auto loans. As part of credit legislation enacted at the end of 2003, Congress directed the Federal Reserve and the Federal Trade Commission to devise a system that would require lenders to notify consumers whenever the contents of their credit files contribute to a less favorable credit offer than the borrower might otherwise receive.

It took four years, but the two agencies published their proposal for a risk-based-pricing alert in mid-May. After a three-month comment period open to the public and affected industry groups, the FTC and the Fed could adopt the plan later this year.

Here’s how it might work for home mortgage applicants: The bank pulls your credit files and prepares a rate quote. If your score comes in too low to qualify for the lender’s best deals, the loan officer would be required to use one of several methods to notify you.

Using one method, the bank could provide you the credit score that governed your rate quote, along with a graphic representation of how your score compares with those of other mortgage applicants, plus the key factors in your file that depressed your score. The notice would also include information on how to contact the credit bureau that provided the score and how to obtain your full credit report.

Because you wouldn’t yet be contractually committed on the mortgage, you would be free to call a timeout and check what’s in your credit files. If derogatory information is erroneous, or if some of your creditors had failed to report your on-time accounts to the national bureaus, you would be able to correct the files before proceeding.

Not all applicants would be issued risk-based-pricing notices under the proposal — only those whose mortgage terms and rate quotes are “materially less favorable than the most favorable terms available to a substantial portion of consumers [obtaining credit] from or through” that lender.

The FTC and the Fed offered two methods for lenders to determine which applicants fit that description. Using one approach, lenders would set a credit-score cutoff at which about 60 percent of customers have lower scores and about 40 percent have higher scores. Only loan applicants with scores below the cutoff would have to receive the alerts.

Under a second alternative, lenders would create a tiered pricing structure, with notices required only for applicants whose scores are in the lowest tiers. For example, if a lender used five pricing gradations, only applicants who fell into the lowest three tiers would receive an alert.

In a key decision that could provoke debate, the FTC and the Fed would not require most mortgage brokers to issue notices, as long as they do not function as lender during a transaction but are solely intermediaries. If the agencies’ proposal is adopted, that means that when brokers shop loan applications to multiple lenders and receive quotes, they will not need to provide multiple risk-based-pricing notices.

In another limitation, the two agencies conceded that some consumers might not receive notices even though negative information in their files depressed their scores. That’s because mortgage brokers might send applications with seemingly subprime credit exclusively to lenders who specialize in subprime loans. In that event, an applicant’s high rate quote may be typical for that lender, not “materially less favorable” than what the bulk of the lender’s clients receive.

Whatever the shape of the final plan for a risk-based-pricing alert, it almost certainly will heighten consumer awareness of the importance of credit data in determining mortgage rates and terms. In the meantime, remember this: Always check at least one of your national credit bureau reports — on file with Equifax, Experian and TransUnion — months before applying for a mortgage.

That allows you the time to fix problems if necessary and qualify for the rate you deserve.
By Kenneth R. Harney

Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.