Being a Conservative will Harm Your Credit Score

No, I’m not talking about your political persuasion. I’m talking about your spending habits and how they’ll affect your credit score.

If you’re very conservative, you’re very careful about how you spend – you may even pride yourself on waiting until you have the cash to make a major purchase. Thus, you have no credit cards, no car loan, and no account at the appliance or furniture store.

Unless you’ve inherited real estate or bring home a phenomenal income, it probably means you don’t own a home – and at some point in the future you will need to apply for credit.

You might walk into your local mortgage company office feeling pretty good about yourself and feeling confident that you’ll get the mortgage you want at the lowest possible interest rate – because you’re a responsible person and have no debt.

Nothing could be farther from the truth!

Strange as it may seem, lenders want you to have debt. They want to see that you have a history of paying bills on time, and if you have no bills, you have no history.

In the past, we were able to help people get mortgage loans by showing the lender all their receipts for rent, phone bills, power bills, etc. But in today’s “running scared” mortgage market, that might not work.

So what should you do? First, get your free credit report and see what your FICO scores actually are. It’s always best to know where you’re starting from if you intend to go somewhere.

Next, begin building your credit. You may have to begin with a secured credit card, but since you have no adverse history, you may be able to obtain a card with a low credit limit from a mainstream source.

Once you have the card, begin using it to make small purchase. Or use it for a few large purchases – such as gasoline! When the bill arrives, pay it in full and continue charging those purchases. In a few months this activity will show up on your credit report.

Then, get another card and do the same thing – but be careful not to exceed 30% of your available credit on any one card during any one payment period. The amount you owe is reported as the amount on your monthly statement, so use the statement, not the calendar, to determine how much you can spend in a given month.

After you have a few month’s history with your credit card, ask to have your limit increased. Not because you want to use it, but because your credit report will then show more available credit that you aren’t using.
Check your credit report again regularly – and have fun watching those FICO scores as they go up and up!

Marte Cliff is a former Real Estate Broker and now a Real Estate Copywriter. Visit her at www.marte-cliff.com

Get Your Free Credit Report – Find Out What Everyone Else Knows About You

It really is kind of scary to realize that strangers can pull your credit report and thus access your credit history - and that they use it to create a picture of your life.

All they need is your social security number – and that isn’t hard to get any more.

From that they can determine many things to some degree of accuracy.

For instance, they’ll see how many different addresses you’ve used over the past 7 years, how many new accounts you’ve opened, how many times you’ve gone shopping for major purchases, and even who you might have helped out by co-signing a loan.

The top portion of a credit report includes names, nicknames, old and current addresses, Social Security number, birth date, and current and previous employers.

Thus, a prospective employer looking at your credit report will see if you’ve been job-hopping. That’s something you’d rather they didn’t know, because it will definitely hurt your chances of being hired. He or she will also see if you move from city to city with regularity – and if you do, will weigh the odds of you leaving after they invest the time to train you in a new position.

They’ll know if you pay your income tax on time, because the report will show any tax liens, along with bankruptcies and judgments.

They’ll even know if you’ve changed spouses, because your credit report shows who shared responsibility for each debt.

Looking at your financial life gives people an impression of you, and of how you conduct your life in general. Of course that’s nobody’s business – but it’s a fact.

Strangely enough, the Big Three credit bureaus don’t always have the same information, because they compile their data independently of each other. That’s one reason why it’s important for you to obtain a credit report that shows the findings from Experian, Equifax, and Trans Union.

Usually, when a lender pulls your credit report he or she will find that the big Three have each assigned a different score – sometimes as much as 40 points apart. Some lenders will act based on the middle score, while others will go with the lowest score.

Because of this discrepancy, it’s in your best interests to know what information each credit bureau has – and is sending out in response to inquiries. (Remember, if you find an error on your credit report, you need to notify each of these credit bureaus, not just one.)

Conversely, if you’ve been a victim of identity fraud, you can contact one and it will notify the others.
Get your free credit report today – see if the world has an accurate picture of who you really are.

Author:Mike Clover
CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

Got high credit scores but can’t get a loan.

approved. The reason for this is because lending is altogether a different market now. If you are trying to get a house, you definitely better have good credit, but that’s not all. Lenders are going back to what was called the plain old vanilla loans. In other words there is not much creative financing anymore. Here are some examples.

Stated loans
Stated loans have been loans designed for individuals that are self employed and could not show much income. In a lot of cases self employed people write off as much as they can on there income tax returns. So this type of loan was invented for them. Well IRS is trying to get rid of these loans. I am sure you can imagine why.

No Doc Loans
This type of loan was for the excellent credit borrower. With this loan you did not document anything, no income or work history. You just got a loan based on your excellent credit history. This loan is no longer being provided.

Limited doc loans
These types of loans are loans where you state you income without proof, but you verify your assets. This loan is still around but is difficult to get done, due to there not being a market for the loan. You need at least a 720 plus score to get one of these.

Conventional Loans
Most banks are requiring a 680 credit score just to get in the door with this type of financing. IN the past a 650 was considered a good credit score, but you better have at least a 680 middle credit score to get this type of financing. Plus you will need a minimum of 5% down.

FHA mortgage loans
These types of loans are typically not credit score driving. Now you have to have at least a 580 credit score to get most banks to underwrite your loan. We are starting to see a pattern where the credit score requirement is being raised to 620.

So you can see you may of thought you had good credit scores, but due to the bar being raised by the market, you might have problems especially if you financing needs to be creative.


Author:Mike CloverCreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

How to Buy a Home When Your Credit Report is Negative

Obviously, you won’t be able to walk into your local mortgage company office and get a loan unless your credit score is exceptional and your verifiable income shows that you can comfortably make the payments.

Gone are the days of “sub-prime” mortgages, and gone are the days of “stated income” for borrowers with high credit scores. Gone are the offers of “zero down” loans and creative financing options that allowed sellers to carry back a note for part of your down payment.

Lenders are being darned careful right now.

So what can you do if you want to begin building equity in a home – but your credit score is marginal and available funds for a down payment are scarce?

You can look for lease to own properties, and seller-financed homes.

Borrowers aren’t the only ones affected by this crisis – homeowners who need to sell are also in a bind, because the pool of buyers who will qualify for loans is getting smaller and smaller as lenders tighten their requirements.

Thus, those who can will begin entertaining the idea of seller financing and lease to own arrangements.

This could be good news for prospective homeowners, but it could also mean that home ownership will cost more. Traditionally, seller financing comes with a higher interest rate than those we’ve seen in the past few years. That means you’ll get less house for the same payment. Also, wary sellers might want a larger down payment than you are able to make.

These sellers will also want to see your credit report, but will likely be a little more flexible than mortgage lenders.

That leaves “rent to own” or “lease-purchase” arrangements. Under these situations, you won’t be on title, so won’t get the tax benefits of home ownership until the purchase is completed. Still, you’ll be locked into a purchase price, and if inflation continues, that could be a good thing.

Also, these sellers won’t be as fussy about your credit score, because they know that if you default, they’ll get the house back immediately rather than having to go through the long and expensive process of foreclosure.

But do be careful. Many “rent to own” properties are owned by companies seeking to take advantage of the current crisis, and their contracts are strict. For instance, they may require you to get a loan and cash them out within a set time frame. If you can’t do it, you’re out of the house and all payments made toward the down payment are kept as “liquidated damages.”

Making regular on-time payments to these companies will help raise your credit score, and the extra you pay will force you to build a down payment, so a lease purchase could be to your benefit.

Just be sure to read the fine print – all of the fine print.


Author:Mike Clover
CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

My Credit Scores have dropped due to new credit cards-Why?

The venture to build a good credit score report is sometimes aggravating and exhausting. If you have never had credit or let all your credit go to collection, the first step on building your credit scores is building or rebuilding your credit report. Anyone that understands this process will tell you your first step is to get some secured credit cards. There are some matters you need to know that will drop your credit score though. Here is what you need to know.

Secured Credit Cards
This type of credit card is a great way to establish credit regardless of your situation. Reason behind the success of this card is because it reports to the credit bureaus as good revolving credit. This card does require a deposit of your own money into the banks account, typically around $300. The good news is with a little payment history you are on your way to save because you have higher credit scores now. It’s a small investment to save lots of money down the road.

Too much credit too quick
If you apply for too many credit cards to quick, your credit score will drop. The credit scoring models look at this as high risk. I would just apply for two credit cards only, that is all your really need.

Credit History
When your credit scores are calculated the length of credit history is a factor as well. If you just applied for credit cards your credit scores could drop, but they will eventually go up. There are all kinds of factors in the credit scoring process, and if its new credit it will take some time to see improvement in your credit scores. But remember this is the quickest way to increase your score though.


Author:Mike Clover
CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

Clearing the Confusion about Inquiries and Your Credit Score

If you’ve ever applied for a mortgage loan, and if your loan officer was on the ball, you were told not to go shopping for a car or furniture for that new house. You were told that looking is fine, but do not give a sales person your Social Security number for any reason.

You were warned that inquiries on your credit report would lower your score, and could even prevent you from getting your mortgage loan.

This is true – and borrowers who are barely squeaking by with a credit score at the lower levels of acceptable can cause themselves to lose out on the mortgage.

At the same time, you should have been told not to withdraw funds from your checking or savings accounts to make a large purchase in cash, because your mortgage lender will check your balances to make sure that you have the required balance in the bank to pay your down payment and have a few months’ payments left over.

These warnings have led many to believe that any and all inquiries will lower your credit score, and that is not true. “Soft” inquiries will not harm you, because they don’t indicate that you’re trying to obtain credit.

These would be inquiries you make yourself, inquiries from potential employers, and inquiries from companies who routinely check credit as a preliminary step before sending out letters soliciting your business. Likewise, an inquiry from a creditor with whom you’re already doing business will not affect you.

These may or may not show up on your report, but don’t worry about them.

Checking your own score periodically is a very good idea – in fact, Fair Isaac, the inventor of the FICO score, recommends that you do so. Checking will allow you to catch errors early on, and will alert you to signs of identity theft – one of which is inquiries from creditors you don’t recognize in cities where you don’t live.

If you live in the Midwest and you see an inquiry from a car dealer in Seattle, it’s time to find out why. “You” may now live in Seattle and not even know it.

When you see such an inquiry, or see something strange – such as an incorrect address for you or your spouse – don’t dismiss it as a mistake. Contact the credit bureau immediately and find out more. Let them know that you may be a victim of identity theft and need the information.

Why not get a copy of your credit report today – right here at CreditScoreQuick.com.

Author:Mike Clover
CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

Should you Consider Debt Consolidation – and Will it Hurt Your Credit Score?

Lenders often encourage people to consolidate credit card debt by taking a second mortgage on their homes – thus spreading payments out over more years, generally at a much lower interest rate.

Sometimes the same company that issued your credit card will encourage you to switch to a home equity loan. They love it because this is a secured loan – unlike credit cards, which are unsecured. They also love spreading your payments out over a longer period of time, because then a larger percentage of each payment is interest (otherwise known as profit to the lender.)

The lender will point out that home equity loans are tax-deductible, so you’ll be saving money. Be careful with that one, as the rules have changed and you may have to prove that the home equity loan was used to make improvements on your home.

So… Should you do it?

The first question you must ask yourself is this: “Do I have the discipline not to turn right around and run up my credit card debt again?” If the answer is no, then no – you should not do it.

What will this new loan do to my credit score? That depends on question #1 – along with the amount of the new credit line you actually use.

For instance, if you have $50,000 equity in your home and are granted a second “revolving credit” line of $35,000, you have just acquired a higher amount of available credit – which is good for your FICO score.

However, if you use every bit of it, that’s not so good. FICO scoring is a bit of a mystery, but the overall consensus is that you should never use over 30% of available credit on any one account.

Can you eliminate those high credit card payments by using 30% of the credit available from your revolving home equity loan? Then it’s a good idea. From that point on, use your credit cards, but pay them off each month when the bills come in. And of course, never charge more in any one month than 30% of their available balances.

Get your free credit report right here at CreditScoreQuick.com and read it carefully. Add up the balances you owe, and consider how large your home equity loan would be. If it all makes sense, then check with several Second Mortgage lenders to compare interest rates and programs before you make a decision.


Author:Mike Clover
CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

Pay Your Debts to Raise Your Credit Score

Sounds simplistic, doesn’t it? Just pay down your debts, your credit score will raise, and all will be fine. But if you’re in debt, there’s probably a reason – such as spending in excess of your income.

If you want to build a good financial reputation – otherwise known as a good FICO score – you’ll have to make the effort to bring your spending in line with your income.

You have two simple choices, and they should be used in combination with each other:
• Earn more and use the extra to pay down debt – or stop going further in debt
• Spend less

Start with earning more. How many extra dollars per week or per month would it take for you to begin paying off credit cards? $10, $50, $100, or maybe $500?

Remember, even an extra $10 per month paid on a credit card account will make a difference over time. This is a simple example, because it doesn’t take into account that the money will be paid in a little at a time and will begin reducing the amount of interest you pay from the first “extra” payment onward. Your savings will actually be more than the following example.

But look at it this way: If you’re paying 18% interest, and you pay an extra $10 monthly for one year, that’s $120 less that you’ll pay interest on the next year – That’s $9.60 per month, or $115.20 per year that won’t slide out of your checking account into the hands of a credit card company.

So how can you earn that extra money? Here are a few suggestions:
• Take a part-time job in addition to your regular job. Here are a few that could easily bring in an extra $10 or $20 per week without taking up much time:
o Put up and take down signs for a real estate agent
o If you’re good with a camera, take property photos for that agent
o Walk dogs for a neighbor who works long hours
o Pet sit for people on vacation
o Clean offices at night or on the week-end
o Hire on to shop or do yard/garden work for an elderly neighbor
o Do on-line blogging for pay
o Do on-line surveys for cash
• Begin doing extra tasks at work – take on more responsibility – work a little harder and longer than anyone else – and then ask for a raise.
• Begin looking for a new job that pays more
• Go through the attic and start clearing your clutter – through eBay
• If you can write, sign up on a site like Helilum.com and enter the writing contests
• Put some Google Adwords links on your own web pages
• Teach a class about something you do very well

The most important thing is to immediately set aside all funds generated from these extra activities – and use them to pay down debt. It won’t help you if you increase your spending to match the additional income.

Author:Mike Clover
CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

Free Credit Reports – No Scams

There are free credit report offers all over the web. It might be confusing about which one to get. There are also websites stating that some free credit report websites are just scams. They are not scams, they are just vague on how you go about getting your free credit score reports. You have to remember that most websites that offer credit reports do so for a living. Here are the FACTS:

There is only one website where you can get an actual free credit report once a year with no strings attached. This website is http://www.annualcreditreport.com/. This website offers a free credit report once a year only, and the credit report does not provide you with your credit scores. If you want your credit scores, you will need to pay for them with each credit bureau.

Since identity theft is the biggest crime waive since the drug trade, do you think pulling your credit report only once a year is sufficient? Identity theft happens every 60 seconds to someone. So if you feel that getting your credit report once a year is good enough, you might want to reconsider.

The credit report websites that offer a credit report with your credit scores are our recommendation. Typically if they say free credit report, it’s free on a trial basis. The website hopes you will sign up for credit report monitoring. All the major credit bureaus offer the same type of credit report as well. So if you are looking to get your free credit report remember its only free for a trial period. Make sure you read the fine print and understand what the credit report website is selling.

Credit monitoring is a good service to get notified instantly if any strange activity that is taking place on your credit report. So if you are working on what I like to call good credit management and are in the process of pulling a copy of your credit report I would suggest getting a credit reporting monitoring service. This is just good credit management.

You know as well as I do that nothing is for FREE. All these websites are offering a free credit report usually as long as you signup for credit monitoring and other sales offers as well. You can get a copy of your free credit score report, but will need to call back and cancel any services they automatically signed you up for. This also applies to the credit bureau offers too.

Protect you and your family get your free credit reports today.

Author:Mike Clover

CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

Protect Your Credit Score – Avoid These Common Errors

Two of the most common credit mistakes appear at first to be smart moves:

• Closing Credit Card accounts you aren’t using
• Avoiding having any credit cards at all

It doesn’t seem sensible, but it’s true. In order to have a high score, you need to have plenty of credit available – credit that you aren’t using!

The Fair Isaac Corporation’s credit scoring system says that having low credit balances compared to the amount of credit you could be using makes you a good credit risk. This is based on percentages, so if you had $20,000 available and only used $5,000 it would show that you used only 25% of your available credit – but if you closed some accounts and now had only $10,000 available, it would show that you are using 50% of your available credit – and thus lower your FICO score.

Similarly, having no credit cards not only means that you have no ready credit available, but offers no verifiable record of your payment history. Never mind that you’re so careful with money that you either pay cash or go without. That kind of responsibility doesn’t count in the world of credit scoring.

Creditors want to know that you pay your bills on time, so having a couple of credit cards that are in good standing shows your financial reliability.

High Credit Card Balances are the next mistake. According to Fair Isaac, your balance should never be more than 30% of the credit limit on any one card. So avoid the temptation to move all your high interest balances over to a low interest credit card – unless you can do it and still stay under the 30% mark on the low interest card.

Perhaps the most dangerous mistake of all is Co-signing for loans. You do it to help a friend or family member, but that act of kindness can come back to bite you – hard. Not only do you add debt to your credit report, the fact that the person couldn’t get credit without a co-signor means that there’s a good possibility that they aren’t responsible with money – and that before long, late payments will begin to show up on your credit report.

Late payments will drop your score a full 100 points – and that could mean the difference between you being able to qualify for a loan or not. At the very least, it will mean that when you need personal credit, you’ll pay higher interest rates.

Unless you’re co-signing for a child who is living with you and you can not only monitor bill paying, but pay the account yourself if your child doesn’t – just don’t do it. Letting a friend or relative ruin your credit is not a good way to maintain a good relationship.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Score affected by transferring credit card balances.

You probably never thought that transferring credit card balances from one credit card to another credit card would affect your credit score. It may sound like a good idea to transfer high credit card balances to lower interest rate credit cards banks. In some cases this is a good idea, but it really depends on some circumstances. When your credit score is determined, one of the factors in the credit scoring process is the amount of debt owed. This accounts for 30% of your credit score. I am going to discuss two scenarios, one that will not affect your credit score and one scenario that will.

Scenario One
Let’s assume you have a credit card with a balance of $6,000 on it. The interest rate on this card is killing you and you have found a better deal to pay off the card quicker. The new card has approved you for $7500 credit limit and 0% interest on balance transfers for 18 months. This sounds like a good idea. So you transfer the balance to the new card for the low interest rate.

Here is the problem:
When you owe more than 30% of the allowed credit limit on a credit card, this will drop your credit score. With this scenario you have almost used up all the credit they gave you. This is not wise at all. The balance you owe compared to the approved credit limit it way too high. You have 80% of the card limit already used up. This will affect your credit core

Scenario Two
Let’s assume you have a credit card with a balance of $6000 on it. Plus you just got approved for a credit card with a credit limit of $25,000. They are offering the same deal on transfers as above, but they gave you a higher credit limit. This is the ideal situation and will not affect your credit score. The reason is the balance owed compared to credit limit is around 24%. This is considered low risk to most credit scoring risk models.


This principal can be applied to all credit card balances. You should not have your credit card balances charged up more than 30% of the allowed credit limit. If you are not sure what your credit score is find out today and get your free credit score report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Companies that pull your credit reports

Credit Reports, Credit Reports, “the talk of the century.” I don’t think we can talk enough about credit education and how your credit will affect you with just about everything you do. I wanted to talk about who is looking at your credit score and credit reports. Just about everyone wants to know whether you will pay them back or not. If you have bad credit you can assure yourself that you will be paying more for everything. With the way the economy is currently I would try to figure out ways to save, not spend.

Companies that check your credit report.
• Cable companies
• Insurance companies
• Banks
• Land Lords
• Apartment complexes
• Employers
• Auto lenders
• Electric companies
• Cell Phone companies
• Phone Companies
• Internet Companies
• Hospitals

If you will notice all these of these companies cannot be avoided, they are just a part of our life. Since you cannot avoid your credit reports being exposed make sure you are on top of your credit report and credit scores. Get your free credit score report today.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Your credit score may just been lowered

If your credit score was just lowered, how would you find out? There are so many avenues now to get your credit report it’s actually pretty easy. But what if it actually was lowered to the point that it would really cost you on loans? This is where the constant stream of information is flowing about how important your credit score is these days. A credit score is so powerful these days that it has become the driving force of the lending industry. When it comes right down to it, all of this is the result of money. If someone loans you money and your credit score states you are low risk, then there is a pretty good chance that the bank will not need to worry about you defaulting. But in this article I wanted to discuss some matters that would affect your credit score.

Applying for credit
If you are going out applying for a bunch of credit, this will lower your credit score. The reason is the credit score risk models look at this type of activity in a negative way. The reason is it looks like you are applying for too much new credit which could be a risk to a creditor. The reason it look negative at this is because you could be acquiring too much debt too soon

Late payments
If you were just late on a payment that is with a creditor, you credit score was just destroyed. Late payments will affect your credit rating about 100 points.

High credit card balances
If you just went out and charged up your credit cards above 30% of allowed credit limit, you score just dropped. If you charged over the credit limit your credit score just dropped as well.

Closing credit card accounts
If you just closed one of your credit card accounts you just lowered your credit score. You really should not close out good credit unless there is a really good reason. This type of activity will lower your fico score.

Not enough credit
Maybe your credit score is not increasing because you don’t have a mix of credit on your credit report. You should have a couple credit cards and maybe a auto loan. You credit score is calculated by your mix of credit and your activity with this credit.


These are some quick tips on what could lower your credit score. What out for stuff like this, it will cost you.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Comparing Bankruptcy to Collections

No one wants to run out on a valid debt, but sometimes things happen that make it impossible to make payments. In the best of all worlds, you could go to creditors, explain the situation, and they would let you put off making payments until you got back on your feet.

But while some creditors might be willing to cooperate, given the promise of full payment at a later date, some will not. That leaves you with some tough choices:

• Filing Chapter 7 Bankruptcy
• Filing Chapter 13 Bankruptcy
• Letting your debts go to collection

Prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, almost anyone could file Chapter 7 and wipe the slate clean. The bankruptcy put a blot on their credit report and lowered their FICO credit score, but they no longer owed the debt.

Now it’s a bit tougher. If your income is greater than the state median income, your motion to file Chapter 7 will be dismissed and you will have to file Chapter 13. That means you’ll have to repay the debts over time.

A Chapter 7 bankruptcy dissolves all debts that legally qualify for the process – meaning that almost all liabilities are erased. You can’t erase a debt to the IRS – so don’t count on this system to get rid of overdue income taxes.

Chapter 7 filings remain on your credit report for 10 years, so this move is not one to take without due consideration.

Under Chapter 13, you must pay off at least a portion of your debts over time. For 5 years you’ll pay money to a court appointed Trustee, who will disperse the funds to your creditors. This option is usually for people who have a steady income.

Be aware that certain restrictions will apply to your life. You won’t be able to go out and buy a new car, that’s for sure! This stays on your credit report for 7 years.

The third option might be the best in some cases: Letting your debts go to collection.

When your original creditor decides that collecting from you is a lost cause, it will sell your debt to a collection agency for pennies on the dollar. The collection agency will, of course, attempt to get the full balance from you, but you can negotiate a lesser balance agreement. Even when you pay far less than the original debt, the collection agency makes money because they paid so little for the debt.

The future will see fewer people filing Chapter 7, if for no other reason than the income limitations. It should see fewer people overall filing, because of the life restrictions imposed under Chapter 13.

Always pay your debts if you can, but if you can’t, consider letting them go to collection as an alternative to bankruptcy.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Free Credit Reports Without Credit Scores are Only Worth What You Paid

You’ll see plenty of companies on line, in the newspapers, on the radio, and on TV who are shouting out offers for their Free Credit Reports. And they are telling the truth – they’ll give you a credit report.

The trouble is, it won’t be worth the paper it’s printed on, because it won’t contain the number you need most to see: your credit score.

The folks who think they need to know all about your financial life will definitely look at the history portrayed in your credit report, but they also want your score. They don’t have the time or the expertise to weigh each segment of your financial history, so they count on the 3 major credit bureaus to tell them about your credit worthiness.

After all, when Bill Fair and Earl Isaac created the FICO scoring system, they’d been studying the statistics for years – figuring out what financial traits marked the difference between a good credit risk and a poor one. No system can predict the future with 100% accuracy, but their system predicts it well enough to cause almost everyone to rely on credit scores generated from it.

Who wants to know about your money management history? Seems like almost everyone:
• Mortgage companies
• Banks
• Car loan companies
• Credit Card Companies
• Credit Unions
• Department stores
• Potential employers
• Potential landlords
• Insurance Companies
• Cell phone companies
• Satellite Television providers
• And even your soon-to-be spouse!

Our finances used to be a private matter, and now almost everyone knows your business!

When you get your free “scoreless” credit report you’ll be able to see what has been reported about you, and you’ll be able to check for mistakes and signs of identity theft, but you still won’t know how a potential creditor views you. And you won’t know if you need to begin taking steps to rebuild poor credit.

But there’s a second reason why you need to know your own score. Sad to say, some potential creditors will ask if you know your score – and use that lack of knowledge against you if you don’t.

If you have a good score and don’t know it, those creditors can fool you into thinking your score is poor, giving them a reason to charge you higher interest. They make millions every year from people who simply don’t realize that they qualify for lower rates.

The good news is, when you request your free credit score reports from Credit Score Quick.com, you’ll get all you need – including the scores you need to know.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Medical Billing Errors Can Ruin Your Credit

You pay plenty for medical insurance and you count on it to pay your medical bills so you don’t have to worry about them should you get hurt or become ill. Once you’ve covered the co-pay you should be home free.

And you should. But unfortunately that’s not the way it works.

All it takes is for a data entry person to code your claim incorrectly, and your insurer will disallow the claim. In other words, the bills won’t be paid.

Unfortunately, the people doing data entry are generally minimum wage workers who are only “putting in their time” and don’t really care if they make errors, as long as they can get through the day and go home. It really doesn’t concern them if your insurer disallows the claim - or if the doctor or hospital ever gets paid.

So, what happens? There you are, doing your best to recover from illness or injury, and these bills keep arriving. The medical field is notorious for sending garbled bills that require some kind of degree to decipher – and they send them in little spurts, so it’s difficult to see if they’re all different, or duplicates. It’s even hard to figure out if you actually got the treatments they’ve itemized, because they have strange names and codes.

So you set them aside, assuming that eventually all the bills will find their way to your insurance company and will be paid.

Then, after several months or even a couple of years, you begin getting collection letters – and you realize that your credit score is in the basement because of bills you assumed had been paid.

Here’s what to do:
• Get the medical claim number from the collection company
• Call your insurance provider and discuss what the problem was
• Get something in writing from the collections company to delete collection from all 3 credit bureaus after you’ve verified there was a code entered incorrectly.
• Once you receive this letter, mail it via certified mail, along with a dispute letter, to each of the credit reporting agencies listed below. Then be patient, because it takes about 30 days to delete misinformation.
• After 60 days, pull your credit report to make sure all 3 credit reporting agencies have removed the collections.

It’s true that certain lenders disregard medical collections – just as some disregard collections from health clubs because of their unethical practices. However, some creditors will look only at the overall score – and those medical collections will definitely lower your FICO score.

The three major credit reporting agencies:
Equifax
P.O. Box 740256
Atlanta, GA 30374

Experian
NCAC
P.O. Box 9595
Allen, TX 75013

Trans Union
P.O. Box 2000
Chester, PA 19022-2000


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Is your credit score report affected by today’s Economy?

If your free credit score report has been affected by today’s economy, joined the rest of America. You are not the only one having a reduced income which results in not being able to pay your bills. There are lots of people that get income based on commission or maybe some sort of sales structure. When there is a reduction in consumer spending your income gets reduced. I wanted to discuss some key points on how you can reduce your expenses and make it through this down turn. With all the changes in financing, it will be in your best interest to start working on increasing your credit score as high as you can. So when this economy comes back your creditworthiness is ready for the best rates and terms on any loan.

Here are some tips on reducing your spending in order to save more.

• Get a fuel efficient vehicle
• Cut coupons out of Sunday paper
• Don’t eat out
• Reduce insurance premiums on auto and home
• Use public transportation
• Work overtime if available
• See if refinancing your house is a option to reduce interest and monthly payment
• Refinance your current car to reduce payment
• Get rid of unnecessary spending, like cable, Satellite radio, yard guy, and those unnecessary subscriptions you might be paying for.


When matters are going well we have the tendency to not save for the rainy days. Well guess what the rainy days are here, and the question is how much did you save while the sun was shining? It’s easy to do. This is the type of thought process we all should have because there will come a time of hardship. When tough times come your credit report is affected by all of this. So the lesson is to save your money for rainy days.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Good Credit Saves You Money in More Ways than One

When you think of needing a good credit score, the first thing that comes to mind is buying a home. Next is buying a car, and third is probably the ability to get a credit card.

It’s true, a good score will help you in all those areas. Not only will it make you eligible for a home, a car, or a new credit card, it will mean that you will be granted a lower interest rate than someone with poor credit. Your buying power will be larger, because less of your money will be drained off to pay interest.

Just think, if you borrow $30,000 for a new car and pay just 1% more interest than your neighbor, you’ll spend an extra $300 per year – $25 per month that you could be using for other things - just on interest. If you pay 2% more, that’s an extra $50 per month. Of course, the lender will probably let you stretch your payments over more years, so your payment might be the same as your neighbors, but you’ll pay it for an extra one, two, or three years.

That doesn’t sound like fun at all, does it?

But that’s not all. Your credit score could mean the difference between having and not having a cell phone, or satellite TV service. It could also mean the difference between an affordable insurance rate and one that makes you want to sell your home and your car just to avoid the premiums.

Not buying a house? Prospective landlords also check credit before deciding if they’ll rent to you. After all, if you’ve got good credit you’re more apt to pay your rent on time. When your credit report shows late payments or defaults, they’ll form the opinion that you don’t care much about paying your bills. So naturally they’ll choose a tenant with good credit over a tenant with bad or even marginal credit.

But that’s still not all. Professional employers check credit before hiring employees. When your credit is good it indicates trustworthiness and responsibility. When it’s poor, the prospective employer suspects that you’re disorganized, irresponsible with money, and just might not be conscientious in caring for the company’s best interests.

This practice is especially prevalent in employment fields tied to financial practices – banks, accounting firms, and treasuries.

The first step you need to take is to learn about your current score. Get a free credit report from an online provider, read it carefully to make sure it has no errors, and then begin working to make it as good as you possibly can.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Denied for a FHA loan because of Credit Score.

Getting denied for a mortgage can be humiliating but there is life afterwards. If your credit score is too low because of the current restrictions in the lending industry, I can tell you what you need to do. In this article I will give some tips in regards to better preparing yourself for a mortgage when you credit report may not look too good. With FHA being the most attractive loan in this market, here are some key points lenders are looking for.

• 580 middle credit score
• 12 months clean credit report history
• No foreclosures during the last 3 years
• No Chapter 7 bankruptcies during the last 2 years.
• Must have 2 year work history
• Must have provable income with either two years w2’s or two years tax returns with provable income on Schedule C of tax return.
• Must meet max FHA loan limits in your area. Go here.
• Underwriters look at 24 month credit report history with most infuses on the last 12 months. So make sure your credit report does not look like you have had total disregard for your obligations.
• Good 12 month rental history
• 3 lines of good credit reporting on your credit report for the last 12 months. Alternate lines of credit will work. Example: Letter stating you have been on time with any of your utility bills, car insurance, internet bill, etc…….. for the last 12 months as well.
• Save at least 3% of the amount of house you are buying.

These are some key points to getting a FHA mortgage loan in today’s market. If you credit scores are low, here are some key tips to increase your credit score.

• Make sure you have at least 3 lines of credit reporting on your credit report. These lines of credit should be at least 2 credit cards, and maybe a car note.
• Keep your credit balances below 30% of allowed credit limit
• Don’t be late on anything
• Remove any information that has expired, or is inaccurate.

If you follow this simple process you will be buying a house before you know it. If you don’t know what is on your free credit score report find out today !

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Should you worry about your child’s credit report?

With identity theft becoming the biggest crime ever, identity thieves have figured who that the young and elderly are easy targets. These two types are easy victims because they typically are not checking there credit and they are not buying anything credit. With this going on it only makes sense to check your child or elderly family members credit reports often.

You have to remember the identity thieves are getting smarter and smarter on whom to go after. After all this is their profession. Current statistics show that less than 33% of the US population checks their credit report, and when they do there may be some unexpected surprises.

With all the banks going out of business banking will never be the same. No one wants to repeat what is currently taking place. So with your credit worthiness being very important, the last thing you want is love one dealing with is bad credit because of identity theft. I would allocate at least 30.00 per quarter to check you child’s or parents credit reports. You can also check their credit report once a year at www.annualcreditreport.com, just be advised you don’t get your fico scores there. You will need to pay for them. So if you want to know there credit scores with each credit bureaus, you may consider a website that offers a 3-1 credit report with all 3 credit scores.

Having this piece of mind is really worth it. There are lots of skeptical people out there about his whole matter. They don’t do anything until it’s too late. If you are still not convinced check the FTC website. They discuss it everywhere since this problem is on epidemic proportions.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

FICO Demystified

Your lender rattles off the term as if everyone knew exactly what FICO meant. But most of us don’t even know what the letters stand for.
The first part is simple: The Fair Isaac Corporation. Sounds mysterious, doesn’t it? What the heck is a Fair Isaac? Nothing. It just happens to be the names of the men who started the company.
In 1956, engineer Bill fair and Mathematician Earl Isaac joined forces to create what was originally a consulting and decision management service. Then in 1981 they devised a system for scoring the amount of risk associated with making certain loans and investments, and the FICO score was born.
The score is generated by statistically analyzing an individual’s credit history. Among other things, this scoring system takes into account:
· Bill paying history
· Debt to income ratio
· Debt to available credit ratio
· Length of time a person has had and used credit
· Existence of bank accounts
· Number of recent credit inquiries
Each factor in your financial makeup is given a “weight” toward your final score, which is a calculated risk factor, based on the past performance of others whose financial history is similar to yours. Through this score, lenders are shown the statistical likelihood that you will pay your debts. Then they determine under what conditions and at what rate of interest they will lend to you.
If your score is 720 or higher, you’ll have an easy time getting a loan. If your score is under 600, you’ll be considered a poor risk and if you can get a loan, it will be at a higher rate of interest.
FICO has become a giant in the American world of finance. In addition to providing credit scoring, FICO provides consulting and management services to over 200 international retailers, 99 of the top 100 U.S. banks, and over 100 international telecommunications companies.
Headquartered in Minneapolis, Minnesota, FICO has offices on 5 continents, employs over 3,500 people, and turns a revenue of over $800 Million every year. FICO is not associated with the government, but like Equifax, Experian, and TransUnion, is a publicly traded company.
You should always be aware of your credit score, so that you can make adjustments and take steps to keep it high. You can buy the report directly from FICO, or you can take advantage of a free credit score report from one of many online providers.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

How to get a Free Credit Report.

Be very leary of free credit report offers that are actually free. We all know that nothing is actually free in life. There are some websites that offer an actual free credit report, but you don’t get your credit scores. There are also sites that offer credit reports from each credit bureau, such as www.annualcreditreport.com. This site gives you a free 3-1 credit report but there are not any scores included with these reports. If you want your credit scores you have to pay for them. In this article I wanted to give you the facts about free credit reports and how they work.

Trial Credit Report offers
The most common free credit report offer is 7 day and 30 day free trial credit report offers. These type of credit reports usually included signing up for credit report monitoring. You can actually get free credit report with all 3 credit scores on a trial basis. This is the only credit report that is FREE on a trial basis. You do have to call these companies back and cancel all services once you have received your credit report and scores.

Annualcreditreport.com
This is a government mandated site where the credit bureaus have to provide you with a free credit report with no credit scores every 12 months. If you want your credit scores you will have to pay for them. There is no trial period what so ever.

Credit Score estimators
Some sites offer credit score estimators where you input certain variables about your credit situation and they will estimate your credit scores. I personally think this could be misleading since it’s not an actual credit score from the credit bureaus. You can also input the wrong information and get something completely incorrect.

What your really need
If you are getting ready to get recent copy of your free credit report make sure you get a 3-1 credit report with a credit score from each credit bureau. This is what creditors look at. So you need to be looking at something similar.

To get our free credit report with all 3 credit score go here.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Does it matter if my Credit Score is 720 or a 740?

Credit scores are the talk of town now. Obviously the higher your credit score the better. As rule of thumb a credit score around 720 or above is considered excellent credit. Some lenders have there own internal credit score requirements for certain loan types. Some lenders have a minimum credit score requirement to even get approved.

In most cases a 720 middle credit score will get you just about any type of loan. This score will also get you the best rates and terms normally. Some banks might give a little better rate if you credit score is 740 and above. But if your have a 720 fico score I would not sweat it. That type of score is considered low risk to most creditors.

I hear people all the time thinking that if there credit score is in the 800’s they will get a better deal. This is simply not true. Typically if your credit score 720 and above regardless of your score you will get the same rate and terms as someone with a 720 credit score.

I am not saying that having a credit score above a 720 is a bad thing, but just don’t sweat it if your credit score around a 720 or so.
If you don’t know what your credit scores are get your free credit score report today

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

How old should you be before getting credit cards?

Surely our credit card companies have learned from extending credit to people in general. Extending credit to adults vs. extending credit to kids is there any difference? I would assume with the way credit reports look these days, there is not much difference. Adults are failing to pay back credit card debt just like our youngsters. Is it because of a lack of education, have we failed in this area? Once you get a credit card whether you are a young adult or older should you charge a vacation on it? Is it ok to buy a TV, stereo, and furniture if they are offering 12 months no payments and no interest on credit? These are some questions being asked everywhere. I think the banking industry missed something by offering got ahead and get now and pay later. If you are young and have not been taught about credit cards you can get in trouble with all these sales pitches real quick.

If you are on your way to college, and get offered student credit cards should you accept them? I personally believe that you need to start building your credit once you hit 17. That does not mean you get full access to your credit cards. Parents need to teach there kids about proper credit card management. If you go out and charge something on your credit cards you need to be prepared to pay it off that month, no exceptions. If you charge something on your credit cards and can’t pay it off that month you are living beyond your means.

With all the changes in how Fair Isaac calculates credit scores now, if you are young and just starting out there are two ways to establish credit.
· Secured Credit Cards
· Student Credit Cards

If you decide to go to college it will be pretty easy to get a student credit card. This is a great way to start the credit building process on your own. If you are not going to college, then secured credit cards is the other option. Secured Credit Cards do require a deposit from you, but it will get the credit building process going for you. Once you have a good 12 month payment history you will start getting all kinds of pre-approved credit card offers. Remember this and don’t forget, “Don’t charge more on your credit card than you can afford to pay off that same month.” If you spend carelessly on your credit cards you will find yourself in debt real quick and debt is like a dark cloud hanging over your head.

I personally believe there needs to be a credit education course in our schools now, to better educate everyone about the consequences of mismanagement of money. Id you don’t learn how to manage your money properly you will find your self either filing bankruptcy or debt consolidation at a early age. These types of situations will ruin your credit reports and credit scores.

Having credit is a fact of life and everyone needs to be aware of the affects of credit card debt.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

The Most Important Thing they Didn’t Teach in School…

As new graduates embark into the world of independent living, most are ill prepared to deal with their own finances. It’s a shame that “Money Handling” isn’t a required course in all High Schools and Colleges, because starting off on the right foot can lead to a much more pleasant life than starting off wrong.

When you have a good credit score, lenders see you as a low-risk person. As a result, they’ll offer you lower interest rates, lower minimum payments, less paperwork, and more borrowing options. Poor scores have the opposite effect.

In fact, with a bad credit score you could be denied jobs, car loans, mortgage loans, insurance, or even rental housing. If you can get insurance, with a poor credit score you’re apt to pay rates that run more than twice as high as they would be if your score was good. And if you can get loans, you’ll pay 4 or 5 times as much interest as you would with a good score.

Creating a good financial reputation (credit score) isn’t difficult, but it does require a little discipline. And it does take time, so start early. The longer your record of responsible money management, the easier your life will be.

This means saying “no” to most of the credit card offers that come your way, and working hard never to use over 50% of the credit available to you. It also means paying each of those bills by the due date, and paying a bit more than the minimum payment. Strive to keep your non-mortgage debt down to 15% of your income, even when it means delaying the purchase of a new toy or a classy addition to your wardrobe.

One good way to make sure you pay your bills on time every time is to create a chart that shows each bill and the date it’s due. One caution: don’t assume that the due dates will be the same each month. Read each bill when it comes in and adjust the payment date accordingly.

Budget your payments and adjust your discretionary spending accordingly – so that you’re never in a position to make a late payment. Even if that means skipping Saturday night out.

Next, begin to build your net worth. Check in to automatic savings, deducted from your paycheck before you even see it. Small amounts add up, and they will raise your credit score. In fact, having both a checking and a savings account will earn you a score 4 times higher in that category than having a checking account alone.

If automatic savings aren’t available, discipline yourself to make that deposit from each and every check.

Lastly, be sure to check your credit score often – so if there’s a mistake you can get it corrected quickly!

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Rental - lease collections Q & A

Q:
Hi Mike,
I have some questions about leases with apartment complexes. My husband and I are in a lease currently that is up in 5 months. We just ran across an opportunity on a house that we cannot let go. The apartment complex will not let us out of our lease; they said we would have to pay almost $7,000 in fees to break the lease. We have excellent credit and fill like this is absurd. I told them they could easily rent it out again. My question is if I let the lease go and not pay the money will it go on our credit report. I don’t want anything to affect our good credit history. My husband and I have credit scores in the 700’s according the lender that has approved us. Any suggesting would be greatly appreciated.

Tanya Riddle

A:
Hi Tanya,
I personally think apartment complexes can be a thorn in your side. But on the flip side they need some kind of commitment from people as well. I do though completely understand your situation. If your break your lease, two things will happen. First the rest of the lease plus fees will be reported on your credit report. Also when you start the loan process the underwriter will need to verify good rental history, usually for 12 months. The apartment complex will state that you are breaking a lease. So my advice would be either pay it off, or finish out your lease. Also in the long run you will pay for it, and so will your good credit scores.
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

How many credit cards do I really need Q & A

Q:
Hi Mike,
I have a dilemma; I am curious how many credit cards we actually need to keep our credit healthy. I have excellent credit currently, my credit scores are all above 720. I have read you need more than one card; I currently have 4 credit cards. I am having to pay fees on some of these cards and would like to stop those fees. I don’t even use those credit cards. What are your recommendations?

Thanks,
Roberta Johnson

A:
Hi Roberta,
Credit cards are one of those necessary evils. “DANG if you do and DANG if you don’t.” Sounds like you already have excellent credit and that is great to hear. You only need a couple of credit cards. If you are getting ready to make a purchase I would not close out the other credit cards that are charging you all the fees. You might call them and see if they will stop the fees. If you are not getting ready to make a purchase I would close them out, just remember you will see a drop in your credit score. Eventually your scores will go back up. If you can deal with the fees, then I would not close them out. Cloisng out credit card accounts is like getting rid of good credit. Since you have other credit cards, the drop in your credit score should be only temporary but your scores will drop. So its really depends on what you are trying to do currently.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

I only have one Credit Score on my Credit Report Q & A

Q:
Hi mike,
I have a question about why I only have one credit scores. I recently pulled a copy of my free credit score report through you site, and only got one score back from Equifax. I thought you got three credit scores. I don’t have any credit cards and any outstanding loans currently. I do have past history but it has been years. I decided a while back to pay cash for everything. I thought you would have credit scores from past history.

Angela Pickerall


A:
Hi Angela,
We see this quite often. There could be several situations going on here. Without actually seeing your credit report I will gives some scenarios. The first problem I see is you don’t have any new or existing credit reporting. So the current credit scoring models don’t have anything to score you on. The current FICO scoring model likes to see the following to calculate your credit scores with each bureau.

• Payment History
• Amounts owed
• Length of credit history
• New credit
• Types of credit used

All of this goes into factoring your credit score with each credit bureau. Its looks like you are lacking all of this, and this is why you don’t have 3 credit scores. Yes one might be scoring you because a creditor is reporting to that bureau only. This is the second scenario. Some creditors only have contracts with certain credit bureaus. They may not have contracts to report information with all 3.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

What is a good credit score?

You paid for your credit report on-line with your credit scores. You print it out, and the question is now what? Do you even know how to read or decipher what is on there? You might be asking yourself what is a good credit score, and do you have good enough credit to get the best terms and rates on any loan.

Every lender has its own criteria for lending someone money. Every insurance company, employer, credit card companies, and bank sets its own credit report and credit score standard. So what is a considered a good credit score by most standards.

Fair Isaac’s credit score model is like a standard amongst other credit score models. What does this mean? This means that there are other credit score models used to determine your risk, but most of them designed there credit scoring model after the FICO score model. FICO scores range between 300 (very bad) to 850 (very good).

About three years ago all the credit bureaus got together and came up with a credit scoring model called “Vantage Score.” These credit scores range between 501 to 990. But when it comes to credit scores the most widely used is the FICO score model.

As you can see there is a wide range of credit scores. You might be asking yourself what is considered good still. Well a good rule of thumb is to have at least a 680 credit score. There are 3 credit bureaus and each report there own credit score. Equifax, TransUnion and Experian are the three bureaus. Les assume your Equifax credit score is 720, Experian is 660 and TransUnion is 680, your middle credit score is what most banks use. So you credit score used is 680. Usually with this type of credit score you can get approved for just about any loan. That does not mean you will get the best rates and terms though. If you are looking to get the best rate and terms you will need at least a 720 plus middle FICO score.

All loans are based on risk, and the credit scoring process is a mathematical solution to determine whether you will pay back the creditor or not. The lower your middle credit score the higher risk you are to all creditors concerned.

Remember some creditors have there own internal credit scoring process. So your credit socre will not be the same with everyone. My advice would be to always pay your bills on time and keep your debt low. These are the two biggest factors in the credit scoring process.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Has identity theft made our life more complicated?

With all the hustle and bustle, what else could we possibly worry about now? Life is hectic enough without having to worry about someone accessing your credit information and stealing your identity. I remember during the 80’ you did not hear about all of this. The only worry we had was Russia sending over a nuclear bomb. With the evolution of how information travels, and a paradigm shift in theft, we have to stay on top of our credit reports. Thank goodness technology allows us to access our personal information fairly quickly.

Until recently if you wanted a copy of your credit report, it took an act of congress to get one. Plus the credit report you got was almost impossible to read. Luckily with the new Fair Credit Reporting Act (FRCA) you are entitled to a free credit report once a year. This opened the gates of other credit report offers which will provide you with your credit scores. The free credit report you get once a year gives you a 3-1 credit report with no credit scores.

With the internet presence and the ease to access personal information you cannot afford to check your credit report only once a year. Did you know that identity theft could be happening to you right now? If you waited a year to access your free credit score report 12 months from now your good name would be ruined. So yes with the internet technology two things have happened, it opened up avenues for identity thieves. The internet also opened the ability to access your personal information securely and fast over the web.

The internet is safe as long as the site you are visiting is secure. Believe it or not most identity theft does not take place over the web. It takes place in places like your trash and at companies that have your personal information on file.

So identity theft has added extra stress to our lives, but if you stay on top of your free credit score reports it’s definitely a piece of mind.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Free Credit Reports inquiry Q & A

Q:
Hi Mike,
I have been reading and hearing when you pull your free credit reports it counts against your credit scores. I was wondering if I pulled my free credit report if my credit score would drop. Its seems to me with all the stuff going on with identity theft and inaccuracies on a credit reports it only makes sense to pull my credit report as often as possible. Any information offered is much appreciated.

George Benson

A:
Hi George,
This is the million dollar question and I hope I win the prize. This is exactly what we are trying to educate consumers on. If you pull your own credit reports on the web, it does not count against you at all. This is considered a soft inquiry, which means it does not faze your credit score. Having someone else pull your credit report for a loan is what could affect your credit scores. This type of credit report is considered a hard pull. Pulling your consumer credit report is considered good credit management and is just a soft pull.

CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Don’t be Led Astray by these Credit Scoring Myths

Wrong information can be just as damaging as no information, and there’s a whole host of it surrounding the lending industry. Much of it involves credit scores.

Sadly, because many Mortgage lenders and bank representatives never take the time to actually learn about credit scoring, much of the bad information comes directly from sources you should be able to trust.

For instance, some will tell you that you should close open accounts. No! You should not. You definitely shouldn’t open any new accounts or even apply for new accounts when you’re trying to build your credit score, but if you close accounts you now have, you could actually lower your score.

This is because your debt load is measured against the credit you have available to you. When you close an account, that credit is not available, so your debt ratio goes up, making your account balances seem higher.

For instance, if you have 4 credit cards, each with a limit of $5,000, and you have balances of $3,000 and $4,500 on 2 of the cards, and zero balance on the other two, you are using only $7,500 of $20,000 available, or 37.5%. If you close the two unused accounts, you’re now using $7,500 of $10,000 – or 75% of your available credit.

The truth: If you can pay down your debt, definitely do it. But once the accounts are paid, leave them open.

You’ve also heard that inquiries on your credit lower your score. This is true if the inquiries come from specific retailers, but not if you check your own score. Mass pre-approval inquiries are also ignored when your credit is calculated. Retailer inquiries lower your score by only about 5 points, so don’t be careless, but don’t panic if there’s been an inquiry.

A good rule of thumb when you’re working on getting a Mortgage loan is to not shop for cars, furniture, appliances, etc. until your loan closes. The credit inquiries could damage your score just enough to hurt you – and even paying cash isn’t a good idea. Keep your bank balances as high as possible until there’s no chance that the lender will make a last minute check.

Next is the use of credit counseling. At one time this did affect your score, but a study conducted 3 years ago showed that people using credit counseling did not default on their debts any more than other people. The most current FICO formula ignores credit counseling all together.

BUT – credit counseling can still be risky. Sometimes counseling agencies make payments late or pay lesser amounts – and these mistakes will affect your score.

Author: Marte Cliff
CreditScoreQuick.com 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

Secured Credit Cards: Your way out from between a rock and a hard place.

No credit can sometimes be just as damaging to you as “no-good” credit.

It sounds crazy, and many who have always responsibly paid cash for everything become more than a little angry when told they can’t get a mortgage loan because they have no credit. At least folks who have had bad credit know the reason why they’re having trouble.

The fact is, if you have no credit, lenders have no way to determine if you’re a responsible bill-payer. You have no reputation - no history to offer to show that you do indeed pay your accounts on time. That makes them nervous.

If you find yourself in the position of needing to either build or re-build credit, you’ve probably been told that you must first establish a record of paying debts on time – by getting a line of credit somewhere.

Where? Who is going to give you that line of credit? A company that offers a secured line of credit, that’s who.

In this instance, you offer some kind of collateral or deposit for the amount of credit desired. This gives the lender security in case of default. It could be a deposit into a savings account, a certificate of deposit, or a money market account.

Secured credit cards are a very effective way to build or re-build credit, but there are two things you must consider.

First, use the line of credit, but pay it off on time each month. Don’t use it to go further in debt. The goal here is to show a history of responsible money management. It might be tempting when money is tight to just let the lender take your security – but that will only serve to damage your credit score.

Second, look before you leap. Different lenders have different policies, so investigate each one you’re considering. Read the fine print and ask questions. Make sure you understand the interest rate that will be charged if you don’t pay the balance in full each month. Learn their grace periods, their penalties for late payments, and any other fees that may be associated with your account.

After 6 months to a year of responsible use, many lenders will increase your limit, which will further improve your credit score. When you continue to pay off the balance each month your credit repot will show that you have more credit available than you are using, and you will be seen as a responsible money manager.

Author: Marte Cliff

CreditScoreQuick.com 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

Can you repair your credit report with credit repair companies?

Lately credit repair companies around the country are getting hammered by the FTC and the Better Business Bureau. These companies are claiming that they can increase your credit score and remove collections from your credit report. The funny thing is they charge you up front before any services are rendered. The FTC states that credit repair companies are not suppose to collect money from you until the services have been rendered. This is not what is going on, along with the promises they make to remove stuff that you owe. So the question is what exactly does a credit repair company do? In this article I will discuss the facts and get through all the smoking mirrors that credit repair companies sell.

Can you remove collections?
The answer is you can only remove collections that are not yours by proof and collections that have been on your credit report for more than 7 years. No one can remove a collection on your credit report that you owe, unless it’s been over 7 years. Some collectins report longer, but the standard is 7 years.

Can credit repair companies increase your credit score?
Credit repair companies can help you increase your credit score by requesting you do get a secured credit card. Most credit repair companies will require you to do this if you don’t have any good credit reporting. It was not the credit repair company that increased your credit score; it was the new secured credit card that starting reporting on your credit.

Can credit repair companies remove bankruptcies, judgments, and tax liens?
Credit repair companies cannot remove any of this, unless the bankruptcy has expired. Depending on what type of bankruptcy it was, it could be on your credit report up to 10 years. Judgments will stay on your credit report for 7 years from date of entry. Tax liens can remain on your credit report until paid.

By disputing collections you owe, does it remove them?
If you dispute a collection you owe, you are wasting your time. You are to only dispute inaccuracies on your credit report, disputing items you owe does nothing for you.

So the question is what exactly does credit repair companies do? I believe most of them are in business to just take your money. Some of these companies do provide good credit repair education, but if they tell you they can remove stuff you owe, they are lying to you. I have yet to meet someone that has gone to a so called credit repair company and have had success in getting there credit repaired. If you have credit issues on your credit report, you can repair your credit for free. The how to repair your own credit involves money management and the establishment of new credit if you have none. How to do this for free is on the web. You can go to the FTC and also our site blog as well.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Score affected by Foreclosure Q & A

Q:
Is there a difference with respect to a credit score between a house going into foreclosure and a house actually being foreclosed upon? The situation is this. House goes into default and is scheduled for foreclosure sale. Is one's credit going to be damaged worse if the foreclosure sale occurs? Will one's credit be better if they are able to pay off the entire loan without incurring additional debt prior to the bank redeeming the property at the foreclosure sale? I realize that there is a negative impact because of the late payments and the foreclosure process being commenced, is that as bad as it gets or does further negative impact result after the redemption? Stated another way, does paying the entire balance off prior to the foreclosure and redemption by the bank improve one's credit in any way, or at least prevent it from getting worse?

Thank you for your help.

Todd S. Rayan

A:
Hi Todd,
This is a great question. Once you start being late on a mortgage payment the damage is already done to your credit score. I have not seen a difference in credit scores whether you foreclose or if a possible sale takes place before an actual foreclosure. But your creditworthiness to get future mortgage loans is affected if the home actually forecloses. If your home forecloses it will be a minimum of 3 years from foreclosure date before you can buy again. If foreclosure proceedings have started, in the eyes of some lenders this is considered a foreclosure anyways. HUD also says that if foreclosure proceedings have started and you have 120 mortgage late payments on your credit report, it’s counted as a foreclosure. In my professional opinion its better to sell before you foreclose on your home. It just looks better. It does not really matter which happens as far as your credit score is concerned because the damage is already done due to all the late payments.

CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Errors could be killing your credit!

Do you know how easy it is to type a wrong letter or number? Do you know that people doing data entry at huge corporations aren’t as interested in working error-free as you might wish they were? The combination can be deadly to your credit.

That’s why, when you get your credit report, you must take the time to read and understand each entry. Your report could include accounts you’ve never had, accounts you’ve paid in full, and old information that should have been removed. All of these errors can and will affect your credit score.

Certain kinds of information should be removed after 7 years – this includes lawsuits, judgments, paid tax liens, accounts dispatched for collection, late payments, and even child support. And yet, even though this information should have automatically fallen from your record, it doesn’t always happen. You need to take responsibility for knowing what’s on your report, and getting it changed if it’s wrong.

Be sure to check your Social Security number, your name, address, phone number, and information concerning your occupation. Errors here could signal identity theft, or could just be errors. But the last thing you want on your credit report is someone else’s debt, just because their Social Security number is one digit different from your own (and incorrectly entered as yours) or because they share your name.

Correcting errors and removing outdated information can have an immediate and positive impact on your credit score. And since that can have a huge impact on the interest rates you pay, it’s well worth your time to get it corrected.

You simply fill out a request for reinvestigation, or write a letter to the credit reporting agency that listed the incorrect information. As carefully and accurately as possible, list every inaccurate piece of data and describe why it is incorrect. Do the same with each outdated item.

Don’t be rude or blame the credit reporting agency – they only report on information given to them by your creditors. So even while a data entry error may be theirs, you’ll gain faster, more cheerful cooperation when you’re simply factual. Once they receive your request, they’ll investigate the items you listed and contact you within 30 days to notify you of changes. If you’re in a hurry to qualify for a loan, the process can be expedited through a “Rapid Rescore.”

Credit scores are re-figured every 30 days, so be sure to check your reports each time they come in. Catching an error immediately could save you weeks of hassle and untold dollars if that error signals a case of identity theft!

Author: Marte Cliff
CreditScoreQuick.com 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

Your Credit Score = Your Financial Reputation

Everything you do in life adds to your reputation – and your finances are no exception. The difference is, instead of word of mouth among your peers and business contacts, your credit score is recorded in black and white for any potential creditor, landlord, employer, or insurer to access.

That’s why it’s important to protect it, and to keep it accurate.

Your credit score tells everyone how you’ve handled your finances for at least the past 7 years. The better you’ve done with paying bills on time, and the lower your debt level in relationship to your income, the better score you’ll have.

The better score you have, the better for you when you want to borrow money. Higher scores get you lower interest rates, longer pay-off periods, lower fees, and less paperwork when attempting to get a loan.

Low scoring applicants are often rejected completely, or offered high interest rates, high minimum payments, and more fees. Why? Because they’re considered a poor risk. Creditors get all they can up front because they know that a person with a low score is more apt to default on the loan.

What’s a good score? Scores range from a low of 300 to a high of 900. 650 or higher is a good score and will usually earn you the best terms when applying for a loan. 620-650 is still considered “pretty good” and indicates a few minor problems with your credit history. You’ll get a little higher interest, but not too bad. Scoring under 620 puts you into the risk category, and the lower it gets, the bigger the risk. You may still get a loan, but don’t count on it.

Things that affect your credit score are:
• Your payment history
• Debt to income ratio
• Debt relative to credit card limits
• A long history of revolving debt
• Credit inquiries

That last one is something you can and should control immediately. If you’re shopping for a new car, for instance, do not let every car dealer run your credit. Refuse to discuss the financing and do not hand over your Social Security number until you’ve chosen the car you want and come to an agreement on the price. Ditto for furniture stores, appliance stores, etc.

Additionally, don’t respond to every credit card offer that comes in the mail. It might be fun to have a wallet full of cards you’ve never even used – just in case. But they will come back to bite you. Multiple inquires indicate that you are about to start spending way over your head – and that’s a red flag that can and will lower your score.

Author: Marte Cliff
CreditScoreQuick.com 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

Can debt consolidation improve your credit score?

There are a few options when you are trying to eliminate debt. You probably have heard of debt consolidation. This really is not the solution for getting rid of debt problems. In this article I am going to discuss five options and out of the five only one works the best.

Our option.
We provide a service that is a proven-debt elimination process to help you become debt free typically within 36 months. A service expert will design a debt-relief program that is right for your unique situation. This expert will assist you through the entire process.

Debt Consolidation
A debt consolidation solution is flawed. You borrow money to fix a borrowed money problem. Lenders and banks offer these programs because they make money. This is supposed to reduce your debt; all it does is prolong your debt.

Consumer Credit Counseling Services ( CCCS)
A credit card company originally created Consumer Credit Counseling Service (CCCS) in the early 1980’s to recover money from consumers that have fallen behind on payments. CCCS disguised itself as a non-profit entity to hide the fact they are actually a bank. Statistics show the more than 50% of the people that start this process fail to finish. CCCS seeks to collect as much money as it can and they charge the consumer a fee for the service, often under the heading of a voluntary contribution.

Bankruptcy
In 2005 congress passed a new bankruptcy law that made it tough to file bankruptcy. At times bankruptcy will be on your credit report for 10years. Not to mention all the fees involved with an attorney and credit counseling classes it usually requires.

Do nothing
This is not a good option. If you decide not to do anything you can count on the situation getting worse. Eventually you could be facing court orders which will ultimately result in wage garnishment or even judgments. If you are ready to take control of you financial destiny click here today!

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

5 Sure signs you’re living beyond your means

According the US Bureau of Economic analysis, the savings rate of common households have not been this low since the “great depression.” This is a sure sign many Americans are living beyond there means. If a emergency comes up like a loss of job or illness they will be a financial blow to them due to a lack of savings.

If you are worried about your financial situation there is no better time than now to start evaluating your situation. In this article we are going to discuss some telltale signs of living beyond your means.

Sign 1: Your credit score is below 600.
The credit bureaus keep track of your payment history to your creditors. This information is used to generate your credit score also know as fico scores. Credit scores typically range between 300 and 850. The higher your credit score the better terms on loans you get. Typically when your credit score is below 600 you are living beyond your means.

Sign 2: Your credit card balances are increasing
If you are only paying the minimum payment on your credit card balances then you are more than likely living beyond your means. You really should not charge more on a credit card than you can afford to pay off that same month. If you are charging more on a card than you can pay off soon, then you are living beyond your means.

Sign 3: You are saving less than 5% of you earnings
If you are saving less than 5 % you are in danger of having financial problems if someone in you family has a medical emergency. According to the Bureau of Economic Analysis the saving rate starting in 2005 until now has not been the low since 1933. This was during the great depression.

Sign 4: Your bills are getting out of control
Buying stuff on credit has become America’s favorite pastime. Once you rack up a bunch of credit card because you bought a new TV, furniture, stereos, etc….., you may find yourself in trouble. All of this debt adds up quick and bankruptcy could be on the horizon.

Sign 5: More than 32% of your income goes to your house payment
Most lenders like to see your payment to income around this percentage. Some like to see it around 28%, but this percentage is real conservative.

Bottom-line is tour country is in trouble with debt. If you see a problem the best thing to do is recognize there is a problem first. The second step is to stop spending and pay off your debt. If you charge on credit pay it off that month. Stay on top of your credit health and don’t live beyond your means.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 ways identity theft & fraud are committed

Most people don’t realize how easy it is for someone to steal your identity without breaking into your home. In public places criminals may engage in what they call shoulder surfing, watching at a nearby location as you punch in your telephone calling card or a credit card number. They may also listen in on a conversation as you give a credit card number over the telephone to a rental company or hotel.

The area near your home or office may not be safe. Criminals can engage in what they call “Dumpster Diving” and go through you trash, communal dumpster to obtain checking account numbers, credit card applications, and bank statements. These types of documents make it easy for criminals to steal your identity.

If you receive pre-approved credit card applications in the mail and disregard them without shredding them, identity thieves will try to activate them without your knowledge. Some credit card companies require credit cards once approved to be activated from your home phone, but this practice is not universal yet. Also if you mail is sent to a place where it can be easily accessed a identity thief may redirect that mail somewhere else.

During recent years the internet has been a target of identity theft. Criminals try to get personal information by spamming people and requesting personal information posing as a bank. They also sent e-mails offering some service that really is not present.

With enough of you personal information a identity thief can take over your identity and wreck your life. They can drain your banks accounts, saving accounts, charge up your credit cards, apply for new credit, and file bankruptcy in your own name. This is serious business. This will also destroy your free credit reports and good name.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Best way to increase credit scores Q & A

Q:
Hello,
I am really working on increasing my credit scores. I have not pulled a credit report lately, but did about 4 months ago. My credit scores were a little low. I am trying to get my credit scores up above 740, due to this current market being really tough to get any type of loan. What ways do you recommend getting my credit report cleaned up so my scores will increase? I have some old medical collections and some slow pays. I was told to dispute these items and they will drop off.

Judy Mantle

A:
Hi Judy,
There are all kinds of experts out there when it comes to improving credit reports and credit scores. Here are some bullet points of items that will improve you scores and some points that will lower your fico score.

Increase your credit score
· Keep credit card balances low, preferably below 30% of allowed credit limit
· Keep your credit limits high
· Be responsible with credit cards
· Pay everything on-time
· Don’t over extend yourself
· Have a mix of credit, mortgage loans, auto loans, credit cards, and installment loans
· Keep good accounts open for a long time.
· Dispute inaccuracies on credit report


How to lower your credit scores
· Pay late
· Close out good credit
· Reduce your credit limits
· Having high credit card balances
· Applying for too much credit too often

Some of these changes could be bad depending on your situation. The best advice I would give is to pull a recent copy of your free credit score report to see where you are at. If there is information that is inaccurate in your report, you should get it removed as soon as possible. This should get you in the right direction.
Weight Loss and this site is listed under Credit and Collection.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Repair Q & A

Q:
Thanks Mike! Appreciate your reply. Are you familiar with the types of deals homeowners are making with lenders these days? Our next step will probably be to meet with a local RE attorney, but am curious what you've seen in your experience. Oh, and I would prefer to work with a for-profit repair specialist. I've read derogatory things about free agencies that actually represent creditors rather than those being counseled. What are your thoughts on that as well?

Appreciate your time!


A:
Sometimes the banks will make a payment plan you can afford. I would call them and find out what your options are. For credit repair, our blog gives FREE credit repair advice. There is not need to pay anyone for credit repair. Being that I am a experience lender and help people all the time, I have put my experience based on FACTS within my Blog. There are all kinds of tips and Faqs on how to repair your credit. Let me know if you have anymore questions.

Mike Clover
CreditScoreQuick.com
Your resource for free credit score reports and free credit repair advice.

Should you refinance your home?

In the current market getting your house refinanced could be challenging. With all the new credit report and credit score requirements it might be tough to get it done. Sometimes it is necessary to refinance depending on the terms of your current loan. Here are some tips on whether refinancing your home is right for you.

· Check your free credit reports
With the access for free credit reports on the web go ahead and pull a recent copy of your credit report to see where your credit scores stand. This will allow you to be prepared for what ever a lender throws at you.

· How long will you stay in your home?
When you refinance your home there are lots of third party costs involved. When all the costs involved it will take a while to recoup the cost for the refinance. Typically you need to stay in your home at least 10 years in the “Rule of Thumb.” If you are not staying in your home for at least 10 years, it may not be worth refinancing.

· Lower your interest rate.
When you decide to refinance your home you should be able to lower your interest rate a minimum of 1.5%. I recommend 2%, but 1.5% will work as well. Otherwise refinancing your home is not worth the cost involved.

· Equity in your home
During the finance process you need the equity to roll in the closing costs. If you don’t have the equity to refinance, then you have to pay the cost out of pocket. So you might get with your lender to make sure you have the equity to refinance to begin with.

· Will you qualify for a loan?
With all the changes in the current lending market, the loan programs that were once available might be gone now. So if you require some type of creative financing, like limited doc loans you could have issues getting it done. Get with a reputable mortgage loan lender to see where you stand.

· Refinance at the first of the year.
When you refinance your home you should do so at the first of the year. The reason is the mortgage lender will only have to collect taxes on the refinance for the first of the year. The later during the year refinance the more the lender will be required to collect in taxes. This ultimately will drive up the cost of the refinance the longer you wait. So make sure you refinance your home between January and March.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Freddie Mac and Fannie Mae Q & A

Hi Mike,
I see that you guys are in the lending business or have had experience. All of these banks going under are a big concern to me. I have been working on my credit report for the last 12 months. I have actually used some of your great free credit repair articles to assist me with improving my credit report. I have been doing this to achieve a goal, and that goal is to buy a house. It looks like Freddie and Fannie will be helped by the government. What does this mean for someone like me who does not have perfect credit?

Chris Tuttle

Hi Chris,
More people are concerned about the liquidity problem than you can imagine. It is scary when big banks go out of business. This happened in the 80’s as well. What is going to happen, is the banks will continue to tighten up on there guidelines to issue loans. I am sure there will be a lot more banks going out of business. What does this mean for you? This is a great time to save money and work on your credit report, just like you are doing. Not sure what is going on with your credit, but if you have read my articles they will tell you exactly what to do. Remember there is FHA loans still, and it has not changed much since all of this has been going on. FHA works with bad credit to help you get into a house. Good luck.

Mike Clover

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Reports in other countries don’t transfer to the U.S.

If you are getting ready to move to the United States and will need a loan, you will have trouble. Let’s assume you live in the Canada and have good credit there, that credit is not transferable to the United States. The credit report building process will start all over. Coming to the United States is a dream for most, but once you get here you will need to rebuild your credit all over again. The reason for this is the U.S. is not synched up with other international credit report systems. Not having credit is tough and costly. Here are the steps so you can get the rebuilding of credit in place.

Immigrants studying here
If you are here in the U.S. and are attending college you can apply for a student credit card. Students with no credit are able to get credit easier than someone with no credit that is not is college.

Secured Credit Cards
Secured credit cards are credit cards that you secure with your own money. They usually will require around $300 put into the bank of there choice. The reason this is a good way to build credit is once you make a deposit required by the bank, the credit starts reporting to all 3 of the United States Credit Bureaus. This really is the only way to establish credit without any credit at all.

How long it takes to get credit
Once you have got a couple of credit cards after 6 months of report to the credit bureaus you will establish credit scores. At that point you should start getting other credit offers.

Check your credit
As you are moving along with this entire process make sure you pull your credit reports with scores to see your progress. You should pull your credit report every 4 to 5 months.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Don’t forget to save for retirement

In America we have the freedom to choose. The possibilities are un-limited. The one thing I think people forget to do is save for retirement. In all honesty most people are never taught to save. I believe being taught to save ties to proper money management.
Money management leads to less credit problems. Starting young on your nest egg will allow you to retire earlier. So in this article I am going to give some tips on saving for the golden years. If you don’t save and expect to live on social security, you might find yourself doing without.

Step one: Open a savings account
Determine what you can afford to save with each paycheck. My advice would be to start saving a minimum of 5% of each paycheck. Once you have determined how much you can save open a saving account that pays a little interest and has no fees.

Step two: Invest money in the Stock Market
Once you have about six months salary in your savings, at that time you are ready to start investing in the stock market. The stock market has proven over time to be the best way to double your money using the “Rule of 72” So if you divide the 72 by the rate of return you are getting on your investment, it will tell you how long it will take to double your money. For example:
Interest rate: 9%
Amount invested: $52,000
72/9 = 8 years
In eight years you would have approximately $104,000
You can see how investing and getting a return in crucial for retirement.

Step three: Select a good investment Broker
There are lots of investment brokers. Find out what there fees are. I would shop a around and find an investment broker that has less fees along with some good references. A good company this is conservative might be Edward Jones.

Step four: Manage your money
Since having good credit is a way of life these days, make sure you stay on top of your credit. Its does no good to save if someone is stealing your credit from you. Make sure you pull a copy of your free credit score report regularly to stay on top of your credit scores. With good credit scores you will save on your loans terms. You will also know if someone has stolen your personal information. Property credit worthiness management is part of this entire process.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Manage your credit and avoid pitfalls so you can retire

Everyone’s goal I believe is to have financial freedom. We all are striving to retire someday. There are some steps in life we need to take to get there. In this article I wanted to discuss some very important measures needed to get the security in place for you. There all kinds of caveats like identity theft, your credit scores, interest rates, and terms on loans that could interfere with you saving for the golden years. Learn how to proper manage these items so you can save and avoid pitfalls.

With the internet revolution buying stuff on the internet is pretty simple and secure these days. The access to your personal information may not be secure. There are some steps we need to take during this era so we don’t have issues. Remember the goal is to feel secure with our nice little nest egg.

Step 1: manage your free credit reports
The government has stepped in and required the credit bureaus to provide you with a free credit report once a year. Is this good enough? No, you need to pull your credit report at least every 4 months. That way if someone is using your credit or credit cards, you will find out before it’s too late.

Step 2: Set up credit report monitoring
While you are pulling your credit report make sure you set up credit monitoring. With identity theft being the biggest crime ever, you cannot afford to wonder whether someone is using your credit. There are too many opportunities for identity thieves to get your information. Protect yourself today.

Step 3: Don’t open e-mails you don’t recognize
While you are saving as much as you can the last thing you want is someone to send you an e-mail posing as your bank. If someone sends you an e-mail asking for personal information, immediately delete it. I would recommend installing spam software so you don’t get junk and identity theft e-mails.

Step 4: Manage your creditworthiness
If you implement the steps mentioned, you should be able to get the best rates and terms on loans. This in return will save you money in the long run. Saving money in the long run will allow you to save more money for retirement.

So this proper credit management is really a way of life these days. We have to stay on tope of our credit just to make sure that we are not getting ripped of by identity thieves, and to make sure we don’t get charged high interest rates on money borrowed. By implementing all of this you are one step closer to enjoying the golden years.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Remove collections from my credit report Q & A

Q:
Hi Mike,
I have some collections on my credit report that I would like to remove. I have been told you can remove collections from your credit report by disputing it. Is this true, and if so how long does it take? I really want to get my credit scores higher soon. The company that I will be applying with requires good credit to be hired. Most of my credit issues are old and the result of college.

Julie Wang

A:
Hi Julie,
Collections are typically on your credit report for 7 years from collection date. Just disputing a collection that has not expired is a waste of time. Collections don’t come off your credit report unless it was a mistake on the creditor’s part. If the collection was valid it will remain on your credit report for typically 7 years. Here is good article on how to repair your credit report for free.
CreditScoreQuick.com

Your credit scores are not all that lenders look at.

When a lender determines your credit risk, yes they pull your credit report along with your credit scores. This is the first step in the qualifying process. There is also other attributes lenders look at as well. In this article I wanted to discuss some other factors that are important in the decision making process with lenders.

Job history
Having good work history is considered stability. If you are someone that jumps from job to job, this could affect the decision process on getting a loan. In some instances good job history could be considered a compensating factor when other areas of your overall credit picture may not look too good. Underwriters also like to see at least 2 years work history to buy a house. If you have gone to college and graduated, and now have full time employment, the time you were in college can be counted as work history with some loan programs.

Rental or Mortgage history
Typically lenders like to see at least 12 month good rental history. This shows you may have the ability to handle a mortgage payment or any other obligation. Some creditors like to see that you also own vs. renting. All of this just shows your ability to handle debt.

Have a checking account or savings.
Creditors also like to see that you have a checking account. This way they can see what you are doing with your money. Lenders like to see that you have the ability to save money. Here are acceptable forms of savings.
· 401k
· Stocks
· Mutual Funds
· Annuity
· Money Markets
· Regular savings account
Savings in the eyes of lenders is a plus. This not only shows that you have the ability to save, but if something comes up you can continue to pay your obligations.

Full time employment
Lenders like to see that you are working full time. They want to see some consistency in the hours you are working. If you are part-time and don’t a history with this employer, they might deny the loan due to lack of work history.

How many dependants
Some government loans take in account how many dependants you have. This could cause you not to get approved depending on your number of dependants and income. This loan is called V.A loans.

How much debt you have
Your income to debt ratio is a big factor in the qualifying process. If you apply for a loan and are overwhelmed with debt, you may not qualify. You should keep your debt as low as possible.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Will my fiancé’s credit report affect my credit score Q & A

Q:
Hi Mike,
I am getting ready to get married. My new soon to be husband has really bad credit because of an ex-wife. He has a foreclosure and a chapter 7 bankruptcy on his credit report. My biggest concern is once we get married will it affect my credit report and credit scores? I have a 720 fico score and want to keep it that way. I just don’t want this affecting my good credit.
Nancy Stew

A:
Hi Nancy,
This is a common concern out there. Luckily your credit score report will not be affected by someone else’s past credit mistakes, unless you had a joint account with that person. Just because you marry someone you don’t arbitrarily inherit their bad credit. Since your new husband has bad credit it could limit you both on buying and getting any new credit together.
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Not knowing your credit scores could cost you

Your credit scores these days are as important as your social security number. Knowing what’s on your credit report along with being educated about your fico scores are critical these days. Everyone bases your credit worthiness on what your credit scores or fico scores are. In this article I wanted to discuss why you need to know your credit scores.

Banks, mortgage companies, car dealerships and credit card companies are all in the business of making money. So if you are educated about your credit scores you can show up being educated about your personal creditworthiness. If you were in sales and offered loans, you would make more money on someone that is not educated about there own credit scores vs. someone that is educated and up to date on their personal fico scores. It is really important to stay on top of this, recent studies show that most Americans have no idea with their credit scores are. This is just opportunity for a creditor to make more money on you.

Advantages of knowing your credit scores
· Pay lower interest rates on loans
· Save money on loans
· Save more money because of better term loans
· Get lower interest rate credit cards
· Get 0% loans because of good credit management

These are just some highlights on what the advantages are because you are educated about your fico scores. Any lender loves an uneducated borrower. If they see that you are clueless about your credit they will charge you higher interest on borrowed money. Remember lenders and creditors are in business to make money.

If you don’t know what your credit scores are, get a copy of your free credit score report today.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Do you really need to file bankruptcy?

Current reports show that bankruptcy filings are at an all time high. This is probably due to the fall of the real estate sector, which affects everything. The way the current bankruptcy law is, does it really protect you and is it necessary? I personally don’t think bankruptcy is necessary for individuals. Bankruptcy for one will destroy your credit report and credit scores. There are two types of bankruptcies for individuals, and they are Chapter 7 and Chapter 13. The most common now with the new law in place is Chapter 13. Chapter 13 forces you to pay back a porting of your debts usually over 5 years to a court appointed trustee. With all the creditors currently having records defaults, you would think that some kind of resolution is in order with the actual creditor on your own. This is actually true; you can call and negotiate with your creditors a lesser balance and a payment plan. Plus if you have retirement funds you don’t have to liquidate them. With bankruptcy you do.

Disadvantages of bankruptcy
If you have wracked up a bunch of unsecured debt, you can assure yourself calls all day from creditors if you don’t pay them. Bankruptcy will stop the calls but it does not change the fact that the negative record will be on your credit report for 7 years if it is Chapter 13. If its chapter 7 it will stay on your credit report for 10 years. So depending on what your situation is, I think in most cases bankruptcy is not necessary. If you have found yourself in financial trouble you can call your creditors and negotiate an affordable payment plans on your own. In most cases you can reduce 40 – 60 percent of what you actually owe to credit card companies with a fixed interest rate and low payments. So do you research before you jump into a bankruptcy and pay a bunch of money to an attorney for no good reason.

Advantages of bankruptcy
If you file bankruptcy the phones calls with stop. It will also stop creditors from taking you to court. You have the option under the bankruptcy laws to file every 6 years. Most lawyers will tell you that the bankruptcy laws are in place not to protect you but the creditor. So keep this in mind. If you are able to file chapter 7 bankruptcy, this will liquidate all your debts with no obligation to pay anything back. This chapter bankruptcy is harder to file now due to the income restrictions. So don’t think bankruptcy is the easy way out now, because its not. I personally think the only advantage is it will stop the harassment from creditors.

Just remember you can negotiate with your creditors yourself, and it cost you nothing but your time. You can also get a payment plan in place you can afford. Creditors will typically work with you to determine a budget over a period of time. Remember you owe this debt; the creditor did not rack up the debt for you. The long term affect of bankruptcy is hard on your credit report vs setting up a payment plan with your creditors and getting them to stop the interest.

There are also other options like debt consolidation. This is could be a alternative as well. Look at your options before jumping into anything.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

How to negotiate credit report collections.

A collection on your credit report is a bad thing period. If you have let some debt go due to the current economic downturn, join the rest of America. Even though it’s tough on your fico scores, there is a solution to fix the issue at hand. Things come up in life that is beyond our control. The FICO score model knows this, so as long as you don’t make a habit of letting debt go to collections you can get back on track fairly quickly. In this article I will discuss exactly what you need to do when your credit report is littered with collections and charge offs.

Step: 1 Negotiate debts owed
Once you have pulled a copy of your free credit report, get an account of the collections and the creditor’s number that is reporting it. Start calling these collections companies and negotiate a payment plan or an agreement to pay off the debt for pennies on the dollar. If you have a $30,000 dollar credit balance its not unusual for them to except $7000 as a settled balance. What ever deal you can negotiate make sure you keep the arrangement in good standing.

Step: 2 Get letters from Collection Company
After you have come to an agreement with the collection company on the phone, ask them to give you a letter to delete from all 3 credit bureaus. This may or may not happen. Typically the collection company will either give you a letter showing you either settled the account for paid it in full. Regardless of what you negotiate, make sure you get that letter. It is not uncommon for these collections company to not report the updated information properly. If it’s not reported properly and you did not get documentation you took care of the account, it’s your word against theirs.

Step 3: Negotiate most recent collections and small balances first
While you are going through the negotiation process with your creditors, make sure you start with the most recent collections first. The reason for this is old collections that are close to 7 years are about to fall off your credit report anyways. So there may not be a need to pay those debts off. Also start with paying off small collection balances first. It’s is less of a hit on your pocket book.

Step 4: Pull a copy of your free credit score report
After you have paid some of your collections off, pull a copy of your free credit reports to see if the collection company has removed the collection or updated with the credit bureaus properly. This process will more than likely need to be done several times through out the year.

IF you have collections that have been on your credit report for more than seven years, you can dispute it. This will get it removed. Go here to dispute on-line for collections that have expired.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Is Freddie Mac and Fannie Mae going under?

Everyone is getting concerned about our banking system. I believe it is with good reason. If you are watching the news lately, banks are going out of business all over the map. This is due to the stocks of some of these banks are causing a reduction in the amount of assets they have to fund loans. If you have noticed lately Freddie and Fannie have both lost billions in liquid cash since last December. Most of this liquidity problem is because investors are dumping their stocks with these particular funds.

Freddie and Fannie both are backed by our government. I assure you that the government will not allow these investment bankers to go under. The government if need be will bail them out. Obviously more intense credit score restrictions are around the corner.

The Bush administration recently said that a government take over is not needed. Law makers aim to pass a bill that will keep these companies afloat. So stay tuned to this.

Fannie Mae and Freddie Mac both own or guarantee about half of the $12 Trillion mortgage loans in the United States. If the government steps in the obvious is around the corner. Higher interest rates to curb the appetite of inflation.

It’s apparent that the mortgage industry will be tightening up even more. I personally believe the largest insurer of loans will be the savior during this epic credit crunch. Like I have said before, the Federal Housing Authority (FHA) is and will be the savior for banks that are still willing to provide mortgage paper. FHA was the savior right after the “Great Depression” and will be the savior for the liquidity problem we are currently having. I would not be surprised if our government came out with some new loan products that are aggressive enough to stimulate home ownership. We shall see.

On a positive note, if you are in the market to buy right now, there are some incredible deals on homes all over the U.S.

Just remember to manage your free credit score reports. This is one of those times where you might take a peek at your credit to make sure matters are up to snuff. If you are in the market to buy lenders are tougher on those fico scores. So stay on top of it.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Medical Collections on my Credit Report

I see medical collections on credit reports all the time. Typically these collections get put on your credit report even though you have medical insurance and have paid your Co-pay.
This can be real frustrating especially if you don’t know anything about it. Typically you will get bills in the mail from these medical offices and hospitals stating you owe a medical debt. The reason for this is the delay in getting paid on the insurance claims. Sometimes these claims get coded wrong by the person in charge of the medical billing at the hospitals. Even though you have insurance you are still responsible for the bill if the hospital or medical office does get the billed paid by your insurance provider.

Insurance claims are a huge problem, and if you don’t stay on top of it, your free credit score report will be affected by it. This is another reason to pull your credit report periodically. A medical collection will drop your credit report at least 100 points or more. So if you go to the hospital or doctor’s office and you get a bill in the mail it’s probably because the bill did not get paid by your insurance provider.

Once the medical collection is on your credit report it’s hard to repair the damage that has already done. You can obviously repair it, but it will take time. Medical collections companies also may or may not remove the collection from you credit report once paid. Especially if you owe the debt, because you’re insurance did not cover the obligation.

Don’t allow someone else to mess up your credit report, stay on top of your credit health. Once the damage is don’t it’s a pain to fix.

Get your free credit score report today !!

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Good signs for the Mortgage Business in 2009

There is no doubt the Mortgage Industry has been suffering for the last 2 years. There has been a ton of banks go out of business and people all over the United States loose their jobs. With all the foreclosures and the downturn in the quality of buyers it has been extremely tough to get some home buyers financed. Luckily FHA is our current market, and allows people all over the U.S. to get financed even though their credit scores may be low.

According to, Bernard Markstein the Senior Economist for the “National Home Builders Association the “First Time Home Buyers” market will be taken off in 2009. He is claiming that the increase in homes sales for this market should increase around 700,000 units. This is great news, because the first time home buyers market drives the real estate market. When first time buyers are active this allows people who need bigger homes to upgrade. In return the new home industry starts building again. This is exactly what our economy needs, because this will create more jobs.

So the hope is the First Time Home Buyers will shrink the overwhelming market of homes for sale currently around the U.S. This will allow other families to move on with the purchase of there new homes.

Yes, getting a loan will be a little tougher but with good credit education it’s really not that hard to get a mortgage loan. During the past years it was just too easy to get a loan, but now the lending market is where it needs to be. We definitely don’t want to go through this process of banks going out of business.

My best advice if you are getting ready to make a purchase soon, is to get a copy of your free credit score report and see where you stand. Your credit score is now more important than ever. In order to get good interest rates most banks want to see at least a 620 plus fico score. Once you pull your credit and find you need some credit repair, you can repair you credit for free. Use the web; it can save you time and money.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Report Q & A

Q:
Hi Mike,
I just pulled my free credit report at http://www.annualcreditreport.com/ and I am frustrated. I did not get any of my credit scores. I was wondering of you are suppose to get your credit scores with this so called free report? I wanted to see where I stood with my credit score from each credit bureau. What am I missing here? I don’t mind paying for my scores if I need to, just need to know what I am getting up front is all.

Brittany Hulsey

A:
Hi Brittany,
This is a question we get often. The government makes the credit bureaus give you a free credit report once a year, but you don’t actually get your credit scores. You can get your credit scores on the main site of http://www.creditscorequick.com/ from each credit bureau. This can be frustrating, because http://www.annualcreditreport.com/ only gives you 75% of what you need once a year. You need to check your credit report at least 4 times a year to make sure nothing is going on with your credit health. I hope this helps.

CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Closing credit cards Q & A

Q:
Hi Mike,
I was wondering what the big deal is about closing credit cards. I have 6 credit cards currently. I only use a couple of the cards. The other 4 credit cards I don’t use charge yearly fees to have there credit cards active. So I would like to close them but I don’t want my credit score getting lowered. I currently have excellent credit and don’t want to jeopardize that. What do you guys recommend?

Tina

A:
Hi Tina,
This is kind of tricky one. Everyone in the credit worlds recommends not closing good credit, especially if you are about to make a purchase. This question could have two answers to it. If you are getting ready to make a purchase, then the answer would be no. Wait until after the purchase and then close the credit cards. Yes, your credit score will drop temporarily but with a couple of credit cards reporting on your credit report your scores will be fine over a couple of months. The credit score drop would only be temporary. If you are not about to make a purchase on credit, then I would close them or ask them to stop there yearly fees first.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Why all free credit reports are not the same.

I am sure you have heard you can get your free credit report once a year. Yes, you can get your credit report once a year for free but you don’t get your credit scores with each credit bureau for free. Some websites offer a credit report but they don’t give you everything you really need in a 3-1 credit report. In this article I am going to explain some of the different offers out there and what critical information they are missing.

Free Credit Reports offers
There is only one website that offers free credit reports once a year. www.annualcreditreport.com is that site. You get this credit report from each credit bureau once a year for free. You don’t get your credit scores though from each bureau. There are other sites that will provide you with a 3-1 credit report with credit score from each credit bureau on a trial basis. Typically the trial credit reports are between 7 to 14 days.

Credit reports with one credit score
Some website will offer a free trial credit report with only one credit score. This is another situation where you are only getting part of what you need. I suggest you get a credit score from each credit bureau since that is what creditors look at. Each credit bureau calculates its own credit score. When a creditor pulls your credit report they will pull it from each credit bureau with scores as well.

Credit Reports with credit monitoring
This credit report offer usually comes with a credit report from each credit bureau, but again with no credit scores. You will get credit monitoring with the service, but still this credit report offer is missing critical information as well.

Credit Reports with FICO score
Equifax offers a credit report offer where you will get your real FICO score and that is it. You don’t get your FICO score from the other two credit bureaus. So the positive thing is you get your actually FICO score the banks use, but you don’t get it from the other two credit bureaus.

3-1 Credit Report with all 3 credit scores
This credit report offer is my credit report of choice. The reason is you get a idea of where your credit scores and credit information stands with all 3 major Bureaus. When lenders assess your risk they look at a credit report similar to a 3-1 credit report with a score from each credit bureau. Do you research before you get a credit report, yiou might be getting what you don’t need.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Establishing Credit Q & A

Q:
Hello Mike,
I have a son that is 18, and I would like to help him get some credit established. I have read that authorized user accounts don’t help your credit score anymore. Is this true, if so what do you suggest I do to help my son get some credit established? He will be attending college this fall as well, so I know he might be in need of some credit cards for emergencies.

Lina Carter

A:
Hi Linda,
This is a good question. Because of the changes due to fraud in the credit repair industry, the authorized user account credit score process affects those that are really trying to help out a family member. I personally don’t agree with the change, but because someone else was breaking the law, it messed it for those that were not. The quickest way for your son to establish good credit score report is to apply for some secured credit cards. If he is going to be a student he can apply for student credit cards as well. I would recommend getting a couple of these cards, in the works as soon as possible. The secured credit cards depending on his credit will require between $200 and $300 in a bank with the credit card company. Once you son has showed around 6 months activity with the credit bureaus, he should get some credit scores at that time.

Mike Clover
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Make your credit report look low risk to creditors

In this current market and probably for future lending markets lenders will be looking at your credit score report a lot harder. I figured I would have some quick tips to make no only your credit report and credit scores look better, but you’re over all risk to a lender. In this current market even if you have good credit you could get denied for a loan.

Keeping your debt low
In the past you could have really high income to debt ratio’s and still get approved for loans. All of us in the lending market thought this was crazy, but it was getting done. In a nutshell this amounted to families getting homes that they could not really afford. In this market you better have low credit card debt or debt period. Because the underwritten engines and requirements for general debt is quite a bit lower than it was in years past. So the bottom line is to keep your debt ratios 41% or less. Here is how you calculate this.
Take your gross income and divide it by your total monthly obligations. The total monthly obligations would be only debt that reports to the credit bureaus. For example:
• Credit cards
• Auto loans
• Mortgage loans
• Installment loans
• Student loans

Lenders don’t look at your utility payments or any other obligations that does not report to the 3 credit bureaus typically. So make sure you only count your obligations of credit only.

Save your money
When getting a loan in this current market, lenders like to see that you have the ability to save. When you have savings it makes your risk lower to the bank. A good goal would be to save a minimum of 6 months mortgage payment in the bank. Lenders also like to see stocks and 401k. This is also considered saving as well. The great thing about having savings is if an emergency comes up you have the money to pay your bills so it does not affect your credit report.

Have a mix of credit on credit report
When a creditor looks at your credit report they like to see some type of activity along with a mix of credit. Examples of a mix of credit would be a couple credit cards, installment loans, auto loans, etc…….. The Fair Isaac Score model takes into account the mix of credit yiou have to determine your credit score. So if you are a cash only buyer, charge a little on your credit and pay it off at the end of the month. Creditors have to see what you are doing, and that is why they pull your credit report. So don’t be afraid of credit, at the same time be responsible with it.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Bankruptcy Q & A

Q:
Hello Mike,
I have a question about bankruptcies. I have a bankruptcy on my credit reports, it is a Chapter 13. I have been told different things about how long it will be on my credit report. I have been told it will be on there for 7 years and I have been told it will be on there for 11 years. Which is it?

Lorena Ochoa


A:
Hi Lorena,
A chapter 13 bankruptcy stays on your credit report for 7 years from file date. There are two common bankruptcies filed currently. The two are Chapter 7 and Chapter 13.Chapter 7 bankruptcy will be on your credit report for 10 years from file date. You will need to watch your credit report closely, because its common that the bureaus don’t remove bankruptcies like they should once the expired date has hit.


Mike Clover
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Fix blemishes on your Credit Report

The lending market is a cycle. We are going through one of those cycles where you need an excellent credit report and credit scores to even get a loan. This is due to all the recent foreclosures and defaults on credit. With this being said it’s a perfect time if you have issues on your credit to do some spring cleaning. If you have old collections or new ones, in this current market collections on your credit report could cause you to get denied for just about any type of loan.

Our suggestion is to get a recent copy of your free credit report with credit scores to see where you stand. If you are getting ready to make a big purchase or just want to get your credit ready for a future purchase this is a perfect time to fix any issues you may have. Instead of getting surprised by a creditor with the answer no, go ahead and get a head start on the repair process yourself. It’s better to have that piece of mind.

Bad credit is like a dark cloud lingering over your head. It does not go away until you do something about it. With our website you can repair your credit report for free. We give you all the tools and tips you need to fix bad credit report problems. Depending on what your problems are we have the answers to every problem within our credit blog. Since the current lending market is tough on troubled credit, it only makes sense to get a handle on any type of credit blemish you may have. Remember we also answer any credit questions you may have through our credit resource button.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Identity Theft Q & A

Q:
Hi Mike,
I have some questions and concerns about identity theft. This problem seems to be the biggest crime in America. I was curious what yiou might recommend in hopefully preventing this from happening to me and my family. Thanks for any advice.

Susie Landry


A:
Hello Susie,
Thanks for the question. Identity Theft is getting out of control in our country. It’s affecting 50 million Americans a year. That’s amazing when there is only 302 million in the United States currently. This problem is on epidemic proportions. There are some great preventative measures. The first step is to check your free credit report as often as you can. You should also set up credit monitoring to get alerted of any critical changes. At our site we provide two of the best two services for identity theft protection, under out identity theft tab. Here is a good identity theft prevention article to read as well.

Mike Clover
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Confused about Credit Reports Q & A

Q:
Hello,
I have some questions about which credit report to get. I have been looking all over the web, and noticed you offer a variety of credit reports. I need advice on which one to get. I would prefer to have all 3 of my credit scores. I would also like to make sure it’s a 3-1 credit report as well with monitoring.

Juan Sanchez

A:
Hi Juan,
I would recommend the Privacy Matters credit report on the front of the website. This offer comes with all a credit report from each credit bureau along with all 3 credit scores as well. You can also sign up for credit report monitoring with this service. This is a very popular credit report on the web.

Mike Clover
CreditScorequick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Safeguard your identity from Identity Theft

I don’t think I can write enough about this subject, identity theft is going on everywhere now. I wanted to give some more tips on what the experts recommend on safeguarding your private information from identity thieves. In the current day and time you cannot be too careful on protecting your personal information. Once it happens to you its too late and is very hard to get resolved in a timely manner.


Precautions:
• Don’t carry too many credit cards in your wallet, maybe only one is necessary.
• Don’t carry your social security card in your wallet.
• Don’t put your social security number and driver’s license number on your checks.
• Don’t pay your bills in the mail, use on-line services. You may also use the post office.
• Use complicated username and passwords.
• Memorize your username and password, never write them down
• Install virus protection software on your computer
• Don’t give out your personal information over the phone
• Check all 3 credit reports every 4 to 5 months.
• Don’t open any attachments or emails sent to you from unknown senders.
• Look out for suspicious mail that might ask you to apply for a credit card or other types of credit.
• Change your password every few months
• Shred all bills
• Opt-out of receiving credit card offers in the mail by calling 1-888-5-OPTOUT
• Get your phone numbers and address removed from reverse directories and phone books.
• Subscribe to credit monitoring services that alert you quickly
• Buy identity theft insurance.
• Review your social security and benefits carefully every year.
• Pay for stuff with cash instead of credit cards and debit cards.
• Install firewall software on your computer
• Ask business that keep your personal information about there storage and security process.
• Have you mail sent to a P.O. Box.





With 50,000 people a year getting there information stolen you can rest assure its on epidemic proportions. This crime is growing so fast that you cannot afford to just assume it will not happen to you. Protect you and your families get all of the information mentioned above in place. Its worth spending a little extra money to save yourself thousands and countless hours fixing identity theft.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Don’t think Identity Theft can happen to you – “Think Again”

During the course of the day you may write a check at the grocery store, charge tickets to a concert, mail your tax returns, rent a car, and apply for a new credit card. Your probably don’t think twice when you are doing these type of activities. An identity thief is always watching.

Identity theft is a serious crime, and is currently the biggest crime waive ever. People who have their identity stolen can end up taking months, years and thousands of dollars trying to recover their identity. Identity theft can steal your good name and credit record. If identity theft happens to you, it could cause you to not get a new job because of your current credit report, it could get you denied credit for housing, cars and installment loans.

How identity thieves get your information
• Stealing information and records while on the job
• Conning fellow co-workers for information
• Hacking records
• Bribing employees whom have access to confidential information
• Steal your mail, by taking bills, credit card statements, tax return information, new credit card offers and new checks as well.
• Dig through your trash, business trash cans, and public trash facilities. This is also known as dumpster diving.
• Get a copy of your credit report by abusing their employers authorized access to it, or by posing as someone like a landlord or employer who may have access to your credit reports.
• They may capture your credit card numbers or pin numbers by storing this information in a data storage device when you swipe your card. This is also know as skimming.
• They may steal your purse or wallet.
• They may complete a change of address to divert your mail somewhere else.
• They may steal your information that find in your own home.
• They may steal your information posing as your bank or some institution you do business with.





How identity thieves use your personal information
• They can give your name during a arrest and if you don’t show up for the court date it goes on your record.
• They could file fraudulent tax returns in your name
• They could get a job in your name.
• They could get a auto loan in your name
• They could get a home loan in your name
• They may open new credit cards in your name and allow them to go delinquent which will affect your credit report.
• They may establish utility bills in your name
• They may file bankruptcy in your name on charges they have accrued in you name.


There are some great preventative measures for avoiding identity theft. Here are a few good ones.

• Get your credit report at least every 3 months. Its worth paying for to avoid this mess.
• Sign up for credit monitoring to get alerts when someone applies for credit in your name.
• Shred all mail.
• Get PO Box, and don’t put anything in an un-secure mailbox.
• Safeguard credit cards, social security cards, and any other personal items you don’t use in a safe.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

When should you check your credit score report?

There is a lot of debate out there on when you should check your free credit score report. I am sure you have read that you can get your credit report for FREE at www.annualcreditreport.com. Yes you can, but you get it once a year for free with no credit scores. It is worth paying around $29.95 to get your credit scores along with your credit report. The reason is when lenders make there decision process your scores are part of that process. In the current credit report market you can get your free credit reports with scores on a trial period. So if you are getting ready to make a purchase or have been turned down for some reason, you should pull a recent copy of your credit report with credit scores from each credit bureau. Here is a list of triggers to pull a recent copy of your free credit reports with scores.

• Been recently denied for a credit
• Suspect someone is using your identity
• Suspect a creditor may have reported some late payments incorrectly
• Need to fix your credit report
• About to make a big purchase
• Want to know your credit scores

Even if you don’t have any of the triggers mentioned above you should pull your credit report every 3 to 4 months for good credit management. You never know if someone is messing up your good name. With the new digital age and access to personal information your social security number is floating around everywhere. Typically someone that gets your social security number is an insider at a company that has personal information on file. With the amount of foreign nationals coming to this country your social security number is a hot item on the black market. It is also a hot item with Illegal Aliens. Identity Theft recently has became officially the biggest crime waive in American History. With all of this being said staying on top of your free credit score report is a must. Once something negative has happened to your credit it could irreversible for 7 years. The only thing you can do to fix the problem is get it removed if it’s not your fault. My point being once your scores drop it takes time to regain what the mistake caused.






If you are confused on what type of credit report to get, you might consider a site that offers multiple credit report offers. When you pull your credit report you definitely want a 3-1 credit report with scores from each credit bureau. Some websites offers only give you a 3-1 credit report with one score. You really need all 3 scores. Some sites offer a credit report with no scores. So my point is you need the right credit report if you are going to pay for it.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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

Landlord and Renters Credit Reports

Being a landlord is a full time job, and you definitely don’t need any added stress for a renter that does not pay their rent. With the influx of renters, every landlord needs a way to check a renter’s credit report. Also if you are a renter and want to show up to a landlords office with a recent copy of your credit report, its very simple to get your 3-1 credit report with scores currently with the internet revolution. With the economy and families loosing their homes, more and more families will be renting over the next 4 to 5 years. With the banks making lending guidelines extremely tough, you can rest assure if you are a landlord getting a renter will not be too hard in this current market. You obviously need to protect your self by looking into a renter’s credit history.

What to look out for on a renters credit report

Just like a bank that lends money, a landlord needs to be able to look at a consumer credit report and determine their risk. Typically a bank will look at the entire credit history to examine the risk of someone that is borrowing money from them. If a credit report shows a history of bad credit management that individual is less likely to get a loan. The same principal should apply to a renter. If you pull a credit report of a potential renter and it looks as if that person has a total disregard for obligations you might reconsider renting to them. The bottom line is a credit report will protect you the Landlord. If you are a renter and are unsure of your credit history, you definitely need to pull a copy of your credit report so you can rent. If there is something on your credit report you will be able to fix it before a landlord tells you NO.

What is considered a risky renter?
If a renter has more than a 24 month history of not paying back their obligations, then how are they going to pay you? Typically a lender will look at the last 24 months with most of their decision making on the current past 12 months credit history. If a renter just does not pay anybody back you might look for a better candidate for renting your properties. Once you get renter in there it can be tough to get them out.

What is considered a good credit score?
FICO’s credit scores range from 300 to 850. The lower someone’s credit score, the higher risk they are. Now you also have to look at their entire credit history as well. With the Sub-prime ARM adjustments that are causing families to loose there homes, these might be good candidates for renting too. It’s not like they had any choice but to walk away from a home that the payment increased on dramatically. But as far as a good credit score you might be looking for credit scores in the 600’s before considering renting to someone, unless their circumstance were beyond their control.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

How a Recession can be good for you.

With all the talk about a recession and the negative press about credit reports, credit scores, saving money and high gas prices there are actually some good out of all of this. During the Reagan years was the last time we experience an economic down turn. Here are some positive sides to the entire deal.

Eating Dinner with family
With the rise in gas and food fewer families are going out to eat. This is a perfect time for families to do what they should have been doing all along. I personally thing we are all spoiled and spend way too much money on STUFF that is not important. Sometimes for us to come to reality with how fortunate we are, it takes times like these to look back on what is really important. Your family and setting down with them at the dinner table.

Less people in line for gas
Not too long ago the gas stations where storming with people in all sorts of vehicles. Now you can go to the gas stating and not worry about a crowd.

Fewer advertisements in the mail
With creditors tightening up on your requirement to give out credit, you can rest assure you will not see as much credit offers in the mail. Over the years I am sure you mailbox was stuffed with credit card offers and low interest rate mortgages. You can count on that dissipating.

More Discounts
With sales being down just about with every company, you can count on coupons to entice you to buy. I may not be a bad idea to get a paper, and start clipping, you would be surprised how much you can save with coupons.

Save on Gas
Now that we are being forced to watch our pennies, public transportation may not look all that bad. Maybe car pooling with fellow co-worker would be a option.

Good deals on cars
Since gas prices have increased so much, gas is almost 40% higher in 2008; you can expect great deals on cars. SUV’s sales prices dropped dramatically once we hit $3.50 a gallon.

These are some positive sides to a possible recession. The one thing we need to remember is what is really important, and that is family. With the decrease in the flow of extra money this is a perfect time to hang out with family and have bar-b-q.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

How a Co-signer can affect your Credit Report

Do you want your credit score to plummet, go ahead and co-sign for someone. I personally believe this is a huge problem. With your credit score and credit report being the roadmap to financial health, the question is can you really afford to co-sign for friends and family. Over the years I have seen more problems with this issue. Here is how a co-signer can affect your personal credit.

Late Payments
If you co-sign for a family member your credit report could be at risk. If for some reason the family member is late on an obligation you co-signed for your credit score just dropped about 100 points. Most people don’t thing about this, but it happens all the time. Anytime someone is late on a obligation that reports to all 3 credit bureaus, that bad mark will be on there for 7 years. It’s not worth it. If you have to co-sign for someone make sure you are not getting ready to make a big purchase, because it could affect your purchasing power as well. Some banks like to see a payment history in good standing usually around 12 months on co-signed obligations. They also typically like to see proof that the payment is coming out of the person’s bank account you co-signed for. So co-signing opens up all kinds of worms in the world of finance.

Income to Debt Ratio
Once you have co-signed on a loan for a friend or family member it could affect your ability to get a loan for something else. That added debt that is showing up on your credit report is technically your responsibility as well. Let’s assume you have this car note you co-signed for and the payment is $500.00 a month. You have now added this debt to your portfolio of debts in a underwriters eyes. In order to buy something else an underwriter may require a good 12 month payment history by the other party to disallow a debt from your portfolio of obligations. So with this being said think real hard before you co-sign on anything. I don’t recommend it. There are ways for someone to get there credit established so they can get loans in there own name. The internet is a great resource. There is anything you can imagine on the web to help you achieve just about anything, including getting your own credit established so you don’t need a co-signer.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

How no Credit can hurt you

What is all the fuss about paying cash for everything? Isn’t that a good thing? If you pay cash for everything doesn’t that mean you don’t owe anybody? Quite contrary to popular belief this actually hurts you. Let’s assume you pay cash for everything and all the sudden need a loan, it will be hard to get a loan with no credit. You will have not any credit scores generated with the credit bureaus with no credit being extending to you. I have heard quite often that I pay cash for everything because credit cards scare me. But let’s face it, we are all adults and can do anything we put our mind to. In our current society banks now use a automated software created by My FICO that determines your credit score and risk. If you have never borrowed money or applied for credit this software has not generated any credit history or credit scores for you. This is exactly what the banks currently look for.

Applying for Credit
Let’s assume you decide to go and apply for credit, only to find you are getting denied because you don’t have any credit. There is a solution to this that is quite simple. You get a secured credit card. A secured credit card is cards where you deposit your own money usually up to $300 dollars into an account of the banks choice. Once this money is deposited about 30 days later the credit card company will report this history to the credit bureaus. This is the first step in establishing credit scores and credit history. I recommend getting two cards to have two lines of credit history reporting. Remember to pay everything on-time so you don’t have any late payments. This is very important. Also these secured credit cards usually charge fees to get started, during the beginning of this process you will have a balanced owed even though you have not charged anything. Make sure you pay these fees. The secured credit card we recommend is the Orchard Bank card. This card has low fees and is great for establishing good credit when you have no credit.

Now that you have put your cash only days behind you, you can join the rest of America in the world of credit. Your credit is so important these days that you can’t afford to live a cash only life. Employers, utility companies, and insurance companies and just about everyone is pulling credit to see if you are responsible or not. So there is a good chance you were paying higher fees because of your lack of credit. As you move on long with the credit building process make sure you pull your credit regularly. Pulling your own credit report does not affect your credit score. Pulling your credit report regularly is good credit management.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Bankruptcy Q & A

Q:
Hello,
I have a question in regards to bankruptcy. I have just recently discharged my chapter 13 bankruptcy. I was curious how long it will be on my credit report. I have looked all over the web and found different answers to this. I also was curious what was recommended to re-establish some credit. I currently don’t have any credit reporting on my credit report. The bankruptcy said I should be able to re-establish credit right a way.

Thanks,
Julie

A:
Hi Julie,
Thanks for the question. Bankruptcy can be confusing at times with how long is stays on your credit report. Chapter 13 bankruptcy will be on your credit report for 7 years from file date. You will need to check your credit report because the bureaus usually don’t update this properly. After filing bankruptcy and it has been discharged, getting your credit rebuilt is your next step. The best way to do this is with secured credit cards. You can go to our credit card tab and apply for some credit cards there. We recommend Orchard Bank Card as your first choice. You should have at least 2 credit cards to get your credit scores boosted.

CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Free credit score and credit monitoring with TransUnion

TransUnion now has their class action lawsuit website finally running. If you are interested in getting your credit score report and credit monitoring go to ListClassAction.com. You can sign up for 6- 9 months of this service for free.

Anyone who has opened up new credit or a loan in the last 21 years is entitled to this free service. You must register before September to qualify. You need to know that you only get one credit score and you don’t actually get your true FICO score that most banks use to determine your creditworthiness. So is this service beneficial, well its like having part of the recipe, you will get your activity with one bureau, and you don’t actually get your real credit score. You will get TransUnions TransRisk credit score. If you want to get your FICO score go here.

So if you are getting ready to make a purchase like a car, house, or a credit card this service could be beneficial due to the fact that you get your credit report with TransUnion. If you are interested in getting a 3-1 credit report with all 3 credit scores you will have to pay for it. Our recommendation is to get this type of credit report because that is what lenders look at. Regardless it will not hurt to get this free service temporally with TransUnion.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

FHA implements Credit Score based MIP

With all the changes in the lending industry, you would think that no one can get a loan anymore. Conventional loans have gotten so tough most are going with FHA loans now. FHA has been the savior in a lot of crazy lending markets. With the current credit crunch and record foreclosures, FHA is now implementing risk based mortgage insurance premiums (MIP). This fee insures the loan with HUD. So just like anything else, if your credit score is low you will pay for it. In the past your credit score did not matter, but now it does. The way MIP worked in the past was everyone paid a 1.5% of the total loan amount in insurance. This upfront fee was financed in the note. The new mortgage insurance premium will range between (1.25% - 2.25%). So for borrowers with low credit scores you will now pay .75% more in premium. For borrowers with good credit they will save .25% in premium.

Examples:

Good Credit
• Sales Price: $100,000
• Down payment: $2,250
• Loan amount with MIP @ 1.25%: $98,971

Bad Credit
• Sales Price: $100,000
• Down payment: $2,250
• Loan amount with MIP @ 2.25%: $99,949



Depending on what your FICO score is, will determine how much you pay. You can see if your credit score is low, you will be financing more which will increase your payment as well. I believe this is just a tip of the ice berg with the changes in all sectors of lending. If you are getting ready to buy a home, you might consider pulling a recent copy of your credit report with scores to see where you stand. If you don’t want to pay more and feel that your have low credit scores, go ahead and take the plunge. Get your credit report and start working on any issues you may have. If you don’t fix your credit it will cost you unnecessary money long term. FHA is still the strongest loan in our current market, but with credit issues you will pay more for it. I have never seen such tightening up in the lending market like we currently are experiencing. I can’t say I don’t blame the banks, because everyone want there money back they have loaned out. I guess you would have to put yourself in their shoes, how would you feel if you loaned someone $100,000 and they did not pay it back to you?



Multiple FHA borrowers
With this new FHA change that was implemented on July 11, 2008 here is how this affects multiple borrowers. If two borrowers are involved on a FHA loan, the MIP will be based on the borrower with the lower credit score. So you could have one borrower with excellent credit, but have a borrower with low credit score that would cause a higher mortgage insurance premium for the entire loan.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Increase credit score Q & A

Q:
Hello,
I need some advice on increasing my credit score. I currently have a 640 credit score. My goal is to get my score around a 720 or above. I currently have a credit card with Bank of America, and a credit card with American Express. I also have a car note around 350 a month.
Credit Card Balances and limits

• Bank of America limit is $10,000
• Bank of America balance is $7,500
• American Express limit is $15,000
• American Express balance is $9,852

I just recently bought my car 6 months ago. I paid $17,000 for the car. What do you recommend I do to get my scores around 720 or above. I dont have any collections or slow pays.

Robyn Leather

A:
Hi Robyn,
Credit card debt is one of the quickest ways to lower your credit scores. Amounts owed on credit is 30% of your credit score. The rule of thumb is to keep your credit card balances well below 30% of your allowed credit limit. It looks like your Bank of America credit card is well above 30% of the allowed credit limit. I would pay this card down as quick as possible. You should not have more than $3000 on this card at any given time. This is one reason why your credit score is low. Your American Express card has the same issue going on. You should not charge more than $4500 on this card as well. Both your credit card balances are bringing down your credit score. If you were to get both these cards below 30% of the allowed credit limit your credit scores should increase to around 720 or so.

CreditScoreQuick.com

CreditScoreQuick.com 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

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

CreditScoreQuick.com 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.

Secured Credit Card Q & A

Q:
Hi Mike,
Your website is great. I applied for the Orchard Bank secured credit card. I was wondering how long it might take to get in the mail. I also wanted to know how long it will take to report to my credit report. Your website has really helped me get in the right direction because my credit report is pretty pitiful. Thanks for the free credit repair resource. I am telling everyone about this wonderful site.
Gene

A:
Gene,
Thanks for the compliment; we are striving to provide the top resource on the web for free credit repair advice. Your secured credit card should arrive in the mail within 30 days. Your secured credit card will also start reporting within 60 days of approval. Good luck with your credit report repair through our site.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Free Credit Repair

To repair bad credit might be a mystery to most, but the process is actually quite simple. With all the bad credit out there, you would think there must be something in the water. I know there are different circumstances that cause people to get into trouble, but the mystery to get out of trouble just baffles everyone. Since I have been in the mortgage industry, I have learned how easy it is to fix your credit report. With the power of the internet you can fix your credit for free. I remember when I was young I messed up my credit report due to just being irresponsible. After about 6 months the phone started ringing This is a miserable feeling especially when you have guests over and your phone is ringing every 30 minutes from someone that wants there money. Nether less it happens and there is a solution as well. Here are the following steps to repair your credit report for FREE.

1. Don’t be late on anything anymore
2. Don’t allow anything to go to collection
3. Pay all your bills on-time
4. Pull a copy of your credit report with scores to see where you stand.
5. Make sure there are no inaccuracies on your credit report
6. Review your credit report and determine what you can start paying off.
7. If all your good credit went to collection, then you must re-establish new credit.
8. To re-establish new credit apply for a couple of secured credit cards.
9. Try not to pay off any collections over 5 years old.
10. Settle on collections for pennies on the dollar
11. Make sure once collections are paid you get the letters from the collection company showing paid or settled.
12. Beg and plead with the creditor to give you a letter to delete collection from the credit bureaus.
13. After 90 days of paying off collections pull your credit to see if the creditors updated the credit bureaus correctly.
14. Typically after a year of paying off collections, and establishing new credit your credit scores will increase dramatically

Just like anything else, there is not magical potion to repairing bad credit reports. It’s really simple; just start paying off your collections starting with your recent collections. I am sure you have heard companies advertising they can remove collections you owe because of a technicality. This is actually not true. A collection will stay on your credit report for 7 years from collection date. The best credit repair is to repair you credit yourself. Because after doing it, you will make sure you don’t allow anything to go to collection again.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Why FHA- with your Credit Score ?

Did you know FHA loans have been around since 1935? That is pretty amazing if you think about it, this type of loan has been around since right after the “Great Depression.” Also a added benefit of FHA is that it does not have credit score requirements. With the current lending market and tighten up on credit scores it makes perfect since to look at a FHA loan. Depending on where you are going to buy will determine the max loan amount you can get with FHA. Yes, FHA loans have loan limits. Here is a link where you can look up loan limits by state and city.


Secondary Market Credit Score Requirements
With all the foreclosures going on, banking has made changes as to what type of loans they will buy. FHA does not have a credit score requirement to insure a FHA loan, but the banks that buy the loans do. For example, most lenders underwrite their loans, and then sell them on what is called the secondary market. This is a market where banks buy and sell mortgage loans. The current credit score requirement with this market is a 580 credit score. So if you have this type of credit score, you might qualify for FHA mortgage.
This type of score is not considered the best of scores, but could get you in a 30 year fixed mortgage. Your interest rate will be higher because of you credit score, but it’s better than renting. Typically credit scores above a 680 is considered good credit, so if you were wondering, that is the where you should be.
Here is a credit score breakdown per “My FICO.”

* Excellent: over 750
* Very Good: 720 or more
* Acceptable: 660 to 720
* Uncertain: 620 to 660
* Risky: less than 620

Advantages of FHA
Obviously FHA’s biggest advantage is you can get financed with fairly low credit scores. You don’t need great credit history that is required with Conventional loans. Here are some highlights to secure a FHA loan
• 3 lines of credit reporting on your credit report in good standing for the last 12 months
• If you don’t have any credit, FHA requires 2 months mortgage payment in bank after closing
• Good 12 month rental history
• 2 years work history.
• You can count college as work history, underwriters like to see that you graduated, and are working in profession studied.
• Only 3% down payment, you can use Down Payment Assistance in place of this.
• No credit score requirements
• 30 year fixed mortgage
• Competitive rates

FHA is not only for individuals with bad credit. This loan is for people with good credit as well. If you have a 720 credit score, and don’t want to put down a bunch of money, it makes perfect since to go FHA, as long as you are trying to buy within the FHA loan limits.

If you are in the market to buy, and you are not sure where your credit score stands, find out. Pull a copy of your credit report with credit scores. A educated consumers saves on interest rates and terms.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

TransUnions free credit score lawsuit drawback

TransUnion one of the three major credit bureaus just announced they will be offering free credit score and credit monitoring for 9 months due to a class action law suit. The law suit claims TransUnion was selling consumer information to third parties for targeted marketing efforts. Here are the benefits and drawbacks of this lawsuit.

Here are you two options as a result of the law suit.
In order to benefit from this lawsuit, you will need to register at: settlement site.

• Six months of Transunion credit monitoring, which includes unlimited daily access to the consumer's credit report and TransUnion-calculated credit score, plus e-mail notification of major changes to information in the report. The service retails for $59.75.
• Nine months of credit monitoring, one's insurance score (used by some insurers to set their rates), plus a tool that shows how a consumer's credit score affects mortgage rates. This option is valued at $115.50, and selecting it means releasing TransUnion from any future claims.


Benefits
You get a free credit report and credit score. You also get free credit monitoring depending on which service you go with.

Drawbacks
You don’t get your credit scores from the other credit bureaus. So you get part of what you really need.



This lawsuit has its advantages, you get a credit report, but it is missing some key ingredients. For instance your credit scores from Equifax, and Experian. If you are getting ready to make a purchase, or you just have concerns about your credit, you need to know all 3 credit scores. With the offer TransUnion is giving, you get one credit score from TransUnion. One credit score is like playing Russion Roulette, you spin the wheel and hope your other two scores are ok. Each credit bureau reports different credit scores and sometimes different information all together.

When creditors pull your personal credit report, do you think they just look at one credit score? Absolutely not, they pull all 3 credit scores to determine a credit decision. So my point is you will still need to pull your credit report with all 3 credit scores for a fee.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Get Credit Report information and credit questions on-line.

Your credit report is accessible 24/7 on the internet in a few clicks. Equifax just released how the internet is a great resource fore accessing anything about your credit. The internet is amazing in regards to how you can get the information you need to fix just about anything. You can get recipes, commons household items, cars, credit cards, insurance, mortgages, or any common question answered. The internet is so powerful that you could actually stay home and never leave using the internet to buy what you need.


The internet being the best channel for credit reports, credit scores and getting free credit repair help, you can rest assure you will have access to what you need securely in a few clicks. If you want to access your credit report, and did it the old fashion way, you would have to wait for your report to come in the mail. I don’t know about you, but I know the mail is not safe anymore. You definitely don’t want anything with your social in the snail mail if you can avoid it. With the security that has been implement on the internet to get your credit report and credit scores safe and securely.




Most people don’t know how convenient the internet is. The internet has revolutionized the way we all do business and function in society currently. Let’s assume you have credit issues, and you don’t know what to do. Most people will search for credit repair sites. You will find that most credit repair sites charge horrendous fees for something you can do yourself for free. If you were to take the time to do some research, you will find that with a little credit education and implementation of what you learn your credit will improve on its own. The internet is just like your local library, it has all the information you could imagine.

How easy is it to get credit report on-line?
Let’s assume you are getting ready to buy something, or just would like to know what your credit scores are. Getting your credit report is so easy that a caveman could do it. Typically when get your credit report you will need to know your credit scores. Your credit scores will typically cost you around $30.00 to have that piece of mind. But it’s worth having believe me. In a matter of a few seconds with validating who you are, you will receive your full 3-1 credit report. Pulling your consumer credit report does not affect your credit scores by the way.

Credit Repair on the web
Let’s assume you have credit issues, and you would like to start repairing them right away. You can find all kinds of articles about what the first step would be in the credit repair process. With your credit being the single most important part of your financial health, you can rest assure the answer is on the web. In a few keystrokes you can be reading an article that will pertain to your situation. This is the power and resourcefulness of the web today. Got questions about credit? Just Google it.



About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Report affected by un-paid utility bills

Your credit score report can be affect by more than your available credit history. We talk about how credit cards, mortgages, car loans, and any type of loan that reports to all 3 credit bureaus will affect your credit score. We don’t always talk about utility companies and how they can have a negative impact on your credit report. Here are utility companies I like to consider non-creditors. In other words these companies don’t give you a line of credit, they just provide a service.



Utility companies
• Phone companies
• Electric companies
• Security companies
• Cell phone companies
• Water companies
• Gas companies
• Cable companies
• Internet Companies

Let’s assume you are having a tough time currently, and you stop paying your cable bill. The cable company will give you a little time to pay off the debt for service rendered, but will eventually turn that debt over to a collection company. The collection company in return will report that obligation to the 3 credit bureaus wanting their money. This is how it works with any of the companies mention. Once this collection reports to the credit bureaus your credit rating just dropped about 100 points. Utility companies on the other hand don’t help your credit when you are in good standing, but will also hurt your credit score if you don’t pay. Once the collection hits your credit report, and you finally decide to pay off the collection, the collection will be on your credit report for 7 years. 7 years of negative information will be on your credit report. If you don’t pay the collection, the collection company can sell the collection repeatedly to different collection companies which will ultimately drive down your credit score even more.





Pay your bills on-time
If you get behind, call your creditors immediately and work out a payment arrangement with them. They will typically work with you, especially during tough economic times. A creditor or utility company would rather get some form of payment versus nothing. If you don’t pay your bills including utility bills it will affect your credit score report. With lending getting extremely tough currently, your credit scores are more important than ever. If you have credit issues, the banks may look at your credit history as too big of a risk for there portfolio.

Don’t assume if you don’t pay utility it will not affect your credit. Because it will affect your credit, and will not go away until you pay it off. If you are unsure what is on your credit report, get a copy of your free credit score report today.



About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Advantages of pulling your Credit Report with Credit Scores

Your credit report with credit scores is like the secret recipe grandmother had. If you only get part of the recipe, it’s a disaster. Your credit report needs to be pulled with credit scores. If you pull your credit report without credit scores, in our professional opinion it’s missing the key ingredient. It’s like making a chocolate cake without the chocolate. Here is why you need to pull credit reports with credit scores.





The following look at all 3 credit scores to make a credit decision
• Banks
• Mortgage Companies
• Credit Card Companies
• Car dealerships
• Employers




The web is full of getting your credit reports FREE at annualcreditreport but no one mentions the fact that you don’t get your credit scores with that report. Maybe you are getting ready to make a purchase, or you think that you might need to work on your credit scores. What ever you situation is, you need to know your credit scores from each credit bureau. There are three credit bureaus, Equifax, TransUnion and Experian. These guys collect information that the creditors report to them. There could be a very high chance that one of the creditors reported something in error. Recent studies shows 1 out of every 4 credit reports have errors on that report that could cause a credit denial.

Advantages of knowing your scores
• Better Rates on loans
• Better Terms on loans
• Less Down payment on Mortgages
• Better rats on credit cards
• Could get that dream job
• Save more money, because your interest rates on loans are low
• Lower premiums on car insurance


These are examples of why you need to know that three digit number. I don’t believe the lending market will every be the same after this foreclosure crisis we are going through. Lending has had its ups and downs before, but not to the extent we are having currently. It will take a while for the banks to recover from all the losses. You can expect lending to be extremely tough on credit. So if you are un-sure of your credit, or want to improve it, make sure you get your credit report with all 3 credit scores. I personally believe good management of your credit is to stay on top of your credit score report. With identity theft and creditor errors like the recent one with Sallie Mae, you cannot to assume your credit report is error free. Get your free credit score report today !!!

CreditScoreQuick.com 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.

Foreclosure Crisis – Learn what Lenders don’t want you to know

Did you know most of the foreclosures taking place now could have been avoided? With all the foreclosures taking place because of adjustable rate mortgages (ARM’s), this could have been avoided if the lender had put the borrowers in a 30yr fixed mortgage. During the real estate boom, individuals that had less than perfect credit were put into sub-prime loans. There were millions of families put into sub-prime loans that had the qualifications to go FHA, which is a 30 yr fixed mortgage. The reason why was because there were many mortgage companies that did not have the necessary funds to get their license to originate FHA loans. So the mortgage company had no choice but to stick their client into a sub-prime ARM loan. Was this unethical, I would have to say yes. Also the mortgage companies that were sticking people in 2 year Sub prime loans sold everyone on 2 yr ARMs when they could have put them in a 30yr fixed sub-prime loan. Here is what took place.

2 year ARM sales pitch.
Here is what mortgage companies sold to potential borrowers. Sir or Mam you don’t have the credit to go with a prime conventional loan but we can put you into a 2 yr ARM. With good credit history we can refinance you in 2 years into a 30 year fixed mortgage. This is what was being told all over the United States. Guess what? These people could have been put into a 30 year fixed sub prime mortgage as well. But the rate was lower on a 2 year ARM, and the lender made more money selling the ARM loan. Also the lender would get there business again two years down the road. So it was like machine during the real estate boom. This is the secret that lenders did not want you to know, and most of them never gave the option to the potential borrower.

The builder problem
During this boom the builders were doing more than selling 2 year ARMs, they were selling low payments. They would sell all these bogus incentives to use their mortgage company and along with the bad loan they were put into they sold them on low payments because of the un-improved taxes on the property. Yes there was this sneaky disclosure used to explain un-improved property taxes at closing, but they blew through it so quick the borrower never really understood it. Also the loan officer providing the loan never explained the repercussions of not collecting escrows for the mortgage. Most of the 2 year sub-prime borrowers with builders did not escrow their taxes and insurances. That is the other way they were sold on this whole process. During the excitement of this whole process, the borrower did not see the danger down the road. To talk a little about un-improved property taxes, here is how that nightmare works. When you buy a property, the taxes on the property if it’s a new build is usually based on the land only. That is why the taxes and along with you payment is so low. But guess what, you will have an escrow shortage in about a year. Which means your payment will go up around $300 to $400 dollars. This is part of the reason for the foreclosures as well. Builders pretty much do what ever they want due to a lack of good legislation.

2 year ARM is up
Your 2 year ARM is up, and you now have two problems. First you cannot refinance because you don’t have the credit. Second your property value has declined and you don’t have the equity to roll in closing costs which is required to do a refinance, unless you have the money to pay all your closing costs. Since you cannot refinance your payment jumps up around $400 dollars and now you cannot afford your home. This is what is going on all over the country.

This is a example of how greed is going to destroy our country. It’s unfortunate that our lending industry took advantage of people. This is going to affect us for a while. If you found yourself in this situation, the best thing you can do is work on your credit, and make sure you pay everything on time.

Check your free credit score report often so you know where you stand credit wise.


CreditScoreQuick.com 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 Report after a Bankruptcy

Your credit report after a bankruptcy will look like a bomb was dropped on it. Your credit score report will be littered with all kinds of derogatory information. Depending on what type of bankruptcy you filed will determine how long it will take to re-establish your credit. The two most common bankruptcies are Chapter 7 and Chapter 13. With the new bankruptcy law, more people will be forced to file Chapter 13. Here are the differences.

Chapter 7 bankruptcy- is considered liquidation of your non-exempt assets. This bankruptcy is considered the quickest and simplest of all bankruptcies. A court appointed trustee sells off all your assets in an attempt to pay back some of your creditors. During most Chapter 7 bankruptcies the client will not have any assets to liquidate.

Chapter 13 – This bankruptcy is considered a wage earner plan. This plan allows individuals whom have income to develop a plan to pay back there creditors over a 3 to 5 year period. Under this bankruptcy you are assigned a court appointed trustee that you make the agreed upon payments to, which they in return pay your creditors.

Bankruptcy is all too common these days with the economy the way it is. The mortgage crisis and the price of gas have caused many people financial troubles all over the United States. Luckily there is hope after a bankruptcy. It’s kind of like polishing up your shoes after you have got some scuff marks on them. Your credit is the same way, you can re-establish credit after a bankruptcy, and that is the first step once you are done with your bankruptcy.

How to establish credit afterwards
The first step is to get two secured credit cards. No bank is going to allow you to get an un-secured credit card after a bankruptcy. All of your past credit will be on your credit report for 7 years. If you filed chapter 7, it will be on your credit report for 10yrs from file date. But most of your past negative credit will be on your report for 7 yrs. The main objective is to get new credit on your report as soon as possible. The only way to do that is with secured credit cards, and Orchard bank is a great one. FICO likes to see a mix of credit, so make sure you get a couple of secured credit cards. This process will take you at least 12 to 24 months to get your credit scores where they are somewhat decent. After a little time with no slow pays, your creditors will start extending credit to you again.

Don’t be a repeat offender
FICO will forgive you for past bad credit mistakes, but if you are a repeat offender it will be tough to recover. The new FICO scoring process does not want to see you continually having problems. So learn from past mistakes, save your money for hard times and emergencies. Also remember to always stay ontop of your free credit score report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

How to get your free credit report

Under the new 2003 Fair and Accurate Credit Transaction Act, all Americans have the right to a free credit report every year from all three major credit bureaus, Equifax, TransUnion, and Experian.

How to get credit report
You must request your credit report on of these three ways. The reports are not automatically sent to you.


• Go to http://www.annualcreditreport.com/, which is the only source for consumers on-line to get their free credit report every 12 months.
• Call the toll free number 1-877-322-8228
• Complete the form on the back of the “Annual Credit Report Request” brochure, available at the FTC, and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Alanta, GA 30348-5281

You will have the ability to order all three credit reports at one time, or you may order at different times throughout the year. It is up to you. Be sure to order from the centralized agency. If you go directly to the credit bureaus you will be charged unless you fit other criteria for the credit report. Also beware of ordering your free credit reports from fraudulent, deceptive and misspelled domains that will charge for the same service you can get fro free.

This new ruling does not stop other ways to receive a free credit report. You are still entitled a free credit report if you have been: denied for a loan, insurance policy or job based on your free credit report; you are applying for unemployment or receive public assistance; or you currently reside in a state that already offers one or more annual free credit reports.

A credit report contains personal information such as your history of loan payments, including mortgages, credit cards, and auto loans. A credit report is used by lenders to determine whether they will grant you credit, and at what rate. A credit report is not the same as a credit score, which takes all the credit history and spits our a three digit number for each of the major credit bureaus. Credit Scores are not included in your free credit report with annual credit report, they must be purchased. If you are interested in buying your credit scores, you can go to http://www.creditscorequick.com/, and get your real free fico scores and credit score reports today.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

I did not get Credit Scores with my Credit Report

Getting your credit report is a must these days. When you get your credit report make sure you get your credit scores. Annualcreditreport.com does not give you your credit scores for free; you have to pay for them. Also make sure you get all 3 of your credit scores. One credit score from each Bureau.

Q: Hello I found your site and saw that you had lots of different credit reports to offer.My husand and I went to annualcreidtreport.com and pulled a copy of each of our credit reports. To our surprise, we did not get our scores. I noticed that most sites charge for this. On your site you get a free trial, do you have to pay for scores, or am I missing something?

Gertie Fuger
Las Vegas, Arkansas

A: Hi Gertie, this is the $100 question. Under the Fair Credit Reporting Act(FCRA) in 2003 they required the three credit bureaus TransUnion, Experian, and Equifax to give you a copy of your credit report free once every 12 months. Unfortunately you don’t get your credit score for free. This is like grandmothers homemade chocolate cake missing part of its recipe. Since every creditor and there dog looks at your credit scores, you need to know where your credit scores stand. At our site you get a FREE trial for 7 days, and you can cancel during that free trial and not be charged anything. With this free trial you do get a credit score from each bureau.

CreditScoreQuick.com




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Data Recovery

Credit Cards – How many should you have?

Credit cards are a must for good credit scores these days. But how many should you have? Also how many is too much? Some experts claim it is not how many you have, but how are you spending habits. Some experts say all you need is a couple of credit cards to keep your credit report and credit scores healthy.

Credit utilization is another key point about credit cards. If you have a bunch of credit cards, and you are using up your credit limit, it could hurt your credit score. The FICO score model looks at you utilization of your existing credit. Some experts say to keep your credit card balances below 50%. I believe most experts will tell you to keep your balances below 30%. I personally believe you should not keep a balance on your credit cards. I know that good credit management is only charging on your credit cards what you can pay off that month. If you are charging credit on stuff you cannot pay off that month, you are living beyond your financial means.

Department store credit cards are a credit card I would stay away from. These cards usually have higher interest rate than bank cards. The old sales pitch they give, if you get a credit card today, it will save you 10% on your purchase. If you rack up debt on those cards you did not save anything. The interest rates on department credit cards are usually around 20%. That is outrageous.





Remember you only need a couple of low interest rate credit cards. You should only use your credit card occasionally to keep it active, especially if you get reward miles for spending. As long as you pay off that card each month, before you know it, you are flying first class with your miles to Hawaii for free.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Divorced Credit Report Q & A

Your Credit Report can be affected in a negative way during divorce. I see this all the time, credit report littered with slow pays, collections, and charge offs due to a separation. Don’t let your credit report suffer because of a divorce; it will take a while to clear it up if you do.





Q:
Hello I am going through a divorce currently, and we have accumulated debt together while we were married. I have excellent credit I believe, and I want to make sure it stays that way. My concern is some of the accounts we are joint users on is being awarded to my husband. He is not that responsible, I have always taken care of the bills. The attorney is working on the divorce decree that states certain obligations are his responsibility including the house. My question is will this debt still show up on my credit report even though the decree states those debts are now his responsibility?

Carly Simon
San Francisco, California

A:
Carly this is a great question and a “BIG” problem out there today. Divorce is one of the biggest ways to discover credit report problem after the fact. Most think that the divorce decree will erase debts with creditors. This is simply not true. If the account is joint, even though the decree says the other party is responsible for that debt, if the other party has a slow pay your credit score report is affected. This is simply because your social security number is still attached to the obligation. So yes, if your husband is late on any of the obligations that you are on as well, your good credit report with suffer greatly as a result. My advice would be to have the attorney draw up the divorce decree correctly by stating your husband has so many days to refinance the house out of you name, and get any obligations like credit cards, car notes, etc….. out of your name. This way your credit is not affected down the road.





About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Top Credit Score - FICO score Myths

Your credit score or FICO score is the most important element in your financial life these days. Landlords, employers, banks, utility companies and insurance companies all scrutinize your credit score. This credit score is what sums up everything within your credit report. Your credit scores range between 300 to 850.


Yet according to a survey recently revealed, nearly half of Americans have no idea what is on there credit report until it’s too late. According to recent studies people are mis-lead into thinking certain situations determine how high or low a credit score is. Despite all the news media and internet information the fact is the lower your credit score the more you pay. Also in some instances you get that ugly word you were told when you were young, NO. No one likes to be told no, it makes you feel like a child again, even though you are a grown up. If you are applying for mortgage and your credit score is a 610, you could get denied or pay $400.00 dollars a month more because of the risk based pricing now in the banking industry.

While all of this is sinking in, make sure you are not falling for these credit score myths:

Myth 1: Credit Card offers are hurting your credit score. Credit Card offers do not affect your credit score. Now if you respond to the offer the inquiry could lower your credit score. Fair Isaac says that too much credit does not affect your score either, but high credit card balances will lower it.

Myth 2: The higher your salary the higher your credit scores. Paying down credit card debt will lower your credit score. However the amount of money you make, or how much you have in the bank has nothing to do with your FICO score. So in other words your net worth or the amount of money you have coming in is not factored in the credit scoring process according to Fair Isaac the creator of the FICO score.

Myth 3: When you get married your credit scores get merged. When you get married this is simply not true. The only thing that gets merged are accounts you acquire jointly. If you both apply for the same card, then that card and its history shows up on both credit reports.

Myth 4: Shopping around for a loan hurts your score. When you apply for a mortgage, they will pull a recent copy of your credit report which will give a inquiry on your credit report. FICO allows you to shop for a mortgage with multiple lenders with out it hurting your fico score during a 30 window. So during this 30 day window multiple inquiries for a mortgage will only count as one inquiry according to Fair Isaac, MyFICO.

Myth 5: You only have one Credit Score. You have a credit score with each credit bureau. Your credit score could vary as much as 50 points, which is why you need to check your credit score with all 3 credit bureaus.

Myth 6: Checking your own credit report will lower your credit score. This is a question I get all the time. When you are pulling your own credit report it is considered a soft inquiry, which is not factored in the credit scoring process according to MyFICO.

Myth 7: Your age, sex, income are factored in your credit score. According to MyFICO none of this has a factor in your credit scoring process. What the FICO score model is looking for is your credit history with creditors which you owe a debt.

Myth 8: Disputing a item on your credit report will get it removed. This is a common misconception that if you dispute a item it will get it removed. If you dispute a item and you actually owe it, and its reporting within the 7 years required by law, it will not be removed. Now getting inaccuracies removed from you credit report will increases your credit score. Remember collections and chare offs report on your credit report for 7 years from collection date. If you dispute that item during that period, you are wasting your time.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Score-Beacon Score-Fico Score-Explained

Sometimes when you are getting ready to make a purchase you will find everyone calling credit scores different names. You will hear FICO Score, credit scores, and Beacon score are the typical terms for credit scores. One of the problems is when you don’t have a good standardization in a industry, you get different versions of a product or service. That is currently the problem with our credit scoring models being used. You have more than a couple issues. In this article I wanted to discuss this because it can be confusing out there for the average consumer. If you are getting ready to make a purchase, this is a must read.

Credit Score
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person, which is the perceived likelihood that the person will pay debts in a timely manner. This is the most standardized term for what a credit score is. Most people relate to the term credit score. This is the most widely used term out of the 3 terms used in this article.

FICO Score
FICO is an acronym for Fair Isaac Corporation the creator of the FICO Score. This terminology is becoming widely used in the mainstream public. The reason for this is FICO scores are what 80% of the banks use to determine your risk. FICO scores range between 300 and 850. The higher your FICO score the more favorable your rates and terms are on a loan. FICO scores are somewhat the standard that the 3 credit bureaus use to determine your scores as well. Even though Equifax is the only bureaus that using the FICO scoring system, the other two credit bureaus TransUnion and Experian have their own version designed based on the FICO score model which was created by Fair Isaac.

Beacon Score
Beacon is a version of FICO created by Equifax. Typically when you hear someone ask you about your beacon, that would be your credit score with Equifax. This software was called “Beacon.” Now currently the FICO score model created by Fair Isaac has became more of a standard than the scoring models created by the other credit bureaus.

When buying your credit scores with all three credit bureaus, each bureau will have their own version of your credit score. The scoring model standard is suppose to be based on Fair Isaac’ scoring model FICO. So who knows, it’s a little confusing, but that’s what banks, car dealerships, and credit card companies pull to determine your risk.

If you are getting ready to make a purchase, make sure you get all 3 credit scores, because that is what the lenders are looking at.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

TransUnion Credit Report Guide

When you are looking at your credit report there are weird codes on your credit report only a credit report expert could understand. We found this transunion credit report guide for codes on your credit report and what they represent. This guide was created in 2003 for mortgage brokers. I believe a credit geeks would appreciate trying to decipher credit report code.

Type of Account
O Automated
R Revolving or Option
I Installment
M Mortgage
C Check Credit (line of credit)


Date Indicators
A Automated
C Closed
D Declined
F Repossessed / Written / Off / Collection
I Indirect
M Manually Frozen
N No Record
P Paid Out
R Reported
S Slow Answering
T Temporarily Frozen
V Verified
X No Reply

(KOB) Kind of Business Classifications
A Automotive
B Banks and S&L
C Clothing
D Department, Variety and other Retail
E Employment
F Finance, Personal
G Groceries
H Home Furnishings
I Insurance
J Jewelry, Cameras and Computers
K Contractors
L Lumber, Building Material, Hardware
M Medical and related Health
N Credit Card and Travel/Entertainment Companies
O Oil Companies
P Personal Services Other Than Medical
Q Finance Companies, Other than Personal Finance Companies
R Real Estate and Public Accommodations
S Sporting Goods
T Farm and Garden Supplies
U Utilities and Fuel
V Goverment
W Wholesale
X Advertising
Y Collection
Z Miscellaneous

Here is a link to this document that list special codes and triggers that may be on a TransUnion credit report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Does Annualcreditreport.com get you what you really need ?

Annualcreditport.com is a government mandated site to provide a free credit report to consumers once a year. You get a 3-1 credit report with NO credit scores. But you get a FREE credit report. At CreditScorequick.com our job is to educate you about what you really need. When you go to the bank do you think the banks just pulls a credit report with no credit scores? If you thought the answer was no you were correct. The only advantage of this government mandated site is you do get a 3-1 credit report from all 3 credit bureaus, once a year. Lets assume you have already pulled your free credit report and now have decided to make a purchase 4 months later. It is suggested you pull a copy of your credit report if you are about to make a big purchase or apply for credit. So you cannot get a credit report for another year, so what do you do? You can go to http://www.creditscorequick.com/ and get your FREE trial credit report with all 3 credit scores.


Why you need to know your credit scores
Your credit scores is how any lender, bank, credit card company, auto lender, and insurance company determines your likelihood of paying back a obligation. A credit score is your risk and any given point in time. Most lenders now use FICO scores to determine this. So the question is if all of these companies look at your credit scores, shouldn’t you know your credit scores as well? The answer to that is yes.

Why pulling your credit report once a year is not good enough.
Even though annualcreditreport.com gives you your 3-1 credit report once a year, anything can happen to your credit report within a 30 day window. So if you just pulled your credit report, and someone steals your identity afterwards, you would not know about it until creditors start to call you wanting their money.

At CreditScoreQuick.com you get what you’re really need, get your free credit score report:

Here is what you get:

• 3-1 credit report
• 3 credit scores
• From all 3 credit bureaus
• Credit monitoring & Alerts
• Delivered to you instantly on-line

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Score lowered by Closing Credit Cards

Most educated consumers know about there FICO scores. That magical three digit number that lenders use to determine your credit risk. CreditScoreQuick has published here, an article about what determines your credit score. Many still wonder if closing credit cards or applying for a new credit card will affect their credit score.




Most consumers typically don’t know about the affects of doing what was mentioned, until it’s too late or by trial and error. In this article we want to make sure you know the affects of canceling good credit and opening too much credit too soon.

Canceling good credit cards
This is a mistake a lot of people make, and that is closing good credit card accounts. There is a misconception out there that when you close a credit card you loose your credit history with that card. This simply is not true. That history will be on your credit report for 7 years. Now there will not be any new credit history, and you also closed down a perfectly good line of credit which could lower your credit score. Fico likes to see a mix of credit, so if this was your only credit card, it more than likely hurt your scores as well.

Opening too much credit
Having too much credit does not hurt your credit score. Applying for a bunch of credit does hurt your fico scores. So for example, if you apply for a car, furniture loan, mortgage, and new credit cards all at once, you score will be lowered as a result. The fico score model sees too much credit too soon as a risk to the creditors. That is why your scores get dinged for it. Now if you are applying for a mortgage, the fico score model allows you to shop for a mortgage within a 30 day window, so fair Isaac’s scoring method allows you to shop your mortgage rate. This shopping within a 30 day window according to FICO counts as one inquiry.


So if you are getting ready to make a purchase and think you may have lowered your credit scores because of too many credit applications, go ahead and get a copy of your free credit score report to see where you stand.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Reports and Credit Scores-1/3 of the US does not know

This means 1 out 3 people know what’s on their credit report. This is a costly mistake these days. These people could be paying higher interest rates on money borrowed, just because they are not up to date about their credit health. In fact they might have excellent credit and not even know it. When you go to get a mortgage, auto loan, and installment loan with a bank, they love un-educated consumers. Banks are in business to make money just like any other business. This recent study showing a 1/3 of our population does not know what’s on their credit report is baffling.

This mistake is also costly because there might be mistakes on it that is dragging down your score. Recent studies show ¼ credit reports have information on it that is not correct. These mistakes are enough to cause a denial and result in high interest loans.

Recently there has been changes in the lending industry called risk based pricing. This means interest rates and terms are based on your credit score. So the lower your credit score the higher your interest rate. The higher your credit score, the lower your interest rate. But of course banks can charge an un-educated consumer what ever rate the law will allow.

Since roughly 10’s of millions of consumers are not educated about there credit report and credit scores there is good chance you could be paying too much.






How often should you check your credit report?
How often do you check your check book, or bank statement? How often do you check your investments? All of these accounts tie back to your credit report, because if you are not checking your credit report and credit scores you probably have less in these accounts because you are paying unnecessary interest on your loans. You should check your credit report at a minimum of once every 3 months. Since anything can happen to your credit report every 30 days, this might not be enough. Remember you need to know your credit scores, so if you go to http://www.annualcreditreport.com/ you will not get your scores, just a credit report. So if you want to be a educated consumer, and not pay too much, stay ontop of your credit.

Get your free credit score report today at CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

New identity theft prevention -double authentication

With identity theft being so ramped these days and a major concern for most people, don’t worry there is new kid on the block. RSA a security firm has came up with a solution to stop cyber criminals. This new technology is cutting edge when it comes to making a purchase on the web. At a San Francisco security conference, RSA showed off a phone with unusual feature. When a web user makes a purchase or performs a banking transaction on-line, the phone receives a wi-fi signal from the PC making the transaction.
RSA’s handset, built by manufacturer HTC, then shows the transaction and waits for the user to approve it before sending another signal back to the computer, which allows the transaction to take place.

This new process is catching the eyes of the banking industry as well. Currently Bank of American has a security feature called “tokens” which is offered to there high end clients. This is offered with there cards which generate changing passwords that are required to authenticate transactions. Bank of America also currently offers a program for all there customers called “Safe Pass” which sends customers a text message to their cell phones when they bank on line, requesting that they confirm their identity.

According to Bank of America the program they use to prevent identity theft is text based which is much slower and more costlier than wi-fi.

There are currently 140 million cell phone users that text. So it’s easy to deliver this security feature.

Just to confirm, banks have always offered text messages when they suspected suspicious activity. The problem with this its is not a preventative measure.

The challenge with this new technology is bringing two-level authentication across the entire web. I will agree that it’s the best preventive measure for internet purchases that I have seen thus yet. With identity theft being a major headache, and crime growing quicker than the prevention, this is definitely an up coming solution.

As always we recommend that you get a copy of your credit report just to make sure there are no suspicious activities going on as well. Having credit report monitoring is great solution also. We just need to manage our personal information more closely these days, to have a piece of mind.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

No Credit is better than Bad Credit.

No Credit is better than bad credit, and you can take that to the bank. There are lots of people out there that are scared of credit cards, because they don’t know how to manage them properly. They are so scared of debt they pay cash for everything. But there will come a time where you will need to borrow money, and a creditor will ask you that magical question, “What is your credit score?” In order to function in today’s society you need good credit scores. Yes, no credit is better than bad credit, but good credit is better than both mentioned. It’s easier to establish good credit, than it is to remove past credit mistakes on your credit report.





Here is a question from one of our readers about no credit scores.

Q: Mario Lopez asked:
Hello I am 25 and I have no credit scores, I was brought up not to trust banks. But I am finding out that if you are not rich, you will eventually need loans. Loans are tough to get when you don’t have any credit. What is the quickest way to get credit scores, and how long does it take. What methods would you recommend in establishing credit?

A: CreditScoreQuick.com
Establishing credit is actually pretty easy Mario. The first step is to get a couple of secured credit cards. We recommend Orchard Bank on our website. This credit card is secured and typically requires a deposit of $200.00 dollars or so in a account they require. There are also other cards on our site you can apply for, which are secure as well. The reason secure cards are the way to go, is because they start reporting credit to the bureaus fairly quickly. It takes about 6 months to establish credit scores with the credit bureaus. Typically when you don’t have scores no one will extend credit to you. Secured credit card eliminates this problem and gets you well on your way to building a good credit score. Make sure while you have this credit card you are never late on your payments. Late credit card payments will cause bad credit. Use your credit cards responsibly. As time goes on you will get other credit card offers in the mail with good credit history in not time you will have establish the scores you need to get any loan at your disposal.






Bad Credit
If you have bad credit, you might be a year from getting the credit you need to get loans. Also you have negative credit reporting on your credit report for 7 years. So you can see how it’s better to have no credit as opposed to bad credit. It’s much easier to establish good credit than it is to clean up a credit report littered with collections and slow pays. So if you are not sure where you stand, it’s very important you get a copy of your free credit score report today, because an educated consumer saves.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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 Score improved by using credit cards

The credit score is key to your financial health. With all the different avenues to get your score these days, there is no reason to not be educated about your credit report. I get lots of question about closing credit cards, and if that is a good option, especially if you are not using them. Here are some question from some of our readers about closing credit cards, and if it will affect your credit score.





Q: John Miller, asked:
I have 5 credit cards and only use one of the cards regularly. I keep the other 4 cards in my safe. I was wondering since I don’t use them should I go ahead and cancel those cards? One of the cards has a annual fee of $35.00 even though I don’t use it.

A: CreditScoreQuick.com
Hi John, you don’t ever want to cancel a credit card, that is like getting rid of good credit. What you should do is use each card about every 5 to 6 months. If you have good credit cards just setting in your safe more than 6 months without any use, the creditor might expire the card. So you want to make sure you use the cards and pay them off each month.

According to Fair Isaac, the creator of FICO scores, you should have a couple of credit cards. FICO scores are calculated by a mix of credit. So if you cancel a credit card, there goes two things, good credit that was reporting on your credit report along with a mix of credit as well.





Here is another question we had about credit cards and credit scores.

Q: Alex asked:
I have two credit cards, and would like to increase my credit score; I currently have a credit score of 675. I want to increase my score if possible; I am getting ready to buy a car, and would like the best rates on a car loan. One credit card has a balance of $6500 and another card with a balance of $3300. The first card limit is $15000 and the second is $10,000. What should I do to get my score increase as quick as possible?

A: CreditScoreQuick.com
FICO recommends that you keep your balances below 30% of the allowed credit limit. It looks like your credit card balance on the card with a $15000 dollar limit is high. This is more than likely dragging down your score. I would pay down that card, and it should increase your credit score.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.

Tips to avoid Debt Consolidation and Bankruptcy

High debt will not only affect your credit report but it will affect your personal life. Living debt free does require some life style changes for the better. Having too much consumer debt is like a black cloud lingering over you. In this article we will discuss some money saving tips so you don’t have to get into a debt consolidation program or even file bankruptcy. By following some of these money saving Tips you will be able to pay down debt and save more.







• Car Pool
With the cost of gas prices sky rocketing and no end in sight, car pooling is a great way to save hundreds of dollars each month. Find a few people that live close by and start car pooling.

• Bulk Stores
There are stores where you buy everything in bulk, like groceries, furniture, computers, etc…. By using one of these stores there is usally a membership fee once a year, but the savings will quickly recoup that cost. A bulk store example would be Sams and Costco.

• Don’t eat out
Going out to eat everyday for lunch gets very costly. If you were to bring your lunch to work everyday, could save you hundreds a month. Alos not eating out everyday will not only save you lots of money, but it could save your health. Fast food is bad for you anyways.

• Coupons
By cutting out coupons in the Sunday paper you can save a ton of money. Some stores will match or beat competitor’s offers as well. Just by taking the time to cut out coupons in the Sunday paper, you could find yourself saving hundreds as well.

• Garage Sale
If you are like most people I am sure you have the pack rat syndrome. With all that STUFF you have been saving, you could probably have a garage sale and acquire a nice savings.

• Utilities
You can save money with on utility bills by doing the following
1. Turn down the heat
2. Turn up the air condition
3. Turn off lights and TVs when not using them.
4. Turn of the water when shaving and brushing your teeth

With your credit being so important these days, make sure you are heading towards the wonderful goal of financial freedom. It will be hard to get there if you are not being frugal.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com 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.