A Good Credit Score Could be Your Ticket to Riches

Now is the time to order your free credit report – the one that shows your FICO score at each of the 3 major credit bureaus. Get it, study it, and then get busy working to get it all the way to the top.

Why? Because if you’re at all interested in becoming a real estate investor, the coming months will present the opportunity of a lifetime.

After being in real estate sales for 19 years, I can tell you that any time a market has a large number of repossessed properties on the market, you’ll find bargains. To begin with, those REO Officers can’t afford to keep those properties on the books.

In fact, there’s some kind of regulation that requires them to do all in their power to get them sold within just a few months. So in a tough market, when homes are not selling quickly, those properties will continue to drop in price just about monthly.

But that’s not all. When faced with the competition of these lesser-priced repo homes, the others have to follow suit or they’ll sit there unsold. Thus, the entire inventory of homes begins to fall in price.

I saw this happen over and over again, and that was during “normal” times. Now, with one in every 171 homes going into foreclosure during the second quarter of this year, the impact has to be even greater.

You, as a would-be real estate tycoon, stand to profit if your FICO scores are high enough. You can purchase one to live in and that will carry the lowest interest rate. For the others you’ll have to admit that you’re buying rental properties, but with a stellar score, even those rates will be favorable.

Stay away from the luxury homes. Focus instead on homes that can easily be rented to mid-range tenants. If you’re daring, focus on homes for lower income tenants as well. If the homes can be brought up to government standards, you can take part in programs that guarantee your rent and will even pay for repairs if your tenants damage the house.

Of course you should look for homes that are structurally sound and just need new paint and other cosmetic touches. Look past the dirt and the abandoned belongings, and see the profit that can be yours with a bit of hard work and a bucket of sudsy water.

I suppose I shouldn’t assume that repo homes will be dirty – but I listed dozens of them and only 2 had been cleaned when the owners moved out. The others were filthy. I don’t think I’ll ever forget walking into a house and finding a loaf of green bread in the middle of the living room floor.

Learning what’s in your credit report is the first step. The second is to raise your credit score as high as possible, and the third is to keep your eyes wide open for opportunities.


Author: Marte Cliff
CreditScoreQuick.com is your on-line resource 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

Fair Isaac’s FICO score 08 will restore Authorized user accounts.

This is great news, due to the fraud in the credit repair industry; credit repair companies were buying authorized user accounts to boost their client’s fico scores during the credit repair process. Fair Isaac found out and put an end to allowing authorized user accounts improve your over all credit score. The problem with this move was there are over 50 million legitimate authorized credit card users. With the new FICO 08 this could potentially bring the fico scores down for those legitimate account holders.

Scientists with FICO released news today that they have discovered a way to restore authorized user accounts to the calculation of FICO 08 credit scores while materially reducing the impact to the credit score tampering.

This technology breakthrough resolves an industry problem that has perplexed lenders and concerned banks. Fair Isaac states that they have developed technology that will reduce any impact on the FICO 08 score from intentional tampering, while allowing the scores of spouses and other genuine authorized users to benefit from their shared credit history.

This new technology rollout should be done within a couple of weeks. Fair Isaac stated they are working with the credit bureaus closely to bring FICO score 08 to the public soon.

This is good news; because the way it was would affect a lot of people. Potentially with the older FICO 08, you would be penalized for being an authorized user on a credit card. With this new roll out, it will help those that legitimately are authorized users.

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.

FICO credit score Q & A

Q:
Hi Mike,
I noticed that there are different kinds of credit scores on the web. I was looking to get my actually FICO credit score. Not sure if it really matters, but do you guys provide a FICO score at your site? If you do could you pleas send me to the correct area.

Thanks,
Latisha Williams.

A:
Hello Latisha,
This is a great question. If you are in the market to buy something, getting your FICO score report is a good idea. The other credit score offers will not hurt anything either. Most of the Banks use the FICO credit score model to determine your creditworthiness. If you are looking for your FICO score you can go here.

Mike Clover
CreditScoreQuick.com

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

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

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

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

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.

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.

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.

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.

Your Credit Score- The New Vital Sign

There is a new trend going on in Health Care, what’s your credit score? Hospitals are starting to check credit reports to see whether a patient will pay their medical bills and which ones just need to be written off. There are concerns about whether a patient will get the quality of healthcare they need if their credit report has bumps and bruises on it. Is there such a thing as credit score discrimination?

Some advocates are concerned that this process could lead to some patient not getting the health care they need. Hospitals are denying this. But we have to remember Hospitals are a business too. Advocates are also concerned this might force some patients to get high interest rate credit lines to pay for medical services. This currently goes on in the Dentistry industry. In order to finance a crown, you pay high interest on the money borrowed. Nether less it looks like everybody’s credit score will be pulled if services will be rendered.

Currently some of the big players trying to sell services such as health care risk models. Equifax is one of the key players that has a score that will predict the likelihood that a patient will pay back medical obligations. With the new digital age, and the instant response of the internet, Healthcare organizations can get your risk in a matter of seconds.

Currently the hospital chains such as Tenet and Fair Isaacs the developer of the FICO credit score are some of the top supporters of healthcare analytics, a company that is putting together bill-collection data from hospitals for predicting patient payment habits.

This is just another example of how the wonderful credit score is so important these days, this 3 digit number is creeping into our healthcare sector 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 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 pulling your credit report hurt your credit score?

This is a common concern out there about having your credit report pulled and whether or not this will hurt your credit score. There are certain inquiries that affect your overall score, and in this article we will discuss what really affects your score. There are two types of inquiries on your credit report, and they are called a soft inquiry and a hard inquiry. Here are the breakdowns.





Hard inquiries – this could affect your FICO score.
• Credit report pulls by a mortgage company or a bank
• Application for a credit card
• Application for a car
• Application for a bank loan

Soft inquiries – This does not affect your FICO score
• Pulling your own credit report
• Having a creditor whom you already have credit with pull your credit report
• Credit checks by prospective employers

How interest rate shopping affects your score.
When looking for auto or mortgage loan, this can trigger multiple credit inquiries. To compensate for this the score models allow multiple inquiries within a 30 day period before it scores you. The score model looks for inquiries within that 30 day period and only counts it as one inquiry.

How much could your scores drop as a result of hard inquiries?
In some cases a hard inquiry will not affect your score at all, and in some cases a hard inquiry could lower your score around 5 points. If your credit is in good standing as far as you know, you really don’t have anything to worry about. If you are getting ready to make a purchase or have been turned down for credit, go ahead and see where your credit score stands. FICO recommends that your check your credit often just in case there is something on there that could hinder a credit approval.




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 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.

Know your Fico Score, Tips on improving your Credit Score

If you decide to use a lending institution, your ability to buy will be based on your credit score. Do you currently know yours? Here is some advice from Stephanie AuWerter, Editor of Smartmoney.com, on learning and improving your score.





During times like these, a good score should be top priority. Because of the current and ongoing credit crisis, lenders have got tough in credit score requirements. If you are looking for a mortgage, credit card, small business loan, the bar has been raised. If you want to get the best rates your FICO scores needs to be high. According for Fair Isaac credit scores range between 300 – 850 and you should shoot for a 750 or higher. The great news is you can improve your credit score fairly quickly. The first step is to know where you stand, and you can pull a copy of your FICO score at CreditScoreQuick.com

One of the worst things you can do to devastate your credit score is to be lat on a payment. If for some reason you pull your credit report and there is a late payment you knew nothing about, you usually can call to get the late payment removed if you are a good paying customer. If you were actually late, you can still call and ask them to remove the late payment, but of course they have no reason to re-move it. But it does not hurt to ask, you have nothing to loose.

You should also pay down your credit card debt. Credit card debt hurts your score. FICO does not like to see your credit card debt reaching its credit limit. This can be a little tricky because some credit card companies are lowering credit lines for some customers. According the Fair Issac you want to keep your credit card balances below 30% of your total credit line. So pay down your debts.

Don’t cancel credit cards you don’t use. Credit cards that have no balances actually are helping your fico score. Having credit cards with credit lines help your credit score, and it does not hurt to charge occasionally on it and pay it off that month.

Finally correct credit report mistakes. Almost 80% of credit reports have mistakes on them, 29% of which are serious enough to result in a credit denial. So pull a copy of your credit report with credit scores and give it a good review. Get a copy of your free credit score report at http://www.creditscorequick.com/. If you find a mistake on it the bureaus has 30 days to remove it if the credit bureau finds that the dispute is accurate.

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 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

Today’s Credit Score Requirements for Mortgages

Today’s credit score requirements for mortgages are changing as more and more homes foreclose across the country. Have you ever wondered what the current credit score requirement might be to get a home? Depending on what type of loan you might qualify for will determine your credit score requirement. Typically the higher the risk, the higher your credit score needs to be. I will discuss 3 loans types in this article that are the most common loans underwritten nation wide.

Limited documentation loans
Before the mortgage meltdown, which by the way was only 2 years ago, you could get a 100% limited documentation loan with a middle credit score of 620. Typically this loan was called a stated loan as well. Basically a underwriter would not verify anything other than your credit score, and possibly a business license showing you have been in business for a minimum of 2 years. These types of loans were for people that were self employed and could not document any income due to all the deductions on there tax returns. Loans are like any other investment, they have to perform and produce a return. Unfortunately that is not what is going on, so the bar has been raised. Now you need at least a 680 credit score, and around 10 to 20 % down. The down payment will vary from lender to lender.

Conventional full documentation loans
Full documentation loans are loans backed by Freddie Mac and Fannie Mae. These two entities are two private organizations backed by the federal government. They buy loans that are ran through their automated underwriting engines and get approved based on that particular engines guidelines. Full documentation loans in the current market require a minimum of 620 credit score. The reason for this is the mortgage insurance companies that insure the loans backed by these two secondary market lenders require a 620 score to insure the loan. So basically everyone is raising the bar on requirements in order to get a mortgage. Full documentation loans typically require 2 years w2’s and or two years tax returns showing income on schedule C. There are lots of other variable involved as well, but this is a insight on full documentation loans. The lender will also require check stubs for the last 30 days showing income history.

FHA loan
Federal Housing Administration loans are loans that are insured by Housing and Urban Development (HUD). This particular part of the government has been providing insurance on loans since 1934. This loan is the most aggressive loan in today’s market, due to there being less risk to the banks that underwrite them. This loan actually does not have a credit score requirement, but the banks that underwrite them do. The current pattern across most banks is a middle credit score of 580. This loan also requires full documentation, such as w2’s and/or tax returns for the last 2 years.

With all the new guideline changes in the current lending market you can see how important it is to know your what your credit score are. If you don’t know, I would recommend getting 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 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

Equifax, TransUnion, and Experian Credit Reports

Equifax, TransUnion and Experian all provide you access to your free credit score reports. Does it really matter if you get a credit report just from one bureau? Maybe you don’t even know who the credit bureaus are. Here is a little background about each that spit out the life altering three digit credit score..



Equifax credit report history
Equifax Inc is a consumer credit reporting agency in the United States. Equifax is considered one of the three credit reporting agencies along with TransUnion and Experian. Founded in 1899, Equifax is the oldest of the three credit bureaus, and holds credit records totaling around 400 million worldwide. Equifax is based in Atlanta, Georgia and is a global service provider with $1.5 Billion in revenue along with 5000 employees in 14 countries.





TransUnion Credit Report History
TransUnion was created in 1968 by Union Tank Car Company as their holding company. Its credit business began with the purchase of Credit Bureau of Cook County (CBCC) in 1969. Trans Union was built from acquisitions of major city credit bureaus, with service agreements with local owners of bureaus which were not for sale. Today it operates 250 offices in the U.S. and in 24 other countries. It is based in Chicago, Illinois.
TransUnion was a subsidiary of The Marmon Group until January 2005. It is now an independent, privately held company.

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Experian Credit Reporting History
Experian is formerly known as CCN Systems. Experian is considered one of the three big credit bureaus along with Equifax and TransUnion. TransUnion is global credit information group, with operations in 36 countries.
Experian was founded in 1980 in Dublin Ireland and employees 15,500 people worldwide.

Since all three of the credit bureaus provide the same information it really does matter where you pull your credit report, as long as they provide you with a 3-1 credit report from all three credit bureaus. Your credit scores will always be different with each credit bureau. The reason for this is each creditor that reports your credit history may not report to all 3 bureaus. Plus the three credit bureaus all use their own credit scoring software. So with this being said, it is important to pull a copy of your free credit score report with all three credit bureaus. You can get a copy of your 3-1 credit report with each of the credit bureaus. If you just pull a credit report with one bureau, and it’s not a 3-1 credit report, then you are missing critical information from the other two agencies. So make sure you get your 3-1 credit report with all 3 credit scores.

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 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

Home Buying Process and Mortgage Loans done correctly.

The home buying process can become the biggest nightmare if not done correctly. I am sure you have heard of all the stories out there about somebody’s loan not going smooth and what a humiliating experience that can be. Since buying a home is the single biggest purchase you will ever make, you need to make sure the process you are giving is the correct one. Since most of us are emotional buyers, and would like to go look at homes before getting a loan in place, this might seem like to best process to follow. I will be the first to tell you, that if you go look at homes before you get a mortgage loan in place, you very well could be part of the nightmare mentioned. Take our advice and remember this.

Get approved for a mortgage loan
Most people like to lead the cart before the horse, only because it seems easier. Unfortunately that is not the process when buying a home. The first step is to get a mortgage loan secured. The reason for this is anything can go wrong when buying a house if you don’t dot your I’s and cross your T’s. It probably sounds like more fun to run out and look at a bunch of homes, before getting you’re financing in place. With all the current tightening up in the mortgage industry, and your credit score needing to be higher these days, you cannot afford to assume you will be able to get financing. The lending requirements are a lot stricter these days. Let’s assume you go out and find the home of your dreams, but you have not idea what you qualify for. Nor do you have any idea what your payment would be on the homes you are looking at. Here is a list of situations that could happen if you don’t get pre-approved before looking at homes. Also if you know you have good credit, you still may get denied, so don’t assume anything.

1. Find a home only to get let down because you don’t qualify for it.
2. Thought the payment would be lower.
3. Need money for down payment you don’t have.
4. Got something on your credit report you knew nothing about.
5. Your credit scores are too low for your type of loan scenario.
6. Someone has stolen your identity and you just found out.

7. You don’t have enough credit to get a mortgage loan

This is just some key problems that could take place if you don’t get your pre-approval first. If you go out and write a contract up on a home, and find out later you cannot secure financing you have wasted your time and everyone involved. Plus it could cost you your earnest money which could be between $500 and $1000 dollars.




Get a seasoned realtor to help with your search
After you are pre-approved for a mortgage loan, you need a highly qualified realtor. You don’t want to work with a realtor that runs you out to look at homes before you meet with a lender. If a realtor does this, you are going to have problems. I promise. Most seasoned realtors will not allow you in their car until you are approved with a reputable mortgage lender. This may not sound like the process you want to follow, but it the only way to get matters rolling and it’s the correct way.

Whether you have thought about buying, or maybe you were just denied for a mortgage, what every your situation is, most people are pulling a copy of their free credit score report to get an idea where they stand with their credit. Don’t take the easy way out, because it will make matters hard for 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 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 Scores, how long it takes.

Establishing a credit score is closer than you think. Whether you are new to the country, or young trying to establish credit, I will discuss in this article exactly how long it takes. I will also discuss what it takes to establish credit scores. What has worked in the past no longer works with the new Credit Scoring process. The reason for this is it was changed this year with Fair Isaac whom is the originator of the FICO score model. This FICO score model is what 80% of the largest banks currently use to determine your creditworthiness. Here is the first step in establishing a healthy credit score.

Secured Credit Cards
In the past your parents could have put you on their credit card account as a authorized user. Once they did this the credit card would start reporting to all 3 credit bureaus on your behalf. This would immediately start the credit score building process for you. According to Fair Isaac this is no longer the case. Due to fraudulent activity in the credit repairing industry they stop the positive credit building with this process in their FICO score model. So with this being said, you have to take other measures when you don’t have any credit. This measure is secured credit cards. A secured credit card is where you secure the line of credit with a bank, usually a cost to you around $200 to $300 dollars. This money is put into an account with the secured credit card bank. Once you put money into the account designated by the card company, you instantly start the credit score building process. There is not a quicker way to build credit in today’s credit world, unless you are college student. Then you can apply for a student credit card. These cards are usually easy to get for individuals that are currently in college.

Credit Scoring Time Frame
The time frame to establish credit scores with the 3 credit bureaus is usually around 6 months. Once you have secured a couple of secured credit cards, you can expect to get a credit score as long as you are not late on monthly payments in 6 months. It is very important to make sure you are never late on any obligations that reports to all 3 credit bureaus. If you are late, you can expect a 100 to 150 point drop in your credit scores. So you definitely don’t want to have any late payments period.




Car loans
Auto loans are a great way to establish credit as well. Maybe once you have got a secured credit card or two going, I would recommend getting a car loan as well. This will give you a mix of credit for long term credit score growth. Getting a car loan is not as easy as getting a secured credit card, but you should be able to get a car loan after you have established some secured credit with some payment history.

With credit tightening up all over the board, the best advice I can give is to make sure you pay everything on-time and don’t over extend yourself. This is a common problem, and it can sneak up on you very quickly. Be responsible and live your life 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 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 Requirements for FHA mortgage

If your credit score is low these days it might be pretty difficult to get financing for a mortgage. There are loans out there that don’t have credit score requirements, but the banks that provide the financing have their own internal requirements. For example, FHA loans which are government insured loans don’t have a credit score requirement to insure the loan, but the bank that underwrites the loan will have their own internal credit score requirement to even approve the loan.

What is FHA ?
Federal Housing Administration is what FHA stands for. This is a department of Housing and Urban Development (HUD) that insures loans underwritten by banks. Banks are more anxious to provide FHA financing due it being less risk to the bank. If a borrower forecloses on the FHA loan HUD buys a portion of the loan back. So in all reality this loan is a lot more attractive for banks to lend with.

Credit Scores for FHA mortgage
With all the banking rules changing currently, FHA is still the strongest and most aggressive loan out there. The caveat is the banks have gone to credit score requirement for FHA loans. The current standard is a middle credit score of 580. I know HUD is really concerned about this but they don’t underwrite the loan, the banks do. The reason for this credit score requirement is because there has been a pattern with borrowers below a 580 credit score. These types of borrowers are foreclosing on their homes. Typically when banks portfolio their own loans they monitor certain foreclosure types. If there are too many foreclosures of one particular type of borrower, they raise the bar on underwriting requirements. So with this being said you need at least a 580 middle credit score to get FHA financing these days.

So if you are wondering what your credit score really is, you might consider pulling a copy of your free credit score report. That is the most proactive way to determine your buying power. It also is a great way to see if there are any incorrect information that could be dragging down your 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 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 3-1 Credit Reports with Credit Scores will better educate you.

A consumer armed with their 3-1 credit report will save more money than one whom does not have any idea what is on it. Creditors love an uneducated consumer when it comes to borrowing money. Did you know a bank can charge a rate between 1% to 4% difference depending on how aware you are of the market and your creditworthiness? They are in the business of making money just like any other company. This type of difference can be the same for any type of loan, insurance, and even credit cards. If you are walking out there with credit report blinders on, I guarantee that you are paying too much on rates and terms.

Arm yourself against high interest rate bandits
If you take the time to pull a copy of your credit report with credit scores you will be properly armed with first hand knowledge of what the creditors and the scoring models say about your personal credit worthiness. If you are getting ready to make a purchase, refinance, or just to get an installment loan, you need to be aware of what is on your free credit score report. If you don’t take to time and money to get a copy of your credit report with scores, it will cost you a lot more down the road. Its like going shopping for tires, everyone has different prices for the same product. If you don’t take the time to do your research you will pay too much. If you are curious what the credit score ranges are, here they are according to Fair Isaac.

The general scoring ranges between 300 – 850. Fair Isaac divides the scores into five categories.

780 – 850 – Low Risk
740 – 780 – Medium – Low Risk
689 – 740 Medium Risk
620 – 690 – Medium High Risk
620 – and Below – High Risk or “sub-prime.”

Having a copy of your credit report advantages:
• Better Interest rates
• More savings
• Better Terms on loans
• Check for inaccuracies
• Lower insurance
• Fix errors
• Piece of mind
• Check for identity theft

Hopefully this article has explained some of key points to being educated about what is in your credit report. Years ago this access was not even available to the public. Now that it is you should check your credit report often to ensure you are educated about your own creditworthiness.

Don’t waste any more money; get your FREE credit 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 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 with No Credit Cards

Free Credit Reports with no credit cards required was an article I wrote about a while back. I have got some feedback in regards to this article. Here are the facts about free credit reports.
There is only one type of credit report that does not require a credit card and is free once a year. The credit report can be obtained at annualcreditreport.com. All the other offers that say “FREE credit report” are only free trials. That means you get it free for so many days. The reason there is a charge at a later time is because is comes with really useful services such as credit monitoring and credit scores. Annualcreditreport does not give you your credit scores, nor do they give you credit report monitoring. So with this being said if you want a credit report with credit scores 14.95 – 29.95 is not that much money to get a piece of mind. When creditors pull your credit report they don’t go to annualcreditreport.com to see what’s in your report, especially since most creditors look at your credit scores to make a decision.






What type of credit report do you really need?
While you are surfing the web out there trying to figure it out, let us give you some suggestions. I will tell you this; credit reports with no credit scores are useless. I repeat credit reports with no credit scores are useless. The reason why is all creditors look at your credit scores to determine your risk. If you are getting ready to make a purchase or just want to know what’s on your credit report, get a 3-1 credit report with your credit scores from each credit bureau. If you don’t cancel within the trial period you will get charged for it. It would not hurt to get credit monitoring set up, so when key changes take place to your credit report you will be notified via e-mail. During this day and age you cannot afford to wait a year to get a copy of your credit report at annualcreditreport.com. You also need to check your credit every 60 to 90 days. Anything can happen to your personal credit report within a 30 day period. This is why annualcreditreport does not provide what you really need for FREE. A recent study was just done about identity theft and identity theft happens every 4 seconds in this country to someone. So do you think waiting a year to see your credit report with no credit scores is ok? I think you get the picture now. Make the investment in credit reports with your credit scores and monitoring. It’s like having life insurance, you have that piece of mind now to protect you and your family.






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 , mortgage loans, auto loans, insurance 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

Improve your credit score before it’s too late

Your credit score is everything these days. Maybe you are just one of those individuals that would rather not know what is on your credit report. Let’s assume you just got laid off, and now you have to find a job. Guess what employers are doing now, they are pulling your credit report to determine your risk. Typically people with good credit are not going to steal; they seem to have their life in order, etc……according to corporate companies. So if you have had some bumps and bruises on your credit report this is the time to get a recent copy of your free credit score report and start working on your credit. Here are some pointers on what is needed to increase your FICO score.

Secured Credit Cards
If you don’t have any credit and your current credit report is littered with collections and charge offs, you will need to establish new credit. Yes I know credit cards are evil, but they are a necessary evil these days. I would recommend getting some secured credit cards with Orchard Bank. They are a credit card bank with low fees, and typically require a $200.00 deposit into there account to secure the card. This process will get some good revolving credit reporting to all 3 credit bureaus on your behalf. Typically you need a couple of credit cards reporting. So go a head and get a few different secured credit cards. Since authorized user accounts don’t help anymore, secured credit cards are the quickest and most reliable way to get your credit
established or re-established.






Collections Accounts
There is a common misconception that collection accounts can be removed even though you owe them money. A collection account will not go away until the account is set to expire, which is 7 years from the collection date. That is a long time to wait for something to disappear on your credit report. The fastest way to get your scores up with collections is to pay off the newest collections first. I guarantee you once the account is updated from a balanced being owed to “paid in full” or settled, your scores will go up. Once you pay off the collections make sure you get letters from the collection companies stating what was done, either paid in full or settled on. After about 60 days re-pull a copy of your credit report with scores and make sure they updated with the credit bureaus.

Quick Credit Fixes
Folks there are no quick fixes to credit repair, Fair Isaac shows that in their FICO® score model that time is also part of the credit scoring recipe. Yes there are some tricks I know that will get your credit sores up, but time is also a factor as well. The main key is to make sure you don’t have late payments while you are doing this entire process, make sure nothing goes to collection. The banking industry will never be same again because of the amount of mortgage foreclosures. I guarantee you the lending industry is tightening so much currently that families with good credit could have problems getting loans. So make sure it’s not too late, if you are getting ready to make a big purchase like a new home for the family, make sure your credit is in line with today’s times. One thing I know for sure, and that is the lending institutions are going to get even tougher. So instead of getting told NO, get told YES.




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 , mortgage loans, auto loans, insurance 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 Credit Report

To get collections removed from a credit report there is a process to follow. There is also a big misconception out there that you can get collections removed that you owe. Yes you can get collections removed but there is seasoning requirement in order to get them removed. In this article we will discuss what can and can’t be removed from your credit report.






Get a copy of your credit report with credit scores
If you want get collections removed you obviously need to know what is being reported on your free credit score report. You also need to make sure you pull a 3-1 credit report with all 3 of your credit scores. Once you have done this then you can determine what you need to start disputing. I see a common problem all the time, and that problem is people disputing information they owe. That does absolutely no good unless the original collection date has expired per the Fair Credit Reporting Act (FCRA). Here is list of when certain collections will expire and are to be removed from your credit report by law.

Derogatory expirations guidelines:
• Chapter 7 – 10yrs
• Chapter 13 – 7 yrs
• Tax Lien – Until paid off
• Child support – Until paid off
• Collections – 7yrs
• Chare Offs – 7 yrs
• Late payments – 7yrs
• Inquires – 24 months
• Foreclosure – 7 yrs
• Repossession – 7 yrs
• Judgments – 7yrs

*Expirations date starts ticking from the original collection date.


Dispute expired items on credit report
Once you have reviewed what derogatory information on your credit report is inaccurate, make sure you highlight those items on your report. Determine which collections, late payments, charge off, etc….. are set to expire or have already expired. Now you can start the on-line disputing process. I am personally a fan of disputing on-line for the simple fact that it is faster and easier. The credit bureaus will be able to verify the original collection date after you dispute. If the bureau finds you are correct they will remove the derogatory remark. This will start increasing your credit scores. If the collection has not expired don’t dispute it, you are wasting your time. The collection will not be removed unless the expiration date has expired. Folks it’s really that simple. There is no quick way to get bad credit removed. Just remember if you are late on a obligation you can expect your credit score to drop around 150 points, and the negative mark will be on your credit report for 7 yrs. So with all of this being said, make sure you pay all your bills on-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 , mortgage loans, auto loans, insurance 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’s in your FICO® Score.

FICO scores are calculated from different data within your credit report. This information is grouped into five categories. The Chart below will reflect this as well as the percentage of importance for each category.











These percentages of these categories are for the purpose of the general population. For example someone that is new to the credit scène these percentages may not apply.

Payment History

• Number of accounts paid as agreed
• Presence of negative Public Records(Judgments, bankruptcy, suits, liens, wage attachments, etc ( Collections, and/or delinquency(past due items)
• Severity of delinquency( how long past due)
• Amount past due on delinquent accounts or collection accounts
• How much you’re past due on accounts or collections.
• How many collections you have
• Account payment information on particular accounts (installment loans, credit cards, retail accounts, finance company accounts, car notes, mortgage, etc…)

Length of Credit History

• Time since account activity
• Time since accounts opened
• Time since account opended, by type of account

New Credit

• Time since account was open, by credit type
• Time since credit inquiry
• Number of recently opened accounts, and proportion of accounts recently opened by account type.
• Re-establishment of credit after recent credit problems
• Number of recent credit inquiries

Amounts Owed

• Proportion of installment loans still owed, proportion of balances to original loan amount on certain installment loans
• Number of accounts with balances
• Amounts owed on specific types of accounts
• Amount owed on accounts
• Lack of specific types of credit balances
• Proportion of credit lines used (proportion of balances to total credit limit on certain types of revolving accounts

Types of credit used

• Number of (prevalence, presence, and recent information on ( different account types such as credit cards, retail accounts, mortgage, installment loans, and consumer finance accounts.

*Please take note
Your FICO score takes into consideration of all these variables discussed.
No one piece of information or factor will determine your score alone.

The importance of any factor depends on your over all credit history.
It is really hard to single out any other factor over another, since all factors take part in the overall scoring process. What is important is the mix of information being reported within your credit report.

Your FICO score only looks at information within your credit report. However lenders look at other information outside this report to also make a credit decision.
Example:
• Work History
• Salary
• Rental History
• Kind of credit you are requesting

Your score considers both negative and positive information on your credit report. Late payments will lower your credit score, but establishing or re-establishing a good payment history will increase your FICO 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 , mortgage loans, auto loans, insurance 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

Items that don’t report to your Credit Report

There are certain items that report to your credit report, and there are certain items that don’t. In this article I will discuss what actually reports to the 3 credit bureaus which end up on your 3-1 credit report. I hear all kinds of rumors out there about what is not on someone’s credit report. Here are the facts.

When you go to apply for a loan, the first thing a creditor will do is pull a copy of your personal credit report with all 3 credit bureaus. The reason for this is they want to make sure you are credit worthy. If the creditor approves you for the loan, typically 60 days later they will report the money you borrowed to the bureaus they have a contract with. Normally the contract is with TransUnion, Equifax, and Experian. This is the type of information that reports to your credit report.

What reports to the credit bureaus

 Installment loans
 car loans
 credit cards
 student loans
 health fitness facilities
 Department store credit cards
 Gas credit cards
 Mortgage loans
 Line of credit with bank
 Collections
 Charge Offs
 Public records
 Judgments
 Late payments
 Inquiries
 Bankruptcies
 Your social security number
 Your address
 Date of birth
 Your legal name

What does not report to credit bureaus

 Phone bill
 Electric bill
 savings
 Your age
 Your salary
 Race
 Martial status
 College degrees
* Note- Some of these items will report to credit report if not paid.

Hopefully this will sum up some of the questions in regards to what reports to your personal credit score report. Typically the money you borrow is what reports to your credit report. If you don’t pay a bill it will also end up on your report as well. The main point though is debt you owe will be reported. So you want to make sure you are in good standing with all bills because anything not paid could end up on your credit report which will affect 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 , mortgage loans, auto loans, insurance 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

Save Money becasue of Good Credit Scores.

Good Credit Scores obviously is to pathway to saving money. You are probably asking why, well the answer is on money borrowed. The average American has to borrow money occasionally for different reason. Let’s assume you need to buy a car, and you think your credit score is low. You are considered a high risk and the banks will charge you higher interest on the money borrowed. Maybe you need to get an installment loan from the bank for personal reasons, you may get denied because your credit score is too low. What every your situation is your credit score will determine how much money you have in the bank at retirement. If you think about this it is pretty scary.

Examples of Money lost to High Interest:
Car loan with low credit score:
Loan Amount: $25,000
Interest rate: 12%
Term: 6 years
Payment: $488 per month

Car loan with high credit score:
Loan Amount: $25,000
Interest rate: 6%
Term: 6 years
Payment: $414 per month
*This calculation is a true current market rate calculation for car loans currently.

The difference in payment is $74.00 per month. If you have good credit you would have saved $5,328 dollars. This money could be in a interest bearing account making you some interest as opposed to going to the bank due to your high credit risk. I don’t think most people see how bad credit can affect your long term goals. Maybe you have kids and you are trying to save for college, this is quite bit of money you could have saved for one of your kid’s tuition. This principle applies to credit cards as well. The worse your credit the worse your terms will be and the more money you throw out the window. Once you see this on paper it is quite scary, but there is help. The road to recovery typically takes about a year, and the first step is to get a free credit check with credit scores. Go ahead and make the plunge and see where your credit report currently stands. I think most people avoid knowing what is on their credit report. No one likes to hear or see bad news. Unfortunately this does not get the problem at hand resolved.

Life is too short and we need to live well so we can enjoy our short stay on this wonderful planet. You might as well make the best of it, and start saving on interest and terms today by being an educated consumer of your personal finances. If you have been avoiding it for a while, go ahead and make that change starting right now. There is nothing like the feeling of going to the bank and not worrying about whether you will get approved or not. With good credit all you have to worry about is what bank will give you the best terms. Remember your “Credit is your Life.”

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 , mortgage loans, auto loans, insurance 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 you need to know all 3 Credit Scores

Your credit scores are pulled with all 3 credit bureaus when a lenders looks at your credit report. Have you ever wondered why? I constantly hear of people going to annualcreditreport.com to get their credit report, but fail to realize they don’t get their credit scores at that site. Yes it is good to get a 3-1 credit report for FREE once a year but you need to know where your scores currently stand as well. Your credit scores determine your risk as a borrower, and all three bureaus use the same risk model. That risk model is the FICO score model. Here is how your risk is broke down to spit out that life altering 3 digit number.










So let’s imagine you were late on a payment, your credit payment history is 35% of your over all credit score. So you can see what a late payment will do to your fico score. With this being said, your credit score is the risk factor based on the model above that all lenders use to determine whether they will loan you money. In recent articles I have talked about how important your credit report is, but your credit scores are just as important. Did you know your credit scores could change every 30 days? The creditors that you have obligations with report any changes to your balances or history to all 3 credit bureaus every month. So this is why it is important to get a copy of your credit report with credit scores every 60 to 90 days. What if someone steals your identity, which by the way is the fastest crime currently, and most people are not prepared or think it will not happen to them. Guess what it may of just happened, since your personal information is stored all over the place, insurance companies, hospitals, employers, banks, and even the IRS has your personal information being stores somewhere that could be accessible to a thief. With this being said, it is worth getting monitoring set up along with a recent copy of your free credit score report.

So your scores are looked at by lenders, car dealerships, employers, and even insurance companies. With your scores being the benchmark for rates and terms you need to be an educated consumer about your scores. This is why you need to know all 3 credit scores. Each credit bureau will have its own credit score and lenders will use the middle credit score to base their decision on. Be an educated consumer today with a copy of your 3-1 credit report with credit scores.

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 , mortgage loans, auto loans, insurance 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

Lenders are raising the bar on Credit Scores

Your credit scores have never been more important than now. Recent turmoil in the mortgage industry has caused lenders to raise the bar on credit score requirements for different loans. The cause of this is the significant tightening up in the mortgage insurance industry. Mortgage insurance varies from state to state, but is required if you don’t put down a considerable amount of money on a loan. During the mortgage meltdown that has taken place over the last couple of years, mortgage insurance companies starting seeing enormous amounts of claims on certain loan types. These particular loans have had their bar raised on credit scores in order to even get financed since the banks cannot get certain types of borrowers and loans insured now.

Credit Score requirement for Conventional loans.

 95% Conventional loans-Minimum 620 + Credit Score.
 100% Conventional loans-now requires a 20% second lien – 720+ Credit Score
 95% Conventional stated loans-requires a 720 + Credit Score

*Some credit score requirements may vary from lender to lender, but this is a good bar to go by.

Credit Score requirements for FHA loans.
Believe it or not this is a very controversial move on the lenders, because FHA does not have a credit score requirement. I know for a FACT that HUD is very concerned about this since they do not have a credit score requirement to insure their loans. The lenders that are providing the financing do, due to the high foreclosure rate for credit scores below a 580. With this being said most lenders now require a minimum of a 580 credit score to finance you FHA. This is just an example of how the credit score is so important to get financing these days. If you are in the market to buy a home, we suggest that you see where you stand. Pulling a copy of your consumer credit report with credit scores does not affect your credit score what so ever.

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, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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 Scores dropped by Authorized user accounts

The FICO credit score model is being changed and implemented during the first of this year. Your FICO score will no longer be determined by being an authorized user on someone else’s credit card account. So in other words piggybacking someone else’s credit no longer helps you.

So if you are an authorized user on somebody else’s credit, you will more than likely see a change in your credit scores.

Adding a friend or family member to their credit card has been longed used by a lot of people to help someone they know establish credit. Many parents over the years have added a child to one of their credit cards to help them establish credit. Unfortunately this is not a good practice to follow anymore.

Credit repair companies were using this system as a way to sell authorized user accounts and piggy somebody else’s good credit to improve their credit score. This credit loophole is the motivation for Fair Isaac to shut down this process in the FICO score risk model.






How this will affect you:
1. Those of you that are new to the country or just starting out with credit will have to establish your credit with secured credit cards.
2. If you are getting married and you were thinking of closing your accounts and being added to your spouse’s accounts, you might re-think this again.
3. Once this change takes affect, their will be no value towards you being a authorized user on anyone’s credit card account.
4. It is possible your credit scores could go down significantly because of this change.
5. If you have been paid to rent out your credit card account you could be committing fraud. It would be advised to stop immediately.
6. If you have been paid to have your name added to someone else’s credit card as a authorized user it is possible you are defrauding lenders. It would be in your best interest to have your name removed as soon as possible because doing business with these companies is a violation of state and federal laws.
7. If you are getting married and you don’t have any credit cards where you are primary or joint account holder you might want to open a couple of credit cards in your name.
8. Women are more likely impacted by this than men because more times than not women are authorized users on their husband’s cards.


Hopefully this has shed some light as to how the changes to the new FICO score model will affect you in the near future. If you are new to the wonderful world of credit, now may be the time to apply for a secured credit card to get matters underway of establishing a good credit rating. Or maybe you are new to this country the same process applies.




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, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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

IDENTITY THEFT

Identity theft occurs when someone appropriates your personal
information to commit fraud or theft. Personal Information
can include your name, date of birth, social security
number, and drivers license number.

TIPS FOR YOU TO REMEMBER

¨ Minimize the amount of items with personal information in your wallet, purse or vehicle.
¨ Check your mail everyday.
¨ Shred any documents with your personal information including pre approved credit card applications.
¨ Be aware of telephone, Internet, or door to door solicitations which claim to be legitimate entities in order to gain your confidence then manipulate you to obtain your personal information.
¨ If you receive checks in the mail from any unknown party and you are required to wire transfer money in return ( foreign lotteries, sweepstakes winner, mystery shopper, or through popular websites you have utilized) then you are likely to be a victim of financial fraud.
¨ Lock up your financial documents, credit cards, and blank checkbooks in your residence.
¨ Pay attention to billing cycles for statements that do not arrive in the mail.
¨ Use a secure Internet connection online when entering and transmitting personal information.
¨ Be reluctant to register with websites that request your personal information.
¨ If you have been a victim of identity theft consider getting a fraud alert (1-800-680-7289) or security freeze (888-909-8872).
¨ Check your credit report periodically from the 3 major credit bureaus.
http://www.equifax.com/
http://www.transunion.com/
http://www.experian.com/
Free Credit Report with credit scores from all 3 Credit Bureaus- www.creditscorequick.com/free

The Federal Trade Commission (FTC) serves as a clearinghouse for complaints by victims of identity theft. www.ftc.gov/idtheft
1-877-ID THEFT (438-4338)
Non Profit organizations to assist victims http://www.idtheftcenter.org/ http://www.idtheftne.org/ and http://www.financialprivacynow.org/
To Opt out of pre-approved credit card applications 1-888-567-8688
Free Antivirus Software for your computer http://www.avast.com/
Microsoft has free spy ware at their website http://www.microsoft.com/
Or Spybot free spyware program http://www.safer-networking.org/

http://www.fakechecks.org/ This website has reenactments of popular scams

Your computer should have the firewall active and be set to receive automatic updates from Microsoft. If you have wireless network make sure to set passwords and encrypt the network access.


http://www.msnbc.msn.com-/ Dateline “ To Catch an Identity Thief”

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, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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 worthines

Fico Score

Fico score is what 90% of the largest banks currently use to determine your credit risk. Fair Isaac & Corporation invented the fico scoring model in the late 1950’s. Fico score has been widely accepted as the standard for measure of ones likelihood of paying back a obligation. Fair Isaac does not reveal its recipe for computing that 3 digit number, but they give a nice pie chart to explain it somewhat.










Credit Scores are calculated by using mathematical tables and scoring models which best predict your future credit performance. When you go to a mortgage company or bank they pull your fico score. This is what they use to deny or approve you. If you are about to make a purchase it would not hurt to pull your fico score with Equifax to see where your score stands up currently.

Have you wondered what a good fico score is? Here is a model to show you the national average.









What is the range of FICO scores ?
FICO (aka Classic or BEACON) scores can range from 300 to 850, but the majority of scores usually fall within the 600s and 700s.



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, internet identity theft software, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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 establish Credit Scores.

Establishing credit scores or more attainable than you think. If you are new to the credit scene I am sure you have heard how important it is to establish high credit scores for better rates and terms on loans. Heck even employers are pulling your credit to determine how responsible you are based on your credit history. In this article I will give step by step instructions on how to establish credit quickly.

Secured Credit Cards
Secured credit cards are one of the quickest ways to get a credit score. A secured credit card is a card where you deposit money into a account that the bank designates for you. Once the money is deposited into the account at that point they issue a credit card that will report to all 3 credit bureaus. The deposit that is required is typically around $250.00 dollars of your own money. With good payment history you will start getting all kinds of credit card offers. You want to make sure you are never late on a payment; if you are your credit score will drop around 150 points. After a late payment has taken place you just defeated this entire process. Also make sure you keep the balanced owed less than 30% of your credit limit. Typically if you charge up your card below 30% of balanced owed your credit score will increase. You also want to make sure you have at least 2 secured credit cards. Orchard Bank Card is a good secured credit card with low fees.

Checking Account
Make sure you are main stream and you deposit your money into a checking account somewhere. When getting a loan all banks want to see what you are doing with your money. It would not hurt to have a savings account at the same bank as well. When you attempt to get a mortgage, one of the needs items a loan officer will ask for is a history of your checking account and any savings you might have. Checking accounts are a sign that you are taking responsibility of your money.

Rental History
Make sure you are renting a house or apartment. This is a great way to establish credit. Lenders look at this as well. They want to make sure you can pay rent on-time as well. It looks better to be renting as opposed to just living with someone rent free. Most lenders like to see at least 24 months residence history with 12 months rental verified.

Utilities
Your utilities need to be in your name. Make sure you don’t put them in someone else’s name.

Student Credit Cards
If you are a student, part time or full time, student credit cards a great way to get credit established. You don’t even have to be at a major university, it can be your local community college.

Auto Loans
Auto loans are a great way to establish credit scores. Usually auto loans are easier to get than most loans. This type of loan will report to all 3 credit bureaus as well.


Everything that was mentioned in this article is what it takes to get credit scores established so you begin your journey with credit. Remember to make sure you are never late on anything. Good luck.

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, Internet identity theft software, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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 with Credit Scores

Are you currently thinking of pulling your credit report, and want to know your credit scores? Did you know if you go www.annualcreditreport.com you can get a copy of your free credit report once a year, but you don’t get your credit scores? This is a common misconception out there, that www.annualcreditreport.com is really what you need as a consumer when wanting to get a copy of your tri-merge credit report. Let me ask you this, when a creditor pulls your credit report, do they pull a report with no credit scores?
The answer is absolutely NO; they look closely at your scores to determine your credit risk. This is the whole reason for pulling your report to begin with. I see people out there all the time saying go to annul to get a FREE copy of your credit report, when in reality they are not properly educated on what creditors really look at. They just assume they know. So if you are in the market to make a big purchase, or it’s been 60 days since you last looked at your report, you need to get a copy of your credit report with all 3 credit scores. I have explained in other articles who looks at your credit scores and why. It’s pretty obvious these days that you need to stay on top of this matter so you don’t pay higher rates and terms. Maybe you have had some bumps and bruises on your credit and you want to know what is on there so you can start fixing your credit. What ever you situation is, don’t get mislead by the FREE annual credit report, what they provide is not good enough. You need to check your credit report every 60 days, along with getting a credit score with each credit bureau.





Free Trial Credit Reports
Currently the only offers that are available to get your credit scores are free trial offers that automatically sign you up for credit monitoring. These services are not going to hurt you; I repeat these services are not going to hurt you. If would make perfect sense to get a monitoring services especially with all the identity theft going on these days. These monitoring services will also monitor credit scores and notify you if it drops or any major changes to your credit report. There are different free trial offers and they usually range from 14.95 a month to 17.95.This is not that much money when it comes to protecting your good name. Once you have used this service you can always call and cancel all services it signs you up for. The great thing is you got a copy of your credit report with credit scores, which is critical when it comes to your personal purchasing power. Go to creditors with confidence, and ammunition. This will keep you from getting ripped off by paying high interest rates and terms. Get your free credit score report now.

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, Internet identity theft software, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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 have no credit scores – How do I establish credit scores?

If you have no credit scores due to being new to the credit arena or you have just been a cash person all your life there is hope for you. There is one sure way to get the credit score calculated in about 4 to 5 months. In this article I will talk about how to establish good credit scores for a healthy credit report.

Secured Credit Cards
A lot of people don’t know this but secured credit cards are the quickest way to establish credit. The reason for this is you give the bank money to secure credit that reports to all 3 credit bureaus. Typically you need about two cards to get the ball rolling. After 4 to 5 months of reporting “bam” you have credit scores. Typically creditors like to see 3 lines of credit reporting for a minimum of 12 months with good payment history. With this type of activity on your credit report, reporting to Experian, TransUnions and Equifax is one of the recipes for success. You will not achieve credit scores if you can not get someone to extend credit to you. That is the secret behind applying for a secured credit card to start the road to establishing this wonderful three digit life altering number.

Here is an example of a mix of credit that Fair Isaacs scoring model uses to determine your risk which ultimately determines your scores.











Buy a house
Once you have about 12 months of rental history, with paying your utilities, and your secured credit cards on-time you will be able to buy a house. Of course you need to qualify for a loan with your current income. Getting a house is not as hard as one might think. If you have a two year work history and have 3 lines of credit like I mentioned earlier you can buy a home. Typically the type of loan you will qualify for is FHA. This is a great first time buyers program. Buying a house will help you get a mix of credit reporting on your credit report. This is around 10% of your overall score. When creditors extend credit to you they like to see that you own a home as opposed to renting.

Keep Credit Card Balances low.
Once you have got secured credit cards reporting on your credit report make sure you keep the balances below 30% of a your secure credit amount.
Example:
Secured Amount: $300.00
Balance at 30%: $90.00

This will keep your scores where they need to be once you establish them. After about 6 to 12 months you can request a limit increase. This is another sure way to increase your credit scores.

Get a car loan.
Getting a car is actually easier than getting just about any other credit. There are all types of lenders out there willing to loan you money on a car loan. You might try getting a loan for a car to establish credit as well. Most car lenders report the note to all 3 credit bureaus. This is another way to get your scores rolling as well. Make sure it’s not some small tote the note establishment that does not report to the bureaus. Make sure the loan is reported to all 3 credit bureaus.

Conclusion: If you follow this advice you will be well in your way to establishing your credit scores. If you are unsure if you have scores 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, Internet identity theft software, secure credit cards, student credit cards , 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 need your Credit Scores with Credit Report?

I was real excited after I went to annualcreditreport and got my free credit report. But to my surprise there were no credit scores. I started asking myself since everyone looks at your credit score shouldn’t I know what my scores are? I would assume there is a reason for a credit score to begin with, and some very important purpose behind this magical number that everyone closely looks at these days. In this article I will discuss why you need to know your credit score and by not knowing it how it can affect your personal life.

Reasons for knowing your credit score:
When you apply for a loan, all lenders look at your credit score to determine what type of loan they will put you in. Your score will also determine the rate and terms as well. This magical number also will dictate how much money you need to put down on the purchase too. The lower your score the higher your risk, and the uglier your loan terms are. This is just one example of why you need to know this 3 digit number.

When applying for that higher paying job, guess what most companies are doing now. They pull your credit, and if your score is low I am sure they may consider hiring the applicant with the same credentials but higher score. You might ask yourself why, and the answer would be risk. Your score gives anyone that requests your report the type of risk you are. This employer may think you are an irresponsible person by having low scores. This could cause them to pass you up on the position.

Maybe you are trying to get insurance for a car, house, or a boat. All insurance agents pull your credit, and determine your premium based on your credit score. The software that spits out this number will even affect your insurance cost. This is amazing if you think about it. Even utility companies are pulling your credit report now, and if you have bad credit they will require larger deposits, just incase you skip out on the bill.

Since everyone is looking at your credit score to determine your credit risk, maybe its time to learn all three of your scores. With the current credit crunch that is taking place, matters will only get tough to get loans. There has never been a more important time to learn what is being reported about you. So the answer is yes, you need to know all three of your credit scores. It is recommended that you pull your credit report every 4 months, since anything can change within a 30 day window on your report. Below is a example of what is considered good scores according to my FICO.

* Excellent: over 750

* Very Good: 720 or more

* Acceptable: 660 to 720

* Uncertain: 620 to 660

* Risky: less than 620

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, Internet identity theft software, secure credit cards, student credit cards , 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 long does Collections stay on Credit Report?

If you have collections on your credit report, you can count on most of them staying on there for minimum of 7 years from the original collection date. Sometimes you will have the collections sold to different collection companies. This could be a challenge trying to get the original collection date, but the creditor currently reporting the collection must report this information correctly. Typically the creditor reports the wrong original collection date, so you have to dispute it. They must comply with this request under the (FCRA) Fair Credit Reporting Act.

Here is how long items stay on your credit report from original collection date:
1. Medical collections – 7yrs
2. Charge Offs – 7yrs
3. Late payments – 7 yrs
4. Judgments – 7 yrs
5. Tax Liens – until you pay off
6. Repossessions – 7yrs
7. Chapter 7 Bankruptcies – 10 yrs
8. Chapter 13 Bankruptcies – 7yrs
9. Collections – 7 yrs
10. Inquiries – 2 yrs
11. Foreclosure – 7 yrs

I am sure you have heard you can get obligations that you owe removed from your credit report. I will tell you and so with the FTC that you cannot get obligations removed from your credit report even though you owe the debt. The only items you can get removed are items that are not correct, for instance.
 Debt that is not yours
 Maybe you and your father have the same name, and report is skewed
 Duplicate items
 Items over expiration date
 Inaccurate reporting, like slow pays.

Maybe you don’t know what is being reported on your credit report। Its time you find out, so if there is inaccurate information you will know. Current statistics show that 1 out of 4 credit reports have incorrect information on it that would cause a denial of some type of 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, Internet identity theft software, secure credit cards, student credit cards , 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 Credit Inquires hurt your Credit Score?

A credit inquiry is an item on your credit report that shows with permission a creditor requested your free credit score report.


Not all credit inquiries affect your credit score:
You may notice when you pull your credit report there are inquiries on there from a business you are not familiar with. The only inquiry that affects your credit score is the one where you are applying for credit. This is considered a hard pull on your report.

Inquiries that affect your credit score:
There is only one type of inquiry that affects your credit score. This type of inquiry is applications for a mortgage, auto loan and other credit, by you authorizing these creditors to access your credit report. This type of inquiry prompted by your own actions ends up on your personal credit report and affects your score.

An inquiry that does not affect your credit score:
Checking your own personal credit report or any business that offers goods and services that requests your report. A business that you already have a account with that requests a check. A potential employer that does credit checks. Some of these types of inquiries might show up on your report but do not affect your credit score.

Checking your credit report does not affect your Credit Score:
Checking your credit report on a regular basis to ensure it is accurate and error free is recommended by Fair Isaac the inventor of the FICO Score. Maintaining a error free credit report is part of credit management which will improve your credit rating over time. Ordering your credit report at CreditScoreQuick.com does not hurt your credit score.

How credit inquiries are factored in your Credit Score:
There are five types of information used to calculate your credit score. Each category accounts towards a percentage of your score.

Payment History – 35%
Amounts Owed – 30%
Length of Credit History – 15%
Types of Credit in use – 10%
New Credit – 10%


Don’t let inquires scare you. There is nothing wrong with shopping for a better rate, or better terms on a loan. As you can see in the about chart, payment history is the biggest factor in calculation process of your credit score. The second biggest factor is how much of your approved credit limits are charged up. But of course you don’t want to go out and start applying for every credit offer out there either. Be responsible and have a good mix of credit, but stay away from too much credit as well You really on need 3 lines of credit reporting on your credit report.
Example:
1. credit card
2. car note
3. installment loan

This type of credit mix accounts for 10% of your 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, Internet identity theft software, secure credit cards, student credit cards , 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

Warren Buffets Credit Score is not above Average

The Credit Score of Warren Buffet was recently reported to be a 718 by Fortune Magazine. You are probably wondering how in the world is this possible. He is supposed to be the richest man in the world.

When it comes to your credit scores it does not matter how rich you are, your credit score has nothing to do with how much money you have in the bank. No matter how much you have in assets, your credit score will always be determined by your credit history. The reason for Warren not having a credit score above a 720 could be for any number of reasons.
Example:
 Late payments
 High balances on credit cards
 Inaccurate information being reported on credit report

We know that wealthy people can have applications for loans turned down just like anyone else. That is why your credit scores are very important. You never know when you might need a loan, don’t let your credit scores get you denied. This goes to tell you that your credit scores speak louder than dollars.

How to beat a millionaire.
Here are some tips to increase your score; you never know a bad credit score could cost you that job that pays millions.

1. Never, never be late on your bills. The quickest way to lower a credit score between 100 and 150 points is to have a 30 day late on credit report. Set up on-line bill pay, that way you don’t have to worry about whether you are on time or not with obligations to your creditors. Unless you are rich, you will probably need a loan one day, and you don’t want a creditor to so no because of your score.
2. Limit yourself on how much credit you have. Don’t apply for ever credit card offer that comes. Typically you don’t need more than a couple of low interest rate credit cards.
3. Don’t charge up your credit cards like you are a Warren Buffett. To go out and max out your cards will cause a disaster for your future FICO 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, Internet identity theft software, secure credit cards, student credit cards , 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 the current mortgage crisis affect you?

What is the current Crisis
Over the last 10 years our country went through a real estate boom. There were three categories of loans being provided. The first was Prime, the second was Alt a, and the third was Sub-Prime loans. Typically any loan less than Prime had higher rates because of the risk of the borrower. The Sub prime loan was a creative loan that was provided and is currently the reason for around 46% of foreclosures in the U.S. This is astonishing if you think about it, and is the cause for a downturn in our economy. When you have this type of debt being wrote off, someone is affected. That is why our banking industry has had a liquidity problem. There were more loans being bought back than there was cash in the bank.

Insight on reason for foreclosures
Most of the mortgages given during this real estate boom that were Sub-Prime were adjustable rate mortgages (ARM). This type of loan looked very attractive with its initial “low teaser rates”, which typically expired after 2 years. Most of these loans were set to reset between 2 to 5 years which would cause the payment to increase dramatically. The selling point on these loans over the years was, if you keep your credit rating good you can refinance your ARM loan into a 30yr fixed mortgage once the ARM reset. Unfortunately with the declining property values and the tightening up on underwriting guideline it has made it impossible to refinance these types of loans. The result is the mortgage payment will increase dramatically and a foreclosure to follow afterwards. Since all of this has taken place we are seeing global implications on foreign investors that might have put there stock in Mortgage backed securities. IN other words investors global wide are pulling there interest out of these types of loans. Since the book is still being written on this crisis we anticipate the overall economy to feel the strain of this unfortunate crisis and for ARM loans to be less common in the future.

What can I do about my current ARM loan?
Here are the steps in regards to determining whether you can refinance your current loan.

* Determine if you have the current credit to refinance into a FHA Secure loan
* Determine if you have the equity to refinance your current mortgage
* Call your loan officer to determine if they can help you

If you feel you are not going to be able to afford your mortgage payment, call your lender before you are late on payments. Make arrangements with them rather than not notify them at all. If you find that your lender will not work with you there are counselors that you can talk to.
Here is a list:

Hope Now
An alliance between counselors (HUD approved), servicers and investors that strives to keep homeowners in their homes by helping them renegotiate their loans.http://www.hopenow.com/

Homeownership Preservation Foundation
A nonprofit that creates partnerships with local governments, nonprofit organizations, borrowers and lenders to help families overcome obstacles that could result in the loss of their homes.http://www.995hope.org/

Counseling Agencies Approved by HUD Developments
The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

NeighborWorks Center for Foreclosure Solutions
Works to preserve homeownership in the face of rising foreclosure rates.http://www.nw.org/

Financial Education/Assistance
My Money Management
A collaborative effort by the financial services industry to provide consumers with access to financial education to help inform their personal finance decision process.http://www.mymoneymanagement.net/

FHASecure plan
A refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.http://portal.hud.gov/

Here are some helpful tips for avoiding foreclosure from U.S. Housing and Urban Development.

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, Internet identity theft software, secure credit cards, student credit cards , 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

Check your Credit Report before an Employer Does.

Did you think checking your free credit score report was not necessary? I would think again, recent studies show most employers are checking your credit as part of the decision process. They are looking into your personal history is to see if you are responsible enough to hold a job. Companies don’t want to hire someone that is financially tapped out; someone that is in this situation might be desperate and attempt to steal.

Jobs that involve money handling
A position that involves an employee handling money will typically require a credit report check. These companies do a background check as well. If a company is hiring you to handle there money, they want to make sure you are very responsible. There are accounts where potential employee applied for a position with a company as was denied employment due to bad credit. If you think your credit report is littered with collections, charge offs and late payments you might want to work on cleaning those types of issues up. This type of activity whether it’s a professional job or a cashier job could cost you a potential opportunity.

Government Jobs
When the government looks into hiring an individual they pull your credit report. They want to make sure you are not a security risk. They also pull your credit after you have been hired. Judy Langley was hired at by the “City of Dallas” for a clerical position. The requirement was once she was hired she had to improve her credit. The city hiring manager knew she had some credit issues, and required that she improve her credit over a 12 month period. In other words if you have past credit issues, your new employer could require you to clean it up.

Your Rights under the Fair Credit Reporting Act (FCRA)
The FCRA requires written consent on your behalf before an employer can pull your personal credit score report and/ or background check. Nether less if you suspect you have credit issues, and you are in the market to find that dream job you might want to pull a recent copy of your report with scores. Everyone looks at your credit scores as well. When an employer uses your credit report as part of the hiring process, they are suppose to inform you of this. If they deny you employment due to your credit, they are supposed to do two things:

* The employer is supposed to give you a copy of your credit report and give you your rights under the FCRA.

*The employer is also to disclose which company gave the information so they can dispute any information that might be inaccurate.

Rather than go through all of this they will simply say you were denied for other reasons.


Find out what’s on your record
This is why it’s so important to pull your free credit score report regularly, so if you have to get a new job or your current employer is doing credit checks, you don’t want to have issues due to bad credit decisions.






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, Internet identity theft software, secure credit cards, student credit cards , 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 – Why it’s so important

Credit Score, Credit Score, Credit Score, what is all the fuss about lately with credit reports and scores? We all know anything you do these days is a risk, getting out of your house to go to work you are risking your life. Walking down the street to walk your dog, you are taking a risk. Risk, Risk, Risk, we live in a society now where everyone wants to assess your risk. With the turmoil currently in the lending industry, I don’t personally think banking will ever be the same again. During the housing boom, the standards that assessed your risk was so laid back that it finally caught up with Wall Street. This is why your credit score is so important now. If you ever want to get a loan, you probably want to pay more close attention to your score.

Break down of good to bad credit scores

Since the lenders are now getting extremely tough on lending guidelines there has never been a more important time than now to know your score. Everybody that takes on some kind of risk, whether it’s a employer, landlord, insurance company, bank, mortgage company, credit card company, or a car lot, they all base there decision on your credit score. You keep hearing me say assess your risk in this article and might be wondering how that is done I will discuss this shortly.

Who calculates your credit score?
Your credit score is calculated by software created by Fair Isaac. Fair Isaac is the leading producer and creator of the FICO scores. Most Bureaus use this risk model to determine your score. This software that determines your score is software that was created by the founders of Fair Isaac in 1981. This risk based software has become the standard for determining that 3 digit number. Anything that is attached to your social security number and is reported to the 3 credit bureaus will have a part in determining this score. With all of this being said, shouldn’t you know your score? We are in a risked based society, and in order for someone to take a risk on you they will want to know your credit score. I would not waste anymore time, get a copy of your free credit score report today. It’s just a matter of time before you might need a loan, credit card, rental, etc…….. So get a jump start and learn what they will find out.

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, Internet identity theft software, secure credit cards, 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 Credit Score?

A Credit Score is a number that reflects your creditworthiness at any given time. Typically the higher your score the better your credit. Individuals with higher credit scores typically can obtain mortgages, credit cards, loans and insurance with better terms. The lower your score the worse your terms are on any offer. The Credit Score is based on the information stored with in your credit report.

Each Bureau has its own score
Each Bureau has its own name for the FICO® Score.

Equifax – Beacon
TransUnion – FICO Classic
Experian – FICO Risk Model

The general scoring ranges between 300 – 850. Fair Isaac divides the scores into five categories.

780 – 850 – Low Risk
740 – 780 – Medium – Low Risk
689 – 740 Medium Risk
620 – 690 – Medium High Risk
620 – and Below – High Risk or “sub-prime.”

A credit score can change quickly for several reasons, including late payment or big increases in credit card balances. Each credit bureau may not have identical information about you, in large part because some creditors only report to one or two bureaus instead of all 3. This results in different credit scores amongst the credit bureaus. Some insurers and creditors use there own formula to calculate score in conjunction with the FICO score model. For example one lender might emphasize more on payment history within the credit report, where another lender might focus on something totally different within your report. A credit score itself might be the determining factor of better rates and terms with other creditors. But in the insurance context, the “credit-based insurance score, “typically is on of the many factors determining whether a policy is underwritten or at what premium. Most lenders and insurance companies scan your credit report for derogatory terms like bankruptcy, judgments, foreclosures, and collections.

How is a credit score calculated?

Factor 1: Payment History (35%)
Factor 2: Amount Owed – Extent of Indebtedness (30%)
Factor 3: Length of Credit History – The Longer, The Better (15%)
Factor 4: How Much New Credit? (10%)
Factor 5: Type of Credit (10%)

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, Internet identity theft software, secure credit cards, 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

Revive Credit Report after Foreclosure

Foreclosure is a common subject these days, but there is life after having one. If you have recently had a foreclosure on your credit report, you will be able to recover from this bad experience. Fair Isaac with its new FICO 08 with due time will forgive you for a foreclosure as long as you are not a repeat offender. This new calculated risk software understands that unfortunate situations come up in ones life, but don’t make the same mistake again. Definitely don’t make it a habit of having credit problems is the point.

How long will it take before you can buy again?
Your credit report might recover quickly as long as you have other good standing credit reporting on your credit report. But that does not mean you can buy a home right a way. Most people that have foreclosures usually take time to recover from such a bad experience. HUD knows this, and that is why you cannot get a FHA loan for a minimum of three years from foreclosure date. It’s almost impossible to get a Conventional loan, because conventional loans are automated approvals. Typically with a foreclosure, collections or low scores this automated software will deny you. FHA is a different type loan all together, since it’s a government insured loan you can get what they call a manual underwrite for this type of loan. What this means is if the automated process through Freddie Mac or Fannie Mae says no, you can get an underwriter to manually approve the loan. So you can expect to wait at least a minimum of 3 years after foreclosure date before you can begin to think about financing a home again.

Pay everything on-time
When a bank lends you money, it’s a big risk. Banks don’t want to lend money to someone that has total disregard for their credit. If you have had a recent foreclosure the last thing you want to do is have late payments, collections or any other negative information hit your credit report. Let’s face it, the whole reason banks, mortgage companies, car dealers, landlords, and employers pull your credit repot is to see if you pay your debts. I personally would not lend to someone that did not pay their bills back, would you? With the recent tightening up in the lending arena you might want really work on increasing your credit score. Also make sure you have at least 3 lines of credit reporting on your report. If you had to let everything go, you might consider getting a secured credit card. This type of card will help you re-establish your free credit score report.

Save Money
Saving money is very important when it comes to getting a loan. Lenders like to see you saving money because it shows stability. Let’s assume you loose your job, well if you have 6 months payments in the bank you are less likely to let your house go. If a emergency comes up you have some money in the bank to assist in some way. Saving money also shows you are responsible as well. Let’s say two people go to the bank to get a loan and they both have bad credit. The main difference between the two bad credit borrowers is one has $5000.00 in the bank. Who do you think the bank is more likely to approve? These are some key point I wanted to touch on to revive your credit after a foreclosure. There is life after so make sure you manage your credit report and credit scores so you can begin home ownership soon.

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, Internet identity theft software, secure credit cards, 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 Credit Bureaus have different Credit Scores

Have you pulled your credit report and found that there are 3 different credit scores? You will never get the same credit score with each of the credit bureaus. In this article I will discuss some of the crucial reason why you will have different results with the Bureaus.


Credit Bureaus use different scoring models
Since the 3 bureaus use different software to determine your credit score, no wonder your scores are different. Since Fair Isaac pioneered the FICO® Score model and Equifax currently uses that model, the other two bureaus TransUnion and Experian developed there risk software based on the FICO® Score model as well. The risk models are not exact and this is one reason why the scores are different with all 3 credit reporting agencies (CRAs).

Risk Model Software Used
Equifax – Beacon
TransUnion – Empirica
Experian – Fair Isaac Risk Model or Plus

Since the software differs with each bureau, you will get different results. There are obviously issues with the process in obtaining your credit score. Hopefully this process will be standardized some day, so your score will be the same with each bureau.

Credit Bureaus have different credit report data
The credit bureaus collect data independently of each other and do not share their information. When a data provider or creditor only reports to 1 or 2 bureaus, then you will have one bureau that does not even know the obligation exists. With this type of activity on your free credit score report you will have mixed results. Since you have some data being reported to all 3 credit reporting agencies and some that is not your score will always differ. Plus remember they all use different software to determine your score. Hopefully someday this process of determining your credit score will be more standardized. This is obviously one of the many problems that the Bureaus have when it comes to collecting data.

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, Internet identity theft software, secure credit cards, 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 Home Builders – Big Reason for Foreclosures

This is a subject that most are not talking about, because I don’t believe anyone realizes “The Big Problem” with new home builders. Currently everyone is talking about the credit crunch and liquidity problems in the banking industry. I personally know that a big part of the problems we are having with foreclosures are the result of home builder’s nation wide. I guarantee you if you did a foreclosure search nationwide, you would find that the highly populated foreclosure areas are primarily new home builders. Hmmmmmm, you might be wondering…….. what is going on ? Here is what happens when you buy a home with a builder. You get told that if you don’t use their mortgage company, there Title Company, you will not get all these incentives. Typically these incentives range from $10,000 to $20,000 in upgrades, and having your title policy paid by seller.

Here is the SCAM, they don’t tell you.
You don’t actually get any kind of incentive; you just pay more for the house. If you have a seasoned realtor that is ethical and can look past the realtor bonus they get from these builders, they will negotiate a better deal on your behalf. If you can see through the smoking mirrors that these on-site greedy sales people pitch, you will soon realize they are ripping everyone off. Lets face it folks, they are not giving you anything, they are just increasing the cost of the home for the consumer by inflating the sale price. I am sure someone has experienced what I am about to say. You bought your house, for a certain sales price. A year later that builder is building that same house for $20,000 to $30,000 less than what you paid for your house. Interesting huh? Well it’s going on all over the U.S. The real problem is there is not enough regulation for builders because they are lining the pockets of government officials to veto any bill that would hinder there profits.

New Home Property Tax issues
Here is the big reason why builder’s communities have a high density of foreclosures. When you buy a new home with a builder, the taxes that the seller gives you a credit for is bases on unimproved property taxes. This is what causes escrow shortage all around the U.S. and causes families to loose there home. Example:

1. New Home Sales Price: $200,000
2. Value of Land: $25,000
3. Purchase month: August
4. Tax Credit from seller up to Purchase date: $500.00
5. Tax Credit should be from seller: $4000
6. Tax Shortage: $3500.00
Taxes are based on 3% of Sales price

This is an example of how escrow shortages take place and cause buyers to foreclose on their properties. The fix, would be to have the mortgage company collect on improved property taxes, and have the builder give a tax credit on closing settlement statement based on tax rates for area. This would fix the problem with escrow shortages within builder communities. This currently does not take place everywhere like it should; through all the smoking mirrors and sales bull the buyer gets screwed. They end up getting the short end of the stick, be sold on a mortgage payment that does not include the correct tax figure, when it’s actually going to go up because there taxes are wrong. Buyers beware when you buy with a new home builder. Don’t get caught up in the sales pitch, and end up loosing your home because they were just interested in making a sale. There sales tactics could cause a foreclosure which will ruin your credit report and credit scores. Don’t buy a new home without doing lots of research. Also don’t believe the incentive tactic, because is just a sale gimmick.

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, Internet identity theft software, secure credit cards, 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 Free Credit Reports a SCAM?

There are lots of Free Credit Reports on the web. I am sure you are asking which one to get. Well there is only one source on the web where you can get your free credit report with all 3 credit bureaus. Annualcreditreport.com is the only place to get your free credit report. As September 1, 2005 everyone is entitled a free credit report once a year. Here are the advantages of this service and disadvantages in case you were wondering.

Disadvantages:
1. You don’t get your free credit scores
2. You only get it free once a year.


Advantages:
1. Its free once a year
2. You get a credit report with all 3 credit bureaus


Free Credit Reports bad Press
The advertisement you see on the web and T.V. can be a little confusing, here are FACTS. The companies that advertise free credit reports with scores are FREE during the trial period. There are different offers, with different companies, but most of them are services through the credit bureaus. Yes, these companies want you to sign up for the monitoring services, especially since identity theft is the fastest growing crime in America. Here is what most of the websites that are giving negative press don’t tell you. Annualcreditreport.com does not give you your credit scores.” Well if all creditors look at your credit scores, should you know your scores as well? That would be a “yes.” So if there is a fee to look at your scores, and everyone including your employer wants to know your scores, I would not have a problem paying that fee. To get your credit report with scores usually costs around $14.95 a month. If you don’t call back and cancel these services they will automatically bill you. We all know there is nothing for free, but you do a get a free trial for most of the credit reports services.

How often should you check your Credit Report?

Since annual only allows you to get your credit report once a year, you need other good resources to check your credit. Anything can happen to your credit report during a 12 month period. Your creditors can report negative information by mistake and cause havoc with your credit scores. Someone can steal your identity in a matter of a few minutes. So how many minutes are there in a year? There are 525 948.766 minutes, that is plenty of time for some identity thief to really do a number on your good name. I would recommend checking your credit every 60 to 90 days, just to make sure your there is nothing weird going on with your personal credit report. Don’t listen to all the negative press, until you have heard the facts. And of course you just got them in this article.





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, Internet identity theft software, secure credit cards, 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 Requirements for 2008 Mortgages

Your credit score in 2008 is very important when it comes to buying a house. Heck your credit score is important when it comes to getting a loan period these days. Since the sub-prime mortgage meltdown, Wall Street has tightened up on what kinds of mortgage paper they will buy. Most loans are run through automated underwriting engines. The underwriting engine will either say yes or no, but here is the funny thing. Even though the engine says yes, the investor may have its own internal guidelines that would overrule an automated approval. This is not normal in the loan business. During the past years when you got an automated approval with either Freddie Mac or Fannie Mae underwriting engines you were golden.

Mortgage Insurance Companies
Since all the tightening up in the lending industry, the companies that insure these loans have tightened up as well. The reason for this is all the claims that are being filed as a result of defaults on mortgage loans. I have discussed in other articles how everything basically is based on risk, well so is insurance. If the insurance company sees a pattern with certain credit scores and loan types they will tighten up on the underwriting guidelines for those specific borrowers. Currently you cannot get a 100% Conventional prime loan unless you have a 680 credit score. Previously it was below 600 credit scores, but you had a higher interest rate. Currently they will just deny you of the loan, because they cannot get the loan insured. This mortgage crisis will affect everyone, including people with good credit. They will be able to get loans, but the loan guidelines will be more stringent.

FHA loans
FHA loans have been around since 1935. This government entity is the single largest insurer of loans in the world. FHA has baled the housing industry out of the tar pit right after the great depression. It looks like the same savior will be at it again in 2008. FHA loans have not tightened up, but again the investors that buy this paper have. Its common for banks to sell there loans to other banks. This is just a common practice these days. The only problem is the big banks buying paper from the small banks have really tightened up on what type of loans they will buy. With this being said, the entire process is getting tough all around.

Credit Scores
Your credit scores will either make you or break you when it comes to getting credit extended to you. With the disaster in the housing market, you can count on it getting even tougher with credit score requirements. So if you are in the market to get a home, I would recommend getting a copy of your free credit score report and see where your scores stand. Your score will be extremely important in this current lending market.

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, Internet identity theft software, secure credit cards, 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 FICO Score 08

The new FICO Score 08 is being rolled out this spring. Maybe you have heard about it, maybe not. Fair Isaac Corporation the creator of the FICO score software is rolling out its new risked based software. This software is what 90% of the largest banks in the world use to determine the likelihood of you paying back your debt. So if you go to the bank, and they run your credit the bank will pull your credit report which includes these credit scores.

The new software’s aim is to forgive small hiccups on your credit report, but will punish repeat offenders. If you are one of those individuals that has a pattern of not paying back your bills, you will have a hard time getting loan under this new software. Fair Isaac claims this software will do a better job of determining your likelihood of paying back obligations. They also claim it will save creditors on defaults between 5% and 15%.

Fair Isaac also says that the new software will stop the piggybacking of authorized user accounts. For years credit repair companies used this loop hole to uses someone else’s good credit to boost there clients credit score. According to Fair Isaac the new software will not take into account authorized user accounts. On the other hand this will hurt legitimate authorized users like parents adding a child to help generate some good revolving credit.

Fair Isaacs’s reason for developing this new software was because of the pressure from banks wanting to make better calculated risks when it comes to loaning money. Another big factor in the demand for this risk based software is the recent sub-prime meltdown. With this new software and the improved calculated risk process, your score is likely to go up if you are keeping your credit in good standing. It’s really looking for repeat offenders. The borrowers that have a pattern or total disregard for credit with be affected the most.

The calculated risk software maker also mentioned you should check your credit report periodically for inaccurate information. As they are not responsible for inaccurate information, this type of activity would affect your overall score. The creditor reporting this information to the credit bureaus would be responsible for correcting any errors on your report. So with this being said, stay on top of your free credit score report. It’s very common for creditors to report incorrect information about 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, Internet identity theft software, secure credit cards, 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 Credit Bureau?

Have you ever wondered what the Credit Bureau is? A credit bureau (US) or credit reference agency (UK) is a company that stores consumer credit information on individual borrowers. These bureaus help lenders assess the creditworthiness of a potential borrower.

Credit Bureaus collect personal financial data on individuals and businesses from data furnishers which the bureaus have a relationship with. These data furnishers could be utility companies, debt collection agencies, public institutions, banks, courts that a consumer or business had a relationship or experience with. These data furnishers report the experience with the business or consumer to the Bureaus. The information that is collected by the furnisher and the bureaus is collected and stored in a repository by the credit bureaus. When a creditor pulls your personal credit report from all three bureaus this information if any will be reflected on your credit report. There are 3 Bureaus primarily used by creditors when assessing your credit risk.
1. Experian
2. Equifax

3. TransUnion

These three repositories have the job of collecting your data, and presenting that data on a credit report attached typically to your social security number. Typically when you pull your free credit score report you will get this information in a 3-1 report. Have you wondered what in the world 3-1 report means, well it means 3 bureaus on one report. Sometimes it is called tri-merge report as well.

In the Unites States the legal term for credit bureau under the Fair Credit Reporting Act (FCRA) is consumer reporting agency (CRA). IN the US there are rules in place that govern these bureaus and data provider to protect the consumer or business. These rules are Federal Fair Credit Reporting Act (FCRA) and Fair and Accurate Transactions Act (FACTA), Fair Credit Billing Act (FCBA), and regulation B. There are two entities that share the responsibility of oversight and accuracy of both the bureaus and data furnisher’s data. Federal Trade Commission (FTC) has oversight for consumer credit bureaus. The office of comptroller currency oversees all national banks in regards to credit bureau reporting.

Data collection is a big business; everyone wants to know the risk they are taking with you, whether it’s a loan, checking account, apartment or new job. It’s so important to know what the consumer credit agencies are reporting about you. There could be inaccurate information on there that would affect the outcome of a potential loan. Get your free credit score report today and see what they are reporting about 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, Internet identity theft software, secure credit cards, 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 your Credit Score Quick

Increasing your credit score is not that hard believe it or not. I am going to teach you how to increase your score depending on your situation. As a lender I have helped tons of people increase there credit scores so I could get them a loan. I have learned all kinds of tricks of my trade since I am involved with people’s credit through out my career.


Pay Down Debt
Folks this is the quickest way to increase your credit score. If you have credit card debt, and more than 30% of credit limit is charged your scores will drop. I guarantee you if you follow the example provided your score will rocket.
Example:
Credit Card Limit: $10,000
Balance: $5,000

Pay balance down to $1000.00 and your credit score will increase around 50 points. The reason for this, is according to Fair Isaacs FICO® system the ­­­­------- Extent of Indebtedness is (30%) of your credit score. That is a major part of your score. So if you have credit cards that are above 30% of credit limit, pay down the cards with the highest balance. You will see good results within 30 days.

Late Payments
I have discussed the effects of late payments in other articles I have wrote. But I don’t think I can ever talk too much about the effect of this mistake. You can kiss 100 to 150 points away for late payments whether its 30 days late or 60 days. Also it’s very common for creditors to report late payments when there actually was no late payment at all. This mistake on a creditor’s part is very costly. I would pull a current copy of your free credit score report to see what inaccuracies are on it. Once you have determined you are the victim of this type of mistake, call the creditor get a letter to remove late payment from the Bureaus. This process will increase your credit score 30 to 40 points, depending on how many late payments are removed. The one creditor that reports late payments as a mistake is Sallie Mae. For some reason when student loans are put in deferment with these guys, they report the payments late. This is just an example of how to increase your credit score by removing late payments.

Increase credit card limit
This is a neat trick, I have actually done this. Let’s say you have 3 credit cards, one card is above the 30% of credit limit. The other two cards are close. What you can do is request a limit increase on the card that is above the 30% credit limit. The credit card company will actually ask you for how much, your response should be for the max you will allow. Since extent of indebtedness accounts for 30% of your credit score you can see how this will increase your score.

Conclusion
These tricks of the trade if followed correctly will help you over all credit health. Obviously the first step is to get a current copy of your free credit score report to see where you stand. Once you have determined what makes sense for you, make it happen. Your credit is your life.


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, Internet identity theft software, secure credit cards, 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 annualcreditreport with no Credit Scores is not good enough.

Annualcreditreport gives you a credit report free once a year, but they don’t give your credit score. I have been a lender for 7 years, and believe me when it comes to getting your loan done everyone looks at credit scores. Your credit score is a bench mark for banks to sell your loan on the secondary market. Typically investors use your middle credit score to determine your creditworthiness. Here is what myFICO® says in regards to how important it is to know your credit score.

How credit scoring helps you

Credit Score gives lenders a faster snapshot of your credit risk. Most lenders are now using FICO® to determine your score. Before the scoring process was implemented there was a biased opinion of your credit. Now there is less none bias opinion of your creditworthiness with credit score automation process with all 3 credit bureaus. When pulling your credit report with all 3 Credit Bureaus you typically get a score. Since annual does not provide this, you have to get your report through other service providers.

Here are some advantages of credit scores.

• You get loans faster
Your credit scores can be delivered with a few key strokes with today’s technology. With the speedy process this helps lenders speed up the decisions making process. Even mortgage applications can be made within ours, instead of weeks.

• Credit Decisions are fairer
Credit decisions can be made of facts instead of emotions. Factors like your gender, religion, race, marital status and nationality are not considered by credit scoring.

• More Credit is Available

Lenders can approve more loans because the credit scoring process gives them the information on which to base there decision on. It allows lenders to identity individuals that are likely to perform well in the future even though they have had issues in the past. Each lender has its own credit score guidelines, so if one denies you, you may get approved elsewhere. The use of credit scores gives lender the confidence to offer more credit to people since they better understand the risk they are taking.

• Credit mistakes count for less

If you have credit problems in the past, credit scoring does not let that haunt you forever. Past credit problems fad as time passes as long as new good credit patterns show up. Credit scoring weighs all credit in a file, as opposed to focusing primarily on past issues.

• Credit Rates are lower

The cost of loans decreases when more credit is available. The process of automation in the credit process is less because of the efficiency of the process, which is passed on to the consumer. Buy using the scoring process there are less defaults, and in returns saves the consumer in the long run. Credit Scores have revolutionized the lending arena, and has driven down cost for everyone.


Conclusion:

Now you know why you need to know your scores and how important it is. Recent studies show that 1 out of 4 credit reports have incorrect information on them. Plus identity theft is the fastest growing crime in America. You need to check your free credit report with scores every 90 days just to be safe in today’s times. Since your scores are the core in determining whether they will lend you money, shouldn't you know what they are ? The answer to that is yes.

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, Internet identity theft software, secure credit cards, 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 your real free fico score today !

Free FICO Score report is what 90% of banks use today to determine your credit risk. You have 3 fico scores with the 3 bureaus, TransUnion, Experian and Equifax. The FICO scoring process was pioneered in by Fair Isaac in the 1960’s which sparked a revolution for automated credit risk. This revolution allowed companies to improve there business performance through this calculated risk model. Your FICO score will determine what type of loan, rate and terms at any given time with lenders. The higher your score, the better your terms are. In order for the 3 credit bureaus to calculate your score, there must be at least one account that has been open for at least 6 months.

Other names for FICO scores:

Fico scores have different names at each of the 3 credit bureaus. All of these scores were developed using the same methods by Fair Isaac, and have been rigourasly tested to ensure they provide the most accurate picture of credit risk with all 3 reporting agencies.


Credit Report Agency / FICO Score
TransUnion / EMPIRICA®
Experian / Experian - Fair Isaac Risk Model
Equifax / BEACON® Score


Why the 3 Bureaus have different Credit Scores:

In general, when people talk about your credit score they are referring to your FICO score. However there is more than one credit score used to make a credit decision about you. The FICO score calculated from each bureau could be different than the other bureaus because each bureau collects its own information. Definition of credit bureaus is as follows: Credit Bureau is a repository that provides credit information on a borrower. This is how you get different credit scores when you pull a copy of your free credit score report. Equifax currently provides your true FICO® score. So if you are in the market to make a purchase you might want to get that score. It is fairly reasonable; you get a 30 day free trial with the 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, Internet identity theft software, secure credit cards, 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.

Fair Isaac Corporation aka MyFICO – Picks on Small Company

I am sorry folks but I had to let everyone know what happened to my other website, http://www.my720fico.com/. A couple of weeks ago I got a cease and desist order from Fair Isaac Corp because fico was in my domain name. I believe this is primarily my fault, but I thought it was worth writing about. I will mention this though; I switched everything from http://www.my720fico.com/ to http://www.creditscorequick.com/ which I think is a much easier domain name to remember. I started my720fico about 7 months ago to provide a resource on the internet for consumers to get the correct credit advice. I am a mortgage lender in the state of Texas. I worked very hard to get articles and lots of career experience advice all over the web. I sacrificed a lot of family time, which by the way I have 3 kids. All the sudden I started getting some traffic and exposure in the search engines. I believe this has a lot to do with the fact that my articles are based on true results, not some sales pitch. Yes I do sale free credit score reports, but I also have a passion for helping people with credit problems and educating them on how to stay out of trouble with creditors. I begin to get credit questions from people all over the United States. What is strange about this cease and desist order from there attorneys is, I was an approved reseller with there company. They reviewed my website and approved it 7 months ago. Anyways, I received this order from the massive company 3 weeks ago and I consulted an attorney. The attorney said that I was indeed violating the trademark fico. I could not believe that such a huge company was worried about little oh me. So I came to the conclusion that I was obviously a threat to them with the exposure I started getting around the world. I will say this, in order to get to the top of the search engines require good quality content, and lots of hard work. These search engine optimization companies are correct, my hats of too them. So I took down my720fico and started up CreditScoreQuick.com.

CreditScoreQuick.com services provided:

Free Credit Score Reports
bad credit advise
secure credit cards
identity theft protection
loans
debt consolidation

I must have a good thing going to have such a huge company like Fair Isaac Corporation demand I take a website down. The funny thing is it’s actually a blessing because CreditSCoreQuick.com is actually getting better results that my720fico.I guess there is a "Big Bad Giant in everyones life " There is a reason for everything though.

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, Internet identity theft software, secure credit cards, 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 Report Resource

Free Credit Score Report Resource; have you ever wondered why you might need your free credit score report? There are so many different reasons to have your report; I don’t know where to begin. Let’s start with saving money. I am sure you are interested in saving some money, maybe for that vacation to the Bahamas, or maybe that new car.
Here is the scenario:

Mortgage Loan Amount: $200,000
Good credit interest rate: 6.0 %
30 yr fixed payment: $1199.00

Mortgage Loan Amount: $200,000
Bad Credit Interest rate: 6.75 %
30yr fixed payment: $1297.00

Difference in cost is $35,280 dollars over 30yrs.

This is one good reason why you need to know what is being reported about you. If you are on top of you credit report, like you are on top of your checking account, you will have a lot more money in that checking account. Why?, because you are managing your personal credit so you don’t have to pay higher interest rates, which long term will cost you tons of money. Have you ever heard that saying, only if I knew then what I know now, I would have ………. Its one of those saying where you know you should of, but you didn’t.

I know that an educated consumer is a consumer that pays less, saves more, and retires early. Let’s face it, if you are not RICH, then you have to work and save for retirement some day. Just imagine all the money you would save if your credit score is good. There has been a paradigm shift in our country, from taking someone’s word to pulling your credit to determine there decision for the following:
1. New job
2. New checking account
3. Loans
4. Insurance

Companies are tired of people not paying there bills, so now they have software that can determine your credit risk in a few key strokes. Stay on top your credit, because if you don’t 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, Internet identity theft software, secure credit cards, 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.

Equifax Free FICO score report

Free fico score report is available with a 14 day trial at CreditScoreQuick.com. If you are looking for the score that is becoming the standard in today’s times, look no further.CreditScoreQuick.com provides credit reports with FICO scores delivered to you instantly by our partner Equifax online to the privacy of your computer. A lot of people are not sure what the difference is. Let me explain what FICO score is. FICO score was developed by Fair Isaac Corporation; it is the credit score they developed through there Next Gen software. This software is what most banks and creditors are using to determine your credit risk. This particular score is what the creditors use, so should you know what they see? 90% of the banks use this FICO score to determine whether they will extend you a loan or not. Here is an example of what FICO scores range between.

300 – 850 credit score

Here is Myficos chart in regards to how each category determines your score.












We also thought we would provide you with an excellent video on how very important it is to know your FICO score. See below.
Click here:

I would not wait around on some creditor to tell you NO, start getting told yes because you know your FICO score. Get your free fico credit score 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, Internet identity theft software, secure credit cards, 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.