Tag Archives: Credit Score

Watch the Application

One factor that can hurt your credit score is too many credit history reviews. A credit report “review” is when a business checks your credit history. There are really two types of inquiries into your credit history. One is more of an overview, like when a credit company wants to pre-approve you. The other is a more significant inquiry; when a creditor is determining whether they will approve your actual application for a loan. Too many inquiries can erode your score. The worst kind of review is the “harder” one performed when you fill out an application. If you want … Continue reading →

Credit Scores and Life

Some people blow off the concept of credit history and credit scores because they don’t plan to use credit. Living without credit is possible. There are growing numbers of people in this society who have chosen this path. Certainly, debt has its demons. Starting a credit line can be a dangerous path. Still, no matter what your personal feelings are… society has begun to rely on credit scores to determine just how responsible you are in everything. This means, even if you never plan to take a loan or open a credit card, your credit history (or lack there of) … Continue reading →

Paid Off… Now What?

So, you have worked hard to pay off all that debt… congratulations! Unfortunately, it is still going to take some time to repair your history. The first step is certainly getting your debt in check. This will open all sorts of doors to financial flexibility in your budget. Not having that huge debt payment each month is almost like winning the lottery! Still, if you were having serious problems with debt before… it will take some time to rebuild your credit. The first step is to get some sort of installment loan or credit card, depending on your needs. A … Continue reading →

More Tips on Repairing Credit

To continue our discussion from yesterday, you have lined up all your important credit documents and set up a reasonable budget. The next steps are some specific tips you can do to get that credit score up a little quicker. With a goal of 720, your score is best improved by regular full payments to all your accounts, ON TIME. Even one late payment can dramatically affect your score and take months or years to remedy. Always, always pay on time… even if all you can do is make the minimum. Pay on time! In addition, a few other factors … Continue reading →

Prevent Identity Theft

In today’s world of computers, credit card numbers and easy transactions, a door has opened up to a whole new kind of crime. Stealing your identity in order to use your good name and open up accounts. Not only could you lose money, you can lose your hard earned credit score. Protect yourself with these easy tips: 1. Limit what you carry. Clean out your wallet, eliminating any piece of identity or credit card you rarely use. 2. Watch your incoming and outgoing mail diligently. Always use a neighbor or place your mail on hold when you go on vacation. … Continue reading →

Delinquencies and Credit Issues

As you learn more about credit scores, you may want to understand the details even deeper. Having good credit can make a huge impact on your ability to save and make money. Not only do lenders use your credit report to determine if you qualify for a loan, your credit score will also influence the interest rates you pay, whether a new employer wants to hire you, your insurance premiums, and housing opportunities. Given all that, arm yourself with the most information possible in your battle for great credit. Let’s start with the most important first; the primary impact to … Continue reading →

What makes up a Credit Score?

Ever wonder all the basics of what is used for your credit score? Well, here it is, in black and white… and a little grey. To create a credit score, some of the information on your credit report is fed into a mathematical formula. The critical information and their importance are as follows: Account Types – This includes mortgages, car loans, and credit cards. The importance of your types of accounts is about 10% of the overall score. Number of Recent New Accounts – Just how many new accounts do you have in proportion to the total? This is another … Continue reading →

Are You Ready to Buy a Home?

So, you’re thinking about buying a house. Congratulations. Buying a home can be a very exciting experience. The process can also be rather stressful, especially if you are unprepared. There are a few things you need to know and do in order to make the process simpler. Start by getting a copy of your credit report a few months before you actually start looking for a home. Make sure that everything on your credit report is correct and then check your credit score. If you’re looking at it for the first time, it may not mean much to you. All … Continue reading →

The Insurance Application

When I started my career in the Business of Insurance there were very few computers. Most things were done by way of the telephone or through the use of the mail and a variety of small delivery systems. Most insurance companies invested in the delivery systems to help their companies quickly review applications and agree to cover an insurance risk. Insurance agents needed to get the information correct right from the start, and they needed to spend time with the person needing insurance in order to help them make decisions about the kinds of insurance they might need. Everything was … Continue reading →

Choosing the Right Credit Card

If you have considered taking out a credit card to build your credit. You need to make sure to use the card wisely and to pay off the bill in full every month. This will safely build your credit, and help you to avoid accumulating debt. However, not all credit cards are created equal. There are important things to consider when you are opening a credit card. 1) There is no reason to pay an annual fee for a credit card. You should be able to find a credit card available to you that will not charge you an annual … Continue reading →