Credit Score
Posted on April 8, 2009 at 4:27 pm
Is credit really a good thing or a bad thing? It can make your credit score go up or down, but if you don't use credit then how are you supposed to go about getting it?
Posted on July 24, 2009 at 2:42 am
Posted on July 24, 2009 at 8:45 am
The credit score (FICO) breakdown:
Payment history: 35%
Amounts owed: 30%
Length of credit: 15%
New credit: 10%
Types of credit: 10%
Posted on July 24, 2009 at 8:38 pm
What most people don't realize is that your credit score improves greatly based on the LENGTH of your credit. If you have multiple cards or accounts, always get rid of the newest ones first (if you are going to get rid of any) Your FICO score will be better if you have a credit card that is 10 years old and one or two missed payments, vs. a credit card that is less than 5 years old and no missing payments.
Posted on August 14, 2009 at 4:16 am
What can be considered a good credit score? Above 700. Although that doesn't really guarantee that the interest rate that's going to be extended to you would not be high..
Posted on August 14, 2009 at 4:17 am
What does it mean to have a good credit score and still get a high interest rate offer?
Posted on August 14, 2009 at 4:21 am
Is it possible for the lender to be looking at a different credit scoring system than that of the consumer's?
Anyway, the consumer should obtain the latest copy of his/her credit report from the three reporting bureaus and check for errors. If the consumer is convinced that his/her credit is good--but is still getting high interest rates offer, he/she should delay the loan and first fix the errors in the credit report.
Posted on August 14, 2009 at 6:12 am
It is possible to have a high credit score because of prestine payment history (35% of the FICO score- biggest factor) and still get a high interest rate offer because your debt to income ratio may not be strong among other reasons.