Category Archives: Credit score and rating

There are many reasons why your score may not be as high as you expected or where you would like it to be to get the best interest rate. To understand why your score is low you’ll need to get a copy of your credit report from your local credit bureau. Credit bureaus are normally listed in the yellow pages, and a request for the report will take two to three weeks to process. Once you have received the report, you’ll need to review it to determine what is pulling down your credit ranking. The number one thing you’ll want to look for are any accounts that have late payments, collections, liens or charge offs. These are called derogatory accounts and each account can reduce your credit score by fifty or more points. Be sure that any charge-offs or collections …

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Some people may find that their credit rating needs improvement if they are going to lock in a loan at an affordable interest rate. In this instance, you can help improve your credit score by: Correcting any errors or misinformation that is showing up on your credit report. Paying all your bills on time. Cutting up or putting away your credit cards so you can focus on repaying debt rather than incurring it. Consolidating your loans and credit card debt into one larger loan. Avoiding going over the limit on your credit card. A high balance will have a greater impact on your credit score. Restricting the number of applications for credit that you make. Too many inquiries into your credit with a short time may have a negative impact on your credit score. Contacting your lenders and make inquiring …

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Your credit rating is a reflection of the amount of money you have borrowed from various creditors as well as your repayment history. Having a good well-established credit rating, or at least fair one, is essential to securing a mortgage loan. Your credit rating score is kept by the credit bureau and reflects loans, payments, etc., that you have made during the past seven years. Both positive and negative information is recorded on your credit report, so if you want to qualify for a loan you need to be sure to build a good credit history. There are a few simple rules you need to follow if you want to protect your credit rating: Pay your bills on time. Limit what you borrow to what you can afford and need. Loans need to be repaid on time and quickly. Review …

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