Understanding Your Credit Score - Part 2

re: Understanding Your Credit Score - Part 2

Ramiro H — Wed, 21 Jan 2009 07:59:19 GMT

Some financial institutions may not help you when emergencies arrived. Before you can get the money you need you'll have to pass first the credit check that they require in order for you to get the cash you are borrowing from them. If you don't want the hassles of credit check, you can always count on payday loans. The bureaus determine a credit score on a mathematical algorithm to determine whether or not you have good credit. Almost anything has an impact on your credit score, like your employment record, car insurance. The amount of things that impact your credit is titanic. You can read the article yourself entitled "Credit: Part I | Financial Tips from Your Payday Loan Source" on the http://personalmoneystore.com/moneyblog/2009/01/06/credit-part-i-financial-tips-from-your-payday-loan-source/ money blog at personalmoneystore.com.

RE:Understanding Your Credit Score - Part 2

LISA — Mon, 12 Nov 2007 13:00:00 GMT

My brother was out of the country and had a hardship and wasn't able to return until 6 mths later. His credit cards canceled him & his credit score went down to 488. He just got his old job back and with the exception of these last few months his prior history was great. He just sent in all of his past due payments but he found out that he probably can't get a mortgage with a score like that. His wife & 3 little kids will be here in less than a month & he needs A MTG any ideas on what he can do

RE:Understanding Your Credit Score - Part 2

Heather F — Tue, 16 Oct 2007 11:00:00 GMT

FICO does not look at loan counseling, but the problem is that debt consolidation companies create one large debt that DOES show up on your credit report. By contrast, bankruptcy actually reduces all of your balances to zero - instead of giving you one big loan. This is why people who declare bankruptcy are often able to get great credit only a year later, where as people who try to pay off their debt struggle and are never given creditr for how hard they've worked.

RE:Understanding Your Credit Score - Part 2

Terry — Tue, 10 Jul 2007 11:00:00 GMT

I was having a conversation with a friend about how I allow my mortgage company to automatically debit my checking account to pay my mortgage. She said that a financial advisor told her payments like that do nothing to improve your credit score. I find this hard to believe, the mortgage company reports on the timlieness of my payment and not how it was recieved. Can you confirm or deny this?

RE:Understanding Your Credit Score - Part 2

Mary — Mon, 09 Jul 2007 11:00:00 GMT

My credit score is 760. Since I pay my bills in a timely matter, how can I find out why the score is not higher? Two of the credit companies made errors saying that I borrowed & didn't pay my debt. I never even heard of the co's they claim I didn't pay. They finally removed the bad marks from my credit history. Thank you. Mary from Florida

RE:Understanding Your Credit Score - Part 2

annette — Thu, 05 Jul 2007 11:00:00 GMT

what is considered a good credit score?

RE:Understanding Your Credit Score - Part 2

Anonymous — Wed, 27 Jun 2007 11:00:00 GMT

Dave, do not cancel any of your cards. Open and unused credit looks better than closed accounts. Use each card about once every 6 months, on something you can pay off easily (gas,groceries,etc) and leave them open.

RE:Understanding Your Credit Score - Part 2

anonymous — Wed, 13 Jun 2007 11:00:00 GMT

I am a user on my brother's credit card. Am I establishing my own credit rating?

RE:Understanding Your Credit Score - Part 2

dave — Thu, 17 May 2007 11:00:00 GMT

Never use a debt consolodation company. You will only end up paying on them for the next 10 years anyway. Sometimes its best to file BK. We did and less than 1 year later we were qualified to buy a new home, have financed vehicles, and recieved multiple credit cards. With multiple thousand $ balances. Of course, everyone has a different amount of debt. We were upwards of $35K.

RE:Understanding Your Credit Score - Part 2

Anonymous — Wed, 18 Apr 2007 11:00:00 GMT

Does it hurt, more than it helps, to cancel 5-6 credit cards all at once? I would keep the cards with the longest history and cancel store cards, etc. I have a number of retail ( Store ) cards that I don't use and want to cancel, but Since I am not receiving statements due to non-use, I don't kniow where to send cancellation notices. Can you help? Belk, J C Penney, kirkland's and Sears. Thanks.

RE:Understanding Your Credit Score - Part 2

Bewil — Thu, 04 Jan 2007 13:00:00 GMT

...From there, take out small loans from banks (it doesn't have to be just your bank). Make sure you're prepared by taking it your last 4 pay stubs. Take the Max they'll offer you up to $1000 and make payments on time or early. A $500 loan from a bank starting out would have about a $530 payoff (or less). Where as a $500 credit card charge would have about a $620 pay off.

RE:Understanding Your Credit Score - Part 2

Bewil — Thu, 04 Jan 2007 13:00:00 GMT

You don't need credit card to build credit. The interest rates will kill you and you won't be able to demonstrate your ability to pay off sizable debt for your credit level. Get a Jewelery Store Charge Card, make about a $250 purchase (you'll probably have to pay $100 down), and then make sure you make the minimum payments and stretch it out at least 6 months. This will start your credit and show a history...

RE:Understanding Your Credit Score - Part 2

DallasLoanGuy — Tue, 13 Jun 2006 11:00:00 GMT

FICO does NOT look at debt counseling when scoring your credit report..... whether you are in it now or in the past!!!

RE:Understanding Your Credit Score - Part 2

Kristin — Sun, 13 Nov 2005 13:00:00 GMT

I am working on rebuilding my credit. How would I be able to get the free credit reports that you've mentioned in your article?

RE:Understanding Your Credit Score - Part 2

Perry — Mon, 18 Jul 2005 11:00:00 GMT

What if i have used debt consolodation in the past. Will that effect my score any?