You’re faced with a dilemma. It’s the end of the month and you have a stack of bills due. You were hoping to go on a special weekend getaway with friends, but don’t have the money to pay all your bills and enjoy the trip. You realize something has got to give, so you decide to skip a payment on…
Tag: Fico
Even People With Good Credit Are Penalized
By now everyone is aware of the Vantage credit scoring system developed by the three major credit bureaus: Equifax, Experian and TransUnion. The system grades consumers on a scale of A-F. I have done extensive research, but have yet to find out how lenders will use this score, or which lenders will choose to use the Vantage score as opposed…
Improve My Fico Score 5 Key Components
Your FICO, or credit, score is calculated independently by the Big Three credit reporting agencies (viz., Equifax, TransUnion, and Experian) based upon a shared formula. Your score has a huge influence on your financial health. An improvement of just 40 or 50 points can mean paying hundreds less per month for a 30-year mortgage, for example. Anything you can do…
Subprime Mortgages Information
Undoubtedly, you’ve heard the radio commercial claiming you can get a mortgage despite having bad credit. Bad credit mortgages are better known as subprime mortgages. Subprime “Subprime” is a euphemism for a borrower who simply doesn’t qualify for a traditional home mortgage. Subprime loans used to be very difficult to get, but things changed in the 1990’s. Banks began to…
Understanding The Importance Of Your Credit Score
As recent as a few years back, the term “Credit Score” was not very commonly used in our society. While there were who understood the term and its purpose, the mass majority, although realizing that there was a system out there that their credit, they did not have a term to stick to it. Today, however, due to a number…
Get Your Credit Report Know Your Credit Options
Get Your Credit Report & Analysis It is very important to get your credit report and analysis. Why is this important? For one thing, if you’re thinking about buying a house or applying for credit for any other big purchase, you’ll need a clean credit report, and it’s always best to get your credit report and analysis before your lender…
Mortgage Rate Credit Score Watch What You Pay For
As amazing as it may seem, when it comes to getting a credit rating not all credit scores are the same. When you pay to get a rating number it may not be the same one your lender sees. What are the implications of this? Well for starters it could mean the difference between getting a mortgage or not, getting…
Bad Credit Mortgage Loans How Does Your Fico Credit Score Affect Your Loan Approval
How “bad” is bad credit? If you can pull your credit report yourself and get a copy of your FICO credit score, that will give you a good idea. Here is a general idea of the FICO score breakdown: 500 – 580 – Poor Credit – You should be able to get a home mortgage loan if you are willing…
Understand Credit Terminology
Most of us deal with credit in our day to day lives sometimes in the form of credit purchases or making use of credit cards. But there are many credit terms that you should understand clearly to know exactly what is involved in your credit. 1. Credit Score – A credit score is a statistical calculation of the credit information…