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Posts Tagged ‘Scores’

Got bad credit? Here are four tips on how you can clear up your credit score:

Tip # 1: Save early, save often

One of the best ways to ensure this your credit rating stays good is to save money each month. Whether you are able to save a month or 0 or even more, saving and investing your savings will prepare you for credit emergencies, will get you out of overspending, and will allow you to build investments this may assist you in later years.

Tip # 2: Credit impacts mortgage rates which impacts your monthly payment

A few points on a credit score may mean the difference among a lender offering you a prime rate reserved for the best credit risks and the worse interest rate offered to less than prime customers. That may amount to only a few percentages in uncommon loan rates, however this may make a vast impact, especially on a large purchase. For example, a few percentage points on a long-term fixed-rate loan may mean the difference among tens of thousands of dollars saved – or tens of thousands of dollars overspent.

Tip # 3: Beware of expenses and credit you don’t use. It is simple today to apply for a store charge card this you forget all about in three years – however this account will remain on your credit report and affect your credit score as long as it is open. Having credit lines and credit cards you don’t need makes you seem like a worse credit risk considering you run the risk of “overextending” your credit.  Read more...

www.videocreditscore.com Auto Loans and FICO Credit Scores

There are three different FICO scores because the three major credit bureaus, Equifax, Experian and TransUnion, all receive separate data that may be interpreted differently. Verify that credit data is correct with each credit bureau using advice from a certified public accountant and personal financial planner in this free video on credit scores. Expert: Miranda Chook Bio: Miranda Chook is a CPA with expertise in international operations. Filmmaker: Bing Hu