Credit after Bankruptcy is not Impossible
If you are going to file for bankruptcy, it is true that you will not have very good credit after bankruptcy. However, this does not mean that you will never be able to get loans, and it certainly doesn't mean that you will never have a good credit...
Credit Card Dirty Tricks
There are many of us that have been badly stung by credit card companies that have charged exorbitant fees to use their credit cards. Several years ago an APR of 25% to 29% was common place which in simple terms means that if you borrow £1,000 your...
Debt consolidation – More Options for Reducing Credit Card Costs
Borrowing money against your credit cards has always been among the most expensive ways to borrow money, and when you fail to pay your bill in full each month, borrowing is exactly what you’re doing. You’re not alone; the average American household...
How To Get A Great Credit Card With Bad Credit
Credit Cards For Consumers with Poor Credit Ratings
Ever wondered how and why you can go online and be approved for credit within seconds? Or receive a pre-qualified loan or credit card without anyone asking how much money you make? Or why...
Unsecured Credit Cards : What's the difference?
There are a lot of terms associated with the credit world. With such daunting vocabulary as variable APR or secured card, sometimes people can get confused about just what a feature of a credit card means.
First, we'll discuss what a secured...
Credit Report and Credit Scores
The information on your credit report can greatly affect the interest rate and your ability to obtain a loan. So it’s very important to check your credit report early, even if you are not quite ready to buy a house just yet.
There are 3 major credit reporting agencies: Experian, Equifax and TransUnion. Everyone has 3 FICO credit scores, one from each of the agencies. The FICO (Fair Isaacs Corporation) score is found by combining several factors, the most important ones being:
• Payment History - have you been paying all your bills on time? Late payments will hurt your credit score.
• Amounts owed – do you owe a lot of money on each account?
• Length of credit history – how long have the accounts been opened? The longer, the better.
• New Credit – how many new accounts do you have?
• Types of Credit in use – do you have a mix of accounts?
Generally, lenders consider credit scores of 720 and above as excellent and you will get the best interest rates. Scores of 680 to 719 are considered good and you
will get the next best rates and so on.
Errors on the credit report are common. If you find an error on the report, notify the credit agency immediately in writing.
Specify clearly what the error is: account name, account number and what type of error (whether there was never a late payment or the account has been closed or you never had that account!).
The agencies are required to investigate and respond to you within 30 days. If the error is complicated, it might take longer than that to remove the error but at least they will be looking into it.
To learn more about credit, including where to check your credit score and tips for improving it, visit Empire Real Estate – Credit Scores.