Steps to Request Free Credit Report If Denied Credit

Your credit report is a record of all credit transactions in which you have participated within a given amount of time. This document includes positive information such as currently open credit cards, mortgage loans and lines of revolving credit, as well as negative information such as foreclosures, bankruptcies, charged-off accounts and late payments. Credit card companies, banks and other lenders use the information on your credit report to determine whether or not to give you credit. If you have been denied credit within the past 60 days, federal...

Read More

Explanation of a Bad Credit Letter

The Federal Trade Commission (FTC) states you should order a free copy of your credit reports on annual basis. When you review your credit reports, you will be able to see if there are errors or if anyone has illegally opened an account in your name and report it to the credit bureaus. Credit Bureaus Errors on your credit report and identity theft can lower your credit score, and writing a letter about such incidents to the three credit bureaus can help remedy the situation. The three credit bureaus in the U.S. include Equifax (Equifax.com;...

Read More

Different Credit Rating Agencies

Four main companies serve as the gatekeepers for consumer credit reports and credit scores. These companies collect information from lenders, compile the information and maintain files on millions of people across the world. Equifax, TransUnion and Experian collect and manage consumer credit reports. The Fair Isaac Corporation computes consumer credit scores. All four companies sell information to both consumers and businesses. Equifax Equifax collects credit information and compiles credit histories on consumers. Consumers can order a...

Read More

How to Buy a Home After Chapter 7 Bankruptcy

The damages from a bankruptcy, such as a low credit score and the inability to qualify for low rate financing, can last for seven years. However, a bankruptcy also gives you the opportunity to fix your past mistakes and start fresh. It does take time to improve a low credit score following a bankruptcy, so the sooner you begin to repair your score, the sooner you can acquire a home loan and obtain a good interest rate. Instructions 1 Apply...

Read More

Hints for Improving a Credit Score Quickly

A low credit score isn't earned overnight. Likewise, improving your credit score usually takes time as you re-establish your ability to use credit wisely. However, there are a few tricks that can help you to bring your score up without waiting years to see the results. Credit Report Before you can even begin to improve your credit score, you need to know why it is low. Checking your credit report can help you to understand what is negatively...

Read More

Fastest Way to Rebuild Credit

Credit scores are confusing to many people, and once damaged, a bad credit score can be hard to repair. There are some steps that anyone can take to help repair their credit, whether it was a foreclosure, bankruptcy or even just a few small mistakes that piled up over time that drove your credit down. Keep in mind that even the fastest credit rebuilding techniques will take years, especially for very bad credit. Cease Negative Credit Activity Credit cards are the downfall of many Americans. Stop using credit cards. If you really need to,...

Read More

How to Lower Your Beacon Score

Beacon scores tell creditors how risky a consumer is. The score is also known as a FICO score, but each of the three credit bureaus compile the scores under additional names. Equifax uses a Beacon score. Typically, a good credit score is anything over 700. People with scores below 600 will pay higher interest on major purchases such as houses and cars. Your credit score can change, so even if you follow the steps below and destroy your Beacon score,...

Read More

Will Settling a Credit Debt Affect My Credit Score?

People having trouble making minimum payments on their credit cards each month may consider debt settlement attractive. While debt settlement is legal, it's developed a negative reputation as a result of settlement scams and its harmful effect on your credit rating. Before opting for debt settlement, you should work with a credit counselor to determine the extent to which debt settlement will impact your financial situation. Definition Debt settlement is an arrangement in which your creditor agrees to accept a one-time payment for a percentage...

Read More

Your FICO Score and the Length of Your Credit History

While you can pay off debts immediately and open new accounts to raise a score, there is one category of the FICO formula takes a long time to build: the length of your credit history. A long credit history takes years and even decades to build, and you can ruin that by opening new accounts. Identification The FICO model counts the length of your history of managing credit for 15 percent of your score, according to the Fair Isaac Corp. While the formula is complex and no set number is considered ideal, in general, the longer the history,...

Read More

How Much Does it Affect Credit Score If Account Not Closed by Customer?

According to MyFICO, your FICO credit score ranges from 300 to 850, and the higher the number, the better your credit is considered to be by lenders. FICO uses the information contained within your credit report when determining your score. If you have a credit account that was closed, but not by you, you should understand how that affects your credit score. Identification FICO determines a credit score based upon five factors. The largest factor is how well you pay your bills, which accounts for 35 percent of the score. Thirty percent...

Read More

Credit Score Ranges: What Is a Good Credit Rating Range?

Your credit history is your best asset when applying for credit. Good credit scores make obtaining loans and credit cards easy, while bad credit scores make obtaining credit difficult. Creating and maintaining a good credit history now will benefit your finances greatly in the future when you are looking for the best interest rates on loans and lines of credit. Credit Scores Credit scores are three-digit numbers between 300 and 850 that give consumers a risk rating when opening new lines of credit. People with higher credit scores have...

Read More

How Is Debt Settlement Reported?

It might only take a quick call to a lender to slash the balance of your loan in half, but doing so could annihilate a good credit score. This is because the creditor will likely report the account as paid as agreed, but for less than the value of the original balance. Identification The major credit reporting agencies have several notations for an account paid for less than the full amount. The most common phrases are "debt settled for less...

Read More

Does Having a Credit Card Help My Credit?

Although Americans tend to have a problem with overspending on credit cards, you generally need one to build a good credit score. You must use the credit card responsibly and only for emergencies when using cash is not feasible. If you want to maximize the benefit of a credit card on your credit history, you should use credit cards based on the factors in the Fair Isaac Corporation, or FICO, scoring formula. Identification You need at least one active credit card because your mix of credit accounts for 15 percent of your FICO credit rating...

Read More

How to Compare a TransUnion FICO Credit Score

TransUnion documents a consumer's Vantage Score, whereas the Fair Issac Corporation, or FICO, documents a consumer's FICO Score. Both scores are calculated using a unique formula comprised of a number of factors that relate to the use of credit and credit history. Compare your TransUnion and FICO scores to better understand why these two score will almost certainly differ. Instructions 1 Factor in how your payment history affects both your...

Read More

The Best Way to Raise My Bad Credit Score

A bad credit score can cause you to be denied credit, and to pay higher interest rates and insurance premiums. A credit score is calculated using five different areas: late payment history, credit utilization, types of credit, new credit and age of credit history. While you can't easily erase a history of late payments, you can lower your credit utilization. Credit utilization, or the amount you have charged in relation to your credit balance, accounts...

Read More

How to Remove Judgements From Credit

Creditors or debt collectors can win civil judgments against you for not paying your bills. The judgments are obtained in small claims court after the creditor or debt collector successfully argues that you owe the debt and have not paid it. The judgment will be listed on your credit report, causing your credit score to drop. The only way to remove the information is to dispute its accuracy or argue that it has become outdated and by law should be...

Read More

How to Check My Credit Online Free of Charge

Your credit report contains many different pieces of information concerning your financial and credit situation. Credit reports are used when applying for credit, renting an apartment and even applying for some jobs. Keeping track of the information on your credit report is essential if you want to avoid having any false data or identity theft related accounts on your report. Annual Credit Report.com is the main hub to get your free annual report from the three largest credit reporting agencies. Instructions 1 Go to the Annualcreditreport.com...

Read More

How Prequalifying for Loans Can Affect My Credit Score

Your credit reports from the Experian, Equifax and TransUnion credit bureaus get checked for various reasons, from employment or insurance screening purposes to credit card and loan applications. Loan prequalifications typically result in a cluster of report viewings that appear on your records and have some effect on your credit score. Definition Prequalifying for loans means shopping around for automobile financing, a student loan, a mortgage or another large loan to get the best interest rate, the My FICO website advises. Prequalifying...

Read More

The Truth About Credit Scores

Credit scores, also referred to as credit ratings, are numbers that measure individuals' likeliness to repay their debts. Equifax, Experian and TransUnion -- the consumer reporting agencies -- calculate these three-digit numbers using the Fair Isaac Company's FICO scoring program. FICO ratings range from 300 to 850, with low scores representing poor credit and high scores representing good credit. Your credit score can impact you in several ways. Your FICO Score is Based On Your Credit Report Your FICO rating derives from the data on your...

Read More

When You Ask for a Credit Increase on Your Credit Cards, Does It Affect Your Credit Score?

Whether you pay off your credit cards in full each month or carry a balance, you may want to up your credit limit. Asking the lender to increase your credit line should not affect your credit score. An extra credit check may lower it by a couple of points, but a lower debt-to-credit ratio should help. Calculating Credit Scores Every time you borrow money, the lender reports it to one or more credit bureaus. If you miss a payment or are late...

Read More

What Is the Effect of a Deed in Lieu on My Credit Score?

After the mortgage crisis of 2008 many Americans are still finding it increasingly difficult to keep up with their mortgage payments. Lending companies, aware of these struggles, frequently try to work with borrowers to settle the terms of a loan. In some cases a loan modification agreement may be available, but in others a deed in lieu must be drawn in order to avoid foreclosure. Deed in Lieu Deeds in lieu of foreclosure transfer ownership of a property from the homeowners to the lender. This way, the lender can sell the home in an attempt...

Read More

How Long Does a Late Payment Stay on Your Credit Score?

A credit report contains information on your credit history. According to the Fair Credit Reporting Act, negative items, such as late payments, stay on your credit report for seven years. Effects According to the FICO scoring model, 35 percent of your FICO score reflects how you pay your debt. It is the largest factor in the calculation of your score. As such, late payments on your debt will cause your score to drop. The degree to which it...

Read More

The Meanings of Excellent Credit Ratings

An excellent credit rating gives consumers a significant boost when seeking loan financing. Creditors use scores from major reporting bureaus to evaluate your credit worthiness. The higher your credit score, the better your potential to get the best interest rate and most favorable terms possible on a loan request. FICO Score Developed by the Fair Isaac Corp., the FICO scoring system serves as the major model for the three major credit reporting...

Read More

About FICO

The FICO score has become a large part of our daily lives. FICO scores are checked when you apply for a mortgage, a car loan, a credit card, a rental apartment and in some cases even a prospective employer will check your credit score before deciding on hiring. What makes the FICO a challenging part of our lives is calculating how they are scored. An additional challenge is that all three of the major credit bureaus, Experian, Transunion, and Equifax each score their own FICO's, meaning everyone has three FICO scores. History While credit...

Read More

How to Teach Youth About Credit Scores

Credit scores serve as an instant measure for merchants of an individuals creditworthiness. Instant credit decisions based on the score number often determine not only if an individual receives credit but the expense of that credit as well. As a youth becomes old enough to use his own credit, its important to understand how that credit use affects him and his credit scores. Teaching them while young about the credit scoring system will save youths...

Read More

Jobs As a Registered Dietician

Registered Dietitians serve as experts on nutrition in a variety of settings. As of 2008, more than 60,000 Americans worked in the field of nutrition, according to the U.S. Bureau of Labor Statistics. The demand for professionals in the field should increase by 9 percent from 2008 through 2018, creating around 5,600 new jobs, the BLS predicts. Features Registered Dietitians, also known as RDs, develop meal plans and meal suggestions for patients. Often, dietitians provide services for patients with specific dietary needs, such as low-calorie...

Read More

Difference Between Short Sale or Foreclosure on Credit

Homeowners have the option of foreclosure or a short sale when they are unable to pay their mortgage. It is important to understand the financial pros and cons of each. In addition, knowing how an individual's credit score will be impacted is a significant aspect to investigate before making a decision. Short Sale A short sale occurs when a home is sold for an amount less than what is owed on the mortgage loan. Foreclosure Foreclosure occurs when a homeowner defaults on a mortgage loan. A lender can auction the home to recover the...

Read More

List of Providers of Independent Credit Ratings

Your credit rating is a score assigned to you by a series of independent companies based on data contained within your credit reports. Credit ratings help lenders make financially sound decisions based on consumers' past behavior managing debt. Although the federal government regulates credit reporting practices, all companies that provide credit ratings to consumers and lenders do so as independent businesses. The Fair Isaac Corporation The Fair Isaac Corporation's "FICO" credit score is perhaps the most well known credit score in the...

Read More