December 15th 2011
In what could be a major game-changer for both lenders and consumers, CoreLogic Credco, a major financial data aggregator, has just introduced its new CoreScore into the credit score mix.
November 14th 2011
Are you tired of being denied loans because of your credit rating? Maybe you can get loans, but you’re having to pay a higher interest rate because of a mediocre credit rating. What causes that, anyway, and can a credit repair service actually fix it?
Causes of Poor Credit Ratings
You may think that a poor credit rating is caused by failure to pay your bills. Unfortunately, it’s not that simple. If you are late paying your bills, it can go on your credit rating. If a company turned you in to a collection agency, it show up on your credit rating – even if you paid the bill in full. Other things that show up are judgments and inaccurate information. In so
November 9th 2011
So, you have finally decided to get serious about credit repair. You work hard to pay down debt, get your credit utilization ratio in order, and review a copy of your credit report. All is well, right? Perhaps not. Unless you are reviewing reports from each credit bureau—TransUnion, Experian, and Equifax—you may not be getting the whole story. Each company has their own methods of scoring—a fact that could help or hurt you. Why might your credit scores be different? Read on to learn more.
Reason #1: Different credit scoring models. On the path to credit repair, there are a few basic rules for a healthier score:
- Lower debt
- A long (and steady) credit history
- Timely bill payments
- Experience with new credit
- Credit diversity
Outside of these rules lies the push and pull of scoring models. Each
May 18th 2011
So, how much is it gonna cost you?
Going over your credit card limit will get you some grief, but it’s less painful than it was before passage of the CARD Act. Thanks to added regulation, over-limit fees have been almost eliminated. Credit card companies are less likely to hit you with a fee (a new Pew Research study reports that only 11 percent of cards charge fees for going over your limits).
However, they are more likely to deny the transaction that would put you over the limit. Thanks to the CARD Act, transactions that put you over the limit won’t go through unless you have “opted in” to allow those transaction to go through.
April 22nd 2011
*Welcome to our weekly credit lessons to brush up on your credit know-how!*
In last week’s post, we brushed up on the basics about credit score differences between credit bureaus and even within the same credit bureau. Now, let’s discuss the significance that three digit number might have to lenders looking at your credit.
Let’s take a look at your credit range, here based on TransUnion’s range used by Credit Karma, and how it influences your chance to access credit.
Poor Credit Score: 300 to low 500s
Your credit is in bad shape due to a derogatory remark on your credit, like a bankruptcy or foreclosure, or some poor credit choices in the past. Typical
April 20th 2011
When speaking of bad credit, many people instantly think about secured credit cards as the perfect tools for repairing damaged credit. But did you know that there are credit card issuers today that offer unsecured accounts for people with bad credit? Yes! This special type of bad credit credit card is called unsecured credit card for bad credit.
As the name suggests, this type of credit card is offered for people who have a poor credit score, bad credit history, or no credit history. Nevertheless, unlike a secured credit card, an unsecured card does not require a cash security deposit. There is no need to submit a down payment in order to open an unsecured bad credit credit card account.
Is there a catch?