Credit scores are calculated using mathematical equations the average American cannot understand. Heck, the way these equations are formulated is designed to be hopelessly incomprehensible to normal folk like you and me. So you can see just how easy it is for people to come up with a lot of misconceptions about the whole thing. [...]
Do You Really Need a Credit Score of 800+?
You might be one of those folks gunning to boost your FICO score from 760 to a spotless credit rating of 800 or more. You might be doing so to get better interest rates on mortgages or better perks from the elite credit cards. Greg McBride, a senior analyst at Bankrate.com, says that this is [...]
Free Credit Score for Anyone Denied Credit Starting July 21
The Federal Trade Commission (FTC) and the Federal Reserve Board (FRB) have implemented new rules for consumer credit, wherein said consumers will receive a free credit score should the bank use it as a basis for various credit-related decisions. The FTC and RTC believe that consumers must have a fair explanation as to why their [...]
How to Improve Your Credit Score by 100+ Points?
Your credit score has a huge impact on your loan application. It is a very important number lenders use to determine whether or not you’ll qualify for new credit, and at what interest rates and terms of credit. Those with the highest scores get the lowest interest rates. Back in the good old days, 620 [...]
Can You Get a Mortgage with a 560 Credit Score?
Qualifying for a mortgage is getting more difficult in today’s recessionary economy. In many cases, a low credit score of 560 will prevent you from qualifying for the mortgage you want. Though the lowest credit score scale required for a mortgage is 620, it doesn’t mean owning your dream home is impossible. Sure you can [...]
What is a Good Credit Score?
Perhaps the question you’ve always been asking yourself is “What is considered a good credit score?” Well, there is no stipulated pass or fail mark in regard to credit report, but creditors have set 700 to be a good credit score. Thing is, 60% of Americans are capable of achieving this, hence shouldn’t be difficult [...]
Is 700 a Good Credit Score?
The question many people are asking is what is a good credit score and how easy is it to achieve such a score? Considering the fact that 60% of Americans have managed to achieve the score, it makes it very easy for everyone. For you to be eligible for a loan that you will pay [...]
Credit Score Scale Explained!
If you are thinking of applying for a loan, it will be a good idea to first check where you stand on the credit score scale. Why? Because knowing where you are on the scale can have a huge effect on the interest rates you’ll get. Generally speaking, the higher your score is, the lower [...]