rysmlz asked:


There’s a credit score commercial and they said that bad credit scores keeps you from getting a job. What in the world? That’s like discrimination of some sort. How do you improve your credit score if you don’t have the mean to improve your credit score?

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lela1026 asked:


I work with many residents and doctors who all have never worked a day in their lives. When they graduated and start working i am sure they have a ton of debt and bad credit scores but how are they able to buy homes in the 500,000 to million dollar range where i live. Do banks accomdate them becasue of potential income, as a professional curtousey (SP), because I am sure they have tons of debt, and live off of meager incomes and credit cards. How does this work?

Kansieo.com

Tisha Kulak asked:


If you would have asked a financial expert that question about your credit score a year ago, you would likely have received a different answer than the one that is true today. What used to be considered a good credit score previous to our current economic conditions was 680 or above, but these days, if you want to get the best rates and have the best options when it comes to getting a loan or mortgage, you will likely need to have a FICO score of 720 or more.

Credit scores are compiled by Fair Issac, who are the creators of the FICO credit scoring system. Credit scores are based on 5 determining factors of your credit report.

* Your payment history

* The type of credit you have

* Your credit used to credit available amount

* The length of time you have established credit

* How much new credit you have acquired

Credit scores range from 350 - 850. Credit score categories are broken down in the following manner:

700 + - This will put you in the “very good” to “excellent” credit range. Those with these scores are likely to have no problems getting approved for loans and getting the best interest rates.

680 - 699 - With a score in this range will warrant your credit score in the “good” category. You will still get good rates with this type of score for mortgages or other loans.

620 - 679 - A score in this range means you have “fair” credit. When applying for loans with a score in this range, you may not get the pick of the litter and will likely have to provide a lot more documentation to prove your credit credibility.

580-619 - A score in this range is considered “not good”. While you may still qualify for loans, you will be paying higher interest rates if you apply for anything before working to improve your credit.

500-580 - If you have a score in this range, you will likely have difficulty being approved due to your “bad” credit score. Any loans you will get will come with very high interest rates. This category is also famous for attracting predatory lenders, who will be glad to give you credit but will also charge excessive fees and interest.

499 and lower - If you are in this category, your credit is considered “very bad”. While you still may find high interest loans, it will definitely be in your best interest to work on bettering your credit score before even applying for new lines of credit.

Improving your credit score is certainly something you can do on your own. It will take some patience and follow up. Request a copy of your free annual credit report and go over every entry with a fine-toothed comb. Report any inconsistencies to the credit bureaus and keep following up to see the improvements over time. Pay your bills on time and don’t max out your credit cards. Instead, start using cash and pay down your debts as fast as possible. All of these can help turn so-so credit ratings into excellent ratings.



Ruth

Waylon C asked:


I have checked my credit report and it has no record of any aplications for credit and ony one item of bad credit…unpaid phone bill wich is now paid off.

Aparantly this is because I dont reach the cut off point on credit scoring.

Any idea’s on what i can do to fix this?

Roberta

Floyd Dorrance asked:


There’s a lot more to “credit score” than just the basics.

Having a good credit score rating means. It is something that you should have in order to live life comfortably. This is why many people work hard in order to have good credit rating score.

You now ask what things you can benefit from by having a good credit score.

First of all, a good credit score can increase your chances of getting the loan you apply for and secondly, it will help you get certain jobs and programs that will require good credit score. These are the two main reasons why you need good credit score.

If you are plagued with bad credit score in the past, you now ask how you can get good credit score again or how you can repair your credit score. It is important to realize the fact that if you have a bad credit score, you will need to repair it as soon as possible before your credit score becomes much worse.

Repairing a bad credit score will require you to have patience and also a little luck. By repairing your bad credit score as soon as possible, you will never miss out on any more great opportunities that will cross your path in the future.

Before you start repairing your bad credit score, you first need to understand what credit is all about. You have to know how it can affect you life. For example, if you are in need of a loan, lenders will take a look at your credit rating to determine if you can be approved for the loan. A good credit rating will ensure the lenders that you pay your loans on or before the deadline, This will ensure them that you will be able to pay the loan you apply for. The same applies when you are applying for a credit card.

Now that you know what it means to have a good credit rating, the next thing you need to do is to determine if you have a good credit rating or not.

If you find yourself confused by what you’ve read to this point, don’t despair. Everything should be crystal clear by the time you finish.

Not many people know if they have a good credit rating or if they have a bad credit rating. To know about your credit score, you can simply ask for it in several credit reporting agencies. They will be able to provide you with a numerical indicator of how much your credit rating rates and how much credit risk you are.

If the indicator says that you have a high score, this means that you have a good credit score, if you have a lower score, then it will indicate that you have a bad credit score and will be far more risky to get approved for loans.

So, if you have a bad credit rating, the first thing you need to do to improve your credit rating by takeing care of old debts. By paying all your old debts, this will stop the creditors from making negative reports to credit reporting agencies.

This is the first thing you have to do in. By cutting the source of negative credit reports, you will be well on your way to getting a good credit score.

However, paying all your debts doesn’t necessarily mean that you will instantly get good credit rating. You have to remember that this will just stop it from getting any worse. Your old bad credit score will still be there. So, obviously the next step would be to start looking for ways to make some positive reports on your credit rating.

You can do this by applying for a credit card that is designed for people who have bad credit rating, such as a secured credit card. You should also start opening a new savings account or checking account. Always remember that you should pay your balance on time in order for you to establish a positive credit report.

Eventually, your old bad credit score will expire in time. Always keep paying your debts on time and your credit history will look better than in the past. However, it will usually take around 5 to 7 years for your old credit report with negative reports to expire. This is why patience is very important.

With patience, you will see that in time, your credit score will rise and get rid of those negative reports that you had in the past. Always remember to keep paying your debts on time in order to continue to have a good credit score.

Of course, it’s impossible to put everything about “credit score” into just one article. But you can’t deny that you’ve just added to your understanding about “credit score”, and that’s time well spent.



Carl

eHow asked:

Repair a bad credit reporting rate by negotiating payment plans with collectors and challenging inaccuracies on the credit report. In addition, consider a credit repair company when fixing a bad credit report rating with tips from the vice president of a bank in this free video on credit counseling.

Juan