emilee asked:


How can I easilly order a credit report with all 3 credit scores from the 3 major credit companies?

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T.J asked:


I am currently monitoring my credit report from the 3 credit bureaus. I filed bankruptcy almost 2 years ago and I currently have no balances on any of the 4 credit cards I have and have never been late on a payment to them. I monitor my credit report with Experian and I now have a 620 credit score. With experian I have seen a steady increase in my credit score since I filed my bankruptcy. With the other two agencies, I haven’t seen much of a change. Experian is at 550 and Transunion is at 505. I have checked my report with all 3 bureaus and they all have the same information. Can anyone tell me why there is such a difference in the three credit scores? As of right now, I have $100 balances. I pay all my bills on time and from everything I’ve read, a discharged bankruptcy from 2 years ago should have my credit back to about the 650 -670 range. Am I missing something?

credit scores

kanisha asked:


How can I safely order a credit report with all 3 credit scores from the 3 major credit companies?

Thanks!

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Mike Clover asked:


Annualcreditreport gives you a credit report free once a year, but they don’t give your credit score. I have been a lender for 7 years, and believe me when it comes to getting your loan done everyone looks at credit scores. Your credit score is a bench mark for banks to sell your loan on the secondary market. Typically investors use your middle credit score to determine your creditworthiness. Here is what myFICO® says in regards to how important it is to know your credit score.

How credit scoring helps you

Credit Score gives lenders a faster snapshot of your credit risk. Most lenders are now using FICO® to determine your score. Before the scoring process was implemented there was a biased opinion of your credit. Now there is less none bias opinion of your creditworthiness with credit score automation process with all 3 credit bureaus. When pulling your credit report with all 3 Credit Bureaus you typically get a score. Since annual does not provide this, you have to get your report through other service providers.

Here are some advantages of credit scores.

* You get loans faster Your credit scores can be delivered with a few key strokes with today’s technology. With the speedy process this helps lenders speed up the decisions making process. Even mortgage applications can be made within ours, instead of weeks.

* Credit Decisions are fairer Credit decisions can be made of facts instead of emotions. Factors like your gender, religion, race, marital status and nationality are not considered by credit scoring.

* More Credit is Available

Lenders can approve more loans because the credit scoring process gives them the information on which to base there decision on. It allows lenders to identity individuals that are likely to perform well in the future even though they have had issues in the past. Each lender has its own credit score guidelines, so if one denies you, you may get approved elsewhere. The use of credit scores gives lender the confidence to offer more credit to people since they better understand the risk they are taking.

* Credit mistakes count for less

If you have credit problems in the past, credit scoring does not let that haunt you forever. Past credit problems fad as time passes as long as new good credit patterns show up. Credit scoring weighs all credit in a file, as opposed to focusing primarily on past issues.

* Credit Rates are lower

The cost of loans decreases when more credit is available. The process of automation in the credit process is less because of the efficiency of the process, which is passed on to the consumer. Buy using the scoring process there are less defaults, and in returns saves the consumer in the long run. Credit Scores have revolutionized the lending arena, and has driven down cost for everyone.

Conclusion:

Now you know why you need to know your scores and how important it is. Recent studies show that 1 out of 4 credit reports have incorrect information on them. Plus identity theft is the fastest growing crime in America. You need to check your free credit report with scores every 90 days just to be safe in today’s times. Since your scores are the core in determining whether they will lend you money, shouldn’t you know what they are ? The answer to that is yes.



Donald

S. Michael Windsor asked:


What Exactly Is a FICO Credit Score Composed of?

Your FICO score is a very important item to keep monitored on a regular basis due to the fact that it, in a large part, has a lot to do with getting loans, insurance, even a job and more. As we all know, FICO scores cover a lot of our financial background, but what areas are these? There are five main areas and the percentages may differ slightly between reporting companies. Payment history, amounts owed, length of credit history, new credit, and types of credit are all considered in your credit score.

Payment history holds the most water in terms of FICO scores as the area usually consists of around 35% of a credit score. This factor shows how well an individual has made payments in the past and if there have been any delinquencies along the way. Other items such as bankruptcies will show up under this section. Remember that if any delinquent payments appear on a credit report, time has an affect on the weight of that issue.

The next category is amounts owed. Amounts owed consists of around 30% of the credit score and this category basically consists of what your outstanding balances are and how much credit you have left in your revolving debt accounts. This is looked at in the form of a ratio where it compares balances against the actual amount of money available to you. Remember that opening more accounts will not exactly help you in the long run if you find yourself in this situation as it will affect another category which is the new credit area.

Next, the area involving the length of your credit history takes its position at around 15% of your FICO credit score. This area simply measures all the data referring to how long you have actually been making payments on different types of loans or revolving debts. This has a lot to do with your credit score as it shows the potential lender how much evidence of experience with making payments you can provide them with so that they can, as always, minimize their risk that the borrower may potentially default or not make payments on time.

Now, back to the item regarding opening new accounts to add more credit to your balance and available credit ratio, when a person opens new accounts or even makes new account inquiries, this all goes onto that person’s credit report therefore affecting their score. New credit inquiries consist of about 10% of your credit score. Now some individuals may have applied and obtained new accounts as they improve their credit after a bankruptcy of history of delinquent payments. This situation, if positive, will really help a person’s credit score after the fact. But in most cases it’s best to have the same accounts for longer periods of time.

Last, the types of credit accounts that you are currently making payments on affect your credit report as it consists of around 10% of your credit score overall. The main issue here is that the lenders want to know, first, that you are paying loans off on time, but also, what types of accounts these actually are. An account from a popular electronics store where a person makes payments on a new microwave oven is not the same as a mortgage. FICO scores are adjusted in order to show this difference in your credit report.

If there is one thing to remember, it is that your credit score is one of the most valuable things you can have when applying for a loan and more. Your credit score, however, has much more relevance to your actually getting the job you want or even being able to receive medical insurance in many cases as well. Everyone wants clients, employees and customers who are responsible and who get the job done be it making payments or completing tasks for an employer. If the credit score is not monitored regularly, the negative issues, whether or not they are your fault (i.e. identity theft) that commonly affect individuals’ credit scores may very well take affect. So watch that credit closely and make sure that you are being represented in the fairest of ways overall.



Jorge

Floyd Dorrance asked:


Have you ever wondered what exactly is up with”credit score”? This informative report can give you an insight into everything you’ve ever wanteto know about “credit score”.

Having a good credit score is very important in today’s society. It is something that many people should have. By having a good credit score,

applying for loans and unsecured credit cards is much easier.

If you already have a good credit score, you will want to raise it in order to obtain the best loan and credit card deals possible. If you have a credit score of 688 and the loan company will reduce interest rates if you get a credit score of 690. The two points can mean thousands of dollars in savings.

This is why it is very important for you toimprove your credit score even if you already have a good credit score. It will mean lower interest rates and also more chances of getting the loans you need.

There are several ways you can improve your credit score. Some ways take time to achieve and some take only a few weeks or even a few days to do. If you start working on it as soon as possible, you will see that it will be worth all the effort.

So, here are some of the ways you can raise your credit score.

The first method for raising your credit score is to check credit reports for errors. Even minor errors can hurt your credit rating.

Now that we’ve covered those aspects of “credit score”, let’s turn to some of the other factors that need to be considered.

If you ever suspect that your low credit score is caused by an error, you should contact the credit reporting agencies and challenge them about the report. It is part of the law that the reporting agency should investigate and correct the errors within thirty days if there is any.

The next step on how you can raise your credit score is to pay off your balances every month. This can keep you out of debt and save a lot of

money on interest rate. Also, this will demonstrate that you can manage your debt effectively and increase your credit score.

By having only a few credit cards, two at most, will boost your credit score. Having five or more credit cards will in fact, lower your credit score. This is why it is important for you to have only two credit cards.

If you borrowed money before, it is important for you to pay it on time. This will have a positive impact on your credit score because it will show credit reporting agencies and also creditors that you can manage your debt effectively. However, if you have borrowed money before and is long overdue, you should pay it immediately. In time,

these old late payments will be deemed unimportant and it will expire.

Another way to raise your credit score is by managing your credit cards effectively. Don’t use your entire credit limit on each of the credit

cards you own. For example, if you have credit cards with a credit limit of 2000, 2500 and 3000 dollars, it is better to use 600 dollars on each card rather than 1800 dollars in one card. Always keep one thing in mind; it is best for your credit score if you only use less than 50% of your credit card limit.

These are some of the methods you can use to raise your credit score.

Following all these will ensure you that your credit score will increase and will result in better opportunities in the future.

Now might be a good time to write down the main points covered above.

The act of putting it down on paper will help you remember what’s important about “credit score”.



Stacy

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

Borat asked:


If so, doesn’t all those credit inquiries hurt your credit? Or, can you provide your credit report to prevent them from pulling it?

I’m trying to learn how to shop for mortgage loan rates….

Jessie

tzarinasdance asked:


I have heard that a collection on your credit report can drop your score as much as 80pts… Is this true? I am looking for a website with a breakdown of how much say a late payment on a credit card will drop your score

Katherine

Kayla is fine now =) asked:


Hey everyone- I have another question about credit. I’ve just paid off 2 major things on my credit report and mailed them to all three credit companies. My question is, does anyone know if this makes your score go up? And when you pay your car on time, does it automatically go up? If so how much?. Any answers will help I’m trying to improve my credit..

Stanley