1/14/10

Credit report agencies carry big stick when it comes to getting credit

Check out HowStuffWorks.com to learn how credit report agencies influence who gets and doesn't get credit in this credit-based society:

If you've ever owned a credit card or applied for a loan, then you have a credit history. Your credit history is compiled and maintained by companies called credit reporting agencies or credit bureaus. Credit reporting agencies collect your credit history from credit card companies, banks, mortgage companies and other creditors to create an in-depth credit report. The information in that report is also used to calculate a three-digit credit score.

Read the rest at: www.HowStuffWorks.com

Great book to read, available at Amazon.com:

Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition
Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition

1/13/10

Clearn credit card strategy helping consumers deal with high interest charges

This article will help illustrate a novel way to use credit cards and not get burned by huge credit card balances. Offers a great way to use strategy in your credit spending habits.

Check it out at:http://consumerist.com

For more credit card reduction strategies, check out:

Talk Your Way Out of Credit Card Debt!: Phone Calls to Banks That Saved More Than $43,000 in Interest Charges and Fees
Talk Your Way Out of Credit Card Debt!: Phone Calls to Banks That Saved More Than $43,000 in Interest Charges and Fees

1/12/10

FICO reveals how credit scores are calculated


When myFICO.com details what goes into a "credit score," they admit that it's not a simple numerical score used by all lenders:

They claim:

"In general, when people talk about "your score", they're talking about your current FICO score. However, there is no one credit score used to make decisions about you. This is true because:


Credit bureau scores are not the only scores used.

Many lenders use their own credit scores, which often will include the FICO score as well as other information about you.

FICO scores are not the only credit bureau scores. There are other credit bureau scores, although FICO scores are by far the most commonly used.

Other credit bureau scores may evaluate your credit report differently than FICO scores, and in some cases a higher score may mean more risk, not less risk as with FICO scores.

Your credit score may be different at each of the main credit reporting agencies."

Each credit reporting agency will wind up considering what that agency deems relevant to determine your "creditworthiness." This differs from Equifax, Experian and TransUnion, the Big 3 credit reporting agencies.

Most importantly -- your credit score changes all the time.

The reason for this goes as follows:
"As your data changes at the credit reporting agency, so will any new credit score based on your credit report. So your FICO score from a month ago is probably not the same score a lender would get from the credit reporting agency today."

Check out www.myFICO.com today and learn more about the ins-and-outs of credit scores, before you need to apply for a new home loan or new car.

More information is available in these books at Amazon.com:

Your Credit Score, Your Money & What's at Stake (Updated Edition): How to Improve the 3-Digit Number that Shapes Your Financial Future
Your Credit Score, Your Money & What's at Stake (Updated Edition): How to Improve the 3-Digit Number that Shapes Your Financial Future
The Road to 850: Proven Strategies for Increasing Your Credit Score
The Road to 850: Proven Strategies for Increasing Your Credit Score
Fix My Credit Software 2009
Fix My Credit Software 2009
The Credit Secrets Bible
The Credit Secrets Bible

1/11/10

Credit score estimator gives clues how bankers determine your creditworthiness

Checking your FICO scores and finding out what is in your credit report will help you look behind the scenes to see the way lenders view your creditworthiness. Check out the credit score estimator at myFICO.com to estimate your own credit score. It's free at: www.myfico.com

P.S. -- Cleaning up your credit report is easy when you follow these free credit repair tips at FindHow.com.

Amazon.com also has this DVD available to help you on your quest to restore good credit:

The Secrets Credit Professionals Dont Want You To Know!
The Secrets Credit Professionals Dont Want You To Know!

1/10/10

Govenment help to stop foreclosures comes with cost, as credit scores get hammered

CNNMoney has been inundated with emails from its readers. They complain about how trial loan modifications are causing their credit reports to take an unexpected hit. Most of these homeowners who are facing bleak economic prospects, view federal government's pledge of foreclosure rescue their best way back to solvency. Yet many are seeing their credit score take a whack as they wait for their lender to modify their home mortgage.

The whole story is at: http://money.cnn.com/

To read more on loan modifications check these books:

Loan Modification For Dummies (For Dummies (Business & Personal Finance))
Loan Modification For Dummies (For Dummies (Business & Personal Finance))
The Loan Modification Handbook
The Loan Modification Handbook
The Complete Loan Modification Guide (Home Edition Kit-Handbook, DVD, CD & Bonus Materials)
The Complete Loan Modification Guide (Home Edition Kit-Handbook, DVD, CD & Bonus Materials)
Saving Your Home through Loan Modification!
Saving Your Home through Loan Modification!