Home» Credit ScoresLoren Mccray Explains Why Two Different Lenders Can Check Your Credit Scores on the Same Day and See Different Scores You can go to two...three...even four different lenders on the same day, only minutes apart, and each lender can see totally different scores for you.The most likely reason is that each lender may be using different versions of the FICO credit scoring software.From time to time Fair Isaac updates the software they use to determine credit scores at each of the three credit bureaus. However, when the three credit bureaus get updated software from Fair Isaac, they still make the old versions available. They don't automatically switch everyone to the new version. So new clients get the new software, but old clients remain on the old software (unless the client specifically asks for an update)....
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Importance of a Good Credit Score Type in the words "credit score" into any major search engine and you will quickly realize that knowing your credit score - and improving it - is big business. There are a number of companies out there that specialize in teaching individuals about the importance of their credit score.
In truth, your credit score holds a much larger influence on your life than you may realize. Credit scores are hard to escape and will be with you throughout your life. This will influence the interest rates you pay on purchases through to approval for major loans such as a home loan. Once you realize how important your credit score can be for your financial portfolio and lifestyle, it's integral ...
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Improve Your Bad Credit Score – Save Your Financial Future Now! Do you really know that businesses can ask for your credit report without your permission and doing so can create financial problems to you? If not, then you have to read on this article. You might learn for the first time some important facts related to your credit score and how businesses sometimes react.
You have to know a fact: Any business can call your credit report without your permission. That is a fact and is also an indisputable fact. You may be wondering how that can lower your credit score. BTW, do you know what your credit score is?
Although credit reports need not be mysterious and scary,unfortunately for many of us they are. Credit reports are records of our financial ...
Read moreHow to Improve Your Credit Score There are five factors that determine your credit score. Here they are listed with the approximate value they carry in the credit bureau scoring model.1. Payment History (45%)This is where the bureaus will weight negative credit items from your report. It will help to improve your score if you can clean your credit from negative items.However even if you have bad credit listed here, if the account is more than 4 years old it will not be weighted as heavily. In addition having positive payment history here will reduce the impact bad credit items have.2. Available Credit to Debt (30%)This is how much credit do you have that is available. ...
Read moreThe 5 Important Factors That Affect Your Credit Score The credit score is a simple three-digit number but it is probably one of the most important number in any American's financial life. It ranges from 300 to 850 and the higher the number, the better your credit score.
A good credit score can make your financial life a lot easier. It allows you to get approval for almost any type of loans easily. These include mortgage loan, college education loan, credit card, etc. In addition, the interest rate you receive will be one of the lowest available, which means a huge saving to you.
Thus it is important to understand what factors can affect your credit score and what you can do about it:
1. ...
Read moreMore Credit Score Myths Most of us don't understand or know what makes up our credit score. Your credit score is the most important piece of information in your financial life. Landlords, lenders, insurance companies, electric companies and potential employers all have your credit score under the microscope. With that being said, you should probably check your credit scores on a regular basis. Check it for errors, potential identity theft and improve your scores over time. The secret to a better credit score is to pay your bills on time and keep your available lines of credit as low as possible. Do not fall for any of these common credit score myths: Myth 1. Checking my own credit will lower my score. You can ...
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How Do I Know My Credit Score? There is an interesting fact about credit limit. If you have been paying your bills and loans consistently, don't be surprised if you failed to get a mortgage or car loan. Due to the credit limit score, you cannot get a loan. It is known as FICO that has a range of 300-850. Different lenders has different credit limit cutoff so if you are below the cutoff, say goodbye to your car or dream house. You should always make it a point that you do not go in for a loan, which is beyond your means. This will land you up in trouble.In US, the median of credit score is around 720. Credit score is very important in ...
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Why Your Credit Score Matters! Your FICO or credit score is an overall evaluation of your financial health that helps lenders determine your creditworthiness. Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other types of credit. Higher credit scores mean you are more likely to be approved for most kinds of credit and pay a lower interest rate for that credit. Your credit score can come between you and many things in life. Since a FICO score is the excepted standard for many companies, a low score will mean you have to pay higher interest rates, if you can get a loan at all. It can also mean that you will have to pay ...
Read moreYour Credit Score Many Americans who are trying to use credit often ask, how do they figure out my credit score? This question is frequently asked by anyone who is trying to figure out how to raise or fix their credit score or enhance credit repair efforts. MyFICO.com has a good basic chart to help you understand what makes up your credit score. Your credit score is basically made up of five parts. The first part is Payment History which makes up about 35% of your credit score. If you make all of your payments on time then you will be benefiting your credit score. The next largest part is Amounts Owed. This part makes up about 30% of your score. If you have a ...
Read moreDid You Know We All Have a New Secret Credit Score? Just when you think that you've seen it all on the greed and deception in the financial sector, something new pops up. Back on February 14th Experian (one of the top three national credit bureaus), decided that they no longer were going to provide Fico credit scores to consumers.There's different speculations on why, but regardless of their reasons, this is not good for the consumers. Credit bureaus have always had secrets, they measure almost every activity that they receive reports on from lenders and credit card companies. They use sophisticated algorithms that are based on historical information to categorize every possible aspect of consumer credit worthiness.Experian will still provide Fico credit scores to lenders, that's one ...
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Credit Report Basics FAQ Are you interested in knowing what information is included in a credit report and what's not? What should you do if you find an error on your Experian credit report? Find the answers to these and other common questions about credit reports.
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Credit Score Basics FAQ
Credit scores - What are they, and how are they calculated?
Get the answers to your credit score questions.
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