Time and Credit
November 7, 2008 by Eleanor
Filed under About Scores and Credit, Score Strategies
When you are trying to increase your credit score – TIME is a big factor. How long has it been since you missed a payment. For Car Loans and Mortgage Loans – that number MUST be 12. Meaning you have NO LATE PAYMENTS in the last 12 months. Right now this is the most important [...]
Does The Balance On Your Account Matter?
November 7, 2008 by Eleanor
Filed under About Scores and Credit, Score Strategies
I recently read a report that said: “Several of my clients are in the credit restoration business and a recent conference call with some of the heavy hitters in the business revealed an astonishing new update to how the FICO score is computed. Balance management – that is the practice of getting the “balance to [...]
How Much Does Bad Credit Cost You?
October 20, 2008 by Eleanor
Filed under About Scores and Credit, Score Strategies
We saw this recently and thought it was an accurate dipiction of the fact that scores under 720 hurt you in the pocketbook these days! When arriving at your score, the credit scoring system analyzes various elements of your current credit situation, including your debts, payment history, and credit types. It’s important to note that [...]
FICO and Bankruptcy Help
October 20, 2008 by Eleanor
Filed under About Scores and Credit, Disputes
This is good news! The following news story was released by Realtor.com and the Wall Street Journal: Court Mandates Credit File Cleanup A recent court decision requires the three major credit-reporting bureaus – Experian Group Ltd., Equifax Inc., and TransUnion LLC – to clean up the credit files of consumers who have filed for Chapter 7 [...]
What Does “Clean Credit” Mean??
October 14, 2008 by Eleanor
Filed under About Scores and Credit, Loan Programs
“Clean Credit” is a slang term used OFTEN in mortgage lending. It refers most often to someone who has 12 months with no lates. But it’s not just late payments, it also refers to 12 months with no collections filed. 12 months with no judgements of liens. 12 months with no one writing anything to [...]
What Credit Score is needed for a VA Home Loan?
October 13, 2008 by Eleanor
Filed under Loan Programs
If you are applying for a VA mortgage loan – you need to know that there’s not a PUBLISHED minimum score… but that’s not to say that you will be approved just because you’re a veteran if you have “skanky” credit! The VA Handbook says: “In circumstances not involving bankruptcy, satisfactory credit is generally considered [...]