June 20, 2017

TransUnion recently surveyed baby boomers and discovered that nearly half thought their credit scores would become less important after they turned 70. A high credit score can help you buy and borrow long after your working days are done.

January 11, 2016

 

And just like that, suddenly, it's 2016.


The New Year is a great time for positive changes. So here's my monthly tip for you: Why not check your "grades" with the credit reporting agencies? You're entitled by Federal Law to a free copy of your credit report annually. Visit www.annualcreditreport.com to request yours.


Once you've received it, look for any errors and/or signs of potential fraud. If you see something that's incorrect, let the credit reporting agency know, in writing, that you're disputing the information. Tell them precisely which information you believe to be incorrect, state the facts, and be sure to include copies of any doc...

August 6, 2015

Some little things that may make a difference in the number. 

 

740 is the new 720. If you want to refinance or buy a home or pass muster with a lender, a landlord, an insurer or even a possible employer, it will help to have a credit score of 740 or better. While the median FICO score in America is still 720, many lenders have now set the bar 20 points higher.(1)

 

Fannie Mae has also raised its requirements: FNMA used to request that you had a credit score of at least 580, and now you need a 620 or higher.(1)

 

Fair Isaac, the credit rating agency behind the FICO score, says that 13% of Americans have credit scores of 800 or better. You may not,...

July 30, 2015

What it means, how it is calculated, and how to improve.

 

A good credit score can get you the best interest rates on all kinds of loans. A bad credit score can cost you thousands of dollars over the duration of a mortgage.

 

Do you need to improve yours? How can you? 

 

How your score is determined.

When lenders reference your credit score, they’re most likely talking about your FICO score. (FICO stands for Fair Isaac Corporation, a leading monitor of consumer credit.) Your FICO score can range from 350 to 850, 850 being best. FICO scores are calculated from five factors: your payment history (which counts for 35% of your score), the amounts you ow...

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