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The Complete Guide To Understand Credit Score

January 18, 2019 10 Comments

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This weekend I was doing some de-cluttering exercise at home. Many unwanted papers I got rid of. While doing so, I came across a handwritten note at the back of my old bank statement, probably it was the first bank statement I received after opening an account with Bank Of America. The title said “A Complete Guide to credit score”.

I came to America in August 2005, I belonged to a country where there is no system for maintaining credit scores. There, Lenders, and probably government too, believe in the fact that money can be reclaimed by force.

Anyways, that’s another story, which I will touch upon a bit in various upcoming blog posts. Today’s topic is about that handwritten note.

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How To Get 800+ Credit Score

October 13, 2018 7 Comments

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Surprise surprise! my FICO score reached an all-time high this month. I am now at 813. It’s so satisfying that our personal finance habits, the habit of handling credit responsibly has paid off. I have posted several articles on improving credit score. Today I’ll write about my credit score, how it reached 813, the factors that went in my favor, also the ones that’ll have to be improved further. Let’s first start with what’s on FICO.

My FICO Credit Score report

 How My Credit score reached 813

Congratulations – You have an exceptional FICO® Score. The below factor(s) are informative but not significant as they represent very marginal areas where your score was adversely affected. Keep up your good financial habits! Key Factor(s) affecting your FICO® Score:

  • Too many inquiries last 12 months – Each time you apply for credit a credit inquiry is added to your credit report. People who are actively seeking credit pose more of a risk to lenders than those who are not. Your FICO® Score was lowered due to the number of credit inquiries within the last 12 months.
  • Length of time accounts has been established – People who do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. In your case, the age of your oldest revolving account and/or the average age of your accounts is relatively low.

what Credit score 813 means

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Learning To Live With Bad Credit And How To Repair It

January 1, 2017 Leave a Comment

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The thing about life is that it can be unpredictable. With the drop of a hat your car or house could need a major repair and at the time you might just not have the money for the repair costs. Of course, you always have the option of getting a loan, but what if you have bad credit?

Learning To Live With Bad Credit And How To Repair It

Bad credit follows you around like a bad smell and you know all too well that it makes getting a loan extremely tough. Every lender considers you a high risk, just because you made a few mistakes in the past. Even, if you are able to get a loan you will end up digging yourself deeper in debt, trying to pay it back due to the high-interest rates.

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It’s Important to Have a Good Credit Score

October 31, 2016 1 Comment

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This is a guest post from one of the readers, who wants to be anonymous.

Having a good credit score wasn’t always on the top of my priority list when I was in my early 20s. I never had an immaculate score, but it also wasn’t too shabby. I could have access to almost any type of financing: credit cards, car loans, and even a mortgage. I always paid my bills on time but I typically carried over some of the balance to the next month.

It’s Important to Have a Good Credit Score

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Plan on Saving Thousands on Mortgage Loan by Repairing Credit First

October 22, 2016 Leave a Comment

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When you first anticipate the reality of wanting to become a homeowner, it will also be the time when you get serious about where your credit card stands.

Consumers that tend to pre-plan for all things financial should recognize the importance of getting the financial house in order, including attention to their credit scores. However, that is not always the case with perspective homeowners and as a result they end up losing thousands or hundreds of thousands of dollars over the lifetime of a loan.

Importance of Advanced Planning For those who are not advanced planners, getting approved for a mortgage may prove more difficult than initially thought. Mortgage lenders in today’s economy expect a lot more from borrowers than they have in the past decade. Lending requirements are much stricter and borrowers will need to be prepared to meet these expectations.

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How to Improve Your Business Credit Score

September 14, 2016 1 Comment

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Your credit score is of utmost importance when you plan to apply for a business loan. Knowing how to improve will help you succeed in your application.

In the business world, the term credit score is just a common word to hear. What is a credit score then?

This is actually an expression, a numeric expression to be particular that evaluates the credit history and performance of a particular person or business. It is typically found and accessed in different credit bureau. It is in fact considered as a confidential file.

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Top 5 Credit Repair Agencies

April 26, 2016 1 Comment

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My view has always been to avoid credit repair agencies and start on your own. It is just the last option for you, to me. You can consolidate your debt and arrange for payoff assistance from your lender. you don’t really need help of experts. you just need to learn some tricks and you must be aware of some law. All information is available over the internet.

Top Credit repair Agencies

I am going to list the top 5 credit repair agencies you can reach out to when you think you do need experts’ help. Be careful and read the reviews about the company you elect to go with. be sure to ask all relevant questions and instruct them to keep you informed on every steps that they’ll take on your behalf with your creditors.

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How to Get Your Credit Score for Free

October 27, 2014 10 Comments

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Knowing your credit score is very important as it greatly affects your financial ability, but for some reason no regulation exists that gives you the right to know it for free. Your credit score affects the interest rate you get when applying for a loan or even affect your eligibility for one. It also affects your fees why applying for financial services such as credit cards. Even your housing association, where you rent or your employer might want to verify your credit report and credit score. For Americans, having a good credit score makes things less costlier and more attainable.

Resources for Free Credit Score

Your credit report, which contains a lot of information about you and your financial whereabouts and it even required to calculate your credit score, is available for free according to the Fair Credit Reporting Act which allows you to order a credit report once per year from all 3 of the nation’s credit reporting companies (TransUnion Experian and Equifax). Each company uses a different method of calculating your credit score and each compiles its own credit report.

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Secure Financial Future After Graduation

August 12, 2014 16 Comments

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Welcome to the world of young adult finances, readers! After yesterday’s post on the need of retirement planning in early 20’s , this is an excellent followup post. Here I’ll do less talking and let the infographic speak about what I wanted to say.

Early 20’s or late 20’s whenever you join in to work force is the best time to start financial planning. The other day I was talking to an intern in our office. He’s just out of college. To him the life’s all about spending money, partying, seeing places. I tried convincing him and he seemed interested to know more. I didn’t tell him about my blog but we planed to meet again for next round of talk.

Perhaps I got my first mentee whom I can teach about best practices of personal finance. He’s one of the typical generation X population. Years ahead of them before retirement, they don’t care. perhaps we were like the same when we were in our 20’s.

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Why Are You Still Concerned About Your Credit Score

July 19, 2013 12 Comments

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Previously I wrote multiple articles on credit score, including How to improve credit score. This guest post from Joshua may force you to think about credit scores from a different perspective. Enjoy the post!

Credit Score

Hey everyone, I’m Joshua Rodriguez…you may remember me from my debut post a month or so ago. Today, is my 3rd post here and going strong!!! I love the comments you all leave so, please keep them up.

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