Your credit rating is an important part of your overall financial picture. And when you're in the market to buy or refinance a home? Simply put, good credit gets you a better interest rate because the lender know there's less risk that you will default on the loan. A bankruptcy, though, has the potential to [...]
From a young age, many of us are taught not to take on any debt — that it's best to pay in cash and only spend what you already have. A big issue with the cash-only mindset, though, is that it doesn't help you build your credit. When you reach the point in life where [...]
When shopping for a home, good credit is important to obtain the best interest rates and terms. Here are some tips on what not to do and what you should do. DO stay current on your existing accounts – Just one 30-day notice for a late payment could cost you. DO use your credit as [...]
The better your credit the lower interest rate you're likely to get. Why? In a word—risk. The higher your score the less risk you represent, the more willing a lender is to finance your mortgage. It is that simple. But getting and maintaining a good credit score isn't always so easy. If you're afraid your [...]
What is my FICO score and why is it important? For many people, the first time they will have to deal with their FICO score is when they are applying for a home loan. Most lenders who participate in the FNMA (Fannie Mae) loan program will require a FICO score of at least 620. While [...]
Your credit score is an important factor in securing a mortgage, but having a low credit score today doesn't mean you will never be able to buy a home. Many people who have recovered from financial setbacks or bankruptcy have gone on to become homeowners in good standing. You can't raise your credit score overnight, [...]
With the holiday season comes lots of spending. Gift giving, decorating, entertaining, vacationing and going out to eat – it can all rack up the big bucks, and pretty quickly, too. Sadly, overspending doesn’t just deplete your bank account or give you bigger credit card bills to pay. It can also hurt your credit and, [...]
The three largest credit rating agencies, Equifax, Transunion and Experian in cooperation with the state of New York have agreed to change the way they review and correct errors on consumer credit reports.
Credit scoring uses a formula to reduce a person’s complicated credit history into one simple number. Before trying to borrow money, it helps to understand how your credit score is calculated and what it says about your ability to get a loan.