Archive for the ‘Credit Score’ Category
Credit Score Basics
August 2nd, 2011
Question: My Credit Score is in the late 500s. I need it to be 620 or better. What should I pay off first? TYIA?
The basics of my Credit Report are as follows. I cant afford to pay them all so which would make my score go HIGHER?
1 school loan (past due)
1 school loan (current)
2 Medical Bills
1 charged off credit card (sears)
a few small electric/cable bills that we are paying off already so.
And I believe that is it. We only have 4000 in payments or whatever they call it on your report...
So anyways what is priority any idea?
tyia!
I am not sure what my one student loan is (the good one)... The other one is more of a bill from University of Phoenix (biggest JOKE in the world) I either had to pay 1500 to STAY in the class or 800 to leave.. I left. So that is the bad one.. The other is threw Citibank....
TY for the replies so far!!
Answer: Obviously, keep your student loan that is current, current. Without knowing if your student loans are federal backed or private, if they are federal student loans, you need to pay that back before anything. If that goes unpaid, that could impact you getting a mortgage if you had to finance through FHA to get financing. As far as affecting your Credit Score, any collection accounts or charge-offs are really bringing your score down. Start with the smallest accounts first, thus the ones you can pay off the quickest. Hope this helps, Good luck
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Credit Score Simulator
July 31st, 2011
Question: About a home loan with a Credit Score of 560-630?
So I have a Credit Score of 554 right now. I have recently paid of a collector,(the only one I owe) and it should post to the credit bur. by the 15th. I used a credit simulator and based on it, my Credit Score should raise to above 600. Does anyone know a place that will give you a home loan with a Credit Score Of 600 or even 554 in butler county ohio? i have 4500 down payment. and am looking for a home in the 80000 to 110000 dollor range.
Answer: How old was this debt? If it was pretty old, paying it off won't really impact your score much at all. It certainly will not impact it by 50 points. You have to re establish credit and pay on time for a good year to 18 months to get your score to rebound.
You need at least a score of 620 to go FHA. Now, there are some people who have been financed with 580, and you might find someone to do that, but, don't count on it. Maybe go see a mortgage broker. They have access to many types of loan products and one may just fit you.
Credit Score Simulator
Credit Score Without Membership
July 25th, 2011
Question: where can i get Credit Score, without membership; just one time deal?
Answer: www.annualcreditreport.com
Is the site to get a free copy of your Credit Report. You are entitled to 1 free Credit Report from each of the credit bureaus each year. You will have to pay extra ($5.00-$6.00) to get your Credit Score.
You can also order a copy of your Credit Score/ report directly from the credit bureau. Those sites are:
www.experian.com
www.equifax.com
www.transunion.com
You can also get your FICO Score at www.myfico.com
Freecreditreport.com is a pay sight that tries to get business by hoping you confuse it with the government free sight.
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