Repair Credit Score

Posts Tagged ‘score’

Question: If i paid off all my dept how much will my Credit Score improve?

It was 726 a few months ago. Since then i was late on 4 car payments, maxed out credit cards (and late on payments), paid my phone bills late and basically screwed up my score. I owe $1500 on my car payments and i was wondering if i were to pay what i owe on my car, pay half of what i owe on my credit cards and pay every bill on my name how much will it improve my score? Right now the score is 499

Answer: Don't pay off the car completely. Each month just pay a little more then the minimum (on time). What you should pay off completely are the credit cards.

As the months pass, the score gradually increases.

I have monitered my score for the past 2 years and have noticed how the score has changed in comparision to my activity.

The average change in the sore has been 40-50 points each month.

So I believe if you are never late on a payment again, and you don't put more then $1000 on a credit card from now til then, your score will be back in the high 700s (if not low 800s) by the end of 2009.

Improve your Credit Score

Question: Calculating my mortgage rate by Credit Score?

What are the average mortgage rates right now for a 30-year? I have a Credit Score of 746...will that help to get a lower rate?

Answer: Your Credit Score is only one factor in determining what rate you can expect to receive.

Mortgage lenders have their own way of rating you, which takes into account your Credit Score among other things. The ratings lenders use are A+, A, A-, B+, B, B- and so on all the way down to E.

Below is a site that give a brief explanation of how mortgage lenders actually rate you.

Good luck!

How to get a better mortgage by increasing your Credit Score!

Question: What is the average Credit Score for most credit cards to be approved?

Answer: it depends on the lenders criteria. go to www.whogavemecredit.com you can search the credit scores and the cards that the score was approved for.

Average Good Credit Score