Results tagged “credit” from Payday Loan Quotes Blog

Four factors help a lender determine if it will lend you money and under what terms:

1. Your credit score
2. Your employment history
3. How much debt you have compared with how much income you have
4. Your credit history

You can order a free credit report from all three bureaus every 12 months at www.annualcreditreport.com or toll-free at 877-322-8228.

If you go online to view them, you'll have to know certain information contained in them - each credit bureau asks for different information to ensure your identity. Information includes things like the name of your mortgage company, if you have one, and former street addresses. Don't worry if you get an answer wrong. You'll be given a second shot at it.

$ Tip! To get the best interest rate when applying for a loan, first determine which credit bureau has the highest FICO score for you. Next, find a lender that uses that credit bureau report.

What would you do?
Mary is offered 10 percent off all sale items if she opens a new department store credit card. She figures it'll knock off $10 from her bill, not a bad savings. Every dollar counts when you're shopping for a new car, she figures. Don't do it, Mary! Every inquiry for new credit makes creditors/lenders uneasy, and opening a new credit card account will reduce your credit score!

To get a FICO credit score, you must have a credit account that reports to at least one of the three credit bureaus, and you must keep that account open for at least 6 months.
Note: As of September 2007, Fair Isaacs Corporation is changing their credit scoring software at each of the three credit bureaus. Authorized credit card account holders will no longer have a credit score. An authorized user is someone, usually a family member, who is allowed to use the account but who is not held financially responsible for payment. Permitting an authorized account has been a way for young people to establish credit. This change in credit scoring is to protect lenders from abuse in the marketplace of authorized user credit card accounts by so-called credit repair services that sell good credit card histories to those with poor histories, a strategy called "piggybacking."

Did you know? Your FICO score may be different at each of the three credit bureaus, because credit card companies may report to each one at a different time of the month and not all credit card companies report to all three bureaus.