Your credit score defines you financially. Establishing and maintaining good credit will make your life infinitely easier. To establish a good credit score you must make your payments on time and in full every month. You can also improve your credit score by minimizing your debt. Learn more here about your credit score and what it means for you.
How To Raise Your Credit Score
Repairing your credit history and score takes time and patience, but will be worth it at the end. If you're paying your bills on time and paying down debt, your credit score should start to rise within a year and even more in two years. Part of your credit score hinges on not having any late pays as well as managing your credit over the long haul.
Tough Choices For Home Owner In Debt
What most folks don't understand about credit these days is that almost no one is turned down. Although your credit score may not be the highest, it may be good enough to get a line of credit or a home equity loan at a fairly decent rate. If you can refinance your mortgage and take out some of the equity that you have, you may be able to do some of the repairs and improvements you need to do to continue living there.
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High Debt And Low Credit Score Spells Trouble
A homeowner and business owner has a low credit score and extremely high credit card debt but wants to refinance an investment property. Having high debt and a low credit score is a bad combination to try to get a mortgage. A high interest rate will be the likely result of trying to refinance with the low score and high debt.
Removing Accounts From Credit Report
Often you will see old accounts on your credit report. There may not be any harm in having old and inactive accounts still being reported on your credit report. If there is a discrepancy on your credit history you can go to the three credit reporting bureaus and file an online dispute.
Looking Ahead: What 2006 Holds For Home Buyers And Sellers
In hindsight, 2005 was an extraordinary year by almost any measure. Long-term mortgage interest rates fell as short term rates rose and it has become clear that the air has started coming out of the real estate balloon we've all been watching. In addition, the three major credit reporting bureaus, Experian, Equifax, and Transunion each began offering every American a free copy of his or her credit history through a jointly-run website.
Keeping Credit Limit Down Helps Raise Credit Score
Most lenders only care what credit score a prospective borrower has. Having too much available credit, especially if you carry a balance that exceeds 30 percent of that available credit, still counts as a negative when credit scores are tabulated.
Co-Signing Student Loan Spells Trouble For Dad
A helpful parent has co-signed student and auto loans for his daughter. The daughter has not been making payments and now he would like to refinance his home. The daughter has effectively trashed her father's credit score and there is little he can do about it except explain to her the facts of a debtor's life.