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.
Choosing The Right Mortgage Loan
Learn about mortgage basics including two common types of mortgage loans and what it takes to qualify. Your credit score will have an impact on what kind of mortgage loan you can get. Being informed about your credit score and your options will help you get the right mortgage for you.
Steps For Establishing A Credit History
Having a good credit score will help you get a better mortgage interest rate. Learn how mortgage lenders use your credit score from mortgage broker Victor Benoun. You should try to increase your credit score before you apply for a mortgage. To establish a good credit score you must make your payments on time and in full every month.
Getting A Car Loan After Bankruptcy
Getting a car loan after filing for Chapter 7 bankruptcy will be difficult because of a bad credit score. Person to person lenders might be an option for getting a car loan with bad credit.
Credit Issues? Join the Club
I've been writing about credit histories and what helps or dings your credit score. Take a look at the story. I've started to receive comments on it a...
Parts Of Your Credit History
What is included in your credit history? First, your credit history also includes personal factual information, such as your name, Social Security number, current address, how long you've lived at your current address, and past addresses. Your credit history is primarily a list of all of the financial activity in your life. It lists all of the credit accounts you have ever opened, and how long they've been opened, including credit cards, a mortgage, home equity loan, student loans, car loans, personal loans (provided that those were reported to the credit reporting bureaus), lay-aways, and any other type of credit or lending account you might have.
Closing Credit Card Affects Credit Score
How will closing a credit card will impact your credit score. The impact of closing a credit card depends on how long you have had the credit card and whether it has been paid off.
Mortgage Requirements Stricter For First Time Home Buyers
Mortgage requirements have become stricter for first time home buyers. Lenders have tightened credit requirements for first time home buyers, making it more difficult to qualify for a mortgage loan. To qualify for a mortgage loan, first time home buyers need a credit score of at least 660 unless they try for an FHA loan.
Credit Score: Impact Of Bankruptcy Or Collections
Is bankruptcy or debt collections worse for a credit score? Both debt collections and bankruptcy impact a credit score, although a bankruptcy will stay on a credit report longer than debt collections will. The type of debt also affects how it is reported to credit reporting bureaus and how important its creditors deem it.
Dividing Divorce Assets Could Affect Credit
When you get divorced, the person whose name is on the mortgage loan is responsible for that debt, even if both people's names appear on the title to the home. To change the names on a mortgage loan, the loan must be refinanced. Depending on how this asset, the home, is divided between the two spouses during a divorce, it could affect their credit histories and credit scores.