All Entries in the "Credit Repair" Category

5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

admin | Sep 11, 2009 | Comments 0

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Refinance with Bad Credit

By Susanne Quirk

I was asked by Refinance.com to review their website. Before committing, I jumped over to Refinance.com for an initial review. I was pleasantly surprised with the depth of knowledge available about mortgages and refinancing. Considering this is a topic of interest to our readers and an opportunity for us to provide that information to you, I agreed.

Even a novice can easily navigate the site and find any information they need. There are a wide range of mortgage and refinance options available depending on your goals including Debt Consolidation, Refinancing and Home Equity Loans.

I wanted to focus on finding information on bad credit. The housing market has been hit hard with foreclosures and it is my hope that this information can provide another option for families in trouble. We discussed short sales in a previous posting which is not an option everyone. Even with bad credit, a mortgage refinance is possible.

For those interested in a home refinance with bad credit, you can read more about the subject by clicking on the Tools & Resources drop down menu and select the Bad Credit category where you can learn in detail about how credit categories are used to rank borrowers based on their credit history. Financial calculators are available to help calculate which loan you can afford as well as bi-weekly, refinance and amortization calculators.

There are many, many loans to choose from and each with a detailed description to point you in the right direction. Loan counselors are available via a toll free number to consult with you on the appropriate loan for your needs. They are trained to help those with bad credit to refinance their mortgages.