How a stolen phone (or wallet) could lead to credit problems — http://creditrpr.co/StlenPW
True or False:
The two biggest factors that make up a borrower's credit score are:
1) Amount of late payments.
2) Amount of credit one is carrying vs. total available credit limits across all accounts.
(Find the answer in yesterday's article — How credit limit increases affect your credit score: http://creditrpr.co/CtLimt)
How credit limit increases affect your credit score: http://creditrpr.co/CtLimt
Answer Time!
The answer is "A" — believe it or not. Even though inquiries (notations that document the occasion of a creditor checking your credit) most often remain on credit reports for TWO years, they only impact FICO Score algorithms for ONE year. Go figure.
Those who have limited experience in dealing with credit may be more likely to fall prey to criminals' scams, simply due to the fact that they not know what they should be on the lookout for...
4 scams that can lead to hurt finances for graduates: http://creditrpr.co/4GrdScms
Checking credit reports for inaccuracies should be a top priority for service members returning from active duty.
What advantage does this give? Read on: http://creditrpr.co/TopPrty
Identifying and Avoiding Loan Scams: http://creditrpr.co/LnScams
How to Write a Credit Report Dispute Letter: http://creditrpr.co/DspteLtr
Introducing the new CreditRepair.com, now a perfect fit for every device!
3 Alternatives to Declaring Bankruptcy: http://creditrpr.co/BktcyAlts
Graduation? Check.
Raise Your Credit Score? Here’s How! http://creditrpr.co/GrdChck
Q & A Time!
Question: Can Knowing Household Income Prevent Debt and Credit Repair?
Answer: http://creditrpr.co/HsHoldIcm
Credit score note for graduates: Landlords want to see good credit — http://creditrpr.co/RntCdt
Answer Time!
The answer is "B" — believe it or not. Federal law only prescribes a MAXIMUM allowable time period, which is 7 years (or 10 years for bankruptcy-related accounts).
However, there is NO Minimum Required credit reporting period. Creditors may choose not to report late accounts. It's completely at their discretion — no matter what their customer service employees sometimes mistakenly represent.
The most common credit problems during & after divorce: http://creditrpr.co/How2Fx
Q & A Time!
Question: Will a good credit score help graduates land a job?
Answer: http://creditrpr.co/GrdJbs
Home Buying After Divorce - What Not To Do With Your Credit: http://creditrpr.co/HmBying
Credit Help Comes In Many Forms – Including Help From Lenders.
Explore your options: http://creditrpr.co/HlpFmLnds
Answer Time!
Most of you guessed correctly! The answer is "C" — believe it or not.
It isn't a charge-off's status (i.e., whether it's been paid or not) that has the greatest impact upon a FICO Score. Rather, it's that an account ever charged-off at all that tanks a score. This is yet another example of how the credit reporting system is apparently gamed against consumers: The punishments are many, while the rewards are few.
Why students should dispute these credit report errors, if noticed: http://creditrpr.co/StdDspte
Could clean credit mean easy path to loans for Service Members?
http://creditrpr.co/ClnCt4Sm
Credit Issues You’ll Face After Divorce: http://creditrpr.co/CdtDvrce
Answer Time!
Most of you guessed correctly! The answer is "C" — believe it or not. One would think that handling your credit responsibly by doing things like closing unused accounts or lowering your credit limits would actually increase your scores.
Inexplicably, that's not how credit scoring works. Also inexplicably, but perhaps predictably, the credit scoring companies won't tell us all how credit scoring works by revealing their secret formulas.
Announcing our WINNER!
CONGRATULATIONS to Karen DeCarlo - You Won the iPad mini!
Thanks to all who entered! If you still want to feel like a winner, download our app today!
Apple: http://creditrpr.co/CRcmApp
Android: http://creditrpr.co/CrAndApp
The Consumer Financial Protection Bureau passes new protections for mortgage lending — http://creditrpr.co/CFPBprtns
