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Restoring lost points on your FICO Score
Many simply fail to pay a bill on time and some completely forget that they have a small balance on their credit card and similar revolving account to settle. Sometimes if the amount is small, the creditor may forgo the balance and send you a cancellation notice of the credit line. This can affect your FICO Score and you may see it go down closer to 100 points. Many wonder whether there is a way... [Read more]
Don’t repeat these mistakes
Don’t repeat these mistakes that others have done. Whether it is an impulse buying decision or calculated and much thought out decision to buy a home, we all make mistakes that we later regret. They can impact your financial health and haunt you for years. Not clearly understanding your credit profile is one of the biggest mistakes we all make. The biggest item in your credit is your credit score... [Read more]
One strategy that can help to get your credit score high
Here is a strategy that you can be employed to improve your FICO score. Pay your credit card balance in full and on time. You can do this by planning and timing your purchases on credit cards. This strategy may help you to delay your payments for 60 days without incurring any interest too. How do you do that? You need to time your purchases right after your billing cycle ends. For example, if... [Read more]
Avoid these factors that can affect your credit score
Three main credit bureaus, Equifax, Experian and TransUnion, use different factors to calculate your credit (FICO) score. However, there is a common theme that can be identified. They include the following factors: On-time payment history: One of the criteria that can heavily influence your credit score. It is critical that you pay your bills on-time and one or more late payments on your credit... [Read more]
Review your credit report carefully
Many make a mistake of thinking credit score and the credit report are same. But they are two different things. You are entitled to a free credit report once a year from each of the three main credit reporting agencies; Equifax, Experian and Trans Union. Your three digit credit score or commonly known as FICO score may not be free with your credit report and depending on the provider, it may cost you... [Read more]
Understanding charges and fees for credit cards
Credit cards are riddled with charges and fees. Before getting a credit card understand what fees and charges involved and how they work. Not just the fees, many come with perks too. Compare all your options before choosing the right card. Many credit cards carry an annual fee. They may waive it for initial couple of years like during the financial trouble time within the last few years and some... [Read more]
American’s taking up debt is on the rise again
Since the last spike in record debt in 2007, Americans using debt for all kinds of financial and other activities are on the rise again. Just in the last quarter of 2013, more than $241 billion debt has been taken by Americans, according to some government reports. These debts include mortgages and Home Equity Lines of Credit (HELOC), student loans, auto loans, credit card uses and others. 30 something... [Read more]
An Identity theft could ruin your financial health
Your FICO score is more than a number and it reveals your financial capabilities including your credit worthiness. Many creditors and landlords use it to determine whether they want to extend credit or rent an apartment for you to line. Many prospective employers are also increasingly using your credit score and your credit information before they offer you an employment. When an identity theft occurs,... [Read more]
New rules to help borrowers especially retirees qualify for a mortgage
Article submitted by Debt Declaration. Qualifying for a loan especially for a mortgage loan seems harder these days. But many of us would like to refinance or even take a new mortgage in order to take advantage of still lower interest rates. Typically lenders look at your income in order to assess your ability to pay back the loan. This becomes an issue especially for retirees. A change in under-writing... [Read more]
New rule to help borrowers
In order to qualify for a new mortgage to buy a home or to refinance an existing home loan, a borrower needs to prove to the lender that he or she or together they have adequate income and be able to repay the loan over time. This has been a problem for many retirees who are receiving a retirement or Social Security benefit but has adequate savings for collateral for a new or refinancing an existing... [Read more]