Annual Credit Check - Why it's a must do
Due to federal law, consumers can obtain one free credit report a year from each of the three national credit bureaus: Equifax, Experian and Trans Union. Order Your Free Report or Toll Free Number: 877-322-8228
• Identity Theft - One of the easiest ways to protect yourself from identity theft is to monitor your credit history.
• FICO Scores - Lenders often base the interest rate offered on your FICO score. A higher FICO generally translates to a lower interest rate. Annually check your credit and have errors corrected. Length (age) of accounts is an important factor in tabulating your score (keep old accounts, even if you don’t use them). Increase your high credit limit - The FICO score considers your total balance in relation to your available credit (if your credit limit is $5,000 and your balance is $2,500 your credit utilization is 50%). This is an especially important tactic for those that heavily use their credit cards even if they pay the balance if full each month (there is always a balance if the card is in constant use).
Your score is calculated using a mix of payment history, credit utilization and account duration. Smart consumers know their score; and the time to elevate that score is prior to loan shopping. It can take six months of working on your FICO to make a significant impact. FICO scores of 760-850 obtain the best interest rate offerings.
Trackbacks
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4/30/2008 4:55 PM
Los Angeles Real Estate Blog wrote:
What’s your FICO? Instead of astrological signs and occupations, this year "single's banter" continues to be FICO’s; because no one wants to get dragged down by someone else's low score! The Practical Benefits of a Good FICO Score Lenders assume that higher FICO'S equate to lower risk; borrowers are rewarded with a lower interest rate. FICO Score and APR (annual percentage rate/interest rate) 720-850 5.882 % 700-719 6.007 % 675-699 6.544 % 620-674 7.694 % 560-619 ... -
5/23/2008 10:07 AM
Los Angeles Real Estate Blog wrote:
There really is a silver lining in every cloud! More than one-third of Los Angeles County families could afford to buy an entry-level home in the first quarter - 66 percent more than a year earlier - due to an epidemic of foreclosures that depressed prices, a trade group said Tuesday. Read article hereFreddy -
1/1/2009 9:28 AM
Los Angeles Real Estate Blog wrote:
According to the Chinese Zodiac, 2009 is the Year of the Ox. The Ox, symbolizes prosperity through hard work. The ox is methodical, dependable and ambitious. 2009 is a good time to diligently work towards home ownership. Clean up your credit, save your money. Is 2009 the right year for you to purchase a home? It depends on your circumstances, but the Ox year is a good time to prepare for home ownership by financial sacrifice and saving. From a previous post: learn your home's astrological sign and what it means ...
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