MoneyWatchs Jill Schlesinger asked John Ulzheimer, president of consumer education for Credit.com, to name the most common misunderstandings and to tell us what will really hurt (or help) your 3 credit report free Baton Rouge score.
With FICO scores typically ranging from 350 to 850, 35% of the points on your score are directly tied to whether youre making your payments on time, says Ulzheimer. That leaves 65% of your score that has nothing to do with missed payments. You cannot hang your hat on whether or not 3 credit report free Baton Rouge you are just making your payments on time, and assume you have fantastic credit he says. Im quite sure the credit card industry started that [rumor], Ulzheimer says with a chuckle. Although carrying balances will cost 3 credit report free Baton Rouge you in interest and financing charges, from a credit score perspective, 3 credit report free Baton Rouge theres nothing wrong with carrying 3 credit report free Baton Rouge a balance on your credit card. But very large balances will affect your creditization the percentage 3 credit report free Baton Rouge of your credit limit that youre carrying as a balance. getting a credit report You need Javascript enabled to view the video player.
What you really want is a relatively low balance never more than 15 percent of your overall limit.
Although a lot of people treat them as though they are interchangeable, credit reports and credit scores are two completely different 3 credit report free Baton Rouge things. Employers in most states 3 credit report free Baton Rouge can look up your credit report as part of a pre-employment screening (and during your term of employment) but they do not have access to your credit score. Any lender, insurance company, landlord, or utility provider can buy your score from one 3 credit report free Baton Rouge of the three accredited credit report agencies. credit card reports They use that score to determine the amount of risk theyre taking in doing business with you then use it to grant or deny you, and to set the terms. This one is partly true: Whether you face a short sale, a foreclosure or bankruptcy proceedings, youll have that black mark on your credit report for at least seven years.
(A bankruptcy will actually be on there for 10.) But your credit score does improve as 3 credit report free Baton Rouge that item gets older; you just need patience and good 3 credit report free Baton Rouge behavior.
And as a matter of fact, you can have a very solid credit score in three or four years. The assumption is that a short sale is actually better for your credit score than a foreclosure, 3 credit report free Baton Rouge but in reality, they have the same effect. Its certainly better for the neighborhood than a foreclosure would be someone is keeping the house clean, mowing the lawn, not ripping copper piping out of the wall but from a credit-score perspective, there is no difference. Subscribe to this discussion via Email or RSS 3 credit report free Baton Rouge As previously working in the industry as a loan officer, I have to say this is the first accurate article I 3 credit report free Baton Rouge have seen pertaining to credit. free credit report website
I have been looking for a secured card to put 10K on just so I will not have to deal with any of this, I get more then 10 CC offers every day in my email and the worst thing is if you apply for the stupid cards they ding your credit rating, who invented the credit rating?
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