Drug testing

Credit Suicide

Few things influence the home buying process more than your credit. I like how Clark Howard refers to the three credit repositories as, "the three screw-ups". There is some validity to that, and hopefully recent legislation will help clean up many of the inaccuracies. Regardless, lenders need a source to determine levels of risk for lending money? and the Fair Isaac Company is where it lies. (Note: Fair was one of their last names? doesn't necessarily denote fairness.)

There are close to 50 different things that influence your credit; some good, some bad. Within those 50, there is some 14,000 variations?talk about a fragile balance! For example, did you know that if you pay off a collection it might actually lower your score! Don't worry most lenders don't know it either. Also, beware of credit counseling services that promise all kinds of miracles. The only things that can be legitimately removed from your credit are things that are invalid, erroneous, or outdated. Aside from that, if it is yours? it's yours. There may be ways to "flower it up" but it isn't coming off. (Being intellectually honest, you know it shouldn't either.)

If you are going to be hunting for a home, be sure to curtail the temptation to go out make purchases that may affect you credit. Obviously you wouldn't want to go buy a car, but other things that may not be quite as obvious may be the purchase of furniture or home improvement items that would need financing. Chances are you may need these things, but wait till after closing.

What is the biggest credit mistake?

You wouldn't believe how common it is! The biggest credit mistake that most of us make is closing our old paid off credit cards. I know that is seems like the right thing to do when you pay off the balance but 15% of your FICO score is made up of your credit history. If you close a credit card with no current balance that you've had for years, you are getting rid of a lot of your credit history.

Another 30% of your FICO score is made up by your Debt to Credit Limit ratio. With this component, you show how well you manage the credit extended to you by using it wisely and judiciously. Let's say that you had two cards with $2,000 limits and one was maxed out and the other one was just paid off. Well you have $4,000 of credit extended to you and you're using almost $2,000 of that credit (you don't want to go over 50%). Now you cancel the paid off card and your new debt to credit limit ratio is 100% ($2.000 out of $2000). Ouch, that hurt your credit score.

Genesis Font is an SEO and Developer for LoansInteractive.com > Mortgage and Loan Officer Websites. We also offer Quality Web Hosting Services.

limousine chicago service
In The News:

The Credit Card Surprise That You Need to Look Out For

Companies that issue credit cards want to make a profit.... Read More

Credit Cards: What is the Universal Default Clause?

Most people who carry major credit cards are well aware... Read More

10 Ways of Reducing the Risk of Identity Theft

1- Check your credit report regularly2- Secure personal information in... Read More

The Truth About Credit

What you might not know about credit.Some people don't know... Read More

Tips for Credit Card Surfers

Moving money from credit card to credit card to take... Read More

Dealing With A Collection Agency

Step I - Selecting A Collection AgencySelecting a credit collection... Read More

Consumer Credit Reports

A consumer credit report is a factual record of an... Read More

Bankruptcy vs. Credit Counseling: What Should I Do?

Credit Counseling and bankruptcy are both ways to relieve the... Read More

The Art of Stoozing to Make Money from Credit Cards

Make Money from StoozingStoozing, this is a sophisticated method of... Read More

Rebuild & Keep Good Credit Ratings by Understanding Your Credit Cards

Secured Credit Card is similar to a prepaid credit card... Read More

10 Ways To Boost Your Credit Score

1. Deleting Errors in 48 HoursThis is the absolute fastest... Read More

Which Citi Mastercard Is Right For You?

You've decided to apply for a Citi MasterCard, but with... Read More

Why Your Credit Score is Important

Your credit score can either haunt you or reward you.... Read More

Credit Card Tips

Here are some useful credit card tips for you to... Read More

Fight Credit Card Fraud with Common Sense

By now, you have undoubtedly heard of credit card fraud,... Read More

Good Credit Is Not A Good Reason To Borrow More Money After Youve Achieved Financial Freedom

The most important thing for you to remember is that... Read More

Always Avoid Payment Holidays

Once you've been paying off a credit card for a... Read More

Some Truth About Credit

Credit is currently and has been historically an integral component... Read More

Two Things You Need To Know About Prepaid Debit Cards

According to the September 2004 issue of the Nilson Report,... Read More

Credit Cards

Credit cards are a form of unsecured credit. The issuer... Read More

Sound Advice For First Time Credit Card Users

If you are just entering the world of credit cards,... Read More

5 Surefire Ways To Eliminate Credit Card Debt

Do you have enormous credit card debt? You are certainly... Read More

5 Things Your Credit Card Company Keeps Quiet About

Credit Cards can bankrupt you if you let them run... Read More

Everything You Always Wanted To Know About Your Credit Report

Your credit report is a very powerful report that essential... Read More

The Top 5 Secrets to Managing Your Credit Cards?So They Won?t Manage You

You've probably never heard of Frank X. McNamara, but he... Read More

induction tunnel led light manufacturers in usa Pete's produce ..