Sunday, September 03, 2006

Improving your credit score

Three of the chief appraisal reporting bureaus is using unique versions of FICO in the United States. It is important to have a good credit score in order to receive the best rates on home loans.


The Benefits of Your Credit Score There are many rewards that will come. A couple of upfront benefits are that you will meet the criteria to get loans. Stemming off of that is another benefit: you will be offered better interest rates. Which will save you money? A few different strategies are suggested:



  • A lower Credit Card Balances Owing substantial amount on your credit cards (which is relative to the sum of your limit) makes a large dent on your FICO score. 25% should be the maximum balance in your credit card. There are sometimes blunders such as a late payment stated. In fact you paid on time which can take about anywhere from 30 days to 3 months to process!

  • Erase Debts (Don't Simply Move Them Around) Increasing the ratio of your credit card equilibrium is determined by the following: The Number of closed accounts your balance and limits Balance Transferred with those. Your credit score will probably lower.

  • Give Payments on Time You increase your chance of improving your credit score when you are eager to meet your deadlines. Not only is it a good practice.

5 comments:

elliott said...

Hello,



My name is Elliott Fullmer and I am with the Sunlight Foundation, a Washington-based non-profit organization which advocates greater transparency in government. We believe that one way of achieving better responsiveness is through fostering citizen journalism. Therefore, in collaboration with the Center for Media and Democracy, we recently launched Congresspedia, a wiki-encyclopedia devoted entirely to covering Congress. The site receives 50,000 hits per day, and includes a page on each member of Congress (which can be edited by any citizen who registers and provides a source for their information).



For each member of Congress, we are currently inserting links to local blogs which cover that particular member. Through web directories, we have come across your blog. We would like to include a link to your blog (free advertising) on the page of each member that you have (or potentially could) cover on your site. If you could let us know which members (if any) you cover, we will insert a link to your blog on those pages in the very near future. Thank you and please contact me with any questions.



--Elliott Fullmer--

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Anonymous said...

If you are like most people, you have been hearing about the importance of a good credit report since you were able to hold a dollar inyour hands. One of the best things that you can do for yourself is to keep a good watch on everything that has to do with your credit.
I have a good read to share with you on How To Quickly Increase Your Credit Score In One Day.
I hope you'll find it useful have a great day!