Google the term "credit repair" and 19 million results are instantly generated. With so much information available, and so much of it conflicting, how do you know which credit repair company is legitimate and which ones are really just looking to take advantage of desperate consumers? The following are steps you can take to know exactly what to expect from a legitimate credit repair company or … [Read more...]
Credit Scoring: Dealing with Challenges
December 8, 2008 By Leave a Comment
Typically, a person with a low credit score is in this position because they lack structure in his or her life. There are, of course, cases where unplanned health or employment complications are to blame, but for the most part, these are individuals who lack the discipline to pay their bills on time or curb their spending. This is your opportunity to be the "knight in shining armor" that … [Read more...]
What you need to know about credit scoring: Part II
September 9, 2008 By 1 Comment
Part II: The Five Factors of Credit Scoring There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score: 1. Payment History: 35% impact. Paying debt on time and in full has a positive impact. Late payments, judgments and charge-offs have a negative impact. Missing a high payment has a more severe impact … [Read more...]
What you need to know about Credit Scoring
August 7, 2008 By Leave a Comment
Part I: Good Credit Translates into Lower Rates for the Consumer In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a "man of his word," so to speak. Fair Isaac sought to take human error out of the equation with a reliable system that … [Read more...]
Should you lock in your mortgage?
June 27, 2008 By Leave a Comment
Interest rates are still low, but they’ve been steadily increasing. Here are some points to help you make the right mortgage decision. If you are buying a home, you may be wondering whether it’s better to lock in a fixed rate in case rates continue to go up, or choose a variable rate that floats with the prime rate. Similarly, if your existing mortgage is variable, you may be wondering … [Read more...]
Your Mortgage Broker: A Source for Financial Solutions
May 26, 2008 By 3 Comments
A mortgage broker can assist you in ways that go well beyond offering great rates. Many people think of a mortgage broker as someone who can help them get a good rate on their mortgage. While this is certainly true, a mortgage broker can also help you with much more than that. A mortgage broker is a licensed financial professional with whom you can form a long-term relationship that can … [Read more...]
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