Credit Score Myths You Should Know
Credit Score Myths You Should Know
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Home Page > Finance > Credit > Credit Score Myths You Should Know
Credit Score Myths You Should Know
Posted: Jun 07, 2010 |Comments: 0
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Credit Score Myths You Should Know
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FreeScore.com is a destination site for an increasingly credit-conscious public. The site offers immediate access to credit scores, reports and monitoring as well as educational information and tips on how to safeguard one\’s credit and identity.
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Article Source: http://www.articlesbase.com/ – Credit Score Myths You Should Know
With more people becoming aware of the importance of their credit scores, there are bound to be some myths and other misinformation out there that can cause informed, reasonable people to make mistakes that can harm their credit. Most people understand very well that credit scores can save or cost you potentially tens of thousands of dollars on a mortgage and other types of loans. Nevertheless, myths about credit scores persist, and the only way to dispel these myths is to be informed.
To that end, here are some of the more common credit score myths:
You only have to check one credit score.
Big myth here. Because your credit scores from each of the three credit reporting agencies can vary significantly, it’s very important to get your scores from all three agencies.
If you make more money, your credit scores will improve.
Not true at all. You could win the lottery today and still have lousy credit scores a month from now. You increase your credit scores by managing credit responsibly and paying down debts to improve your debt-to-credit ratio. If you get your debt-to-credit ratio down to 15 percent or less, your credit scores will improve significantly, so pay down your debts.
The credit card offers you get in the mail hurt your credit scores.
No matter how many credit card solicitations you receive in the mail, they won’t affect your credit scores at all as long as you don’t respond to them.
You combine credit scores when you get married.
When you get married, your credit scores remain yours and only yours — even if you open new, joint lines of credit with both your names on them. If you do open joint accounts, though, your combined credit management habits will affect both your scores and your spouse’s scores, so make sure that at least one of you is paying those bills on time each month.
Shopping around for a better loan hurts your credit scores.
If multiple credit checks negatively affect your credit scores, then shopping around for a better interest rate must be a bad idea, right? Not so! If you’re looking for a line of credit for a new car, house, or other major purchase, these types of inquiries don’t hurt your scores as long as they’re the same type of inquiry and they’re made within 14 days of each other. Inquiries made within a two-week period count as one credit inquiry. However, this bunching of inquiries doesn’t apply to credit cards, so be careful if you’re shopping for a new card.
These and other myths about credit scores can cause careful, responsible people to make mistakes that hurt their creditworthiness. Conducting your own research and staying informed are the best ways to prevent these and other myths from hurting your credit scores and costing you money. Just make sure to check your credit reports and credit scores often, look for and take action against any errors that appear on your reports, and proactively manage your credit. Proper credit management can save you a lot of money over time.
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FreeScore.com is a destination site for an increasingly credit-conscious public. The site offers immediate access to credit scores, reports and monitoring as well as educational information and tips on how to safeguard one’s credit and identity.
Myths, Pros and Cons of Hecm Reverse Mortgages
First and foremost; the bank does not, nor do they want to own your home. So why do so many people believe this? Prior to FHA getting involved in 1988, the lenders would take an equity position in their Borrowers homes. That practice has resulted in unfavorable feelings towards today’s reverse mortgages. The Federal Housing Administration (FHA) has set the new standards and guidelines for HECM reverse mortgage loans and their involvement has produced a safe, well thought out and balanced loan for Seniors. Look below to find some of the pros and cons of reverse mortgages.
The Upsides
There are no monthly payments associated with a reverse mortgage. You will never be required to make a monthly payment while you reside in your home.
You stay on title and any equity remaining in the property is yours. The lender does not take title to your home!
You can never owe more money than your home is worth. HECM reverse mortgages are “nonrecourse” loans. This means that no matter how long you stay in your home, you will never be obligated to the lender to pay them any more than the value of the property, even if the loan exceeds the value.
A reverse mortgage will not effect Social Security or Medicare benefits.
Qualifying is easy. You must be at least 62 years of age and have value in you home. You do not not have to prove income or have good credit. The value of your home and your age determine loan amounts. It’s that simple.
The money you receive from your reverse mortgage is tax free.
The funds you receive can now be designed for your specific needs. Depending on the amount of funds you require, you can create your loan with a fixed or variable rate. You can also design your loan to provide one upfront payment of all cash, you can receive monthly payments or keep all of the funds due you in a line of credit and withdraw the funds as you need them. You can also create a combination of all three methods.
The funds from a reverse mortgage may be used anyway you want. After paying off any existing mortgages, tax liens or heath and/or safety issues regarding your home, you can use the funds for any purpose you desire. Take a vacation, you deserve it. Make repairs or upgrades to your home. Put all the cash on 7 and spin the wheel, the funds are yours.
You built the equity in your home over years of hard work, now you can let this equity work for you. You can feel the self reward and know that you are not necessarily reliant on your children or other family members to help you. There seems to be a since of pride that goes along with method.
FHA insures these loans. Given the state of this economy, you do not want to find out that the bank funding your monthly payments has gone out of business. With FHA insuring your loan proceeds, you can be comfortable knowing that your next payment will be guaranteed by the US government.
NRMLA. Lender/members of the National Reverse Mortgage Lenders Association are an elite group of individuals who are dedicated to helping American Seniors fulfill their retirement dreams. This group is available for you.
The Downsides
Lenders generally charge their origination fees, FHA upfront mortgage insurance (MIP) and other closing costs that add up in a hurry. The flip-side to this, however, is that if you really need the funds from the equity in your home you could borrow the funds traditionally as long as you can afford the monthly payments or sell the property. If you sell the property, you are left without a home to live in and the 5-6% cost to sell your home is considerably higher than those fees assessed with a reverse mortgage. The longer you live in the property the lower the costs average out.
Most reverse mortgages require utilizing a variable rate. This can be overcome by using a fixed rate. Unfortunately, the fixed rate reverse mortgage requires that you draw all funds available to you and may not be the right loan for all applicants.
Your mortgage debt rises fairly quickly, but, there is no surprise that the loan increases rapidly since you do not make any payments while living in the property. The interest that would be due as in a traditional loan simply adds on and creates a new higher principle value.
Borrowers are of course responsible to keep the property properly maintained and they must stay current with their homeowners insurance and property tax.
All in all I believe the upside to reverse loans far outweighs the downsides. Call on a NRMLA member and do your homework. Vist us online: www.mlsreversemortgage.com
Mike Borba (President of MLS Reverse Mortgage) is a broker that has been in the mortgage and real estate field since 1980. Toll Free (888) 888-4834. Visit our website. Read more of our articles online. Reverse Mortgage FAQ’s
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Most Common Myths About Fixing Credit
In this economy more and more people are facing financial problems. Many of us lost jobs and are living on savings and sometimes it is hard to make our ends meet. People late on payments, foreclose on houses and file for bankruptcy. All that impacts their credit reports, leaving negative marks on the credit history and lowering FICO score.
Today many people are looking for information how to improve your FICO score and what important is they want to do it for free. Free credit repair is possible and not that hard, but there are many myths and misstatements about it.
Let talk about most common myths you’ll come across.
Fixing credit is hard.
Repairing your credit is not difficult and in fact, once you have the right information, it is very easy! By following easy steps you can easily improve your score yourself.
Credit repair is a quick process.
You can’t repair your credit overnight – however, you can improve it within a couple weeks. In many case people were able to raise their FICO score within days.
Checking own credit report will hurt your score.
The truth of a matter is that checking your own report will not count against you at all! That’s why it is important to get your credit report before you start fixing your credit.
Credit reports are always accurate.
Almost half of all reports contain some un-true information! Mistake are very common and getting those mistake fixed or removed from your credit report will dramatically improve your score.
You need a lawyer to fix credit report.
There is no need to waste your money on a credit repair agency or an attorney – you can do it yourself! Lawyers and credit repair service charge huge fees for what can be done without their help. You just need right information and tools.
Some credit is so bad that it cannot be fixed.
Anyone can fix their credit score – regardless of what has happened in the past. It doesn’t matter how bad your credit score is because any credit can be improved.
Marriage and your score.
There is another myth about credit repair that getting married can hurt your score if your new spouse has bad credit. In reality each person’s credit score is independent – even if they are married.
You can’t stop collection calls.
Collection agencies have laws governing them and you have rights as well. Using a simple letter can stop all harassing calls from collection agencies.
As you can see there are many credit repair myths that stop people from having a good FICO score. Credit repair process is not hard and can be easily done by you. All you need is right tools and information. There are many credit repair sources online you can use to fix your report and there is no charge to use them. Websites are great sources of credit repair information providing sample letters you can use to remove negative information from your credit. Hundreds of people restored their credit without lawyers and credit repair companies, so can you!
Fixing credit for free is an easy process all you need is right tools. Visit www.credit-fix-secrets.com to find everything you need to restore you credit history
bit.ly Want to fix your credit score quickly … without having to shell out 00 – 00 on expensive credit repair agencies? Keep reading, I’ll explain exactly how you can erase your negative credit Here’s What You’ll Learn * How to easily delete late 30, 60, 90, 120, and 150 day late-pays from your credit file almost overnight * Four simple ways to never ever get stuck in the bad credit vortex again! * How to easily setup an automated budgeting system to track expenses, income, and all of your payments and bills without lifting a finger! * A super secret strategy to remove all of your harmful inquiries in days, not weeks or months! * A neat little trick you can use to double your credit card limit with one phone call! * A ninja technique to drive your score up an easy 75 points with one simple call! * The little known secret to getting your credit card APR interest rates dropped to zero! (This secret statement will save you thousands upon thousands of dollars in interest payments!) * Why being self-employed can actually work against you and how to avoid this simple mistake millions of people make. * How to STOP those harassing collection phone calls dead in their tracks! * How To Delete Medical Accounts Off Your Credit Report In 3-Easy Steps! * Follow Along My No-Brainer Step-By-Step system To Automate The Disputing Process! This alone is worth the price of the course! * How To Make More Money To Pay Live The Life You’ve Only Dreamed Of And Never Have To Worry About …
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What Are the Most Common Myths About Fixing Credit?
In today’s economy many of people are facing financial difficulties. Many of us lost jobs and live on savings and sometimes it is hard to make our ends meet. People late on payments, foreclose on houses and file for bankruptcy. This hurts credit history reports, leave negative marks on the credit history and lower credit score.
Today many people are looking for tips how to restore their credit report and what important is that they want to do it for free. Free credit repair is possible and not that hard, but there are many myths and misstatements about it.
Here are most common credit repair myths you’ll come across.
Credit repair is very hard task.
Fixing your credit is not that difficult and in fact, once you have the right information, it is very easy! By following easy steps you can improve credit report yourself.
Fixing credit is a quick process.
You can’t fix your credit overnight – but, you can improve it within a couple weeks. In many case people were able to improve their credit score within days.
Checking own credit history will hurt your score.
The truth of a matter is that checking your own credit report will NOT count against you at all! That’s why it is important to get your report before you start fixing your credit.
Credit reports are always accurate.
Almost half of all credit reports contain some un-true information! Mistake are very common and getting those mistake fixed or removed from your credit history will improve your score.
You need an attorney to fix credit report.
You don’t need to waste your money on a credit repair services or an attorney – you can do it yourself! Lawyers and credit repair companies charge huge fees for what can be done without their help. You just need right information and tools.
Some credit is so bad that it cannot be repaired.
Anyone can fix their credit score – regardless of what has happened in the past. It doesn’t matter how bad your credit history is because any credit can be improved.
Marriage and credit score.
Another popular myth about credit repair is that getting married can hurt your credit score if your new spouse has bad credit. In reality each person’s credit score is independent – even if they are married.
You can’t stop collection phone calls.
Debt collectors have laws governing them and you have rights as well. Using a simple letter can stop all harassing calls from collection agencies.
As you can see there are many credit repair myths that stop people from good credit score. Credit repair process is not hard and can be easily done by you. All you need is right tools and information. There are many credit repair sources online you can use to fix your report and there is no charge to use them. You can find great sources with credit repair information, sample dispute letters you can use to remove negative information from your credit. Hundreds of people have restored their credit without lawyers and credit repair companies, so can you!
To learn how to fix credit for free visit website http://www.credit-fix-secrets.com to learn what easy steps you need to make to fix your credit report.
www.creditsecrets.co.uk – Credit Repair at The Complete UK Credit Repair Guide. Credit repair bad credit uk credit loan bad credit credit repair credit card credit repair guide ccj remove ccj personal loan bad credit repair guide creditsecrets money fic bad credit credit rating
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Common Credit Score Myths
COMMON CREDIT SCORE MYTHS
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A lot of credit score myths about fico score ratings get spread around and some of them are just outdated information. Sometimes even lenders can give you the wrong advice and it can get confusing. But the bottom line is bad information can cost you money no matter who you get it from.
Fico score ratings are used for most mortgage lending, which means, you need to know what will hurt or help your credit score points. To make it clear, here are some of the most common credit score myths.
* Checking your credit report will hurt your credit score
Checking your own credit report and credit score counts as a soft inquiry and does not go against your score. However, if anyone else like a lender or credit card company is checking your credit report, this is considered a hard inquiry and will generally knock off about 5 credit score points.
The credit score rating system treats multiple inquiries in a 14-day period as just one inquiry. The system ignores all inquiries made within 30 days prior to the day the credit score is computed. So if you want to minimize the damage from credit inquiries, shop for a loan in that short period of time.
* Closing old accounts will improve your credit report score
Sometimes even lenders will tell you to close your old and inactive accounts as a way for improving your credit report score. In most cases, closing old accounts will actually have the opposite effect with the current credit score rating system.
Canceling old credit accounts can actually lower your credit score because it makes your credit history appear shorter. If you want to reduce your levels of available credit, it’s better to reduce or close new accounts instead. Applying for new credit is more likely to lower your score.
* You need to check more than just FICO score rating
If you ever hear this from anyone, consider it a red flag. All of the three major credit reporting bureaus offer FICO credit score ratings using the formula developed by Fair, Isaac. Even though each one gives the scores a different name you only need a fico score rating from the three major credit reporting bureaus.
At Equifax, the FICO score rating is called the Beacon credit score. At TransUnion, it’s called Empirica. At Experian, it’s known as the Experian/Fair, Isaac Risk Model.
The reason each of the three major credit reporting bureaus will have three different scores is because they don’t all share the same data. So when checking your credit report, just make sure it comes from the three major credit reporting bureaus: Experian, Trans Union and Equifax.
Examine your credit reports from all three major credit reporting bureaus before you apply for a big loan like a mortgage. Fix any errors in all three reports before you shop for a loan because it takes time to correct your credit report.
* Credit counseling will hurt your score
The current FICO credit score rating system ignores any reference to credit counseling that may be in your file. The researchers at Fair, Isaac, the company that created the FICO credit scoring rating system, found that people getting credit counseling didn’t default on their debts any more often than anyone else.
However, any late payments you’ve had with creditors will hurt your credit score. Credit counseling can hurt your ability to get a loan because you probably have had trouble paying creditors.
Some lenders will back away if you are in credit counseling. Others may see it differently, but usually will charge you higher interest rates than if you had perfect credit.
The best way to improve your credit report score is paying your bills on time and paying down credit card debt. Check your credit report regularly for any errors and make sure you don’t fall for these common credit score myths.
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