miseredouce asked:


Last time I requested a credit report I chose to buy the cheapest one which claims it shows you the score most lenders use. This time, I requested all 3 reports/scores. I want to know if my overall score has improved since last time.

I understand that my score actually consists of 3 separate ones from the 3 major companies, but what was the single score they gave me last time then? An average of all three?

How do they calculate the one single credit score “most lenders use”? since clearly not all lenders use all 3 scores.
I’m good thanks..still confused though..I bet an answer would help that!
ON A SIDE NOTE – I’m not asking for financial advice. Although it’s appreciated I have been handling mine just fine and would simply like to know how much it has improved. That’s all. If you do not have an answer for my question, please do not bother writing. Im not trying to berude, it’s just frustrating because this site is here to provide ANSWERS from people who may know them, not a place for someone to vent or criticize. Thanks to anyone who can actually offer an answer.

Chad

DoUCWhatIC asked:


When it comes to them running a credit report to see if I get approved for a mortgage… I have $10K in debt and nothing in savings at this time (I’m investing $600/month towards my $6,000 down payment that will be required).
So… with my new pay increase im geting soon, which is better… I pay down my credit card by $1000 a month for three months and still have nothing in savings or is it better to pay down the credit card down by $500 and put $500 in savings (to show I have money in the bank) or… pay the minimum on my creditcard and have a lot of money in my savings by the time they check my credit???
I know the debt/savings is factored in so i’m trying to see what is the best option to get approved. Suggestions?

Sara

michelle asked:


I am looking to get a secured credit card with Wells Fargo to help rebuild my credit.

Here is where the problem comes in; about three years ago I had an issue with Wachovia bank allowing charges to go through on my checking account that I didn’t authorize (I.D. theft). I tried closing the account several times but they refused to close it until I paid the negative balance. Well, I paid the balance and then they allowed another $800 charge to go through. I told them that I refused to pay for this and to this day it is a collection on my credit report.

Since I owe Wachovia $800, will Wells Fargo deny me for a secured credit card with them?

I currently have a credit card with Bank of America. It was secured but now it is unsecured. Even though I pay my balance in full each month, my credit score hasn’t increased much. So I was thinking about getting another secured card… what do you think I should do to increase my score?

Lonnie

Credit curious asked:


Is it wise to decrease your credit limits on credit cards that are seldom/never used? I know not to close the accounts because it will hurt my credit score, but if I just lower my credit limit, as long as I am still under the magic 10-30% usage of my total credit limit, can that actually help? I have heard that having too much credit can be considered a negative. I am hoping to purchase a home within the next 6-8 months and I am trying to do what ever I can to increase my chances of a good mortgage rate. BTW, I have done the free credit reports, and everything is correct. I have paid off most of my credit debt over the last year, and I am currently at about 15% of my total credit limit. I do have too many credit cards (6), but I am afraid to close them outright. Of those six credit accounts, three are completely paid off and never used, the one I regularly use is paid off every two weeks, one should be paid off completely in a month, and the other is getting paid off before I start filling out mortgage applications. I also have student loans, and a car loan that I am currently paying off as well. Sorry if this is too much information, but I want anyone who can give me an answer to have the full picture. Any help is appreciated.

Ron

Joe Maruca asked:


The offers are everywhere! Commercials with catchy jingles, free offers, scare tactics about identity theft and poor credit, it’s hard to miss them. So what’s the real deal? Is everyone allowed to give away free copies of your credit report?

There are many websites that offer a free copy of your credit report but most of them will only do it if you sign up for other services like “credit monitoring.”  The only place recommended by the Federal Trade Commission is “annualcreditreport” dot “com” which is set up by the three credit reporting agencies.  You can also call them at 1-877-322-8228.

If you’ve already gotten your free credit report for the year, you can get an additional copy of your credit report if you have been denied credit (by a credit card company, loan, etc.) within 60 days.  You can also purchase a copy if you need to for about $10. For More information and FAQ, visit the Federal Trade Commission’s website at “ftc” dot “gov”

Why is it a good idea to check my credit? It’s a good idea to review your credit report and score on a regular bases for several very important reasons including: Identity theft, inaccuracies, unauthorized activity and to see who has been checking your credit aside from you. The information in your credit report can affect your ability to secure a loan (car loan, home loan, student loan and more) and can also determine what type of interest rate you receive from your credit card company.

So remember, you can receive a free copy of your credit report without signing up for any additional services and it’s a good idea to review the information in your credit report on a regular bases. 

To learn more about good personal finance practices visit www.creditcardinfohub.com where you’ll find this and other articles including 5 Easy Steps to Financial, Credit and Debt Relief.

 



Norma

Dave Joa asked:


Instant Online Access.

Today in the UK you can now have instant access to get your free credit report online.

But what are the benefits of being able to see this record of your credit history and the other details that the credit reference agencies hold about you on your personal credit file.

In order to look at every potential benefit that your credit report could give you, we need to look at what your credit report is used for.

Who Uses Your Credit Report And How?

Your free credit report in the UK will be used by financial institutions whenever you apply to them for credit cards, loans or mortgages and by other companies when you apply for any product or service that requires you to sign up for some form of credit, such as a mobile phone contract.

All these companies want to know your current credit rating and they will determine this using your credit score, which they calculate with their own company formula using information on your credit history and current credit status from a copy of your credit report.

This credit check will involve checking your credit report from one of the three credit reference agencies in the UK all of which gather relevant credit and personal ID information about you to create your credit file.

Failed A Credit Check?

If you fail a credit check and don’t get the loan or credit you applied for, you usually won’t be told why or which credit reference agency was used.

However, the details held on your credit report can help you find out what is causing your application to be refused.

The reason may not even be a valid one as it is very easy for a mistake, typing error or old inaccurate information to be held on one of your three credit reports.

Such errors may relate to your credit history or the other personal data on your credit record, which is used to confirm your identification and what you put on your application form.

Major Benefit

A higher credit score will help ensure that you get the loans or credit you want and that you will get a better rate of interest than if your credit rating were lower.

To ensure that your credit score and therefore your credit rating is as high as it can be you need to make sure that everything on all three of your credit reports is accurate and up to date.

You therefore need to get a copy of your credit report from each of the 3 credit reference agencies. Don’t assume that if one is correct that the others will be!

Fortunately you can get instant online access your credit report at each agency for free as all agencies are currently offering a free trial of their UK credit report service.

You should take advantage of this to check all three of our credit reports and fix them if you find any problems. Just talk to the relevant agency about how to get issues with your credit report resolved.

Remember however that this could take time so start as soon as possible, especially if you are planning to apply for a loan or other credit some time soon.

Other Benefits

Your credit reports are a great asset and should be checked and maintained just like you check you bank statements. If you don’t check them they could easily become your greatest liability.

Effective management of your credit report could save you a lot of money over time and ensure that you are not refused credit when you need it.

If you are going to apply for a loan or mortgage then it makes sense to check you credit reports before applying as failed applications will be recorded on your credit file and can lower your credit score making your next credit application even more likely to fail.

When you fix your credit reports and get your credit score to be as high as possible you will be able to borrow more money from lenders and get more credit and all at lower interest rates.

Checking you credit report regularly is a great way of making sure that your identity has not been stolen and used in fraud to steal money or pay for products and services using your personal details and your money.

Compare reports from different credit agencies to make sure that they are all the same because when you apply for credit you have no way of knowing which credit reference agency your potential lender will use.

So What Next?

It is very easy to check your UK credit reports and you can do this online for free.

So do it now before you forget to make the most of this opportunity.



Jesus

Joy L asked:


Looking for a website that offers score reporting from all three creditors that’s totally free!!! (freerecreditreport.com is not free)

Lillie