A good credit score is of great help when you apply for a mortgage. The better your credit score, the easier it will be for you to get a loan. So, if your score is not too good and you want to improve it before you purchase your dream home, try this tip to get your score back on track. Always TRY to pay your bills on time. Nobody likes people who ‘forget’ or delay repaying their bills. Did you know that if you delay payment on your bills by 30 days or more, it can lower your score by 50 points or even more?
So, you realize how imperative it is that you pay off your bills as soon as you receive them. But if you cannot pay your bills for some reason like being tied down with many things or if you have a habit of forgetting, you can easily go online and automate your bill payment procedure. This way, you don’t have to worry about getting late. If you have too much debt and begin to fall behind or cannot see a way out of your financial mess, it probably is time for you to get credit counseling.
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on Thursday, August 31st, 2006 at 12:51 pm and is filed under Government.
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A good credit score is of great help when you apply for a mortgage. The better your credit score, the easier it will be for you to get a loan. So, if your score is not too good and you want to improve it before you purchase your dream home, try this tip to get your score back on track. Always TRY to pay your bills on time. Nobody likes people who ‘forget’ or delay repaying their bills. Did you know that if you delay payment on your bills by 30 days or more, it can lower your score by 50 points or even more?
So, you realize how imperative it is that you pay off your bills as soon as you receive them. But if you cannot pay your bills for some reason like being tied down with many things or if you have a habit of forgetting, you can easily go online and automate your bill payment procedure. This way, you don’t have to worry about getting late. If you have too much debt and begin to fall behind or cannot see a way out of your financial mess, it probably is time for you to get credit counseling.
If you enjoyed this article, please bookmark it at del.icio.us »
This entry was posted
on Thursday, August 3rd, 2006 at 9:09 am and is filed under Statistics.
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September 20th, 2006 at 7:12 pm
More About Credit Scores
Credit scores were developed by Fair, Isaac and Co., hence the term FICO score. Scores range from 300 — 900. In general, a score of 680 or higher signifies prime credit. Scores between 620 and 680 are considered ‘good’ but will cause creditors to take a second look at you. Below 620 and you’re in bad credit territory.
FICO scores are based on five types of information in approximately the following percentages:
• payment history (35%)
• outstanding debt (30%)
• length of borrowing history (15%)
• recent inquiries (10%)
• types of credit in use (10%)
Many people refinance their mortgages to get cash for debt consolidation, which can help improve a bad credit rating if you handle the money wisely. You can learn more about mortgage refinancing and get a free loan quote at http://www.easyhomeequitymortgages.com.
November 22nd, 2006 at 9:10 pm
Yes, ‘paying your bills’ accounts for 35% of your total FICO score. There are some easy ways to improve your score in a short period of time if you know how. We have a free 30 minute online seminar on the subject at http://www.brokencredit.com