Liberty Credit Repair

My wife has no income or credit history. She received a credit card application in the mail. The application does not require me to put in any of my personal information but it does ask to state household income.

If she gets into trouble with her card, will it affect my credit or will the damage be limited to her credit score?

Well this will not directly affect your credit if you’re name is not on the account, but if she falls behind on a credit card of her own, will that not impact the family’s finances? If she has to eventually make good on bad debt she has built up wouldn’t that eventually have to come out of your pocket which would help mess up your credit? I’m not sure what you’re trying to ask or to do here. I will say this though. If you’re contemplating getting a credit card with just her name on it and letting it go down the tubes in the hope of not having to pay it back because your name is not on it, your scheme reeks of fraud and could lead not only to having to pay it back but to jail time.

Jean Chatzky is correct, you cannot get your FICO score–the score that is used by lenders–for free.

However, if you want an approximation of that score, there are a few companies that will provide them for free.

But keep in mind, that each free attempt will in fact add an inquiry to your report which has been known to lower your score. See credit score myths below.

And all [except MY FICO] are the credit scores developed by the credit bureaus themselves, Experian, TransUnion, and Equifax, and are not your actual FICO scores.

Only the FICO score from myfico.com is used by lenders to determine your credit worthiness.

CreditKarma.com:

Gives you your TransUnion score. But it is Advertising-supported.

E-Loan:

Experian score. If you visit their website, be sure to scroll down to “One-Time Credit Snapshots” and “Free Credit Score (Credit Score Only)”

Prosper:

Experian score.

Feel free to ask any credit related questions in the comments section of this video. I’ll be happy to answer them if I can.

ALSO, PLEASE FREEZE YOUR CREDIT REPORTS!!!!!!

and please go to www.optoutprescreen.com to opt out of all offers of credit and insurance for 5 years. Don’t bother with the permanent opt-out.

Credit score myths:

Myth: You have only one credit score.

You actually have three scores, one from each of the three bureaus (Experian, TransUnion, and Equifax). They use the same “equation” from Fair Isaac Corporation but they each collect their own data, they each have their own slightly different weightings on the score components, and they each make their own share of mistakes. This is why it’s important for you to review each of your credit histories each year using government sponsored AnnualCreditReport.com. Some lenders pull your score from all three and use the middle value, some only pull from one. In the end, you need to ensure your information is 100% accurate.

Myth: Checking your score will hurt it.
There are two types of inquiries – soft inquiries and hard inquiries. A hard inquiry is when a financial institution uses your credit history to determine whether or not to extend you credit. A hard inquiry will appear on your report and negatively impact your score (this is why experts recommend you avoid applying for credit cards right before a mortgage application). A soft inquiry is when an institution uses your credit history to confirm your identity or when you personally review your credit history. Since it’s not used for a lending decision, it doesn’t negatively impact your score. Checking your history or score will not hurt your credit.

Myth: Shopping around for the best loan will hurt your credit score
Shopping around for the best loan will result in a lot of hard inquiries on your credit report but this is a special case. For mortgages, home equity, and car loans, a flurry of hard inquiries won’t hurt your score if they are within a 14 or 30 day window. Credit bureaus understand you will be making numerous inquiries to get the best deal. This rule does not apply to credit card application inquiries, each one of those will hurt your score regardless of how quickly you do them.

Myth: My FICO score dictates whether you get credit and at what interest rate.
Truth: The FICO score is a very important part of determining whether you get credit and at what interest rate but it’s not the only thing lenders use. When you apply for a loan, lenders will ask you for your bank account statements, your paystubs, and your outstanding debts in addition to pulling your credit. Lenders want to know whether you will be able to repay the debt and they cannot rely just on the score alone. If you have a lot of debt compared to your income and a high credit score, lenders could deny you credit. If you have little debt compared to your income and a low credit score, lenders could still extend you credit. Score is not the final arbiter, just a part of the equation.

Myth: Getting married will hurt (or help) your credit score.
After you are married, each spouse still has the same credit worthiness they had before they were married. Your scores won’t increase or decrease because you were married. The reason why people believe this myth is because when you start applying for loans, you’ll be applying for a joint loan where both spouses will be responsible. In this case, your aggregate score can go up or down. However, the act of getting married doesn’t change one’s credit worthiness.

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Last year I did my annual free credit score, which takes your score from all 3 bureaus.. and did one of those free 30 day trials to get my credit score like 6 months ago and it was 517. I havent made any payments to my only negative account, but now my score is like 624 on a free experian one i did today. how different are the two scores?

My Experian FAKO* score is consistently 45-55 points above my actual FICO score. Thus, if your Experian PLUS score is 700, you should assume an actual FICO of 645-655. And although you didn’t ask, a TransUnion FAKO is much tighter: about 30-35 points above your actual FICO.

* A non-FICO credit score

http://www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada, explains why you should pull your credit bureau and how to pull your credit bureau

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Right now I qualify for a sub-prime loan but want to get a better interest rate, so that means I need to improve my credit score.

As you may or may not know it is very difficult to buy a house now for people with low credit scores (less than 700.) The stock markets are falling and companies are failing because they lent money to people who were not creditworthy at ridiculous rates they could not afford. So to be blunt you don’t have a lot of opportunity now as it stands, but that’s not to say there isn’t hope. First let me say that for you it may be cheaper and more financially sound for you to rent until you either get a better credit score or the housing economy improves again (which can take years). Fixing your credit score though won’t take as long so focus on that for now.

Let me share with you my tips that you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year — :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read more here:
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

When you’re trying to build a solid credit score it’s important to get a comprehensive view of what is actually effecting it…
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% – Payment History
30% – Credit to Debt Ratio
15% – Credit History
10% – New Credit
10% – Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score

I am 16 years old and would like to know when I can start building my credit score? What will be a starting credit score? How can I build my credit score to be as high as possible? Thanks. Serious answers only please.

Actually if your parent or guardian will add you as an authorized signer on one of their cards, you can start earned credit way before you turn 18. There are no age limits for authorized signers. My mom put me and on her Sears credit card when I was 9 and didn’t tell me until I was 18 and wanted to get my own credit card. It was awesome because as young as 18 I had an awesome score and credit history.

Start with getting your 3 credit reports and 3 FICO scores from http://www.myfico.com. Once you received and analyzed the information – follow these 5 steps:

(1) Late records. Call your lenders and ask them to remove the late records in exchange of you making the payment. Or just say that you don’t recall being late. It may be as simple as a phone call.

(2) Settle with lenders. Negotiate that they will remove the bad records from your file retroactively instead of just reporting the debt as “paid in full”. The original creditor has the power to do this (completely dismiss all bad records related to the account). Also important is to get their promise in writing before you pay them. Usually it is a signed letter on a letterhead sent to you via fax.

(3) Dispute with CRAs. Do this by writing letters, providing proof – and sending them via certified mail so that you will have a confirmation of delivery for your file. If you do it right – the agencies will have to verify the facts and remove mistakes in no more than 30 days. In the guides on our web site ( http://www.101CreditRepair.com ) we provide sample letters and explain the tactics.

(4) Get more positive records – ask the lenders or vendors with whom you have good standing to send good information about you to credit agencies, or simply give you letters which you can forward to credit agencies yourself. This tactics is usually overlooked – but it is effective in shifting your good-to-bad balance.

(5) Reduce your revolving debt-to-credit ratio to less than 35%. Just one maxed-out credit card can reduce your score by 30 points. Partially pay it – or redistribute your debt between accounts. Note – opening new credit card accounts and moving balance into them has negative effect on your score. But may reduce your score. beif getting new cards – don’t get more than 2-3 at a time – and then wait 3-5 months before applying for more. Remember that opening a new account and moving balance into it can by itself reduce your score.

The above 5 simple tactics will work for most people and will provide fast results. For more advice on improving your credit score and cleaning your credit history visit our web site http://www.101creditrepair.com .

Note: lenders often send info to CRAs only once a month. For faster results ask for letters which you can send to CRAs yourself.

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Thinking about buying my first home and have no clue as to what the credit score I should have to get a home. Im trying to build up my credit but would like to know what score to shoot for.

credit-report-free.totalh.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

http://MortgagesInVancouver.com
The first thing is getting your credit and maintaining your credit. So obviously if you think that credit is the most horrible thing in the world and you want to stay away from it, unfortunately you can’t do that if ever you plan on getting a car or buying a home. You need credit, because that’s how they judge your responsibility when it comes to money and finances, and that’s how they judge you on whether they’re going to get paid back and if you’re a safe bet.

So first of all, if you’ve got to get credit, the easiest way is to just go out and get like a $500 credit card. Even if it’s a pay as you go one, just get it so you can start building your credit. Then, secondly, when you get the credit card, you need to make the payments. All right?

So there’s a couple of ladies who are very concerned. They’re like, “Oh, I was five days late on my credit card payment. Am I going to get hit?” No. You’re probably OK on that front. Where you need to be concerned is if you go for a full 30 day cycle. So if you miss a payment for a full 30 days, chances are the credit bureau’s caught that and they’re going to ding you for it.

Now, the second thing is I see a lot of people with horrible credit who have got horrible credit for a ridiculous reason, and what this reason is is that a lot of credit cards, especially the store credit cards like the Zellers cards and the Canadian Tire and Staples and Brick cards, they actually have annual fees on them. A lot of people don’t know that. They’ll get them in the mail and they’ll go, “Oh, right. Geez, I signed up for this thing once. I’m just going to snip it up, never actually use it.”

Don’t do that, because if you do, there’s an annual fee that is slowly accumulating, and all of a sudden you’ve gone into collections on a $5 fee. I’m serious, this happens all the time. Be very aware of annual fees. Often, you can choose between an annual fee and low interest or a no fee card. Always go for the no fee card unless you carry a balance, and then go for the low interest one, but be aware that you do have an annual fee and you need to make those payments on those annual fees.

Now, the third thing is actually a huge misconception, which is that having a lot of credit cards is a horrible thing. It actually isn’t. It’s actually the complete opposite. Now, you need to think of the credit bureau as a mathematical computer algorithm. They don’t have a person sitting there figuring out what, logically, you should have as a credit score. It’s all mathematical.

So if you think of it this way: if you have one credit card and you miss one payment, you are in 100 percent default. Whereas if you have five credit cards and miss one credit card payment on one of those cards, you’re now only one fifth in default. See how that works?

Likewise, when it comes to your credit ratio, never have a $10,000 card and go, “You know what? I don’t want to have $10,000 given access to me because I’ll actually spend it. I’m just going to go and call the card company and have them reduce that credit amount to $5,000.” Don’t do that.

Again, look at the algorithm: if you have one $10,000 card and you’ve spent $10,000 on that card, your ratio is maxed out. You look like you’re not responsible with money because you’re always at the max. Whereas if you have, say, three cards and they each have $5,000 on them and you’ve spent the same $10,000, now you’ve got at least a $5,000 buffer and you’re only two thirds maxed out. You see how that works?

So, having more credit is not a bad thing. Being maxed out on more credit is a bad thing. And missing payments is a bad thing. But you’ve got to think of the ratios. So if you have any questions about this maybe your credit’s is bad, maybe you don’t have any credit give me a call. We’ve got to get you started on the right path to building that.

If you have great credit and you want to start using it to buy a home or something along those lines, give ma a call. I’ll let you know what we can do for you. So my phone number is 604 313 9996. You can go to my blog. I have all my other contact information there, too, if you want to fill out an application online or email me, and that’s at http://mortgagesinvancouver.com.

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I am looking to buy a small SUV sometime in the fall/winter but know that I need to improve my credit score in order to get a better APR than I have now. What credit score are most vehicle lenders looking for?

Auto finance is what I do for a living and auto loans are based on the following factors;

1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment amount.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.

Depending on how the above are submitted to the lenders anyone with a score from 500 up can be approved with a decent rate.

As far as your question, 680 is the cut off for the best rate from Chrysler, anything below 640 is considered sub-prime.

Far more important then score is your credit profile. You need at least 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, boats, homes, furniture or personal loans (installment) all with good long payment history’s for the best rates.

I look at credit all day and see people every month with 700 scores that can not buy cars because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.

While this profile generates a great score it doe’s not show the willingness or the ability to actually pay anybody.