Posts by Shawn Lane

4 Common Credit Mistakes to Avoid

Posted by on Jun 20, 2017 in Credit Reports, Credit Scores, and More! | 0 comments

4 Common Credit Mistakes to Avoid

Knowing what not to do can be just as important as knowing what you need to do when it comes to your credit. Even if you have worked hard to establish good credit, the wrong slip-up has the ability to undo much of your hard work. Thankfully you have the opportunity to learn from the missteps of others and hopefully avoid tripping over some of the same credit potholes yourself. Keep reading to learn about 4 common credit mistakes, which you should try to avoid. Mistake #1: Paying Late The idea that your credit scores are completely based upon how timely you pay your bills is a bit of a myth. Yet it can be truthfully stated that you will never be able to earn great credit scores unless you develop the habit of keeping your bills paid on time, all of the time. Even the occasional late payment can cause severe credit score damage. In FICO’s credit scoring...

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Getting Your Credit in Shape to Buy a Home

Posted by on Jun 9, 2017 in Credit Reports, Credit Scores, and More! | 0 comments

Getting Your Credit in Shape to Buy a Home

Dreaming about buying the perfect home? If so, then you may have already picked out your favorite neighborhoods and floor plans. You might have imagined exactly how you will decorate each room in your new home or you may have plans for a beautiful outdoor retreat in your back yard. However, if you have not yet considered how to get your credit in the best shape possible for your mortgage application then you have skipped a very important step. Your credit reports and scores will have a huge impact upon your ability to qualify for a mortgage. Plus, even if your credit is strong enough to qualify, those reports and scores will continue to have an influence over your rate and monthly mortgage payment. Credit problems could potentially cause you to waste tens of thousands of extra dollars over the course of a 30 year mortgage loan. Now that we have established why the condition of your credit is...

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4 Costly Credit Mistakes to Avoid

Posted by on Feb 21, 2017 in Credit Reports, Credit Scores, and More! | 0 comments

4 Costly Credit Mistakes to Avoid

Having a good credit score is so important today. Good credit scores get you lower interest rates, higher borrowing limits, lower insurance premiums, better quality rental properties, and even the American dream of home ownership! Good credit does not just happen – you have to earn it! And once you earn it, you have to work to keep it! Whether you have great credit now, or you have had some issues in the past and you are working to rebuild your credit score, be sure to avoid these 4 costly credit mistakes! Mistake #1 – Paying late Since 35% of your credit score is based on your payment history, it is vitally important that you pay your bills on time. One of the quickest ways to lose 60 to 120 credit scores points is to miss a payment, causing you to be reported 30 days past due. Although it may be just a simple mistake, it is a very...

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Credit Monitoring – What it is and why we need it!

Posted by on Feb 21, 2017 in Credit Reports, Credit Scores, and More! | 0 comments

Credit Monitoring – What it is and why we need it!

Credit monitoring is a service that keeps watch over our credit reports and scores so we know where we stand each and everyday. It is very important to know our credit situation BEFORE we apply for any new credit! We have all heard the stories. Your car dies so you go to the dealership to purchase a new one, only to find out you have a low credit score and they are sticking you with a 19% interest rate. Or, you decide you want to purchase a new home, only to find out that you don’t qualify because you have some derogatory information on your credit report, causing a low credit score. When we subscribe to a credit monitoring service, any changes to our credit report or score will result in a notification being sent to us by text or email, alerting us of this change. This includes any application made in our name for new credit, any new accounts reported...

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Credit Scores and How They are Calculated

Posted by on Jun 16, 2016 in Credit Reports, Credit Scores, and More! | 0 comments

Credit Scores and How They are Calculated

In today’s world, it seems we are all defined by a 3-digit number, our credit score!  If we have a high credit score, life is easier. We’re able to qualify for lower interest rates, higher borrowing limits, lower insurance premiums, better quality rental properties, and even the American dream of home ownership!    On the other hand, having a low credit score equals the opposite. We end up paying more for almost everything, or not qualifying at all. Since our credit score is such a vital number in our life, it’s important to know how it is calculated.   Credit scores are calculated from the many pieces of data found in our credit report. This data is reported to the Credit Bureaus (Experian, Equifax and TransUnion) by our creditors, and represents how we manage our credit obligations. This data is grouped into 5 major categories and includes both positive and negative information.  Payment History – 35% of our credit score is based...

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