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How a Good Credit Score Can Improve Your Life

Posted by on Apr 1, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

How a Good Credit Score Can Improve Your Life

There is no sugar coating the fact that life can become a lot more complicated whenever you are faced with credit problems. Sure, you can get by with bad credit and low credit scores, but living like that can be expensive, not to mention stressful. On the other hand, when you work hard to rebuild your credit, the payoff for your efforts can be huge. Here are 4 different ways that earning a good credit score could realistically improve your life. 1. Good Credit May Help You Qualify for Lower Interest Rates One of the most obvious ways that good credit can potentially improve your life is by helping you to qualify for more attractive interest rates. Whether you are opening a new credit card account, a new auto loan, a mortgage, or practically any other type of financing, a lender is going to evaluate your credit history and credit score(s) as part of your application process. The condition...

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Why Your Credit Score Suddenly Dropped by Over 100 Points

Posted by on Apr 1, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

Why Your Credit Score Suddenly Dropped by Over 100 Points

In my line of work, I am asked questions everyday like this one I received last week: “Shawn, I have been working hard for a while now hoping to raise my credit scores. I was making good progress, but when I logged into my credit monitoring to check my credit this month I found out that my credit score just dropped over 100 points! What could have possibly caused my credit score to drop that much so quickly?” Sudden, drastic credit score drops are never a very pleasant surprise. If you have been working hard to improve your credit scores, either on your own or with the help of a professional, then a credit score decrease can be downright infuriating. Unfortunately, there is not always an easy answer to the question “why did my credit score suddenly drop?” The answer to that question will depend upon a variety of factors, all of which can be found in the same...

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Don’t Fall for These Credit Myths!

Posted by on Feb 9, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

Don’t Fall for These Credit Myths!

The world of credit is overflowing with myths and plain bad advice. Unfortunately, when it comes to your credit, believing the wrong myth could really hurt you. Before you blindly follow the advice you received from your well meaning loved one or the credit tip you read online from your favorite financial “guru”, it might pay to do a little research of your own. To help you get started, here are 5 dangerous credit myths which you need to stop believing today. Myth #1 – Closing a Credit Card Helps You Closing a credit card account is almost always a bad idea from a credit score perspective. Instead of helping you, this dangerous credit myth can backfire and might send your credit scores sliding downward. Closing a credit card will NOT cause you to lose points by reducing the age of your credit history (this is another myth in and of itself); however, closing a credit card account could...

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5 Things You Can Do to Increase Your Credit Score

Posted by on Jan 14, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

5 Things You Can Do to Increase Your Credit Score

Struggling with the effects of bad credit can be very stressful. When you have credit problems, there is no question that life often becomes more difficult. With bad credit it can be tough to purchase a home, secure reliable transportation, and qualify for a credit card. In fact, bad credit can even cause you to be charged more for insurance premiums and utility deposits. Not only can credit problems be embarrassing, they are often quite expensive as well. The truth is that if your credit reports are littered with negative history then turning your credit situation around is not going to happen overnight. That being said, you do not have to resign yourself to the idea of being stuck with mediocre credit forever either. Your credit situation can be improved. Here are a few tips to help you get started. 1. Review Your Credit Reports for Errors In a perfect world you would never have to worry about mistakes...

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Buying a Home With Less Than Perfect Credit

Posted by on Oct 26, 2017 in Credit Reports, Credit Scores, and More! | 0 comments

Buying a Home With Less Than Perfect Credit

Is your goal to purchase a home in the near future? If so, there is a checklist of qualification standards you are going to need to meet before a lender will approve your mortgage application. Among other requirements, this checklist includes proof of steady employment and income, acceptable debt-to-income ratios (can you afford a new mortgage payment on top of your other monthly bills?), and possibly money for a down payment. What thankfully is not included on your mortgage qualification checklist is perfect credit. The idea that you must have perfect credit in order to qualify for a mortgage is a bit of a myth. Yes, you do need credit reports and scores which will meet a lender’s minimum qualification standards. However, most mortgage lenders do not require perfection from your credit reports – not anywhere near it. Poor Credit Home Loans Although lenders do not typically require flawless credit in order to issue a mortgage, there are certain...

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How Long Can Negative Information Stay On a Credit Report?

Posted by on Sep 26, 2017 in Credit Reports, Credit Scores, and More! | 0 comments

How Long Can Negative Information Stay On a Credit Report?

Having bad credit hurts. It can make life miserable and stressful. It can harm you financially, it can damage your marriage, and it can stand in the way of providing the type of life for your family which you desire. Bad credit certainly is not any fun, but the good news is that bad credit does not have to be a permanent condition either. Naturally, if you have errors or questionable information appearing on your credit reports you should exercise your right to dispute those accounts right away. (You can dispute them on your own, but you also have the right to hire a professional like FRS to work on your behalf.) However, if an item is accurate or if your dispute is unsuccessful in removing an item with which you disagree, thankfully there is still most likely a time limit on how long the item may be allowed to tarnish your credit reports. Keep reading to learn more...

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