Instead of lowering the FED rate, etc why dont they erase a certian number of people's credit or raise numbers
Answers: Fed control the supply of money so it can set interest rate to influence the market. If everybody's FICO score is raised by 100 points then the bar for getting loans/mortgages will automatically raise by 100 points. So it will be usesless task.
This is because your credit score isn't done by the government. Trans Union, Equifax, and Experian are out to make money like any other company. How do they make money, by selling your information to anyone that will buy it. And think about this. If your credit score was higher than you would receive lower rates and this would lose money for banks. The lower your score the more money the banks make.
Hi, I have one question. will checking your credit score affect or bring down your score? if so,how many point
Answers: No, checking your score has no effect on the score itself.
You are actually entitled to check your score for free once a year from all 3 of the major credit reporting companies.
Yes I am positive checking your score does affect your credit score, & i think it affects it by 2 or 3 points.
I went to this financial seminar a long time ago and that is what I believe the guy said.
How much credit do you necessitate?
I really want to continue to build my well-mannered credit. I have hear that you should have a quantity of credit items (rather then a moment ago one or 2 things) to build better credit. Iam 23 and right now I enjoy one credit card, and I own my house with my sister. I also hold a cell phone that is contained by my name, as in good health as utility bills. I know that some of that probably doesnt count towards credit building. But other then that, I hold nothing else surrounded by my name. No coup¨¦ notes, vehicle insurance etc. That stuff is not in my label. I just looked-for to know if there be a "majic number" of credit items you should have to optimize your credit. Thanks =)Answers: I work surrounded by the credit card industry, and I can tell you that a flawless example of balanced mixture of revolving (credit cards) and installment (mortgages, vehicle loans, student loans, personal loans, furniture loans, boat loans, motorcycle loans, and applicance loans) are 2 major credit cards and one installment loans. Now since you're living practically debt free, you shouldn't get hold of any additional credit unless you really hold to. As far as your cellphone, normally it doesn't report on your credit unless you don't payment it. But, that can change gratefulness to a new credit bureau that allow you to report your cell phone and those utility bills and build credit next to it. PRBC is America's Alternative Credit Bureau, providing a helpful service to the over 50 million general public with set or no credit history. If you pay your monthly bills in good time, PRBC can help you build credit to qualify for a mortgage and better interest rates.On-time payments for the following bills are not reported to the traditional credit bureaus:
Rent
Cable
Phone
Daycare
Insurance
Electric
Natural Gas
Cell Phone
The simply time your payments for these bills are reported to the other credit bureaus is if they're missing or late.With PRBC, your on-time payments count. You build credit for paying your bills in good time, even if you have no credit history. PRBC offer two simple ways to start building credit today.
In closing, just a few more things to save in mind.
-Don't spend more than 30% of your combined available credit on adjectives your cards.
-Only apply for credit when necessary.
-Dont close unused accounts.
-Pay prompt
Hope this helps...
Thanks for reading and...
Good luck!
With one credit card and a mortgage, that's ample.
Any more, and you're paying interest now so that you can hold the privledge of acquiring more debt subsequently.