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All About Credit Scores (Part 1 of 3)

July 17, 2008

Your credit score is a numerical representation of your statistical likelihood to repay credit that is extended to you.  Scores range from 350 to 850.  Your score is a “snapshot” of a specific moment and can change with new actions and the passage of time.

Some things that can help you tip the scales in your favor include:

  • Paying all of your bills on time or early.  Even a 30 day late on a small credit card can have a significant negative impact on your scores.
  • Don’t co-sign for someone else’s loan — their late payments are your late payments!
  • Don’t close old revolving accounts no longer in use.
  • Don’t open new accounts unless absolutely necessary (inquiries may or may not affect your score depending on the rest of your credit history).
  • Report fraud immediately.  If you find yourself the victim of fraud, immediately contact the credit bureaus, your credit card companies, banks and the FTC.
  • Monitor your credit.  Order a copy of your credit report once a year.
  • If you are planning to refinance or buy a home, don’t make any purchases or run up the balances on your credit cards prior to the transaction.  They will be counted in your debt-to-income ratios.

In part 2, we will unveil the mystery of what makes up a credit score and the secret formulas behind credit score calculations. Special thanks to Advantage Credit for help with the content of this series.

Filed Under: Credit Scores Tagged With: Credit Scores

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Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

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