February 14, 2011 6:20 pm
Published by Jennifer Wilton
As of December 2009, Fannie Mae, the largest property funding firm within the US, has raised their minimum credit score requirement to 620. They've discovered out that borrowers with credit scores lower than 620 are nine instances extra likely to default on their mortgage payments. Automobile lenders, on the other hand, attach increased interest rates to loans issued to borrowers with low credit scores. It truly is estimated that the typical APR for a 3-year loan to borrowers with credit scores of 690 and above is 7%, although the typical APR for a loan of the same duration for borrowers whose credit scores fall within the range of 590 to 619 is about 14%.
February 13, 2011 5:14 pm
Published by Jennifer Wilton
Errors do happen, but when it comes to your credit score, you don't really want to pay the cost of those errors. A survey conducted by the United States Public Interest Research Group in 2004 across 30 states revealed that 79% of the credit reports they sampled contained an error of some kind. 25% of the reports had errors that were serious enough to cause rejection of credit applications. Since credit scores are used by financial institutions in judging consumers' credit worthiness, you have to make sure that you are being assessed fairly and that the information they use for calculating this statistic are accurate.
February 13, 2011 5:13 pm
Published by Jennifer Wilton
If you have an unsatisfactory credit score, you are probably shouldering higher than average interest rates for your loans and credit card debts. There are a lot of resources you can access to guide you in repairing your own credit. However, if you do not have the time and patience to deal with the credit repair process yourself, you might opt to have specialists on this subject handle the process for you.
February 12, 2011 5:53 pm
Published by Jennifer Wilton
For the past few years, there seems to have been an increasing awareness of the value of a good credit score among the general public. Loan applicants know that lenders use the credit score as a deciding factor on whether to approve or reject loan applications.
February 12, 2011 5:52 pm
Published by Jennifer Wilton
It is attainable to see improvements inside your credit score in much less than 90 days. The very first couple of days will be allocated to your requesting a copy of one's credit reports from the three national credit bureaus: Equifax, Experian, and TransUnion. You may also opt to obtain a consolidated report from the three bureau's widespread website, annualcreditreport.com. Upon reviewing the data in your credit report, you could dispute any inaccurate or misleading negative information that you discover by writing a letter to the credit bureaus. These consumer reporting agencies are legally obligated to investigate your dispute inside 30 days.
