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Credit Card And Loan Application Approval Resources To Raise Your FICO Score

Tip! Pay your bills on time. That’s the first advice you’ll get when you’re looking for ways to increase credit score.

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Often times crisis happen in life, therefore, causing financial hardship for the family such as divorce, loss of income from company downsizing, illness in the family or death. These unfortunate circumstance can upset your financial capability to pay your mortgage, car payment, credit card debt and other financial obligations. Bad credit can happen to anyone.

Filing for bankruptcy can remain on your credit report 10 years. After you file for bankruptcy, it is always best to try and re-establish credit. Once you have re-established your credit, always pay on time. You’re trying to gain the confidence of banks, lenders, credit card companies and financial institutions your willingness to pay on time. Your credit worthiness will be judged by your credit rating.

Never let anyone run your credit report. Be very cautious! If you’re shopping around for a home loan, often times, banks, realtors or mortgage companies will want to run your credit report. Don’t do it. Each time someone run your credit report, inquiries will appear on your report, which can lower your FICO score. I have seen clients with several inquiries on their report who had FICO scores in the 600 and now in the mid 400 because of inquiries. Shop around and search for a good lender whom you trust, who is honest and has integrity. When shopping for a home loan, by all means, ask questions. What are your lender fees, interest rate, points, APR, loan approval process?

If you have a FICO score of 620 or better, you have an advantage. Demand the very best interest rates. Don’t go to sub-prime lenders for a home loan. To maintain a high FICO, try to keep your outstanding balance no more that 30% of the high credit limit. A recommended source for credit disputes, improving your credit or building your financial wealth, visit my recommended reading resource.

Tip! Instead of opening up a number of credit cards to raise a credit score, find a credit card with a low APR to consolidate onto one credit card. However, caution is advised on people with a short credit life in opening a number of credit cards because it can ultimately lower a person’s credit score, accounts for 15 percent of a person’s credit information.

Dispute Your Credit Report

Order a copy of your credit report. You should be able to get your scores from all bureaus. Verify all data is reported accurately. Prepare a letter to dispute any inaccurate information. Provide any documentation to support it. Know that hard inquiries will remain on your report for two years. Credit report fees may apply depending on your state and situation.

Credit bureau contact information

Experian PO BOX 2002 ALLEN, TX 75013 888-397-3742

Transunion PO BOX 1000 CHESTER, PA 19022 800-888-4213

Equifax PO BOX 740241 ATLANTA, GA 30374 800-685-1111

Audrey James is a mortgage consultant. Apply for a home loan online and current rates http://www.rpm-mortgage.com/ajames

Tips to repair your credit information. Recommended reading http://www.4u2makemoneynow.com

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This entry was posted on Thursday, November 22nd, 2007 at 10:16 pm and is filed under Credit Scoring. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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