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Credit Scores - How Do They Work? |
 By David Zwierecki
Credit scoring is a complicated process and each of the 3 major credit repositories have their own credit scoring models in place to determine a borrower's credit score. The 3 main credit repositories are Equifax, Experian, and TransUnion. Equifax has credit scores that range from a lowest possible score of 300 and a highest possible score of 850. Experian has a range of 340-820 and TransUnion 150-934. Just like computers have upgraded operating systems over the years such as, Windows 98, Windows 2000, and Windows XP, the credit scoring system versions update periodically also. Not all lenders use the same version or the most updated version when obtaining a credit report and credit score for a borrower. |
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 By: Adam Itchkawich
You have made the decision to purchase a home, now it is time to get pre qualified before you shop. Aside from the obvious affordability concern, the biggest factor to getting approved for a mortgage loan is your credit score. These days, it is almost impossible to get a loan with anything less than a 620 FICO score. But how do you get and keep a good score. Again, the obvious answer is to pay your bills on time. But it is not enough to simply pay your bills on time. In order to truly optimize your score you must keep your revolving debt balances to thirty percent (30 ) or less of your high credit limit. |
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How to Improve Your Credit Score by Budgeting |
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 By: Brian Hill
The road to financial health is a journey that can begin with simple, relatively painless steps. One way to get started is to apply a system to how you approach your household budget. Of course, the step before that step is to actually create a household budget, which unfortunately many individuals do not. How to improve your credit score by budgeting is relatively painless and the payoff can be a healthier financial lifestyle.
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